Allspring Special Mid Cap Value Fund (WFMDX) N-CSRS Certified semi-annual shareholder report (management investment company)

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)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Registrant is making a filing for 11 of its series:

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

Date of reporting period: January 31, 2017

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

January 31, 2017

Wells Fargo Capital Growth Fund

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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
List of abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

Andrew Owen

President

Wells Fargo Funds

U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

Dear Shareholder:

As the new president of Wells Fargo Funds now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Capital Growth Fund for the six-month period that ended January 31, 2017. Despite heightened market volatility, global stocks delivered favorable results overall. U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

In August–September 2016, global stocks delivered generally positive results; bonds’ interest rates remained historically low.

From August into early September 2016, U.S. and international stocks generally trended upward. Ever since the Great Recession, markets worldwide have been supported to varying degrees by accommodative policies from leading central banks, including the Federal Reserve (Fed), European Central Bank, Bank of England, and Bank of Japan. As a result, investors have watched closely for any signs that global central banks might tighten their measures. In the U.S., early-September comments by several Fed officials appeared to suggest a September interest-rate increase, which sent stock and bond prices downward. However, stocks surged following the Fed’s September 20 meeting on news that the Fed had decided to delay a rate increase to later in 2016. In bond markets, interest rates remained at historically low levels as a result of easy monetary policies, subdued global growth, and modest inflation expectations. Yields rose, after bottoming in July, as market participants felt that yields had overshot the real risks of the U.K.’s Brexit vote and as economic activity strengthened. At the front end of the yield curve, anticipation of new money market fund rules resulted in significantly higher yields on many short-term securities.

During the fourth quarter of 2016, prospects for faster growth and higher interest rates in the U.S. largely influenced the markets.

Early in the fourth quarter of 2016, U.S. stocks tended to trade lower amid concerns such as a likely interest-rate increase and uncertainty over the approaching general election. However, following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of pro-growth policies, and supportive economic news helped the rally carry through the quarter. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year, by a quarter percentage point, to between 0.50% and 0.75%. The fourth quarter also saw the implementation of the Securities and Exchange Commission’s new rules for money market funds, which included floating net asset values (NAVs) for institutional prime and municipal money market funds as well as liquidity fees and redemption gates. In the year leading up to

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes 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 Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

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

money fund reform implementation, nearly $1 trillion in assets moved from these types of money market funds into government money market funds, which continued to transact at a stable $1 NAV. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar.

Investor optimism continued into January 2017.

January brought continued strength in global stock markets. Markets were lifted by factors such as strong trade data from Japan, robust earnings reports by businesses, and investors’ hopes that the U.S. government will approve a large fiscal stimulus package.

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

Periods of 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 in 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

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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Capital Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®

Christopher J. Warner, CFA^®

Average annual total returns (%) as of January 31, 2017¹

		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 (WFCGX)	7-31-2007		6.54		10.24		4.89		13.01		11.56		5.51		1.24		1.11
Class C (WFCCX)	7-31-2007		11.19		10.73		4.74		12.19		10.73		4.74		1.99		1.86
Class R4 (WCGRX)	11-30-2012		–		–		–		13.27		11.95		5.96		0.96		0.75
Class R6 (WFCRX)	11-30-2012		–		–		–		13.47		12.11		6.04		0.81		0.60
Administrator Class (WFCDX)	6-30-2003		–		–		–		13.15		11.77		5.77		1.16		0.94
Institutional Class (WWCIX)	4-8-2005		–		–		–		13.39		12.06		6.01		0.91		0.70
Russell 1000® Growth Index4	–		–		–		–		17.23		13.93		8.42		–		–

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Capital Growth Fund 5

Ten largest holdings (%) as of January 31, 20175
Alphabet Incorporated Class A	7.09
Amazon.com Incorporated	6.31
Visa Incorporated Class A	3.82
Microsoft Corporation	3.53
The Home Depot Incorporated	3.40
UnitedHealth Group Incorporated	3.34
Waste Connections Incorporated	3.14
Celgene Corporation	2.97
Facebook Incorporated Class A	2.69
Fidelity National Information Services Incorporated	2.64

Sector distribution as of January 31, 2017⁶

¹  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 would be higher. Historical performance shown for Class C shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher.

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, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  The ten largest holdings, excluding cash and cash equivalents, 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 Capital Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2016 to January 30, 2017.

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 8-1-2016		Ending account value 1-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,020.27	$	5.38		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.38		1.06	%
Class C
Actual	$	1,000.00	$	1,016.68	$	9.18		1.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.04	$	9.17		1.81	%
Class R4
Actual	$	1,000.00	$	1,022.11	$	3.81		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81		0.75	%
Class R6
Actual	$	1,000.00	$	1,023.25	$	3.05		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.12	$	3.05		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,021.12	$	4.78		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.41	$	4.77		0.94	%
Institutional Class
Actual	$	1,000.00	$	1,022.24	$	3.56		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).

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Capital Growth Fund 7

Security name	Shares		Value
Common Stocks: 98.38%
Consumer Discretionary: 21.00%
Hotels, Restaurants & Leisure: 5.62%
Royal Caribbean Cruises Limited		37,100	$	3,473,669
Starbucks Corporation		107,141		5,916,326
Yum! Brands Incorporated		74,100		4,855,773
				14,245,768
Internet & Direct Marketing Retail: 6.31%
Amazon.com Incorporated †		19,405		15,979,629
Media: 2.23%
Charter Communications Incorporated Class A †		17,450		5,652,928
Specialty Retail: 6.84%
O’Reilly Automotive Incorporated †		14,050		3,684,894
The Home Depot Incorporated		62,533		8,603,290
The TJX Companies Incorporated		67,260		5,039,119
				17,327,303
Consumer Staples: 4.57%
Beverages: 2.93%
Constellation Brands Incorporated Class A		27,634		4,138,468
Monster Beverage Corporation †		77,000		3,280,200
				7,418,668
Tobacco: 1.64%
Reynolds American Incorporated		69,100		4,154,983
Financials: 5.05%
Capital Markets: 5.05%
Intercontinental Exchange Incorporated		104,775		6,114,669
Raymond James Financial Incorporated		34,900		2,615,057
S&P Global Incorporated		33,863		4,069,655
				12,799,381
Health Care: 12.40%
Biotechnology: 4.58%
Alexion Pharmaceuticals Incorporated †		14,100		1,842,588
Celgene Corporation †		64,800		7,526,520
Gilead Sciences Incorporated		30,900		2,238,705
				11,607,813
Health Care Equipment & Supplies: 4.48%
Baxter International Incorporated		75,850		3,633,974
Boston Scientific Corporation †		163,850		3,942,231
Intuitive Surgical Incorporated †		5,450		3,775,161
				11,351,366

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

8 Wells Fargo Capital Growth Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Shares		Value
Health Care Providers & Services: 3.34%
UnitedHealth Group Incorporated		52,200	$	8,461,620
Industrials: 11.42%
Aerospace & Defense: 1.57%
Northrop Grumman Corporation		17,350		3,974,538
Airlines: 1.34%
Spirit Airlines Incorporated †		62,600		3,382,904
Building Products: 2.07%
Johnson Controls International plc		119,512		5,256,138
Commercial Services & Supplies: 3.14%
Waste Connections Incorporated		99,020		7,951,306
Electrical Equipment: 1.09%
Acuity Brands Incorporated		13,300		2,756,159
Professional Services: 1.18%
TransUnion †		94,773		2,988,193
Road & Rail: 1.03%
Kansas City Southern		30,400		2,611,664
Information Technology: 40.88%
Communications Equipment: 1.77%
Harris Corporation		43,600		4,478,156
Internet Software & Services: 11.37%
Alphabet Incorporated Class A †		21,908		17,968,723
Facebook Incorporated Class A †		52,324		6,818,864
Tencent Holdings Limited ADR		153,850		4,028,562
				28,816,149
IT Services: 9.63%
Fidelity National Information Services Incorporated		84,100		6,679,222
PayPal Holdings Incorporated †		122,350		4,867,083
Total System Services Incorporated		62,350		3,159,898
Visa Incorporated Class A		117,133		9,688,070
				24,394,273
Semiconductors & Semiconductor Equipment: 2.20%
Broadcom Limited		28,000		5,586,000
Software: 15.91%
Activision Blizzard Incorporated		94,950		3,817,940
Adobe Systems Incorporated †		39,700		4,501,186
Electronic Arts Incorporated †		63,600		5,306,148
Microsoft Corporation		138,500		8,954,025
Nintendo Company Limited		101,850		2,518,751

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Capital Growth Fund 9

Security name				Shares		Value
Software (continued)
Salesforce.com Incorporated †					57,380	$	4,538,758
ServiceNow Incorporated †					26,780		2,426,804
Symantec Corporation					183,350		5,051,293
Ultimate Software Group Incorporated †					16,500		3,195,390
							40,310,295
Materials: 3.06%
Chemicals: 1.61%
The Sherwin-Williams Company					13,450		4,086,245
Construction Materials: 1.45%
Vulcan Materials Company					28,550		3,663,822
Total Common Stocks (Cost $191,354,801)							249,255,301
	Yield
Short-Term Investments: 1.83%
Investment Companies: 1.83%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.46	%		4,627,172		4,627,172
Total Short-Term Investments (Cost $4,627,172)							4,627,172

Total investments in securities (Cost $195,981,973) *	100.21	%		253,882,473
Other assets and liabilities, net	(0.21	)		(526,567	)
Total net assets	100.00	%	$	253,355,906

† 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.

* Cost for federal income tax purposes is $196,143,042 and unrealized gains (losses) consists of:

Gross unrealized gains	$	60,266,643
Gross unrealized losses		(2,527,212	)
Net unrealized gains	$	57,739,431

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

10 Wells Fargo Capital Growth Fund Statement of assets and liabilities—January 31, 2017 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $191,354,801)	$	249,255,301
In affiliated securities, at value (cost $4,627,172)		4,627,172
Total investments, at value (cost $195,981,973)		253,882,473
Receivable for Fund shares sold		45,207
Receivable for dividends		30,842
Receivable for securities lending income		86
Prepaid expenses and other assets		49,706
Total assets		254,008,314
Liabilities
Payable for Fund shares redeemed		462,408
Management fee payable		106,446
Distribution fee payable		2,058
Administration fees payable		21,761
Accrued expenses and other liabilities		59,735
Total liabilities		652,408
Total net assets	$	253,355,906
NET ASSETS CONSIST OF
Paid-in capital	$	185,892,299
Overdistributed net investment income		(119,782	)
Accumulated net realized gains on investments		9,682,889
Net unrealized gains on investments		57,900,500
Total net assets	$	253,355,906
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	72,050,061
Shares outstanding – Class A1		4,807,129
Net asset value per share – Class A		$14.99
Maximum offering price per share – Class A2		$15.90
Net assets – Class C	$	3,216,361
Shares outstanding – Class C1		240,984
Net asset value per share – Class C		$13.35
Net assets – Class R4	$	16,068
Share outstanding – Class R41		974
Net asset value per share – Class R4		$16.50
Net assets – Class R6	$	132,925,386
Shares outstanding – Class R61		7,999,989
Net asset value per share – Class R6		$16.62
Net assets – Administrator Class	$	20,652,178
Shares outstanding – Administrator Class1		1,283,141
Net asset value per share – Administrator Class		$16.10
Net assets – Institutional Class	$	24,495,852
Shares outstanding – Institutional Class1		1,479,102
Net asset value per share – Institutional Class		$16.56

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2017 (unaudited) Wells Fargo Capital Growth Fund 11

Investment income
Dividends (net of foreign withholding taxes of $7,585)	$	1,525,374
Income from affiliated securities		6,431
Securities lending income, net		5,195
Total investment income		1,537,000
Expenses
Management fee		924,646
Administration fees
Class A		78,036
Class C		3,508
Class R4		6
Class R6		20,385
Administrator Class		17,752
Institutional Class		15,145
Shareholder servicing fees
Class A		92,900
Class C		4,177
Class R4		7
Administrator Class		34,138
Distribution fee
Class C		12,530
Custody and accounting fees		4,844
Professional fees		25,358
Registration fees		41,515
Shareholder report expenses		16,279
Trustees’ fees and expenses		12,606
Other fees and expenses		3,944
Total expenses		1,307,776
Less: Fee waivers and/or expense reimbursements		(265,981	)
Net expenses		1,041,795
Net investment income		495,205
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		18,340,874
Affiliated securities		260
Net realized gains on investments		18,341,134
Net change in unrealized gains (losses) on investments		(13,712,834	)
Net realized and unrealized gains (losses) on investments		4,628,300
Net increase in net assets resulting from operations	$	5,123,505

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

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

	Six months ended January 31, 2017 (unaudited)						Year ended July 31, 2016
Operations
Net investment income				$	495,205					$	89,510
Net realized gains (losses) on investments					18,341,134						(424,974	)
Net change in unrealized gains (losses) on investments					(13,712,834	)					701,484
Net increase in net assets resulting from operations					5,123,505						366,020
Distributions to shareholders from
Net investment income
Class A					(97,914	)					0
Class R4					(38	)					0
Class R6					(412,002	)					0
Administrator Class					(39,091	)					0
Institutional Class					(65,942	)					0
Net realized gains
Class A					(1,953,165	)					(12,289,754	)
Class C					(101,375	)					(556,329	)
Class R4					(384	)					(1,876	)
Class R6					(3,243,150	)					(18,521,143	)
Administrator Class					(611,585	)					(4,001,022	)
Institutional Class					(616,477	)					(3,150,712	)
Total distributions to shareholders					(7,141,123	)					(38,520,836	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		106,488			1,565,916			4,787,904			79,683,106
Class C		26,447			347,356			37,860			527,959
Class R6		180,361			2,968,080			958,376			15,871,334
Administrator Class		64,900			1,032,603			179,863			2,841,546
Institutional Class		357,411			5,902,506			571,120			9,788,878
Investor Class		N/A			N/A			45,169	1		724,606	1
					11,816,461						109,437,429
Reinvestment of distributions
Class A		137,410			2,007,306			842,773			12,076,915
Class C		6,718			87,332			37,294			480,716
Class R4		26			422			120			1,876
Class R6		225,598			3,655,152			1,172,966			18,521,143
Administrator Class		41,307			647,990			259,809			3,985,470
Institutional Class		41,696			673,157			188,296			2,965,655
					7,071,359						38,031,775
Payment for shares redeemed
Class A		(573,420	)		(8,495,720	)		(1,479,556	)		(21,274,728	)
Class C		(44,435	)		(584,742	)		(87,529	)		(1,218,466	)
Class R6		(822,126	)		(13,493,027	)		(1,823,127	)		(29,216,949	)
Administrator Class		(740,945	)		(11,751,991	)		(415,047	)		(6,710,672	)
Institutional Class		(341,573	)		(5,583,267	)		(536,405	)		(8,726,371	)
Investor Class		N/A			N/A			(4,836,074	)1		(80,008,660	)1
					(39,908,747	)					(147,155,846	)
Net increase (decrease) in net assets resulting from capital share transactions					(21,020,927	)					313,358
Total decrease in net assets					(23,038,545	)					(37,841,458	)
Net assets
Beginning of period					276,394,451						314,235,909
End of period				$	253,355,906					$	276,394,451
Overdistributed net investment income				$	(119,782	)				$	0

¹  For the period from August 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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

Financial highlights Wells Fargo Capital Growth Fund 13

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$15.12			$17.38			$21.31			$19.87			$16.74			$16.25
Net investment income (loss)		0.01	1		(0.03	)1		(0.07	)1		(0.10	)1		0.00	1,2		(0.05	)1
Net realized and unrealized gains (losses) on investments		0.29			0.04			2.09			3.79			3.43			0.54
Total from investment operations		0.30			0.01			2.02			3.69			3.43			0.49
Distributions to shareholders from
Net investment income		(0.02	)		0.00			0.00			(0.02	)		0.00			0.00
Net realized gains		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)		0.00
Total distributions to shareholders		(0.43	)		(2.27	)		(5.95	)		(2.25	)		(0.30	)		0.00
Net asset value, end of period		$14.99			$15.12			$17.38			$21.31			$19.87			$16.74
Total return3		2.03	%		0.75	%		11.00	%		19.09	%		20.85	%		3.02	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.24	%		1.27	%		1.26	%		1.26	%		1.21	%
Net expenses		1.06	%		1.06	%		1.11	%		1.11	%		1.14	%		1.20	%
Net investment income (loss)		0.10	%		(0.18	)%		(0.39	)%		(0.46	)%		0.01	%		(0.30	)%
Supplemental data
Portfolio turnover rate		39	%		85	%		114	%		94	%		107	%		116	%
Net assets, end of period (000s omitted)		$72,050			$77,648			$17,126			$18,561			$16,390			$17,784

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 Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$13.54			$15.92			$20.12			$18.98			$16.12			$15.77
Net investment loss		(0.04	)1		(0.13	)1		(0.20	)1		(0.24	)1		(0.13	)1		(0.16	)1
Net realized and unrealized gains (losses) on investments		0.26			0.02			1.95			3.61			3.29			0.51
Total from investment operations		0.22			(0.11	)		1.75			3.37			3.16			0.35
Distributions to shareholders from
Net realized gains		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)		0.00
Net asset value, end of period		$13.35			$13.54			$15.92			$20.12			$18.98			$16.12
Total return2		1.67	%		0.00	%		10.15	%		18.21	%		19.97	%		2.22	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		1.99	%		2.02	%		2.01	%		2.01	%		1.96	%
Net expenses		1.81	%		1.81	%		1.86	%		1.86	%		1.89	%		1.95	%
Net investment loss		(0.65	)%		(0.98	)%		(1.14	)%		(1.20	)%		(0.73	)%		(1.05	)%
Supplemental data
Portfolio turnover rate		39	%		85	%		114	%		94	%		107	%		116	%
Net assets, end of period (000s omitted)		$3,216			$3,415			$4,212			$4,628			$4,503			$6,042

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Capital Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS R4				2016			2015			2014			20131
Net asset value, beginning of period		$16.59			$18.79			$22.52			$20.83			$18.22
Net investment income (loss)		0.03	2		0.01	2		(0.01	)2		(0.02	)		0.05
Net realized and unrealized gains (losses) on investments		0.33			0.06			2.23			3.99			2.95
Total from investment operations		0.36			0.07			2.22			3.97			3.00
Distributions to shareholders from
Net investment income		(0.04	)		0.00			0.00			(0.05	)		(0.09	)
Net realized gains		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)
Total distributions to shareholders		(0.45	)		(2.27	)		(5.95	)		(2.28	)		(0.39	)
Net asset value, end of period		$16.50			$16.59			$18.79			$22.52			$20.83
Total return3		2.21	%		1.03	%		11.35	%		19.56	%		16.86	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.93	%		0.91	%		0.91	%		0.90	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss)		0.41	%		0.08	%		(0.04	)%		(0.10	)%		0.37	%
Supplemental data
Portfolio turnover rate		39	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$16			$16			$16			$14			$12

¹  For the period from November 30, 2012 (commencement of class operations) to July 31, 2013

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.

16 Wells Fargo Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS R6				2016			2015			2014			20131
Net asset value, beginning of period		$16.70			$18.87			$22.56			$20.85			$18.22
Net investment income		0.05	2		0.04	2		0.02			0.00	2,3		0.07
Net realized and unrealized gains (losses) on investments		0.33			0.06			2.24			4.00			2.95
Total from investment operations		0.38			0.10			2.26			4.00			3.02
Distributions to shareholders from
Net investment income		(0.05	)		0.00			0.00			(0.06	)		(0.09	)
Net realized gains		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)
Total distributions to shareholders		(0.46	)		(2.27	)		(5.95	)		(2.29	)		(0.39	)
Net asset value, end of period		$16.62			$16.70			$18.87			$22.56			$20.85
Total return4		2.32	%		1.20	%		11.54	%		19.71	%		16.99	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.81	%		0.79	%		0.78	%		0.79	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		0.56	%		0.23	%		0.11	%		0.01	%		0.52	%
Supplemental data
Portfolio turnover rate		39	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$132,925			$140,581			$153,009			$142,754			$58

¹  For the period from November 30, 2012 (commencement of class operations) to July 31, 2013

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.

Financial highlights Wells Fargo Capital Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$16.20			$18.43			$22.22			$20.61			$17.32			$16.77
Net investment income (loss)		0.02	1		(0.01	)1		(0.03	)1		(0.05	)1		0.04	1		(0.00	)1,2
Net realized and unrealized gains (losses) on investments		0.32			0.05			2.19			3.93			3.55			0.55
Total from investment operations		0.34			0.04			2.16			3.88			3.59			0.55
Distributions to shareholders from
Net investment income		(0.03	)		0.00			0.00			(0.04	)		0.00			0.00
Net realized gains		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)		0.00
Total distributions to shareholders		(0.44	)		(2.27	)		(5.95	)		(2.27	)		(0.30	)		0.00
Net asset value, end of period		$16.10			$16.20			$18.43			$22.22			$20.61			$17.32
Total return3		2.11	%		0.88	%		11.22	%		19.35	%		21.15	%		3.22	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.16	%		1.11	%		1.09	%		1.09	%		1.05	%
Net expenses		0.94	%		0.93	%		0.90	%		0.90	%		0.91	%		0.94	%
Net investment income (loss)		0.28	%		(0.09	)%		(0.16	)%		(0.24	)%		0.24	%		(0.01	)%
Supplemental data
Portfolio turnover rate		39	%		85	%		114	%		94	%		107	%		116	%
Net assets, end of period (000s omitted)		$20,652			$31,064			$34,886			$67,830			$63,786			$74,529

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 Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$16.65			$18.84			$22.54			$20.84			$17.56			$16.96
Net investment income		0.04	1		0.03	1		0.02	1		0.01	1		0.09	1		0.03	1
Net realized and unrealized gains (losses) on investments		0.32			0.05			2.23			4.00			3.58			0.57
Total from investment operations		0.36			0.08			2.25			4.01			3.67			0.60
Distributions to shareholders from
Net investment income		(0.04	)		0.00			0.00			(0.08	)		(0.09	)		0.00
Net realized gains		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)		0.00
Total distributions to shareholders		(0.45	)		(2.27	)		(5.95	)		(2.31	)		(0.39	)		0.00
Net asset value, end of period		$16.56			$16.65			$18.84			$22.54			$20.84			$17.56
Total return2		2.22	%		1.09	%		11.50	%		19.76	%		21.42	%		3.48	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.91	%		0.84	%		0.82	%		0.82	%		0.78	%
Net expenses		0.70	%		0.68	%		0.65	%		0.65	%		0.67	%		0.70	%
Net investment income		0.43	%		0.16	%		0.09	%		0.05	%		0.46	%		0.21	%
Supplemental data
Portfolio turnover rate		39	%		85	%		114	%		94	%		107	%		116	%
Net assets, end of period (000s omitted)		$24,496			$23,670			$22,578			$49,816			$331,310			$543,933

¹  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Capital Growth Fund 19

1. ORGANIZATION

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

Effective at the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the Fund.

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, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

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

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

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

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 net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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 July 31, 2016, the Fund had current year deferred post-October capital losses consisting of $1,426,783 in short-term losses which were 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 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 significant unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

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, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	53,205,628	$	0	$	0	$	53,205,628
Consumer staples		11,573,651		0		0		11,573,651
Financials		12,799,381		0		0		12,799,381
Health care		31,420,799		0		0		31,420,799
Industrials		28,920,902		0		0		28,920,902
Information technology		103,584,873		0		0		103,584,873
Materials		7,750,067		0		0		7,750,067
Short-term investments
Investment companies		4,627,172		0		0		4,627,172
Total assets	$	253,882,473	$	0	$	0	$	253,882,473

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2017, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 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, 0.75% for Class R4 shares, 0.60% for R6 shares, 0.94% for Administrator Class shares, and 0.70% for Institutional Class shares. 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.

During the six months ended January 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $239 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $3,471 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

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, 2017, Funds Distributor received $531 from the sale of Class A shares.

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.

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, 2017 were $100,617,238 and $131,523,992, respectively.

The Fund may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

For the six months ended January 31, 2017, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

10. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

24 Wells Fargo Capital Growth Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Capital Growth Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 138 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 financial 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 lead 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. Board member of the Fonté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	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.	Asset Allocation Trust
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.	Asset Allocation Trust

26 Wells Fargo Capital Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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 Bank, N.A. and President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. 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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, 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 69 funds and Assistant Treasurer of 69 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 wellsfargofunds.com.

List of abbreviations Wells Fargo Capital Growth Fund 27

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

301455 03-17 SA200/SAR200 01-17

Semi-Annual Report

January 31, 2017

Wells Fargo Disciplined U.S. Core Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	22
Other information	27
List of abbreviations	30

The views expressed and any forward-looking statements are as of January 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

Andrew Owen

President

Wells Fargo Funds

U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

Dear Shareholder:

As the new president of Wells Fargo Funds now that Karla Rabusch is retiring from that position after nearly 14 years, I am 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, 2017. Despite heightened market volatility, global stocks delivered favorable results overall. U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

In August–September 2016, global stocks delivered generally positive results; bonds’ interest rates remained historically low.

From August into early September 2016, U.S. and international stocks generally trended upward. Ever since the Great Recession, markets worldwide have been supported to varying degrees by accommodative policies from leading central banks, including the Federal Reserve (Fed), European Central Bank, Bank of England, and Bank of Japan. As a result, investors have watched closely for any signs that global central banks might tighten their measures. In the U.S., early-September comments by several Fed officials appeared to suggest a September interest-rate increase, which sent stock and bond prices downward. However, stocks surged following the Fed’s September 20 meeting on news that the Fed had decided to delay a rate increase to later in 2016. In bond markets, interest rates remained at historically low levels as a result of easy monetary policies, subdued global growth, and modest inflation expectations. Yields rose, after bottoming in July, as market participants felt that yields had overshot the real risks of the U.K.’s Brexit vote and as economic activity strengthened. At the front end of the yield curve, anticipation of new money market fund rules resulted in significantly higher yields on many short-term securities.

During the fourth quarter of 2016, prospects for faster growth and higher interest rates in the U.S. largely influenced the markets.

Early in the fourth quarter of 2016, U.S. stocks tended to trade lower amid concerns such as a likely interest-rate increase and uncertainty over the approaching general election. However, following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of pro-growth policies, and supportive economic news helped the rally carry through the quarter. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year, by a quarter percentage point, to between 0.50% and 0.75%. The fourth quarter also saw the implementation of the Securities and Exchange Commission’s new rules for money market funds, which included floating net asset values (NAVs) for institutional prime and municipal money market funds as well as liquidity fees and redemption gates. In the year leading up to

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes 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 Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

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

money fund reform implementation, nearly $1 trillion in assets moved from these types of money market funds into government money market funds, which continued to transact at a stable $1 NAV. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar.

Investor optimism continued into January 2017.

January brought continued strength in global stock markets. Markets were lifted by factors such as strong trade data from Japan, robust earnings reports by businesses, and investors’ hopes that the U.S. government will approve a large fiscal stimulus package.

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

Periods of 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 in 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

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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

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

Golden Capital Management, LLC

Portfolio manager

Greg W. Golden, CFA^®

Average annual total returns (%) as of January 31, 2017¹

		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		12.22		12.92		6.26		19.09		14.27		6.89		0.87		0.87
Class C (EVSTX)	6-30-1999		17.10		13.40		6.10		18.10		13.40		6.10		1.62		1.62
Class R (EVSHX)	9-30-2015		–		–		–		18.77		13.97		6.60		1.12		1.12
Class R6 (EVSRX)	9-30-2015		–		–		–		19.53		14.76		7.29		0.44		0.43
Administrator Class (EVSYX)	2-21-1995		–		–		–		19.17		14.43		7.10		0.79		0.74
Institutional Class (EVSIX)	7-30-2010		–		–		–		19.50		14.75		7.28		0.54		0.48
S&P 500 Index4	–		–		–		–		20.04		14.09		6.99		–		–

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Disciplined U.S. Core Fund 5

Ten largest holdings (%) as of January 31, 20175
Apple Incorporated	3.70
Microsoft Corporation	3.12
Exxon Mobil Corporation	2.29
Johnson & Johnson	2.08
AT&T Incorporated	2.06
Alphabet Incorporated Class A	1.95
Bank of America Corporation	1.94
Alphabet Incorporated Class C	1.92
Chevron Corporation	1.77
JPMorgan Chase & Company	1.66

Sector distribution as of January 31, 2017⁶

¹  Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect higher expenses applicable to Class R shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Enhanced S&P 500 Fund.

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, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower.

⁴  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.

⁵  The ten largest holdings, excluding cash and cash equivalents, 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 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, 2016 to January 31, 2017.

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 8-01-2016		Ending account value 1-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,058.70	$	4.40		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32		0.85	%
Class C
Actual	$	1,000.00	$	1,054.56	$	8.26		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.09	$	8.11		1.60	%
Class R
Actual	$	1,000.00	$	1,057.42	$	5.69		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.58		1.10	%
Class R6
Actual	$	1,000.00	$	1,060.12	$	2.17		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.03	$	2.14		0.42	%
Administrator Class
Actual	$	1,000.00	$	1,059.31	$	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	$	1,060.22	$	2.49		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).

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Disciplined U.S. Core Fund 7

Security name	Shares		Value
Common Stocks: 98.08%
Consumer Discretionary: 12.86%
Automobiles: 1.70%
Ford Motor Company		514,456	$	6,358,676
General Motors Company		237,546		8,696,559
				15,055,235
Hotels, Restaurants & Leisure: 1.73%
Carnival Corporation		36,878		2,042,304
Darden Restaurants Incorporated		54,176		3,970,017
McDonald’s Corporation		20,977		2,571,151
Starbucks Corporation		121,729		6,721,875
				15,305,347
Household Durables: 0.28%
Garmin Limited «		50,814		2,453,808
Internet & Direct Marketing Retail: 1.50%
Amazon.com Incorporated †		16,066		13,230,030
Media: 3.93%
Comcast Corporation Class A		171,711		12,950,444
News Corporation Class B		501,026		6,337,979
The Walt Disney Company		92,297		10,212,663
Twenty-First Century Fox Incorporated Class A		167,108		5,243,849
				34,744,935
Multiline Retail: 0.21%
Macy’s Incorporated		63,156		1,865,628
Specialty Retail: 3.51%
Best Buy Company Incorporated		126,925		5,650,701
Lowe’s Companies Incorporated		108,714		7,944,819
Staples Incorporated		437,712		4,026,950
The Home Depot Incorporated		97,785		13,453,260
				31,075,730
Consumer Staples: 8.31%
Beverages: 1.36%
PepsiCo Incorporated		76,773		7,967,502
The Coca-Cola Company		97,496		4,052,909
				12,020,411
Food & Staples Retailing: 3.16%
CVS Health Corporation		109,427		8,623,942
The Kroger Company		222,767		7,565,167
Wal-Mart Stores Incorporated		151,709		10,125,059
Walgreens Boots Alliance Incorporated		19,991		1,638,063
				27,952,231

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

8 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Shares		Value
Food Products: 1.20%
ConAgra Foods Incorporated		45,435	$	1,776,054
Hormel Foods Corporation		37,364		1,356,313
Tyson Foods Incorporated Class A		119,370		7,495,242
				10,627,609
Household Products: 0.91%
Church & Dwight Company Incorporated		39,919		1,805,137
Kimberly-Clark Corporation		17,495		2,119,169
The Procter & Gamble Company		46,884		4,107,038
				8,031,344
Tobacco: 1.68%
Altria Group Incorporated		164,411		11,702,775
Philip Morris International		32,672		3,140,759
				14,843,534
Energy: 6.38%
Energy Equipment & Services: 1.07%
Baker Hughes Incorporated		65,537		4,134,074
Schlumberger Limited		63,747		5,336,261
				9,470,335
Oil, Gas & Consumable Fuels: 5.31%
Chevron Corporation		140,735		15,670,842
Devon Energy Corporation		40,977		1,866,093
Exxon Mobil Corporation		240,918		20,210,611
Occidental Petroleum Corporation		31,357		2,125,064
ONEOK Incorporated		24,821		1,367,885
Range Resources Corporation		54,756		1,770,809
Valero Energy Corporation		60,143		3,955,004
				46,966,308
Financials: 13.46%
Banks: 5.97%
Bank of America Corporation		758,359		17,169,248
Citigroup Incorporated		245,511		13,706,879
Citizens Financial Group Incorporated		55,144		1,994,558
Fifth Third Bancorp		89,972		2,348,269
JPMorgan Chase & Company		173,102		14,649,622
Regions Financial Corporation		119,484		1,721,764
SunTrust Banks Incorporated		21,863		1,242,256
				52,832,596
Capital Markets: 1.44%
E*TRADE Financial Corporation †		96,938		3,630,328
Morgan Stanley		80,802		3,433,277
Northern Trust Corporation		37,027		3,071,760
State Street Corporation		34,237		2,608,859
				12,744,224

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Disciplined U.S. Core Fund 9

Security name	Shares		Value
Consumer Finance: 0.55%
Discover Financial Services		31,363	$	2,172,829
Synchrony Financial		75,311		2,697,640
				4,870,469
Diversified Financial Services: 1.55%
Berkshire Hathaway Incorporated Class B †		83,498		13,705,362
Insurance: 3.95%
AFLAC Incorporated		95,215		6,664,098
Aon plc		15,446		1,740,764
MetLife Incorporated		169,354		9,214,551
Principal Financial Group Incorporated		86,020		4,910,882
Prudential Financial Incorporated		81,570		8,573,823
The Travelers Companies Incorporated		14,104		1,661,169
Unum Group		46,807		2,126,442
				34,891,729
Health Care: 13.64%
Biotechnology: 2.66%
AbbVie Incorporated		99,107		6,056,429
Amgen Incorporated		63,555		9,957,797
Gilead Sciences Incorporated		103,208		7,477,420
				23,491,646
Health Care Equipment & Supplies: 1.60%
Baxter International Incorporated		114,083		5,465,717
Medtronic plc		114,972		8,740,171
				14,205,888
Health Care Providers & Services: 3.79%
Cardinal Health Incorporated		70,540		5,287,678
Express Scripts Holding Company †		27,594		1,900,675
Humana Incorporated		36,793		7,303,411
McKesson Corporation		45,027		6,265,507
UnitedHealth Group Incorporated		78,597		12,740,574
				33,497,845
Pharmaceuticals: 5.59%
Bristol-Myers Squibb Company		88,463		4,348,841
Johnson & Johnson		162,495		18,402,559
Merck & Company Incorporated		232,266		14,398,169
Pfizer Incorporated		387,577		12,297,818
				49,447,387
Industrials: 9.16%
Aerospace & Defense: 1.79%
General Dynamics Corporation		13,316		2,411,261
Northrop Grumman Corporation		7,463		1,709,624
The Boeing Company		56,323		9,204,305

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

10 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Shares		Value
Aerospace & Defense (continued)
United Technologies Corporation		22,673	$	2,486,548
				15,811,738
Air Freight & Logistics: 0.80%
United Parcel Service Incorporated Class B		64,902		7,082,755
Airlines: 1.22%
Delta Air Lines Incorporated		121,262		5,728,417
United Continental Holdings Incorporated †		72,033		5,076,166
				10,804,583
Commercial Services & Supplies: 0.70%
Waste Management Incorporated		88,874		6,176,743
Construction & Engineering: 0.68%
Jacobs Engineering Group Incorporated		60,732		3,555,859
Quanta Services Incorporated †		67,936		2,438,223
				5,994,082
Electrical Equipment: 0.56%
Eaton Corporation plc		69,887		4,946,602
Industrial Conglomerates: 2.06%
3M Company		19,212		3,358,642
General Electric Company		440,880		13,094,136
Honeywell International Incorporated		14,761		1,746,522
				18,199,300
Machinery: 1.05%
Illinois Tool Works Incorporated		21,291		2,708,215
Ingersoll-Rand plc		44,630		3,541,391
Parker-Hannifin Corporation		20,852		3,067,955
				9,317,561
Road & Rail: 0.30%
CSX Corporation		58,113		2,695,862
Information Technology: 21.78%
Communications Equipment: 1.28%
Cisco Systems Incorporated		369,351		11,346,463
Electronic Equipment, Instruments & Components: 0.34%
Corning Incorporated		113,657		3,010,774
Internet Software & Services: 4.95%
Alphabet Incorporated Class A †		21,061		17,274,022
Alphabet Incorporated Class C †		21,293		16,966,049
Facebook Incorporated Class A †		72,750		9,480,780
				43,720,851

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Disciplined U.S. Core Fund 11

Security name	Shares		Value
IT Services: 2.90%
Accenture plc Class A		62,746	$	7,144,887
International Business Machines Corporation		56,755		9,904,883
The Western Union Company		199,557		3,907,326
Xerox Corporation		680,526		4,716,045
				25,673,141
Semiconductors & Semiconductor Equipment: 3.64%
Applied Materials Incorporated		105,022		3,597,004
Intel Corporation		357,077		13,147,575
Linear Technology Corporation		51,635		3,259,718
NVIDIA Corporation		74,345		8,116,987
QUALCOMM Incorporated		26,507		1,416,269
Texas Instruments Incorporated		34,980		2,642,389
				32,179,942
Software: 4.14%
Microsoft Corporation		426,445		27,569,669
Oracle Corporation		224,996		9,024,590
				36,594,259
Technology Hardware, Storage & Peripherals: 4.53%
Apple Incorporated		269,473		32,700,549
Hewlett Packard Enterprise Company		75,803		1,719,212
HP Incorporated		373,042		5,614,282
				40,034,043
Materials: 3.38%
Chemicals: 1.85%
Ecolab Incorporated		14,023		1,684,583
LyondellBasell Industries NV Class A		76,091		7,097,008
The Dow Chemical Company		126,698		7,555,002
				16,336,593
Containers & Packaging: 0.63%
Avery Dennison Corporation		76,543		5,589,170
Metals & Mining: 0.90%
Newmont Mining Corporation		220,683		8,006,379
Real Estate: 3.51%
Equity REITs: 2.80%
American Tower Corporation		58,829		6,088,802
Equinix Incorporated		14,105		5,430,143
GGP Incorporated		236,218		5,867,655
Simon Property Group Incorporated		40,141		7,376,712
				24,763,312

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

12 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name				Shares		Value
Real Estate Management & Development: 0.71%
CBRE Group Incorporated Class A †					207,908	$	6,312,087
Telecommunication Services: 3.10%
Diversified Telecommunication Services: 3.10%
AT&T Incorporated					432,680		18,241,789
Verizon Communications Incorporated					186,299		9,130,514
							27,372,303
Utilities: 2.50%
Electric Utilities: 2.23%
American Electric Power Company Incorporated					50,409		3,229,201
Duke Energy Corporation					13,644		1,071,600
Exelon Corporation					223,290		8,011,645
FirstEnergy Corporation					180,441		5,470,971
Xcel Energy Incorporated					47,497		1,962,576
							19,745,993
Multi-Utilities: 0.27%
CenterPoint Energy Incorporated					55,782		1,462,043
DTE Energy Company					8,928		880,658
							2,342,701
Total Common Stocks (Cost $672,989,481)							867,386,868
	Yield
Short-Term Investments: 2.06%
Investment Companies: 2.06%
Securities Lending Cash Investment LLC (l)(r)(u)		0.86	%		2,274,423		2,274,650
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.46			15,913,662		15,913,662
Total Short-Term Investments (Cost $18,188,312)							18,188,312

Total investments in securities (Cost $691,177,793) *	100.14	%		885,575,180
Other assets and liabilities, net	(0.14	)		(1,263,602	)
Total net assets	100.00	%	$	884,311,578

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

† 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.

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

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

* Cost for federal income tax purposes is $690,386,453 and unrealized gains (losses) consists of:

Gross unrealized gains	$	203,237,705
Gross unrealized losses		(8,048,978	)
Net unrealized gains	$	195,188,727

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

Statement of assets and liabilities—January 31, 2017 (unaudited) Wells Fargo Disciplined U.S. Core Fund 13

Assets
Investments
In unaffiliated securities (including $2,220,715 of securities loaned), at value (cost $672,989,481)	$	867,386,868
In affiliated securities, at value (cost $18,188,312)		18,188,312
Total investments, at value (cost $691,177,793)		885,575,180
Receivable for Fund shares sold		5,993,169
Receivable for dividends		748,652
Receivable for securities lending income		787
Prepaid expenses and other assets		136,080
Total assets		892,453,868
Liabilities
Payable for investments purchased		4,227,633
Payable for Fund shares redeemed		1,024,462
Payable upon receipt of securities loaned		2,274,300
Management fee payable		246,089
Distribution fees payable		32,152
Administration fees payable		126,456
Accrued expenses and other liabilities		211,198
Total liabilities		8,142,290
Total net assets	$	884,311,578
NET ASSETS CONSIST OF
Paid-in capital	$	667,539,445
Undistributed net investment income		6,059,243
Accumulated net realized gains on investments		16,315,503
Net unrealized gains on investments		194,397,387
Total net assets	$	884,311,578
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	440,663,870
Shares outstanding – Class A1		29,404,963
Net asset value per share – Class A		$14.99
Maximum offering price per share – Class A2		$15.90
Net assets – Class C	$	53,122,226
Shares outstanding – Class C1		3,826,705
Net asset value per share – Class C		$13.88
Net assets – Class R	$	1,233,821
Shares outstanding – Class R1		81,191
Net asset value per share – Class R		$15.20
Net assets – Class R6	$	25,422,249
Shares outstanding – Class R61		1,657,822
Net asset value per share – Class R6		$15.33
Net assets – Administrator Class	$	79,519,788
Shares outstanding – Administrator Class1		5,177,058
Net asset value per share – Administrator Class		$15.36
Net assets – Institutional Class	$	284,349,624
Shares outstanding – Institutional Class1		18,724,863
Net asset value per share – Institutional Class		$15.19

¹  The Fund has an unlimited number of authorized shares.

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

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

14 Wells Fargo Disciplined U.S. Core Fund Statement of operations—six months ended January 31, 2017 (unaudited)

Investment income
Dividends	$	9,219,789
Income from affiliated securities		17,543
Securities lending income, net		2,997
Total investment income		9,240,329
Expenses
Management fee		1,413,462
Administration fees
Class A		437,799
Class C		52,421
Class R		572
Class R6		3,366
Administrator Class		69,525
Institutional Class		137,064
Shareholder servicing fees
Class A		521,190
Class C		62,406
Class R		681
Administrator Class		133,359
Distribution fees
Class C		187,217
Class R		681
Custody and accounting fees		19,560
Professional fees		27,033
Registration fees		70,228
Shareholder report expenses		33,380
Trustees’ fees and expenses		14,495
Other fees and expenses		12,325
Total expenses		3,196,764
Less: Fee waivers and/or expense reimbursements		(64,425	)
Net expenses		3,132,339
Net investment income		6,107,990
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		18,246,692
Net change in unrealized gains (losses) on investments		22,324,674
Net realized and unrealized gains (losses) on investments		40,571,366
Net increase in net assets resulting from operations	$	46,679,356

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

Statement of changes in net assets Wells Fargo Disciplined U.S. Core Fund 15

	Six months ended January 31, 2017 (unaudited)						Year ended July 31, 2016
Operations
Net investment income				$	6,107,990					$	9,531,603
Net realized gains on investments					18,246,692						10,319,714
Net change in unrealized gains (losses) on investments					22,324,674						22,567,499
Net increase in net assets resulting from operations					46,679,356						42,418,816
Distributions to shareholders from
Net investment income
Class A					(4,241,326	)					(4,528,287	)
Class C					(349,824	)					(257,661	)
Class R					(11,093	)					(495	)1
Class R6					(347,445	)					(1,177	)1
Administrator Class					(881,706	)					(1,187,160	)
Institutional Class					(3,455,983	)					(1,510,103	)
Net realized gains
Class A					(5,786,409	)					(31,556,159	)
Class C					(762,481	)					(2,500,322	)
Class R					(10,965	)					(2,461	)1
Class R6					(335,630	)					(5,847	)1
Administrator Class					(1,132,642	)					(6,952,701	)
Institutional Class					(3,458,102	)					(8,572,495	)
Total distributions to shareholders					(20,773,606	)					(57,074,868	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,381,403			49,936,733			9,125,390			126,350,368
Class C		655,738			8,928,242			2,429,480			31,365,592
Class R		77,312			1,151,872			13,383	1		196,826	1
Class R6		1,426,321			21,347,703			289,003	1		4,094,576	1
Administrator Class		1,564,987			23,229,885			5,692,270			79,570,117
Institutional Class		9,011,192			134,886,390			8,264,426			115,262,034
					239,480,825						356,839,513
Reinvestment of distributions
Class A		632,192			9,490,470			2,569,607			34,920,049
Class C		67,906			944,467			155,194			1,959,119
Class R		1,447			22,058			212	1		2,956	1
Class R6		44,450			683,075			504	1		7,024	1
Administrator Class		122,191			1,880,016			553,449			7,715,022
Institutional Class		358,107			5,452,012			369,132			5,097,050
					18,472,098						49,701,220
Payment for shares redeemed
Class A		(3,062,873	)		(44,751,523	)		(4,670,412	)		(64,993,916	)
Class C		(375,295	)		(5,104,002	)		(532,257	)		(7,048,689	)
Class R		(11,163	)		(165,701	)		0	1		0	1
Class R6		(83,789	)		(1,266,293	)		(18,667	)1		(273,006	)1
Administrator Class		(4,374,002	)		(66,067,358	)		(2,402,412	)		(34,276,688	)
Institutional Class		(1,767,004	)		(26,326,960	)		(4,530,382	)		(66,406,281	)
					(143,681,837	)					(172,998,580	)
Net increase in net assets resulting from capital share transactions					114,271,086						233,542,153
Total increase in net assets					140,176,836						218,886,101
Net assets
Beginning of period					744,134,742						525,248,641
End of period				$	884,311,578					$	744,134,742
Undistributed net investment income				$	6,059,243					$	9,238,630

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

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$14.50			$15.45			$16.29			$16.27			$14.65			$14.25
Net investment income		0.11			0.21			0.21			0.19			0.24			0.20
Net realized and unrealized gains (losses) on investments		0.74			0.47			1.60			2.35			3.25			0.93
Total from investment operations		0.85			0.68			1.81			2.54			3.49			1.13
Distributions to shareholders from
Net investment income		(0.15	)		(0.19	)		(0.16	)		(0.24	)		(0.24	)		(0.23	)
Net realized gains		(0.21	)		(1.44	)		(2.49	)		(2.28	)		(1.63	)		(0.50	)
Total distributions to shareholders		(0.36	)		(1.63	)		(2.65	)		(2.52	)		(1.87	)		(0.73	)
Net asset value, end of period		$14.99			$14.50			$15.45			$16.29			$16.27			$14.65
Total return1		5.87	%		5.22	%		12.01	%		17.00	%		26.62	%		8.54	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.87	%		0.89	%		0.93	%		0.94	%		0.92	%
Net expenses		0.85	%		0.87	%		0.89	%		0.92	%		0.92	%		0.92	%
Net investment income		1.45	%		1.60	%		1.43	%		1.27	%		1.66	%		1.43	%
Supplemental data
Portfolio turnover rate		26	%		52	%		53	%		71	%		64	%		82	%
Net assets, end of period (000s omitted)		$440,664			$412,629			$331,123			$305,577			$285,780			$254,272

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

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

Financial highlights Wells Fargo Disciplined U.S. Core Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$13.45			$14.50			$15.47			$15.58			$14.10			$13.69
Net investment income		0.05			0.14			0.13			0.08			0.12			0.09
Net realized and unrealized gains (losses) on investments		0.68			0.38			1.48			2.23			3.12			0.90
Total from investment operations		0.73			0.52			1.61			2.31			3.24			0.99
Distributions to shareholders from
Net investment income		(0.09	)		(0.13	)		(0.09	)		(0.14	)		(0.13	)		(0.08	)
Net realized gains		(0.21	)		(1.44	)		(2.49	)		(2.28	)		(1.63	)		(0.50	)
Total distributions to shareholders		(0.30	)		(1.57	)		(2.58	)		(2.42	)		(1.76	)		(0.58	)
Net asset value, end of period		$13.88			$13.45			$14.50			$15.47			$15.58			$14.10
Total return1		5.46	%		4.43	%		11.18	%		16.10	%		25.65	%		7.75	%
Ratios to average net assets (annualized)
Gross expenses		1.60	%		1.62	%		1.64	%		1.68	%		1.69	%		1.67	%
Net expenses		1.60	%		1.62	%		1.64	%		1.67	%		1.67	%		1.67	%
Net investment income		0.69	%		0.82	%		0.66	%		0.51	%		0.92	%		0.68	%
Supplemental data
Portfolio turnover rate		26	%		52	%		53	%		71	%		64	%		82	%
Net assets, end of period (000s omitted)		$53,122			$46,801			$20,680			$10,913			$9,544			$8,590

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.

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

(For a share outstanding throughout each period)

CLASS R	Six months ended January 31, 2017 (unaudited)			Year ended July 31, 20161
Net asset value, beginning of period		$14.77			$14.62
Net investment income		0.08	2		0.13	2
Net realized and unrealized gains (losses) on investments		0.77			1.72
Total from investment operations		0.85			1.85
Distributions to shareholders from
Net investment income		(0.21	)		(0.26	)
Net realized gains		(0.21	)		(1.44	)
Total distributions to shareholders		(0.42	)		(1.70	)
Net asset value, end of period		$15.20			$14.77
Total return3		5.74	%		13.56	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.12	%
Net expenses		1.10	%		1.12	%
Net investment income		1.01	%		1.12	%
Supplemental data
Portfolio turnover rate		26	%		52	%
Net assets, end of period (000s omitted)		$1,234			$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.

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

(For a share outstanding throughout each period)

CLASS R6	Six months ended January 31, 2017 (unaudited)			Year ended July 31, 20161
Net asset value, beginning of period		$14.86			$14.62
Net investment income		0.13	2		0.22	2
Net realized and unrealized gains (losses) on investments		0.76			1.72
Total from investment operations		0.89			1.94
Distributions to shareholders from
Net investment income		(0.21	)		(0.26	)
Net realized gains		(0.21	)		(1.44	)
Total distributions to shareholders		(0.42	)		(1.70	)
Net asset value, end of period		$15.33			$14.86
Total return3		6.01	%		14.24	%
Ratios to average net assets (annualized)
Gross expenses		0.42	%		0.44	%
Net expenses		0.42	%		0.43	%
Net investment income		1.75	%		1.88	%
Supplemental data
Portfolio turnover rate		26	%		52	%
Net assets, end of period (000s omitted)		$25,422			$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.

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$14.85			$15.80			$16.60			$16.47			$14.79			$14.36
Net investment income		0.13	1		0.24	1		0.25	1		0.25	1		0.28	1		0.23	1
Net realized and unrealized gains (losses) on investments		0.75			0.48			1.63			2.35			3.27			0.93
Total from investment operations		0.88			0.72			1.88			2.60			3.55			1.16
Distributions to shareholders from
Net investment income		(0.16	)		(0.23	)		(0.19	)		(0.19	)		(0.24	)		(0.23	)
Net realized gains		(0.21	)		(1.44	)		(2.49	)		(2.28	)		(1.63	)		(0.50	)
Total distributions to shareholders		(0.37	)		(1.67	)		(2.68	)		(2.47	)		(1.87	)		(0.73	)
Net asset value, end of period		$15.36			$14.85			$15.80			$16.60			$16.47			$14.79
Total return2		5.93	%		5.36	%		12.20	%		17.12	%		26.82	%		8.72	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.78	%		0.74	%		0.76	%		0.78	%		0.75	%
Net expenses		0.74	%		0.74	%		0.73	%		0.74	%		0.74	%		0.74	%
Net investment income		1.66	%		1.71	%		1.58	%		1.56	%		1.87	%		1.63	%
Supplemental data
Portfolio turnover rate		26	%		52	%		53	%		71	%		64	%		82	%
Net assets, end of period (000s omitted)		$79,520			$116,807			$63,544			$50,498			$127,384			$150,408

¹  Calculated based upon average shares outstanding

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

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$14.72			$15.66			$16.47			$16.43			$14.78			$14.39
Net investment income		0.13	1		0.28	1		0.30			0.26	1		0.35			0.26	1
Net realized and unrealized gains (losses) on investments		0.76			0.47			1.61			2.37			3.23			0.93
Total from investment operations		0.89			0.75			1.91			2.63			3.58			1.19
Distributions to shareholders from
Net investment income		(0.21	)		(0.25	)		(0.23	)		(0.31	)		(0.30	)		(0.30	)
Net realized gains		(0.21	)		(1.44	)		(2.49	)		(2.28	)		(1.63	)		(0.50	)
Total distributions to shareholders		(0.42	)		(1.69	)		(2.72	)		(2.59	)		(1.93	)		(0.80	)
Net asset value, end of period		$15.19			$14.72			$15.66			$16.47			$16.43			$14.78
Total return2		6.02	%		5.64	%		12.55	%		17.48	%		27.16	%		9.02	%
Ratios to average net assets (annualized)
Gross expenses		0.52	%		0.54	%		0.47	%		0.50	%		0.51	%		0.49	%
Net expenses		0.48	%		0.48	%		0.47	%		0.48	%		0.48	%		0.48	%
Net investment income		1.73	%		1.96	%		1.86	%		1.63	%		2.08	%		1.80	%
Supplemental data
Portfolio turnover rate		26	%		52	%		53	%		71	%		64	%		82	%
Net assets, end of period (000s omitted)		$284,350			$163,674			$109,901			$91,144			$1,875			$1,215

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 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 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, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

Notes to financial statements (unaudited) Wells Fargo Disciplined U.S. Core Fund 23

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

24 Wells Fargo Disciplined U.S. 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, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	113,730,713	$	0	$	0	$	113,730,713
Consumer staples		73,475,129		0		0		73,475,129
Energy		56,436,643		0		0		56,436,643
Financials		119,044,380		0		0		119,044,380
Health care		120,642,766		0		0		120,642,766
Industrials		81,029,226		0		0		81,029,226
Information technology		192,559,473		0		0		192,559,473
Materials		29,932,142		0		0		29,932,142
Real estate		31,075,399		0		0		31,075,399
Telecommunications		27,372,303		0		0		27,372,303
Utilities		22,088,694		0		0		22,088,694
Short-term investments
Investment companies		15,913,662		0		0		15,913,662
Investments measured at net asset value*								2,274,650
Total assets	$	883,300,530	$	0	$	0	$	885,575,180

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $2,274,650 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.35% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended January 31, 2017, 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. Golden Capital Management, LLC, 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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 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. 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.

During the six months ended January 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $25,961 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in interest income on the Statement of Operations. In addition, Funds Management was also reimbursed $7,719 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

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, 2017, Funds Distributor received $30,544 from the sale of Class A shares and $524 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

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, 2017 were $307,437,098 and $209,460,360, respectively.

The Fund may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

For the six months ended January 31, 2017, 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.

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

8. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

9. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

Other information (unaudited) Wells Fargo Disciplined U.S. Core Fund 27

PORTFOLIO HOLDINGS INFORMATION

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

PROXY VOTING INFORMATION

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

28 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 138 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 financial 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 lead 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. Board member of the Fonté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	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.	Asset Allocation Trust
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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Disciplined U.S. Core Fund 29

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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 Bank, N.A. and President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. 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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, 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 69 funds and Assistant Treasurer of 69 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 wellsfargofunds.com.

30 Wells Fargo Disciplined U.S. Core Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

301456 03-17 SA203/SAR203 01-17

Semi-Annual Report

January 31, 2017

Wells Fargo Endeavor Select Fund

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

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	17
Other information	22
List of abbreviations	25

The views expressed and any forward-looking statements are as of January 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

Andrew Owen

President

Wells Fargo Funds

U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

Dear Shareholder:

As the new president of Wells Fargo Funds now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Endeavor Select Fund for the six-month period that ended January 31, 2017. Despite heightened market volatility, global stocks delivered favorable results overall. U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

In August–September 2016, global stocks delivered generally positive results; bonds’ interest rates remained historically low.

From August into early September 2016, U.S. and international stocks generally trended upward. Ever since the Great Recession, markets worldwide have been supported to varying degrees by accommodative policies from leading central banks, including the Federal Reserve (Fed), European Central Bank, Bank of England, and Bank of Japan. As a result, investors have watched closely for any signs that global central banks might tighten their measures. In the U.S., early-September comments by several Fed officials appeared to suggest a September interest-rate increase, which sent stock and bond prices downward. However, stocks surged following the Fed’s September 20 meeting on news that the Fed had decided to delay a rate increase to later in 2016. In bond markets, interest rates remained at historically low levels as a result of easy monetary policies, subdued global growth, and modest inflation expectations. Yields rose, after bottoming in July, as market participants felt that yields had overshot the real risks of the U.K.’s Brexit vote and as economic activity strengthened. At the front end of the yield curve, anticipation of new money market fund rules resulted in significantly higher yields on many short-term securities.

During the fourth quarter of 2016, prospects for faster growth and higher interest rates in the U.S. largely influenced the markets.

Early in the fourth quarter of 2016, U.S. stocks tended to trade lower amid concerns such as a likely interest-rate increase and uncertainty over the approaching general election. However, following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of pro-growth policies, and supportive economic news helped the rally carry through the quarter. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year, by a quarter percentage point, to between 0.50% and 0.75%. The fourth quarter also saw the implementation of the Securities and Exchange Commission’s new rules for money market funds, which included floating net asset values (NAVs) for institutional prime and municipal money market funds as well as liquidity fees and redemption gates. In the year leading up to

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes 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 Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

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

money fund reform implementation, nearly $1 trillion in assets moved from these types of money market funds into government money market funds, which continued to transact at a stable $1 NAV. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar.

Investor optimism continued into January 2017.

January brought continued strength in global stock markets. Markets were lifted by factors such as strong trade data from Japan, robust earnings reports by businesses, and investors’ hopes that the U.S. government will approve a large fiscal stimulus package.

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

Periods of 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 in 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

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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

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, 2017

		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		5.84		10.14		4.85		12.34		11.45		5.48		1.28		1.20
Class C (WECCX)	12-29-2000		10.48		10.61		4.69		11.48		10.61		4.69		2.03		1.95
Administrator Class (WECDX)	4-8-2005		–		–		–		12.61		11.70		5.75		1.20		1.00
Institutional Class (WFCIX)	4-8-2005		–		–		–		12.80		11.92		5.94		0.95		0.80
Russell 1000® Growth Index3	–		–		–		–		17.23		13.93		8.42		–		–

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Endeavor Select Fund 5

Ten largest holdings (%) as of January 31, 20174
Amazon.com Incorporated	6.58
Alphabet Incorporated Class A	5.44
Visa Incorporated Class A	4.41
UnitedHealth Group Incorporated	3.82
The Home Depot Incorporated	3.62
Microsoft Corporation	3.54
Waste Connections Incorporated	3.39
Celgene Corporation	3.17
Fidelity National Information Services Incorporated	3.13
Intercontinental Exchange Incorporated	2.81

Sector distribution as of January 31, 2017⁵

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, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower.

³  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁴  The ten largest holdings, excluding cash and cash equivalents, 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.

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, 2016 to January 31, 2017.

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 8-1-2016		Ending account value 1-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,021.82	$	6.10		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	6.09		1.20	%
Class C
Actual	$	1,000.00	$	1,017.35	$	9.89		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.33	$	9.88		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,022.87	$	5.08		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.11	$	5.08		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,024.00	$	4.07		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Endeavor Select Fund 7

Security name	Shares		Value
Common Stocks: 99.31%
Consumer Discretionary: 21.12%
Hotels, Restaurants & Leisure: 4.62%
Starbucks Corporation		71,400	$	3,942,708
Yum! Brands Incorporated		56,900		3,728,657
				7,671,365
Internet & Direct Marketing Retail: 6.58%
Amazon.com Incorporated †		13,253		10,913,580
Media: 2.22%
Charter Communications Incorporated Class A †		11,400		3,693,030
Specialty Retail: 7.70%
O’Reilly Automotive Incorporated †		10,900		2,858,743
The Home Depot Incorporated		43,683		6,009,907
The TJX Companies Incorporated		52,117		3,904,606
				12,773,256
Consumer Staples: 4.57%
Beverages: 2.93%
Constellation Brands Incorporated Class A		18,015		2,697,926
Monster Beverage Corporation †		50,900		2,168,340
				4,866,266
Tobacco: 1.64%
Reynolds American Incorporated		45,200		2,717,876
Financials: 5.97%
Capital Markets: 5.97%
Intercontinental Exchange Incorporated		79,815		4,658,003
Raymond James Financial Incorporated		28,900		2,165,477
S&P Global Incorporated		25,578		3,073,964
				9,897,444
Health Care: 13.43%
Biotechnology: 4.06%
Celgene Corporation †		45,279		5,259,156
Gilead Sciences Incorporated		20,400		1,477,980
				6,737,136
Health Care Equipment & Supplies: 5.55%
Baxter International Incorporated		65,700		3,147,687
Boston Scientific Corporation †		128,500		3,091,710
Intuitive Surgical Incorporated †		4,300		2,978,567
				9,217,964

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

8 Wells Fargo Endeavor Select Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Shares		Value
Health Care Providers & Services: 3.82%
UnitedHealth Group Incorporated		39,100	$	6,338,110
Industrials: 9.77%
Aerospace & Defense: 1.56%
Northrop Grumman Corporation		11,300		2,588,604
Airlines: 1.44%
Spirit Airlines Incorporated †		44,300		2,393,972
Building Products: 2.34%
Johnson Controls International plc		88,126		3,875,781
Commercial Services & Supplies: 3.39%
Waste Connections Incorporated		70,140		5,632,242
Road & Rail: 1.04%
Kansas City Southern		20,100		1,726,791
Information Technology: 40.94%
Communications Equipment: 2.04%
Harris Corporation		32,900		3,379,159
Internet Software & Services: 12.26%
Alphabet Incorporated Class A †		10,999		9,021,270
Alphabet Incorporated Class C †		4,200		3,346,518
Facebook Incorporated Class A †		34,349		4,476,362
Tencent Holdings Limited ADR		133,500		3,495,698
				20,339,848
IT Services: 9.79%
Fidelity National Information Services Incorporated		65,300		5,186,126
PayPal Holdings Incorporated †		94,100		3,743,298
Visa Incorporated Class A		88,558		7,324,632
				16,254,056
Semiconductors & Semiconductor Equipment: 2.51%
Broadcom Limited		20,900		4,169,550
Software: 14.34%
Adobe Systems Incorporated †		29,900		3,390,062
Electronic Arts Incorporated †		51,000		4,254,930
Microsoft Corporation		90,800		5,870,220
Salesforce.com Incorporated †		51,000		4,034,100
Symantec Corporation		136,000		3,746,800
Ultimate Software Group Incorporated †		12,900		2,498,214
				23,794,326
Materials: 3.51%
Chemicals: 1.89%
The Sherwin-Williams Company		10,300		3,129,243

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Endeavor Select Fund 9

Security name				Shares		Value
Construction Materials: 1.62%
Vulcan Materials Company					21,000	$	2,694,930
Total Common Stocks (Cost $125,504,837)							164,804,529
	Yield
Short-Term Investments: 1.09%
Investment Companies: 1.09%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.46	%		1,812,885		1,812,885
Total Short-Term Investments (Cost $1,812,885)							1,812,885

Total investments in securities (Cost $127,317,722) *	100.40	%		166,617,414
Other assets and liabilities, net	(0.40	)		(662,546	)
Total net assets	100.00	%	$	165,954,868

† 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.

* Cost for federal income tax purposes is $127,311,783 and unrealized gains (losses) consists of:

Gross unrealized gains	$	40,104,545
Gross unrealized losses		(798,914	)
Net unrealized gains	$	39,305,631

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

10 Wells Fargo Endeavor Select Fund Statement of assets and liabilities—January 31, 2017 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $125,504,837)	$	164,804,529
In affiliated securities, at value (cost $1,812,885)		1,812,885
Total investments, at value (cost $127,317,722)		166,617,414
Receivable for Fund shares sold		66,113
Receivable for dividends		21,897
Receivable for securities lending income		121
Prepaid expenses and other assets		67,517
Total assets		166,773,062
Liabilities
Payable for Fund shares redeemed		593,939
Management fee payable		87,801
Distribution fees payable		2,338
Administration fees payable		19,727
Shareholder report expenses payable		76,762
Accrued expenses and other liabilities		37,627
Total liabilities		818,194
Total net assets	$	165,954,868
NET ASSETS CONSIST OF
Paid-in capital	$	116,921,480
Undistributed net investment income		190,157
Accumulated net realized gains on investments		9,543,539
Net unrealized gains on investments		39,299,692
Total net assets	$	165,954,868
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	14,789,262
Shares outstanding – Class A1		1,900,802
Net asset value per share – Class A		$7.78
Maximum offering price per share – Class A2		$8.25
Net assets – Class C	$	3,667,470
Shares outstanding – Class C1		627,696
Net asset value per share – Class C		$5.84
Net assets – Administrator Class	$	3,815,544
Shares outstanding – Administrator Class1		463,969
Net asset value per share – Administrator Class		$8.22
Net assets – Institutional Class	$	143,682,592
Shares outstanding – Institutional Class1		16,894,592
Net asset value per share – Institutional Class		$8.50

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.

Statement of operations—six months ended January 31, 2017 (unaudited) Wells Fargo Endeavor Select Fund 11

Investment income
Dividends (net of foreign withholding taxes of $25,299)	$	1,065,688
Income from affiliated securities		3,902
Securities lending income, net		121
Total investment income		1,069,711
Expenses
Management fee		623,388
Administration fees
Class A		17,447
Class B		5	1
Class C		4,562
Administrator Class		2,859
Institutional Class		99,285
Shareholder servicing fees
Class A		20,770
Class B		6	1
Class C		5,431
Administrator Class		5,498
Distribution fees
Class B		18	1
Class C		16,295
Custody and accounting fees		7,017
Professional fees		22,874
Registration fees		1,123
Shareholder report expenses		307
Trustees’ fees and expenses		11,746
Other fees and expenses		6,257
Total expenses		844,888
Less: Fee waivers and/or expense reimbursements		(69,805	)
Net expenses		775,083
Net investment income		294,628
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		17,316,193
Net change in unrealized gains (losses) on investments		(13,965,877	)
Net realized and unrealized gains (losses) on investments		3,350,316
Net increase in net assets resulting from operations	$	3,644,944

¹  For the period from August 1, 2016 to September 9, 2016. Class B shares of the Fund were no longer offered to shareholders effective September 10, 2016.

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, 2017 (unaudited)						Year ended July 31, 2016
Operations
Net investment income (loss)				$	294,628					$	(51,395	)
Net realized gains on investments					17,316,193						23,772,212
Net change in unrealized gains (losses) on investments					(13,965,877	)					(28,678,764	)
Net increase (decrease) in net assets resulting from operations					3,644,944						(4,957,947	)
Distributions to shareholders from
Net investment income
Institutional Class					(104,471	)					0
Net realized gains
Class A					(2,338,187	)					(8,268,795	)
Class B					0	1					(16,431	)
Class C					(802,158	)					(2,442,837	)
Administrator Class					(612,919	)					(2,258,097	)
Institutional Class					(20,446,180	)					(70,034,159	)
Total distributions to shareholders					(24,303,915	)					(83,020,319	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		99,458			791,190			272,747			2,727,507
Class C		5,043			28,933			32,097			275,581
Administrator Class		32,566			299,512			48,161			477,125
Institutional Class		362,957			3,184,357			3,567,469			43,696,914
					4,303,992						47,177,127
Reinvestment of distributions
Class A		285,522			2,141,414			899,011			7,758,473
Class B		0	1		0	1		2,395			16,431
Class C		141,389			797,434			348,974			2,393,965
Administrator Class		74,930			594,196			241,051			2,176,690
Institutional Class		2,494,029			20,451,160			7,234,603			67,137,120
					23,984,204						79,482,679
Payment for shares redeemed
Class A		(549,559	)		(4,582,671	)		(1,012,779	)		(9,431,420	)
Class B		(3,203	)1		(22,604	)1		(7,902	)		(76,962	)
Class C		(202,608	)		(1,248,123	)		(276,572	)		(2,145,911	)
Administrator Class		(203,714	)		(1,798,027	)		(2,756,526	)		(35,152,614	)
Institutional Class		(2,844,750	)		(25,578,200	)		(9,332,927	)		(98,111,368	)
					(33,229,625	)					(144,918,275	)
Net decrease in net assets resulting from capital share transactions					(4,941,429	)					(18,258,469	)
Total decrease in net assets					(25,600,400	)					(106,236,735	)
Net assets
Beginning of period					191,555,268						297,792,003
End of period				$	165,954,868					$	191,555,268
Undistributed net investment income				$	190,157					$	0

¹  For the period from August 1, 2016 to September 9, 2016. Class B shares of the Fund were no longer offered to shareholders effective September 10, 2016.

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

Financial highlights Wells Fargo Endeavor Select Fund 13

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$8.96			$13.74			$14.13			$12.52			$10.45			$10.12
Net investment income (loss)		0.00	1,2		(0.04	)1		(0.08	)1		(0.09	)1		0.00	1,2		(0.05	)1
Net realized and unrealized gains (losses) on investments		0.15			(0.14	)		1.65			2.37			2.07			0.38
Total from investment operations		0.15			(0.18	)		1.57			2.28			2.07			0.33
Distributions to shareholders from
Net realized gains		(1.33	)		(4.60	)		(1.96	)		(0.67	)		0.00			0.00
Net asset value, end of period		$7.78			$8.96			$13.74			$14.13			$12.52			$10.45
Total return3		2.18	%		(0.07	)%		12.14	%		18.40	%		19.81	%		3.26	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.28	%		1.24	%		1.25	%		1.26	%		1.23	%
Net expenses		1.20	%		1.20	%		1.23	%		1.24	%		1.25	%		1.23	%
Net investment income (loss)		0.00	%		(0.36	)%		(0.55	)%		(0.66	)%		0.03	%		(0.49	)%
Supplemental data
Portfolio turnover rate		32	%		79	%		126	%		100	%		97	%		94	%
Net assets, end of period (000s omitted)		$14,789			$18,498			$26,197			$41,708			$44,041			$47,233

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 Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$7.09			$11.93			$12.61			$11.32			$9.51			$9.28
Net investment loss		(0.02	)1		(0.09	)1		(0.16	)1		(0.17	)1		(0.07	)1		(0.11	)1
Net realized and unrealized gains (losses) on investments		0.10			(0.15	)		1.44			2.13			1.88			0.34
Total from investment operations		0.08			(0.24	)		1.28			1.96			1.81			0.23
Distributions to shareholders from
Net realized gains		(1.33	)		(4.60	)		(1.96	)		(0.67	)		0.00			0.00
Net asset value, end of period		$5.84			$7.09			$11.93			$12.61			$11.32			$9.51
Total return2		1.74	%		(0.76	)%		11.21	%		17.60	%		18.93	%		2.48	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		2.03	%		1.99	%		2.00	%		2.01	%		1.98	%
Net expenses		1.95	%		1.95	%		1.99	%		1.99	%		2.00	%		1.98	%
Net investment loss		(0.73	)%		(1.11	)%		(1.32	)%		(1.41	)%		(0.72	)%		(1.25	)%
Supplemental data
Portfolio turnover rate		32	%		79	%		126	%		100	%		97	%		94	%
Net assets, end of period (000s omitted)		$3,667			$4,845			$6,914			$6,747			$6,320			$6,199

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Endeavor Select Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$9.38			$14.13			$14.45			$12.78			$10.63			$10.26
Net investment income (loss)		0.01	1		0.01	1		(0.05	)1		(0.06	)1		0.03	1		(0.03	)1
Net realized and unrealized gains (losses) on investments		0.16			(0.16	)		1.69			2.42			2.12			0.40
Total from investment operations		0.17			(0.15	)		1.64			2.36			2.15			0.37
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.02	)		0.00			0.00
Net realized gains		(1.33	)		(4.60	)		(1.96	)		(0.67	)		0.00			0.00
Total distributions to shareholders		(1.33	)		(4.60	)		(1.96	)		(0.69	)		0.00			0.00
Net asset value, end of period		$8.22			$9.38			$14.13			$14.45			$12.78			$10.63
Total return2		2.29	%		0.16	%		12.38	%		18.77	%		20.13	%		3.51	%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.14	%		1.05	%		1.06	%		1.08	%		1.07	%
Net expenses		1.00	%		1.00	%		0.99	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		0.23	%		0.06	%		(0.32	)%		(0.42	)%		0.23	%		(0.27	)%
Supplemental data
Portfolio turnover rate		32	%		79	%		126	%		100	%		97	%		94	%
Net assets, end of period (000s omitted)		$3,816			$5,254			$42,776			$48,560			$68,611			$57,533

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 Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$9.65			$14.39			$14.65			$12.95			$10.75			$10.37
Net investment income (loss)		0.02			0.00	1,2		(0.01	)1		(0.03	)1		0.06	1		(0.01	)1
Net realized and unrealized gains (losses) on investments		0.17			(0.14	)		1.71			2.45			2.14			0.39
Total from investment operations		0.19			(0.14	)		1.70			2.42			2.20			0.38
Distributions to shareholders from
Net investment income		(0.01	)		0.00			0.00			(0.05	)		0.00			0.00
Net realized gains		(1.33	)		(4.60	)		(1.96	)		(0.67	)		0.00			0.00
Total distributions to shareholders		(1.34	)		(4.60	)		(1.96	)		(0.72	)		0.00			0.00
Net asset value, end of period		$8.50			$9.65			$14.39			$14.65			$12.95			$10.75
Total return3		2.40	%		0.27	%		12.63	%		18.98	%		20.37	%		3.66	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.95	%		0.81	%		0.82	%		0.83	%		0.80	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.79	%
Net investment income (loss)		0.40	%		0.04	%		(0.09	)%		(0.22	)%		0.50	%		(0.06	)%
Supplemental data
Portfolio turnover rate		32	%		79	%		126	%		100	%		97	%		94	%
Net assets, end of period (000s omitted)		$143,683			$162,935			$221,801			$618,502			$508,685			$735,633

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Endeavor Select Fund 17

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.

Effective September 10, 2016, Class B shares of the Fund are no longer offered. Information for Class B shares reflected in the financial statements represents activity through September 9, 2016.

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, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

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

may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Security transactions and income recognition

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

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

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	35,051,231	$	0	$	0	$	35,051,231
Consumer staples		7,584,142		0		0		7,584,142
Financials		9,897,444		0		0		9,897,444
Health care		22,293,210		0		0		22,293,210
Industrials		16,217,390		0		0		16,217,390
Information technology		67,936,939		0		0		67,936,939
Materials		5,824,173		0		0		5,824,173
Short-term investments
Investment companies		1,812,885		0		0		1,812,885
Total assets	$	166,617,414	$	0	$	0	$	166,617,414

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2017, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

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 B, Class C		0.21	%
Administrator Class, Institutional Class		0.13

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class C shares, 1.00% for Administrator Class shares, and 0.80% for Institutional Class shares. 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.

During the six months ended January 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $159 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $3,042 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

Distribution fees

The Trust has adopted a distribution plan for Class B and Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class B and 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 B and 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 B and Class C shares. For the six months ended January 31, 2017, Funds Distributor received $450 from the sale of Class A shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, 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.

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, 2017 were $56,030,666 and $87,102,096, respectively.

The Fund may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

For the six months ended January 31, 2017, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

10. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

22 Wells Fargo Endeavor Select Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Endeavor Select Fund 23

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 138 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 financial 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 lead 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. Board member of the Fonté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	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.	Asset Allocation Trust
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.	Asset Allocation Trust

24 Wells Fargo Endeavor Select Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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 Bank, N.A. and President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. 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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, 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 69 funds and Assistant Treasurer of 69 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 wellsfargofunds.com.

List of abbreviations Wells Fargo Endeavor Select Fund 25

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

301457 03-17 SA205/SAR205 1-17

Semi-Annual Report

January 31, 2017

Wells Fargo Growth Fund

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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
List of abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

Dear Shareholder:

As the new president of Wells Fargo Funds now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Growth Fund for the six-month period that ended January 31, 2017. Despite heightened market volatility, global stocks delivered favorable results overall. U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

In August–September 2016, global stocks delivered generally positive results; bonds’ interest rates remained historically low.

From August into early September 2016, U.S. and international stocks generally trended upward. Ever since the Great Recession, markets worldwide have been supported to varying degrees by accommodative policies from leading central banks, including the Federal Reserve (Fed), European Central Bank, Bank of England, and Bank of Japan. As a result, investors have watched closely for any signs that global central banks might tighten their measures. In the U.S., early-September comments by several Fed officials appeared to suggest a September interest-rate increase, which sent stock and bond prices downward. However, stocks surged following the Fed’s September 20 meeting on news that the Fed had decided to delay a rate increase to later in 2016. In bond markets, interest rates remained at historically low levels as a result of easy monetary policies, subdued global growth, and modest inflation expectations. Yields rose, after bottoming in July, as market participants felt that yields had overshot the real risks of the U.K.’s Brexit vote and as economic activity strengthened. At the front end of the yield curve, anticipation of new money market fund rules resulted in significantly higher yields on many short-term securities.

During the fourth quarter of 2016, prospects for faster growth and higher interest rates in the U.S. largely influenced the markets.

Early in the fourth quarter of 2016, U.S. stocks tended to trade lower amid concerns such as a likely interest-rate increase and uncertainty over the approaching general election. However, following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of pro-growth policies, and supportive economic news helped the rally carry through the quarter. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year, by a quarter percentage point, to between 0.50% and 0.75%. The fourth quarter also saw the implementation of the Securities and Exchange Commission’s new rules for money market funds, which included floating net asset values (NAVs) for institutional prime and municipal money market funds as well as liquidity fees and redemption gates. In the year leading up to

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes 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 Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

Letter to shareholders (unaudited) Wells Fargo Growth Fund 3

money fund reform implementation, nearly $1 trillion in assets moved from these types of money market funds into government money market funds, which continued to transact at a stable $1 NAV. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar.

Investor optimism continued into January 2017.

January brought continued strength in global stock markets. Markets were lifted by factors such as strong trade data from Japan, robust earnings reports by businesses, and investors’ hopes that the U.S. government will approve a large fiscal stimulus package.

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

Periods of 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 in 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

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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®, CPA

Thomas C. Ognar, CFA^®

Bruce C. Olson, CFA^®

Average annual total returns (%) as of January 31, 2017¹

		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 (SGRAX)	2-24-2000		9.62		8.87		9.16		16.29		10.17		9.82		1.15		1.15
Class C (WGFCX)	12-26-2002		14.39		9.34		8.99		15.39		9.34		8.99		1.90		1.90
Class R6 (SGRHX)	9-30-2015		–		–		–		16.80		10.65		10.32		0.72		0.70
Administrator Class (SGRKX)	8-30-2002		–		–		–		16.49		10.40		10.10		1.07		0.96
Institutional Class (SGRNX)	2-24-2000		–		–		–		16.73		10.63		10.31		0.82		0.75
Russell 3000® Growth Index4	–		–		–		–		17.91		13.81		8.36		–		–

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Growth Fund 5

Ten largest holdings (%) as of January 31, 20175
Facebook Incorporated Class A	6.12
Alphabet Incorporated Class A	5.81
Amazon.com Incorporated	5.64
Microchip Technology Incorporated	3.47
Acadia Healthcare Company Incorporated	3.28
Burlington Stores Incorporated	3.02
Visa Incorporated Class A	2.93
MarketAxess Holdings Incorporated	2.76
MasterCard Incorporated Class A	2.55
Celgene Corporation	2.31

Sector distribution as of January 31, 2017⁶

¹  Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 20, 2008, includes Advisor Class expenses. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher.

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, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the 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. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower.

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 and cash equivalents, 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 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, 2016 to January 31, 2017.

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 8-1-2016		Ending account value 1-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,011.65	$	5.87		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.89		1.16	%
Class C
Actual	$	1,000.00	$	1,007.60	$	9.64		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.53	$	9.68		1.91	%
Class R6
Actual	$	1,000.00	$	1,013.91	$	3.54		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%
Administrator Class
Actual	$	1,000.00	$	1,012.58	$	4.86		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.88		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,013.72	$	3.80		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).

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Growth Fund 7

Security name	Shares		Value
Common Stocks: 99.66%
Consumer Discretionary: 14.93%
Automobiles: 0.17%
REV Group Incorporated †		333,419	$	8,415,496
Diversified Consumer Services: 0.25%
Grand Canyon Education Incorporated †		200,360		11,817,233
Hotels, Restaurants & Leisure: 1.16%
Starbucks Corporation		607,220		33,530,688
The Habit Restaurants Incorporated Class A †«(l)		1,516,650		21,991,425
				55,522,113
Internet & Direct Marketing Retail: 5.64%
Amazon.com Incorporated †		328,230		270,290,840
Multiline Retail: 1.70%
Dollar Tree Incorporated †		1,056,960		81,586,742
Specialty Retail: 6.01%
Burlington Stores Incorporated †		1,727,860		144,621,882
Five Below Incorporated †		1,287,083		51,290,258
The Home Depot Incorporated		439,720		60,496,678
Tractor Supply Company		116,155		8,557,139
ULTA Salon Cosmetics & Fragrance Incorporated †		84,530		23,015,828
				287,981,785
Consumer Staples: 2.99%
Beverages: 1.11%
Constellation Brands Incorporated Class A		356,290		53,357,990
Food & Staples Retailing: 0.89%
Costco Wholesale Corporation		140,430		23,023,499
Sprouts Farmers Market Incorporated †		1,041,750		19,449,473
				42,472,972
Food Products: 0.33%
Blue Buffalo Pet Products Incorporated †		654,520		15,872,110
Personal Products: 0.66%
The Estee Lauder Companies Incorporated Class A		388,040		31,512,728
Energy: 2.68%
Energy Equipment & Services: 0.90%
Halliburton Company		509,990		28,850,134
Schlumberger Limited		170,410		14,265,021
				43,115,155

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

8 Wells Fargo Growth Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Shares		Value
Oil, Gas & Consumable Fuels: 1.78%
Concho Resources Incorporated †		497,220	$	69,332,357
EOG Resources Incorporated		137,000		13,916,460
Extraction Oil & Gas Incorporated †«		104,713		1,876,457
				85,125,274
Financials: 5.26%
Capital Markets: 5.26%
Goldman Sachs Group Incorporated		245,700		56,343,924
MarketAxess Holdings Incorporated		706,509		132,293,810
Morgan Stanley		453,000		19,247,970
Raymond James Financial Incorporated		379,080		28,404,464
TD Ameritrade Holding Corporation		344,280		15,888,522
				252,178,690
Health Care: 15.84%
Biotechnology: 6.49%
Alexion Pharmaceuticals Incorporated †		80,348		10,499,877
BioMarin Pharmaceutical Incorporated †		496,340		43,494,274
Celgene Corporation †		953,110		110,703,727
Incyte Corporation †		294,180		35,657,558
Regeneron Pharmaceuticals Incorporated †		104,590		37,578,141
Tesaro Incorporated †«		108,140		17,609,518
Ultragenyx Pharmaceutical Incorporated †«		419,320		31,453,193
Vertex Pharmaceuticals Incorporated †		281,780		24,196,449
				311,192,737
Health Care Equipment & Supplies: 2.73%
Boston Scientific Corporation †		729,200		17,544,552
Danaher Corporation		80,490		6,754,721
Edwards Lifesciences Corporation †		224,160		21,573,158
Nevro Corporation †		193,650		16,851,423
NuVasive Incorporated †		960,019		67,940,545
				130,664,399
Health Care Providers & Services: 3.64%
Acadia Healthcare Company Incorporated †«		4,102,042		157,395,352
UnitedHealth Group Incorporated		24,000		3,890,400
VCA Incorporated †		143,840		13,031,904
				174,317,656
Health Care Technology: 1.90%
Veeva Systems Incorporated Class A †		2,157,280		91,317,662
Life Sciences Tools & Services: 0.11%
Mettler-Toledo International Incorporated †		12,340		5,264,614
Pharmaceuticals: 0.97%
Zoetis Incorporated		847,234		46,547,036

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Growth Fund 9

Security name	Shares		Value
Industrials: 10.20%
Aerospace & Defense: 0.89%
The Boeing Company		260,340	$	42,544,763
Air Freight & Logistics: 0.80%
United Parcel Service Incorporated Class B		353,200		38,544,716
Building Products: 0.13%
JELD-WEN Holding Incorporated †		222,280		6,017,120
Commercial Services & Supplies: 3.70%
KAR Auction Services Incorporated		2,001,400		91,163,770
Waste Connections Incorporated		1,076,010		86,403,603
				177,567,373
Machinery: 1.01%
ITT Incorporated		756,340		30,911,616
Snap-on Incorporated		95,691		17,370,787
				48,282,403
Road & Rail: 3.67%
CSX Corporation		129,000		5,984,310
Norfolk Southern Corporation		532,560		62,554,498
Union Pacific Corporation		1,005,130		107,126,755
				175,665,563
Information Technology: 44.02%
Internet Software & Services: 16.05%
Alphabet Incorporated Class A †		339,540		278,487,309
Alphabet Incorporated Class C †		29,971		23,880,593
CoStar Group Incorporated †		215,000		43,451,500
eBay Incorporated †		386,700		12,308,661
Envestnet Incorporated †(l)		2,274,641		85,981,430
Facebook Incorporated Class A †		2,249,800		293,193,936
Trivago NV ADR †«		1,002,134		11,624,754
Yelp Incorporated †		484,000		20,221,520
				769,149,703
IT Services: 10.00%
Euronet Worldwide Incorporated †		795,890		56,922,053
FleetCor Technologies Incorporated †		77,700		11,459,973
Global Payments Incorporated		870,250		67,252,920
MasterCard Incorporated Class A		1,150,100		122,290,133
PayPal Holdings Incorporated †		480,900		19,130,202
Vantiv Incorporated Class A †		990,723		61,662,600
Visa Incorporated Class A		1,700,070		140,612,790
				479,330,671

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

10 Wells Fargo Growth Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 6.20%
Broadcom Limited					165,430	$	33,003,285
Microchip Technology Incorporated					2,471,640		166,464,954
Monolithic Power Systems Incorporated					648,161		56,545,566
Texas Instruments Incorporated					543,650		41,067,321
							297,081,126
Software: 9.74%
Adobe Systems Incorporated †					417,184		47,300,322
Microsoft Corporation					1,373,370		88,788,371
Paycom Software Incorporated †«					651,402		30,120,828
Paylocity Holding Corporation †					1,216,141		37,530,111
Proofpoint Incorporated †					976,820		78,301,891
Salesforce.com Incorporated †					539,950		42,710,045
ServiceNow Incorporated †					313,490		28,408,464
Splunk Incorporated †					1,179,881		68,267,915
Ultimate Software Group Incorporated †					234,850		45,481,051
							466,908,998
Technology Hardware, Storage & Peripherals: 2.03%
Apple Incorporated					799,430		97,010,831
Materials: 3.51%
Chemicals: 3.51%
Ecolab Incorporated					666,890		80,113,496
PolyOne Corporation					47,000		1,603,170
Praxair Incorporated					731,210		86,604,512
							168,321,178
Real Estate: 0.23%
Equity REITs: 0.23%
Crown Castle International Corporation					127,300		11,180,759
Total Common Stocks (Cost $2,873,723,911)							4,776,158,436
	Yield
Short-Term Investments: 2.18%
Investment Companies: 2.18%
Securities Lending Cash Investment LLC (l)(r)(u)		0.86	%		87,374,201		87,382,939
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.46			16,954,326		16,954,326
Total Short-Term Investments (Cost $104,331,124)							104,337,265

Total investments in securities (Cost $2,978,055,035) *	101.84	%		4,880,495,701
Other assets and liabilities, net	(1.84	)		(87,973,018	)
Total net assets	100.00	%	$	4,792,522,683

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Growth Fund 11

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $2,974,295,544 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,999,985,307
Gross unrealized losses		(93,785,150	)
Net unrealized gains	$	1,906,200,157

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

12 Wells Fargo Growth Fund Statement of assets and liabilities—January 31, 2017 (unaudited)

Assets
Investments
In unaffiliated securities (including $85,344,936 of securities loaned), at value (cost $2,756,779,547)	$	4,668,185,581
In affiliated securities, at value (cost $221,275,488)		212,310,120
Total investments, at value (cost $2,978,055,035)		4,880,495,701
Receivable for investments sold		65,439,148
Receivable for Fund shares sold		3,149,191
Receivable for dividends		787,312
Receivable for securities lending income		29,881
Prepaid expenses and other assets		101,427
Total assets		4,950,002,660
Liabilities
Payable for investments purchased		28,808,753
Payable for Fund shares redeemed		36,566,552
Payable upon receipt of securities loaned		87,372,150
Management fee payable		2,657,661
Distribution fee payable		144,430
Administration fees payable		699,361
Accrued expenses and other liabilities		1,231,070
Total liabilities		157,479,977
Total net assets	$	4,792,522,683
NET ASSETS CONSIST OF
Paid-in capital	$	2,441,975,233
Accumulated net investment loss		(25,202,956	)
Accumulated net realized gains on investments		473,309,740
Net unrealized gains on investments		1,902,440,666
Total net assets	$	4,792,522,683
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	2,054,783,862
Shares outstanding – Class A1		58,329,421
Net asset value per share – Class A		$35.23
Maximum offering price per share – Class A2		$37.38
Net assets – Class C	$	223,085,738
Shares outstanding – Class C1		7,481,738
Net asset value per share – Class C		$29.82
Net assets – Class R6	$	25,332,651
Shares outstanding – Class R61		617,524
Net asset value per share – Class R6		$41.02
Net assets – Administrator Class	$	730,153,728
Shares outstanding – Administrator Class1		18,870,559
Net asset value per share – Administrator Class		$38.69
Net assets – Institutional Class	$	1,759,166,704
Shares outstanding – Institutional Class1		42,926,169
Net asset value per share – Institutional Class		$40.98

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2017 (unaudited) Wells Fargo Growth Fund 13

Investment income
Dividends (net of foreign withholding taxes of $36,601)	$	19,407,112
Securities lending income, net		521,676
Income from affiliated securities		49,992
Total investment income		19,978,780
Expenses
Management fee		19,964,375
Administration fees
Class A		2,424,633
Class C		291,438
Class R6		3,861
Administrator Class		705,132
Institutional Class		1,370,550
Shareholder servicing fees
Class A		2,886,468
Class C		346,950
Administrator Class		1,351,874
Distribution fee
Class C		1,040,850
Custody and accounting fees		79,972
Professional fees		25,673
Registration fees		92,556
Shareholder report expenses		157,795
Trustees’ fees and expenses		12,604
Other fees and expenses		77,474
Total expenses		30,832,205
Less: Fee waivers and/or expense reimbursements		(1,605,450	)
Net expenses		29,226,755
Net investment loss		(9,247,975	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		818,929,586
Affiliated securities		(5,652,833	)
Net realized gains on investments		813,276,753
Net change in unrealized gains (losses) on:
Unaffiliated securities		(783,021,750	)
Affiliated securities		1,937,904
Net change in unrealized gains (losses) on investments		(781,083,846	)
Net realized and unrealized gains (losses) on investments		32,192,907
Net increase in net assets resulting from operations	$	22,944,932

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

14 Wells Fargo Growth Fund Statement of changes in net assets

	Six months ended January 31, 2017 (unaudited)						Year ended July 31, 2016
Operations
Net investment loss				$	(9,247,975	)				$	(27,814,936	)
Net realized gains on investments					813,276,753						876,195,475
Net change in unrealized gains (losses) on investments					(781,083,846	)					(1,291,061,745	)
Net increase (decrease) in net assets resulting from operations					22,944,932						(442,681,206	)
Distributions to shareholders from
Net realized gains
Class A					(385,155,921	)					(399,298,978	)
Class C					(51,825,133	)					(58,938,406	)
Class R6					(3,453,520	)					(3,078	)1
Administrator Class					(132,054,015	)					(246,890,849	)
Institutional Class					(317,034,333	)					(415,951,081	)
Total distributions to shareholders					(889,522,922	)					(1,121,082,392	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,519,369			57,924,419			43,995,297			2,023,515,239
Class C		536,644			16,033,763			581,792			20,816,141
Class R6		199,060			8,793,014			809,874	1		36,393,640	1
Administrator Class		1,339,439			57,396,210			7,124,750			320,564,136
Institutional Class		6,532,911			297,555,443			13,079,635			610,815,781
Investor Class		N/A			N/A			481,943	2		22,113,995	2
					437,702,849						3,034,218,932
Reinvestment of distributions
Class A		10,734,969			367,135,939			9,441,799			377,011,011
Class C		1,346,264			39,028,199			1,219,230			42,892,540
Class R6		86,772			3,453,520			68	1		3,078	1
Administrator Class		3,489,159			131,017,902			5,707,643			245,828,196
Institutional Class		7,686,540			305,616,849			8,792,866			396,558,261
					846,252,409						1,062,293,086
Payment for shares redeemed
Class A		(15,022,711	)		(581,604,620	)		(21,946,636	)		(888,004,129	)
Class C		(3,061,031	)		(100,500,550	)		(3,607,488	)		(128,227,500	)
Class R6		(313,566	)		(14,747,452	)		(164,684	)1		(7,572,255	)1
Administrator Class		(19,430,559	)		(848,899,162	)		(23,808,569	)		(1,051,831,735	)
Institutional Class		(21,390,567	)		(940,417,370	)		(42,021,779	)		(1,850,525,284	)
Investor Class		N/A			N/A			(43,198,360	)2		(1,994,219,513	)2
					(2,486,169,154	)					(5,920,380,416	)
Net decrease in net assets resulting from capital share transactions					(1,202,213,896	)					(1,823,868,398	)
Total decrease in net assets					(2,068,791,886	)					(3,387,631,996	)
Net assets
Beginning of period					6,861,314,569						10,248,946,565
End of period				$	4,792,522,683					$	6,861,314,569
Accumulated net investment loss				$	(25,202,956	)				$	(15,954,981	)

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

²  For the period from August 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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

Financial highlights Wells Fargo Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$42.28			$49.50			$49.99			$46.74			$37.85			$35.88
Net investment loss		(0.11	)		(0.20	)1		(0.29	)1		(0.32	)1		(0.17	)1		(0.21	)1
Net realized and unrealized gains (losses) on investments		0.38			(0.99	)		7.03			5.34			9.06			2.65
Total from investment operations		0.27			(1.19	)		6.74			5.02			8.89			2.44
Distributions to shareholders from
Net realized gains		(7.32	)		(6.03	)		(7.23	)		(1.77	)		0.00			(0.47	)
Net asset value, end of period		$35.23			$42.28			$49.50			$49.99			$46.74			$37.85
Total return2		1.16	%		(1.69	)%		15.01	%		10.77	%		23.49	%		6.93	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.15	%		1.18	%		1.18	%		1.19	%		1.20	%
Net expenses		1.16	%		1.14	%		1.18	%		1.18	%		1.19	%		1.20	%
Net investment loss		(0.48	)%		(0.49	)%		(0.59	)%		(0.64	)%		(0.41	)%		(0.56	)%
Supplemental data
Portfolio turnover rate		27	%		38	%		35	%		42	%		38	%		47	%
Net assets, end of period (000s omitted)		$2,054,784			$2,582,955			$1,465,643			$2,047,410			$2,464,533			$2,265,845

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, 2017 (unaudited)			Year ended July 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$37.07			$44.51			$45.95			$43.41			$35.42			$33.86
Net investment loss		(0.21	)1		(0.46	)1		(0.60	)1		(0.64	)1		(0.45	)1		(0.46	)1
Net realized and unrealized gains (losses) on investments		0.28			(0.95	)		6.39			4.95			8.44			2.49
Total from investment operations		0.07			(1.41	)		5.79			4.31			7.99			2.03
Distributions to shareholders from
Net realized gains		(7.32	)		(6.03	)		(7.23	)		(1.77	)		0.00			(0.47	)
Net asset value, end of period		$29.82			$37.07			$44.51			$45.95			$43.41			$35.42
Total return2		0.76	%		(2.44	)%		14.16	%		9.96	%		22.56	%		6.12	%
Ratios to average net assets (annualized)
Gross expenses		1.91	%		1.90	%		1.93	%		1.93	%		1.94	%		1.95	%
Net expenses		1.91	%		1.89	%		1.93	%		1.93	%		1.94	%		1.95	%
Net investment loss		(1.22	)%		(1.24	)%		(1.34	)%		(1.39	)%		(1.16	)%		(1.32	)%
Supplemental data
Portfolio turnover rate		27	%		38	%		35	%		42	%		38	%		47	%
Net assets, end of period (000s omitted)		$223,086			$321,032			$465,833			$560,481			$589,402			$525,285

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Growth Fund 17

(For a share outstanding throughout each period)

CLASS R6	Six months ended January 31, 2017 (unaudited)			Year ended July 31 20161
Net asset value, beginning of period		$47.90			$48.97
Net investment income (loss)		(0.00	)2		(0.02	)
Net realized and unrealized gains (losses) on investments		0.44			4.98
Total from investment operations		0.44			4.96
Distributions to shareholders from
Net realized gains		(7.32	)		(6.03	)
Net asset value, end of period		$41.02			$47.90
Total return3		1.39	%		10.89	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.74	%
Net expenses		0.70	%		0.70	%
Net investment loss		(0.01	)%		(0.23	)%
Supplemental data
Portfolio turnover rate		27	%		38	%
Net assets, end of period (000s omitted)		$25,333			$30,906

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

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 Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$45.66			$52.86			$52.80			$49.16			$39.72			$37.54
Net investment loss		(0.05	)1		(0.14	)1		(0.20	)1		(0.23	)		(0.08	)1		(0.13	)1
Net realized and unrealized gains (losses) on investments		0.40			(1.03	)		7.49			5.64			9.52			2.78
Total from investment operations		0.35			(1.17	)		7.29			5.41			9.44			2.65
Distributions to shareholders from
Net realized gains		(7.32	)		(6.03	)		(7.23	)		(1.77	)		0.00			(0.47	)
Net asset value, end of period		$38.69			$45.66			$52.86			$52.80			$49.16			$39.72
Total return2		1.26	%		(1.53	)%		15.28	%		11.04	%		23.77	%		7.15	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.07	%		1.02	%		1.02	%		1.03	%		1.03	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.24	)%		(0.31	)%		(0.37	)%		(0.42	)%		(0.18	)%		(0.33	)%
Supplemental data
Portfolio turnover rate		27	%		38	%		35	%		42	%		38	%		47	%
Net assets, end of period (000s omitted)		$730,154			$1,528,288			$2,349,359			$3,359,480			$3,309,683			$2,984,775

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$47.87			$54.99			$54.54			$50.63			$40.83			$38.49
Net investment income (loss)		(0.02	)1		(0.05	)1		(0.09	)1		(0.13	)		0.01	1		(0.05	)1
Net realized and unrealized gains (losses) on investments		0.45			(1.04	)		7.77			5.81			9.79			2.86
Total from investment operations		0.43			(1.09	)		7.68			5.68			9.80			2.81
Distributions to shareholders from
Net realized gains		(7.32	)		(6.03	)		(7.23	)		(1.77	)		0.00			(0.47	)
Net asset value, end of period		$40.98			$47.87			$54.99			$54.54			$50.63			$40.83
Total return2		1.37	%		(1.31	)%		15.53	%		11.26	%		24.03	%		7.37	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.82	%		0.76	%		0.75	%		0.76	%		0.77	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.76	%
Net investment income (loss)		(0.07	)%		(0.10	)%		(0.17	)%		(0.21	)%		0.02	%		(0.13	)%
Supplemental data
Portfolio turnover rate		27	%		38	%		35	%		42	%		38	%		47	%
Net assets, end of period (000s omitted)		$1,759,167			$2,398,134			$3,863,196			$2,975,721			$2,649,095			$2,312,074

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

Effective at the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the Fund.

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, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

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

may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Security transactions and income recognition

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

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

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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 July 31, 2016, the Fund had a qualified late-year ordinary loss of $15,954,981 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 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 significant 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 Growth 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, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	715,614,209	$	0	$	0	$	715,614,209
Consumer staples		143,215,800		0		0		143,215,800
Energy		128,240,429		0		0		128,240,429
Financials		252,178,690		0		0		252,178,690
Health care		759,304,104		0		0		759,304,104
Industrials		488,621,938		0		0		488,621,938
Information technology		2,109,481,329		0		0		2,109,481,329
Materials		168,321,178		0		0		168,321,178
Real estate		11,180,759		0		0		11,180,759
Short-term investments
Investment companies		16,954,326		0		0		16,954,326
Investments measured at net asset value*								87,382,939
Total assets	$	4,793,112,762	$	0	$	0	$	4,880,495,701

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $87,382,939 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.80% and declining to 0.555% as the average daily net assets of the Fund increase. For the six months ended January 31, 2017, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% 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

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

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. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 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. 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. Prior to December 1, 2016, the Fund’s expenses were capped at 1.21% for Class A shares and 1.96% for Class C shares.

During the six months ended January 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $4,566 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $3,058 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

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, 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, 2017, Funds Distributor received $7,704 from the sale of Class A shares and $1,082 in contingent deferred sales charges from redemptions of Class C shares.

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.

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, 2017 were $1,551,155,071 and $3,562,166,624, respectively.

The Fund may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

6. INVESTMENTS IN AFFILIATES

An affiliated investment is a company which is under common ownership or control of the Fund or which the Fund has ownership of at least 5% of the outstanding voting shares. The following is a summary of transactions for the long-term holdings of issuers that were either affiliates of the Fund at the beginning of the period or the end of the period.

	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Value, end of period		Income from affiliated securities			Realized losses
Envestnet Incorporated		2,909,831		0		(635,190	)		2,274,641	$	85,981,430	$	0	��	$	(4,503,980	)
The Habit Restaurants Incorporated Class A		1,299,600		388,000		(170,950	)		1,516,650		21,991,425		0			(1,153,501	)
												$	0		$	(5,657,481	)

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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

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

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. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

For the six months ended January 31, 2017, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

11. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

Other information (unaudited) Wells Fargo Growth Fund 25

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

26 Wells Fargo Growth Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 138 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 financial 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 lead 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. Board member of the Fonté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	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.	Asset Allocation Trust
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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Growth Fund 27

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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 Bank, N.A. and President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. 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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, 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 69 funds and Assistant Treasurer of 69 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 wellsfargofunds.com.

28 Wells Fargo Growth Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

301458 03-17 SA206/SAR206 01-17

Semi-Annual Report

January 31, 2017

Wells Fargo Intrinsic Value Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	22
Other information	27
List of abbreviations	30

The views expressed and any forward-looking statements are as of January 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

Andrew Owen

President

Wells Fargo Funds

U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

Dear Shareholder:

As the new president of Wells Fargo Funds now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Intrinsic Value Fund for the six-month period that ended January 31, 2017. Despite heightened market volatility, global stocks delivered favorable results overall. U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

In August–September 2016, global stocks delivered generally positive results; bonds’ interest rates remained historically low.

From August into early September 2016, U.S. and international stocks generally trended upward. Ever since the Great Recession, markets worldwide have been supported to varying degrees by accommodative policies from leading central banks, including the Federal Reserve (Fed), European Central Bank, Bank of England, and Bank of Japan. As a result, investors have watched closely for any signs that global central banks might tighten their measures. In the U.S., early-September comments by several Fed officials appeared to suggest a September interest-rate increase, which sent stock and bond prices downward. However, stocks surged following the Fed’s September 20 meeting on news that the Fed had decided to delay a rate increase to later in 2016. In bond markets, interest rates remained at historically low levels as a result of easy monetary policies, subdued global growth, and modest inflation expectations. Yields rose, after bottoming in July, as market participants felt that yields had overshot the real risks of the U.K.’s Brexit vote and as economic activity strengthened. At the front end of the yield curve, anticipation of new money market fund rules resulted in significantly higher yields on many short-term securities.

During the fourth quarter of 2016, prospects for faster growth and higher interest rates in the U.S. largely influenced the markets.

Early in the fourth quarter of 2016, U.S. stocks tended to trade lower amid concerns such as a likely interest-rate increase and uncertainty over the approaching general election. However, following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of pro-growth policies, and supportive economic news helped the rally carry through the quarter. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year, by a quarter percentage point, to between 0.50% and 0.75%. The fourth quarter also saw the implementation of the Securities and Exchange Commission’s new rules for money market funds, which included floating net asset values (NAVs) for institutional prime and municipal money market funds as well as liquidity fees and redemption gates. In the year leading up to

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes 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 Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

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

money fund reform implementation, nearly $1 trillion in assets moved from these types of money market funds into government money market funds, which continued to transact at a stable $1 NAV. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar.

Investor optimism continued into January 2017.

January brought continued strength in global stock markets. Markets were lifted by factors such as strong trade data from Japan, robust earnings reports by businesses, and investors’ hopes that the U.S. government will approve a large fiscal stimulus package.

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

Periods of 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 in 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

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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Intrinsic Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Miguel E. Giaconi, CFA^®

Jean-Baptiste Nadal, CFA^®

Jeffrey Peck

Average annual total returns (%) as of January 31, 2017¹

		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		9.51		10.61		6.05		16.20		11.93		6.68		1.18		1.11
Class B (EIVBX)*	8-1-2006		10.23		10.80		6.10		15.23		11.06		6.10		1.93		1.86
Class C (EIVCX)	8-1-2006		14.36		11.07		5.87		15.36		11.07		5.87		1.93		1.86
Class R (EIVTX)	3-1-2013		–		–		–		15.89		11.68		6.43		1.43		1.36
Class R4 (EIVRX)	11-30-2012		–		–		–		16.47		12.30		6.99		0.90		0.80
Class R6 (EIVFX)	11-30-2012		–		–		–		16.67		12.34		7.01		0.75		0.65
Administrator Class (EIVDX)	7-30-2010		–		–		–		16.30		12.13		6.86		1.10		0.95
Institutional Class (EIVIX)	8-1-2006		–		–		–		16.59		12.39		7.03		0.85		0.70
Russell 1000® Value Index4	–		–		–		–		24.62		14.11		5.66		–		–

* Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. Flor Class B shares, the maximum contingent deferred sales charges is 5.00%. 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 and focused portfolio risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Intrinsic Value Fund 5

Ten largest holdings (%) as of January 31, 20175
US Bancorp	3.30
EOG Resources Incorporated	3.22
Microsoft Corporation	3.17
Alphabet Incorporated Class C	3.03
The Allstate Corporation	3.02
Vulcan Materials Company	2.96
Motorola Solutions Incorporated	2.90
AerCap Holdings NV	2.89
Comcast Corporation Class A	2.78
Honeywell International Incorporated	2.71

Sector distribution as of January 31, 2017⁶

¹  Historical performance shown for Class R shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Intrinsic Value Fund.

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, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  The ten largest holdings, excluding cash and cash equivalents, 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 Intrinsic Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2016 to January 31, 2017.

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 8-1-2016		Ending account value 1-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,059.41	$	5.69		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.58		1.10	%
Class B
Actual	$	1,000.00	$	1,055.02	$	9.61		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Class C
Actual	$	1,000.00	$	1,055.38	$	9.61		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Class R
Actual	$	1,000.00	$	1,058.22	$	7.04		1.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.90		1.36	%
Class R4
Actual	$	1,000.00	$	1,060.40	$	4.14		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%
Class R6
Actual	$	1,000.00	$	1,061.80	$	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	$	1,059.79	$	4.92		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,060.67	$	3.63		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).

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Intrinsic Value Fund 7

Security name	Shares		Value
Common Stocks: 98.57%
Consumer Discretionary: 11.43%
Media: 4.84%
Comcast Corporation Class A		348,900	$	26,314,038
The Walt Disney Company		176,400		19,518,660
				45,832,698
Specialty Retail: 4.20%
Advance Auto Parts Incorporated		91,400		15,011,536
The TJX Companies Incorporated		329,600		24,693,632
				39,705,168
Textiles, Apparel & Luxury Goods: 2.39%
Nike Incorporated Class B		427,800		22,630,620
Consumer Staples: 8.84%
Beverages: 3.89%
Anheuser-Busch InBev NV ADR «		199,500		20,799,870
PepsiCo Incorporated		154,319		16,015,226
				36,815,096
Food Products: 4.95%
Mondelez International Incorporated Class A		514,600		22,786,488
Nestle SA ADR		274,300		20,084,246
TreeHouse Foods Incorporated †		52,556		3,987,949
				46,858,683
Energy: 9.63%
Energy Equipment & Services: 3.37%
Schlumberger Limited		221,500		18,541,765
TechnipFMC plc Ǡ		398,600		13,400,932
				31,942,697
Oil, Gas & Consumable Fuels: 6.26%
Concho Resources Incorporated †		66,520		9,275,549
EOG Resources Incorporated		299,900		30,463,842
Royal Dutch Shell plc ADR Class A		358,300		19,487,937
				59,227,328
Financials: 14.74%
Banks: 8.05%
BB&T Corporation		540,700		24,974,933
CIT Group Incorporated		485,800		20,010,102
US Bancorp		592,700		31,205,655
				76,190,690

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

8 Wells Fargo Intrinsic Value Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Shares		Value
Capital Markets: 1.41%
UBS Group AG «		828,000	$	13,339,080
Consumer Finance: 2.27%
Synchrony Financial		599,200		21,463,344
Insurance: 3.01%
The Allstate Corporation		379,500		28,542,195
Health Care: 10.03%
Biotechnology: 2.15%
Gilead Sciences Incorporated		280,700		20,336,715
Health Care Equipment & Supplies: 1.79%
Abbott Laboratories		405,700		16,946,089
Health Care Providers & Services: 2.30%
Cigna Corporation		148,600		21,728,292
Pharmaceuticals: 3.79%
Eli Lilly & Company		168,869		13,007,979
Merck & Company Incorporated		369,200		22,886,708
				35,894,687
Industrials: 11.59%
Aerospace & Defense: 2.32%
General Dynamics Corporation		15,545		2,800,256
Lockheed Martin Corporation		76,055		19,114,903
				21,915,159
Air Freight & Logistics: 1.50%
United Parcel Service Incorporated Class B		130,400		14,230,552
Electrical Equipment: 2.18%
Sensata Technologies Holding NV †		490,900		20,593,255
Industrial Conglomerates: 2.70%
Honeywell International Incorporated		216,400		25,604,448
Trading Companies & Distributors: 2.89%
AerCap Holdings NV †		617,100		27,319,017
Information Technology: 20.22%
Communications Equipment: 5.17%
Cisco Systems Incorporated		700,100		21,507,072
Motorola Solutions Incorporated		340,200		27,457,542
				48,964,614
Internet Software & Services: 3.03%
Alphabet Incorporated Class C †		36,000		28,684,440

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Intrinsic Value Fund 9

Security name				Shares		Value
IT Services: 4.82%
Accenture plc Class A					219,500	$	24,994,465
The Western Union Company					1,052,500		20,607,950
							45,602,415
Software: 5.23%
Microsoft Corporation					463,800		29,984,670
Oracle Corporation					485,200		19,461,372
							49,446,042
Technology Hardware, Storage & Peripherals: 1.97%
Apple Incorporated					153,500		18,627,225
Materials: 2.96%
Construction Materials: 2.96%
Vulcan Materials Company					218,200		28,001,606
Real Estate: 2.66%
Equity REITs: 2.66%
Crown Castle International Corporation					287,000		25,207,210
Telecommunication Services: 1.87%
Diversified Telecommunication Services: 1.87%
Verizon Communications Incorporated					361,739		17,728,828
Utilities: 4.60%
Electric Utilities: 2.70%
NextEra Energy Incorporated					206,000		25,486,320
Multi-Utilities: 1.90%
WEC Energy Group Incorporated					304,800		17,998,440
Total Common Stocks (Cost $774,237,632)							932,862,953
	Yield
Short-Term Investments: 3.95%
Investment Companies: 3.95%
Securities Lending Cash Investment LLC (l)(r)(u)		0.86	%		25,818,719		25,821,301
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.46			11,602,239		11,602,239
Total Short-Term Investments (Cost $37,423,512)							37,423,540

Total investments in securities (Cost $811,661,144) *	102.52	%		970,286,493
Other assets and liabilities, net	(2.52	)		(23,890,230	)
Total net assets	100.00	%	$	946,396,263

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

10 Wells Fargo Intrinsic Value Fund Portfolio of investments—January 31, 2017 (unaudited)

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

† 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.

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

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

* Cost for federal income tax purposes is $811,718,966 and unrealized gains (losses) consists of:

Gross unrealized gains	$	169,767,798
Gross unrealized losses		(11,200,271	)
Net unrealized gains	$	158,567,527

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

Statement of assets and liabilities—January 31, 2017 (unaudited) Wells Fargo Intrinsic Value Fund 11

Assets
Investments
In unaffiliated securities (including $25,217,583 of securities on loan), at value (cost $774,237,632)	$	932,862,953
In affiliated securities, at value (cost $37,423,512)		37,423,540
Total investments, at value (cost $811,661,144)		970,286,493
Receivable for investments sold		8,181,655
Receivable for Fund shares sold		35,163
Receivable for dividends		554,813
Receivable for securities lending income		3,857
Prepaid expenses and other assets		79,351
Total assets		979,141,332
Liabilities
Payable for investments purchased		4,598,007
Payable for Fund shares redeemed		1,342,143
Payable upon receipt of securities loaned		25,820,100
Management fee payable		457,816
Distribution fees payable		16,500
Administration fees payable		127,892
Accrued expenses and other liabilities		382,611
Total liabilities		32,745,069
Total net assets	$	946,396,263
NET ASSETS CONSIST OF
Paid-in capital	$	782,367,710
Overdistributed net investment income		(635,894	)
Accumulated net realized gains on investments		6,039,098
Net unrealized gains on investments		158,625,349
Total net assets	$	946,396,263
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	299,838,170
Shares outstanding – Class A1		25,482,211
Net asset value per share – Class A		$11.77
Maximum offering price per share – Class A2		$12.49
Net assets – Class B	$	250,148
Shares outstanding – Class B1		21,412
Net asset value per share – Class B		$11.68
Net assets – Class C	$	25,083,910
Shares outstanding – Class C1		2,174,380
Net asset value per share – Class C		$11.54
Net assets – Class R	$	39,553
Shares outstanding – Class R1		3,332
Net asset value per share – Class R		$11.87
Net assets – Class R4	$	15,832
Share outstanding – Class R41		1,342
Net asset value per share – Class R4		$11.80
Net assets – Class R6	$	3,053,399
Shares outstanding – Class R61		262,568
Net asset value per share – Class R6		$11.63
Net assets – Administrator Class	$	452,605,914
Shares outstanding – Administrator Class1		36,845,223
Net asset value per share – Administrator Class		$12.28
Net assets – Institutional Class	$	165,509,337
Shares outstanding – Institutional Class1		14,008,766
Net asset value per share – Institutional Class		$11.81

¹  The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Intrinsic Value Fund Statement of operations—six months ended January 31, 2017 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $114,421)	$	9,423,702
Securities lending income, net		185,381
Income from affiliated securities		48,220
Total investment income		9,657,303
Expenses
Management fee		3,386,020
Administration fees
Class A		326,232
Class B		389
Class C		28,661
Class R		42
Class R4		6
Class R6		444
Administrator Class		301,181
Institutional Class		117,020
Shareholder servicing fees
Class A		375,041
Class B		463
Class C		34,121
Class R		51
Class R4		7
Administrator Class		578,336
Distribution fees
Class B		1,389
Class C		102,362
Class R		51
Custody and accounting fees		17,788
Professional fees		22,557
Registration fees		50,442
Shareholder report expenses		32,958
Trustees’ fees and expenses		28,658
Other fees and expenses		12,962
Total expenses		5,417,181
Less: Fee waivers and/or expense reimbursements		(610,046	)
Net expenses		4,807,135
Net investment income		4,850,168
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		33,663,501
Affiliated securities		1,173
Net realized gains on investments		33,664,674
Net change in unrealized gains (losses) on:
Unaffiliated securities		17,789,430
Affiliated securities		28
Net change in unrealized gains (losses) on investments		17,789,458
Net realized and unrealized gains (losses) on investments		51,454,132
Net increase in net assets resulting from operations	$	56,304,300

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

Statement of changes in net assets Wells Fargo Intrinsic Value Fund 13

		Six months ended January 31, 2017 (unaudited)						Year ended July 31, 2016
Operations
Net investment income					$	4,850,168					$	13,328,103
Net realized gains on investments						33,664,674						65,259,600
Net change in unrealized gains (losses) on investments						17,789,458						(102,914,738	)
Net increase (decrease) in net assets resulting from operations						56,304,300						(24,327,035	)
Distributions to shareholders from
Net investment income
Class A						(3,621,237	)					(3,169,347	)
Class C						(86,648	)					(37,447	)
Class R						(354	)					(201	)
Class R4						(231	)					(186	)
Class R6						(49,302	)					(38,287	)
Administrator Class						(6,085,411	)					(5,583,834	)
Institutional Class						(2,733,344	)					(3,324,787	)
Net realized gains
Class A						(19,813,428	)					(34,464,666	)
Class B						(17,948	)					(132,772	)
Class C						(1,747,106	)					(3,405,696	)
Class R						(2,423	)					(3,205	)
Class R4						(1,001	)					(1,451	)
Class R6						(195,458	)					(277,898	)
Administrator Class						(28,268,900	)					(47,759,263	)
Institutional Class						(11,235,310	)					(24,324,139	)
Total distributions to shareholders						(73,858,101	)					(122,523,179	)
Capital share transactions			Shares						Shares
Proceeds from shares sold
Class A			134,410			1,605,968			642,824			7,569,378
Class B			1			13			538			6,161
Class C			38,741			450,864			196,351			2,323,822
Class R			267			3,213			1,207			14,440
Class R6			4,277			50,796			217,137			2,885,275
Administrator Class			133,895			1,665,824			505,633			6,457,967
Institutional Class			1,332,989			16,299,433			2,739,487			33,654,265
						20,076,111						52,911,308
Reinvestment of distributions
Class A			1,877,182			22,194,607			3,054,047			35,698,868
Class B			1,535			17,865			11,006			126,021
Class C			138,250			1,593,564			256,273			2,914,692
Class R			233			2,777			290			3,406
Class R4			104			1,232			139			1,637
Class R6			20,897			244,760			27,254			316,185
Administrator Class			2,623,161			32,407,127			4,139,213			50,467,672
Institutional Class	��		949,096			11,290,466			2,026,547			23,875,792
						67,752,398						113,404,273
Payment for shares redeemed
Class A			(3,054,286	)		(36,624,360	)		(4,303,060	)		(51,494,497	)
Class B			(26,056	)		(310,909	)		(109,356	)		(1,315,058	)
Class C			(452,209	)		(5,297,580	)		(687,305	)		(8,016,477	)
Class R			(698	)		(8,357	)		(938	)		(12,248	)
Class R6			(1,437	)		(17,216	)		(17,996	)		(211,641	)
Administrator Class			(3,487,837	)		(43,871,243	)		(4,210,029	)		(52,406,894	)
Institutional Class			(6,090,003	)		(73,819,735	)		(5,462,371	)		(65,509,014	)
						(159,949,400	)					(178,965,829	)
Net decrease in net assets resulting from capital share transactions						(72,120,891	)					(12,650,248	)
Total decrease in net assets						(89,674,692	)					(159,500,462	)
Net assets
Beginning of period						1,036,070,955						1,195,571,417
End of period					$	946,396,263					$	1,036,070,955
Undistributed (overdistributed) net investment income					$	(635,894	)				$	7,090,465

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

14 Wells Fargo Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$12.01			$13.73			$13.60			$12.52			$10.44			$11.50
Net investment income		0.05	1		0.13			0.10			0.07			0.07	1		0.11	1
Net realized and unrealized gains (losses) on investments		0.66			(0.42	)		1.09			1.53			2.75			0.24
Total from investment operations		0.71			(0.29	)		1.19			1.60			2.82			0.35
Distributions to shareholders from
Net investment income		(0.14	)		(0.11	)		(0.07	)		(0.06	)		(0.10	)		(0.28	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)		(1.13	)
Total distributions to shareholders		(0.95	)		(1.43	)		(1.06	)		(1.52	)		(0.74	)		(1.41	)
Net asset value, end of period		$11.77			$12.01			$13.73			$13.60			$12.52			$10.44
Total return2		5.94	%		(1.73	)%		9.19	%		13.09	%		28.53	%		4.38	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.17	%		1.20	%		1.21	%		1.20	%		1.24	%
Net expenses		1.10	%		1.10	%		1.16	%		1.16	%		1.16	%		1.17	%
Net investment income		0.86	%		1.12	%		0.75	%		0.53	%		0.57	%		1.05	%
Supplemental data
Portfolio turnover rate		33	%		34	%		29	%		23	%		28	%		34	%
Net assets, end of period (000s omitted)		$299,838			$318,543			$372,443			$391,028			$386,655			$87,784

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Intrinsic Value Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS B				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.84			$13.54			$13.45			$12.42			$10.34			$11.37
Net investment income (loss)		0.01	1		0.05	1		0.00	1,2		(0.03	)1		(0.02	)		0.03	1
Net realized and unrealized gains (losses) on investments		0.64			(0.43	)		1.08			1.52			2.74			0.24
Total from investment operations		0.65			(0.38	)		1.08			1.49			2.72			0.27
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.17	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)		(1.13	)
Total distributions to shareholders		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)		(1.30	)
Net asset value, end of period		$11.68			$11.84			$13.54			$13.45			$12.42			$10.34
Total return3		5.50	%		(2.47	)%		8.36	%		12.25	%		27.57	%		3.56	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.92	%		1.96	%		1.97	%		1.97	%		2.01	%
Net expenses		1.86	%		1.86	%		1.91	%		1.91	%		1.91	%		1.92	%
Net investment income (loss)		0.15	%		0.38	%		0.00	%		(0.20	)%		(0.03	)%		0.27	%
Supplemental data
Portfolio turnover rate		33	%		34	%		29	%		23	%		28	%		34	%
Net assets, end of period (000s omitted)		$250			$544			$1,947			$3,889			$5,589			$4,323

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.

16 Wells Fargo Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.74			$13.45			$13.36			$12.35			$10.30			$11.35
Net investment income (loss)		0.01	1		0.03			0.00	2		(0.03	)		(0.01	)1		0.03	1
Net realized and unrealized gains (losses) on investments		0.64			(0.41	)		1.08			1.50			2.72			0.24
Total from investment operations		0.65			(0.38	)		1.08			1.47			2.71			0.27
Distributions to shareholders from
Net investment income		(0.04	)		(0.01	)		0.00			0.00			(0.02	)		(0.19	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)		(1.13	)
Total distributions to shareholders		(0.85	)		(1.33	)		(0.99	)		(0.46	)		(0.66	)		(1.32	)
Net asset value, end of period		$11.54			$11.74			$13.45			$13.36			$12.35			$10.30
Total return3		5.54	%		(2.47	)%		8.42	%		12.24	%		27.50	%		3.62	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.93	%		1.96	%		1.97	%		1.97	%		2.01	%
Net expenses		1.86	%		1.86	%		1.91	%		1.91	%		1.91	%		1.92	%
Net investment income (loss)		0.11	%		0.37	%		0.00	%		(0.22	)%		(0.05	)%		0.26	%
Supplemental data
Portfolio turnover rate		33	%		34	%		29	%		23	%		28	%		34	%
Net assets, end of period (000s omitted)		$25,084			$28,756			$36,098			$36,654			$35,616			$20,187

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.

Financial highlights Wells Fargo Intrinsic Value Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS R				2016			2015			2014			20131
Net asset value, beginning of period		$12.09			$13.81			$13.66			$12.55			$11.20
Net investment income		0.04	2		0.10			0.05			0.03			0.00	3
Net realized and unrealized gains (losses) on investments		0.66			(0.43	)		1.12			1.54			1.35
Total from investment operations		0.70			(0.33	)		1.17			1.57			1.35
Distributions to shareholders from
Net investment income		(0.11	)		(0.07	)		(0.03	)		0.00			0.00
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		0.00
Total distributions to shareholders		(0.92	)		(1.39	)		(1.02	)		(0.46	)		0.00
Net asset value, end of period		$11.87			$12.09			$13.81			$13.66			$12.55
Total return4		5.82	%		(1.99	)%		8.96	%		12.77	%		12.05	%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.44	%		1.47	%		1.49	%		1.46	%
Net expenses		1.36	%		1.36	%		1.40	%		1.41	%		1.41	%
Net investment income		0.59	%		0.86	%		0.50	%		0.26	%		0.01	%
Supplemental data
Portfolio turnover rate		33	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$40			$43			$41			$28			$18

¹  For the period from March 1, 2013 (commencement of class operations) to July 31, 2013

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.

18 Wells Fargo Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS R4				2016			2015			2014			20131
Net asset value, beginning of period		$12.06			$13.78			$13.65			$12.55			$11.10
Net investment income		0.07	2		0.17			0.15			0.12			0.09
Net realized and unrealized gains (losses) on investments		0.65			(0.42	)		1.09			1.54			2.15
Total from investment operations		0.72			(0.25	)		1.24			1.66			2.24
Distributions to shareholders from
Net investment income		(0.17	)		(0.15	)		(0.12	)		(0.10	)		(0.15	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)
Total distributions to shareholders		(0.98	)		(1.47	)		(1.11	)		(0.56	)		(0.79	)
Net asset value, end of period		$11.80			$12.06			$13.78			$13.65			$12.55
Total return3		6.04	%		(1.39	)%		9.53	%		13.55	%		21.73	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.88	%		0.86	%		0.87	%		0.88	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income		1.14	%		1.41	%		1.11	%		0.88	%		0.99	%
Supplemental data
Portfolio turnover rate		33	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$16			$15			$15			$15			$14

¹  For the period from November 30, 2012 (commencement of class operations) to July 31, 2013

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Intrinsic Value Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS R6				2016			2015			2014			20131
Net asset value, beginning of period		$11.90			$13.62			$13.60			$12.56			$11.10
Net investment income		0.08	2		0.17			0.17	2		0.14	2		0.19
Net realized and unrealized gains (losses) on investments		0.65			(0.40	)		1.08			1.47			2.06
Total from investment operations		0.73			(0.23	)		1.25			1.61			2.25
Distributions to shareholders from
Net investment income		(0.19	)		(0.17	)		(0.24	)		(0.11	)		(0.15	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)
Total distributions to shareholders		(1.00	)		(1.49	)		(1.23	)		(0.57	)		(0.79	)
Net asset value, end of period		$11.63			$11.90			$13.62			$13.60			$12.56
Total return3		6.18	%		(1.30	)%		9.74	%		13.19	%		21.84	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		0.74	%		0.74	%		0.73	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.30	%		1.47	%		1.25	%		1.10	%		0.85	%
Supplemental data
Portfolio turnover rate		33	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$3,053			$2,842			$169			$150			$3,359

¹  For the period from November 30, 2012 (commencement of class operations) to July 31, 2013

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 Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$12.51			$14.25			$14.08			$12.95			$10.78			$11.55
Net investment income		0.06	1		0.15			0.13			0.10			0.08	1		0.12	1
Net realized and unrealized gains (losses) on investments		0.68			(0.43	)		1.14			1.58			2.87			0.28
Total from investment operations		0.74			(0.28	)		1.27			1.68			2.95			0.40
Distributions to shareholders from
Net investment income		(0.16	)		(0.14	)		(0.11	)		(0.09	)		(0.14	)		(0.04	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)		(1.13	)
Total distributions to shareholders		(0.97	)		(1.46	)		(1.10	)		(0.55	)		(0.78	)		(1.17	)
Net asset value, end of period		$12.28			$12.51			$14.25			$14.08			$12.95			$10.78
Total return2		5.98	%		(1.58	)%		9.42	%		13.36	%		28.77	%		4.57	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.06	%		1.06	%		1.05	%		1.09	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.01	%		1.27	%		0.95	%		0.74	%		0.68	%		1.13	%
Supplemental data
Portfolio turnover rate		33	%		34	%		29	%		23	%		28	%		34	%
Net assets, end of period (000s omitted)		$452,606			$470,152			$529,293			$534,641			$515,012			$26,687

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Intrinsic Value Fund 21

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$12.08			$13.80			$13.67			$12.58			$10.48			$11.56
Net investment income		0.08	1		0.18			0.15			0.13			0.16			0.14	1
Net realized and unrealized gains (losses) on investments		0.65			(0.41	)		1.11			1.53			2.73			0.24
Total from investment operations		0.73			(0.23	)		1.26			1.66			2.89			0.38
Distributions to shareholders from
Net investment income		(0.19	)		(0.17	)		(0.14	)		(1.11	)		(0.15	)		(0.33	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)		(1.13	)
Total distributions to shareholders		(1.00	)		(1.49	)		(1.13	)		(0.57	)		(0.79	)		(1.46	)
Net asset value, end of period		$11.81			$12.08			$13.80			$13.67			$12.58			$10.48
Total return2		6.07	%		(1.27	)%		9.66	%		13.64	%		29.04	%		4.71	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.79	%		0.79	%		0.79	%		0.83	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.73	%		0.82	%
Net investment income		1.28	%		1.52	%		1.20	%		0.99	%		1.21	%		1.35	%
Supplemental data
Portfolio turnover rate		33	%		34	%		29	%		23	%		28	%		34	%
Net assets, end of period (000s omitted)		$165,509			$215,175			$255,565			$244,378			$221,128			$222,949

¹  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

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

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, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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 July 31, 2016, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $4,849,228 expiring in 2017.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	108,168,486	$	0	$	0	$	108,168,486
Consumer staples		83,673,779		0		0		83,763,779
Energy		91,170,025		0		0		91,170,025
Financials		139,535,309		0		0		139,535,309
Health care		94,905,783		0		0		94,905,783
Industrials		109,662,431		0		0		109,662,431
Information technology		191,324,736		0		0		191,324,736
Materials		28,001,606		0		0		28,001,606
Real estate		25,207,210		0		0		25,207,210
Telecommunication services		17,728,828		0		0		17,728,828
Utilities		43,484,760		0		0		43,484,760
Short-term investments
Investment companies		11,602,239		0		0		11,602,239
Investments measured at net asset value*								25,821,301
Total assets	$	944,465,192	$	0	$	0	$	970,286,493

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $25,821,301 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2017, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.25% as the average daily net assets of the Fund increase.

Administration fees

Under a class-level administration agreement, Funds Management provides class-level administrative services to the Fund,

which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account

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

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 B, Class C, Class R		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class, Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 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 B shares, 1.86% for Class C shares, 1.36% for Class R shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, and 0.70% for Institutional Class shares. 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.

During the six months ended January 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $34,583 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $39,973 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

Distribution fees

The Trust has adopted a distribution plan for Class B, Class C, and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class B, 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 B and 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 B and Class C shares. For the six months ended January 31, 2017, Funds Distributor received $2,622 from the sale of Class A shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, 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.

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, 2017 were $317,296,487 and $407,495,400, respectively.

The Fund may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

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

For the six months ended January 31, 2017, 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 December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

9. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

Other information (unaudited) Wells Fargo Intrinsic Value Fund 27

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

28 Wells Fargo Intrinsic Value Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 138 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 financial 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 lead 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. Board member of the Fonté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	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.	Asset Allocation Trust
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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Intrinsic Value Fund 29

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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 Bank, N.A. and President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. 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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, 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 69 funds and Assistant Treasurer of 69 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 wellsfargofunds.com.

30 Wells Fargo Intrinsic Value Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

301459 03-17 SA207/SAR207 01-17

Semi-Annual Report

January 31, 2017

Wells Fargo Large Cap Core Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	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
List of abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

Andrew Owen

President

Wells Fargo Funds

U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

Dear Shareholder:

As the new president of Wells Fargo Funds now that Karla Rabusch is retiring from that position after nearly 14 years, I am 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, 2017. Despite heightened market volatility, global stocks delivered favorable results overall. U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

In August–September 2016, global stocks delivered generally positive results; bonds’ interest rates remained historically low.

From August into early September 2016, U.S. and international stocks generally trended upward. Ever since the Great Recession, markets worldwide have been supported to varying degrees by accommodative policies from leading central banks, including the Federal Reserve (Fed), European Central Bank, Bank of England, and Bank of Japan. As a result, investors have watched closely for any signs that global central banks might tighten their measures. In the U.S., early-September comments by several Fed officials appeared to suggest a September interest-rate increase, which sent stock and bond prices downward. However, stocks surged following the Fed’s September 20 meeting on news that the Fed had decided to delay a rate increase to later in 2016. In bond markets, interest rates remained at historically low levels as a result of easy monetary policies, subdued global growth, and modest inflation expectations. Yields rose, after bottoming in July, as market participants felt that yields had overshot the real risks of the U.K.’s Brexit vote and as economic activity strengthened. At the front end of the yield curve, anticipation of new money market fund rules resulted in significantly higher yields on many short-term securities.

During the fourth quarter of 2016, prospects for faster growth and higher interest rates in the U.S. largely influenced the markets.

Early in the fourth quarter of 2016, U.S. stocks tended to trade lower amid concerns such as a likely interest-rate increase and uncertainty over the approaching general election. However, following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of pro-growth policies, and supportive economic news helped the rally carry through the quarter. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year, by a quarter percentage point, to between 0.50% and 0.75%. The fourth quarter also saw the implementation of the Securities and Exchange Commission’s new rules for money market funds, which included floating net asset values (NAVs) for institutional prime and municipal money market funds as well as liquidity fees and redemption gates. In the year leading up to

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes 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 Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

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

money fund reform implementation, nearly $1 trillion in assets moved from these types of money market funds into government money market funds, which continued to transact at a stable $1 NAV. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar.

Investor optimism continued into January 2017.

January brought continued strength in global stock markets. Markets were lifted by factors such as strong trade data from Japan, robust earnings reports by businesses, and investors’ hopes that the U.S. government will approve a large fiscal stimulus package.

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

Periods of 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 in 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

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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

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

Golden Capital Management, LLC

Portfolio managers

John R. Campbell, CFA^®

Jeff C. Moser, CFA^®

Average annual total returns (%) as of January 31, 2017¹

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception		Gross		Net3
Class A (EGOAX)	12-17-2007		12.27		12.58		5.78		19.12		13.91		6.47		1.20		1.14
Class C (EGOCX)	12-17-2007		17.18		13.07		5.70		18.18		13.07		5.70		1.95		1.89
Class R (EGOHX)	9-30-2015		–		–		–		18.79		13.64		6.22		1.45		1.39
Class R6 (EGORX)	9-30-2015		–		–		–		23.11		15.12		7.26		0.77		0.68
Administrator Class (WFLLX)	7-16-2010		–		–		–		19.13		14.17		6.66		1.12		1.00
Institutional Class (EGOIX)	12-17-2007		–		–		–		19.66		14.47		6.93		0.87		0.70
S&P 500 Index4	–		–		–		–		20.04		14.09		7.42		–		–

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Large Cap Core Fund 5

Ten largest holdings (%) as of January 31, 20175
NVIDIA Corporation	2.81
Microsoft Corporation	2.53
Lincoln National Corporation	2.48
SunTrust Banks Incorporated	2.46
JPMorgan Chase & Company	2.36
Comcast Corporation Class A	2.29
Apple Incorporated	2.27
Lear Corporation	2.25
Linear Technology Corporation	2.24
Goldman Sachs Group Incorporated	2.23

Sector distribution as of January 31, 2017⁶

¹  Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect higher expenses applicable to Class R shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and adjusted to reflect higher expenses applicable to Class R6 shares. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen 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, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower.

⁴  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.

⁵  The ten largest holdings, excluding cash and cash equivalents, 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 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, 2016 to January 31, 2017.

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 8-1-2016		Ending account value 1-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,097.50	$	6.01		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.79		1.14	%
Class C
Actual	$	1,000.00	$	1,092.80	$	9.94		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.63	$	9.58		1.89	%
Class R
Actual	$	1,000.00	$	1,096.24	$	7.32		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.15	$	7.05		1.39	%
Class R6
Actual	$	1,000.00	$	1,131.75	$	3.64		0.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.46		0.68	%
Administrator Class
Actual	$	1,000.00	$	1,097.12	$	5.27		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.11	$	5.08		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,099.98	$	3.70		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).

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Large Cap Core Fund 7

Security name	Shares		Value
Common Stocks: 99.20%
Consumer Discretionary: 14.46%
Auto Components: 2.25%
Lear Corporation		163,713	$	23,261,980
Automobiles: 2.05%
General Motors Company		578,562		21,181,155
Media: 2.29%
Comcast Corporation Class A		314,540		23,722,607
Specialty Retail: 7.87%
Foot Locker Incorporated		293,200		20,095,928
Lowe’s Companies Incorporated		288,185		21,060,560
The Home Depot Incorporated		160,840		22,128,367
The TJX Companies Incorporated		242,589		18,174,768
				81,459,623
Consumer Staples: 7.07%
Food & Staples Retailing: 5.16%
CVS Health Corporation		213,791		16,848,869
Sysco Corporation		361,606		18,969,851
Wal-Mart Stores Incorporated		263,512		17,586,791
				53,405,511
Food Products: 1.91%
Pinnacle Foods Incorporated		370,300		19,696,257
Energy: 5.44%
Oil, Gas & Consumable Fuels: 5.44%
Chevron Corporation		174,855		19,470,104
Exxon Mobil Corporation		219,788		18,438,015
Valero Energy Corporation		279,942		18,408,986
				56,317,105
Financials: 17.66%
Banks: 10.83%
Bank of America Corporation		888,739		20,121,051
Citizens Financial Group Incorporated		561,689		20,316,291
Huntington Bancshares Incorporated		1,602,584		21,682,962
JPMorgan Chase & Company		289,097		24,466,279
SunTrust Banks Incorporated		447,619		25,433,712
				112,020,295
Capital Markets: 2.23%
Goldman Sachs Group Incorporated		100,744		23,102,614

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

8 Wells Fargo Large Cap Core Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Shares		Value
Insurance: 4.60%
Lincoln National Corporation		380,075	$	25,658,863
Prudential Financial Incorporated		208,715		21,938,034
				47,596,897
Health Care: 14.10%
Biotechnology: 3.18%
Amgen Incorporated		114,931		18,007,389
Gilead Sciences Incorporated		205,177		14,865,074
				32,872,463
Health Care Providers & Services: 9.16%
Aetna Incorporated		182,688		21,668,624
Centene Corporation †		299,970		18,979,102
Envision Healthcare Corporation †		226,219		15,382,892
HCA Holdings Incorporated †		218,491		17,540,457
UnitedHealth Group Incorporated		130,738		21,192,628
				94,763,703
Pharmaceuticals: 1.76%
Merck & Company Incorporated		294,198		18,237,334
Industrials: 9.74%
Aerospace & Defense: 4.26%
Northrop Grumman Corporation		92,231		21,128,277
Spirit AeroSystems Holdings Incorporated Class A		383,023		23,000,531
				44,128,808
Airlines: 1.81%
Delta Air Lines Incorporated		397,028		18,755,603
Construction & Engineering: 1.86%
EMCOR Group Incorporated		275,693		19,213,045
Machinery: 1.81%
Stanley Black & Decker Incorporated		150,651		18,680,724
Information Technology: 23.25%
Electronic Equipment, Instruments & Components: 3.98%
CDW Corporation of Delaware		441,401		22,736,566
Jabil Circuit Incorporated		769,673		18,456,759
				41,193,325
Internet Software & Services: 1.80%
Alphabet Incorporated Class C †		23,359		18,612,218
IT Services: 1.75%
Accenture plc Class A		158,839		18,086,997

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Large Cap Core Fund 9

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 6.84%
Intel Corporation					501,908	$	18,480,253
Linear Technology Corporation					366,911		23,163,091
NVIDIA Corporation					266,325		29,077,364
							70,720,708
Software: 4.50%
Electronic Arts Incorporated †					244,847		20,427,585
Microsoft Corporation					404,782		26,169,156
							46,596,741
Technology Hardware, Storage & Peripherals: 4.38%
Apple Incorporated					193,683		23,503,432
NetApp Incorporated					568,863		21,798,830
							45,302,262
Materials: 5.81%
Chemicals: 3.97%
Air Products & Chemicals Incorporated					138,604		19,371,295
Dow Chemical Company					363,582		21,680,395
							41,051,690
Containers & Packaging: 1.84%
Avery Dennison Corporation					260,949		19,054,496
Real Estate: 1.67%
Equity REITs: 1.67%
Prologis Incorporated					352,432		17,216,303
Total Common Stocks (Cost $834,105,274)							1,026,250,464
	Yield
Short-Term Investments: 1.20%
Investment Companies: 1.20%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.46	%		12,392,040		12,392,040
Total Short-Term Investments (Cost $12,392,040)							12,392,040

Total investments in securities (Cost $846,497,314) *	100.40	%		1,038,642,504
Other assets and liabilities, net	(0.40	)		(4,094,819	)
Total net assets	100.00	%	$	1,034,547,685

† 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.

* Cost for federal income tax purposes is $845,409,475 and unrealized gains (losses) consists of:

Gross unrealized gains	$	200,678,673
Gross unrealized losses		(7,445,644	)
Net unrealized gains	$	193,233,029

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

10 Wells Fargo Large Cap Core Fund Statement of assets and liabilities—January 31, 2017 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $834,105,274)	$	1,026,250,464
In affiliated securities, at value (cost $12,392,040)		12,392,040
Total investments, at value (cost $846,497,314)		1,038,642,504
Receivable for Fund shares sold		1,135,287
Receivable for dividends		526,151
Prepaid expenses and other assets		95,648
Total assets		1,040,399,590
Liabilities
Payable for Fund shares redeemed		5,032,649
Management fee payable		507,372
Distribution fees payable		39,579
Administration fees payable		142,005
Accrued expenses and other liabilities		130,300
Total liabilities		5,851,905
Total net assets	$	1,034,547,685
NET ASSETS CONSIST OF
Paid-in capital	$	883,512,924
Undistributed net investment income		24,940
Accumulated net realized losses on investments		(41,135,369	)
Net unrealized gains on investments		192,145,190
Total net assets	$	1,034,547,685
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	336,233,405
Shares outstanding – Class A1		20,405,167
Net asset value per share – Class A		$16.48
Maximum offering price per share – Class A2		$17.49
Net assets – Class C	$	61,657,414
Shares outstanding – Class C1		3,793,635
Net asset value per share – Class C		$16.25
Net assets – Class R	$	30,339
Shares outstanding – Class R1		1,835
Net asset value per share – Class R		$16.53
Net assets – Class R6	$	29,878
Shares outstanding – Class R61		1,810
Net asset value per share – Class R6		$16.51
Net assets – Administrator Class	$	13,896,225
Shares outstanding – Administrator Class1		834,485
Net asset value per share – Administrator Class		$16.65
Net assets – Institutional Class	$	622,700,424
Shares outstanding – Institutional Class1		37,636,136
Net asset value per share – Institutional Class		$16.55

¹�� The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2017 (unaudited) Wells Fargo Large Cap Core Fund 11

Investment income
Dividends	$	9,689,922
Income from affiliated securities		15,187
Securities lending income, net		6,436
Total investment income		9,711,545
Expenses
Management fee		3,478,036
Administration fees
Class A		355,450
Class C		68,625
Class R		29
Class R6		123
Administrator Class		24,791
Institutional Class		370,266
Shareholder servicing fees
Class A		423,154
Class C		81,696
Class R		35
Administrator Class		47,160
Distribution fees
Class C		245,088
Class R		35
Custody and accounting fees		18,484
Professional fees		23,489
Registration fees		76,785
Shareholder report expenses		60,977
Trustees’ fees and expenses		11,749
Other fees and expenses		11,243
Total expenses		5,297,215
Less: Fee waivers and/or expense reimbursements		(562,572	)
Net expenses		4,734,643
Net investment income		4,976,902
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		10,240,183
Net change in unrealized gains (losses) on investments		78,430,559
Net realized and unrealized gains (losses) on investments		88,670,742
Net increase in net assets resulting from operations	$	93,647,644

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

12 Wells Fargo Large Cap Core Fund Statement of changes in net assets

	Six months ended January 31, 2017 (unaudited)						Year ended July 31, 2016
Operations
Net investment income				$	4,976,902					$	6,674,384
Net realized gains (losses) on investments					10,240,183						(46,422,704	)
Net change in unrealized gains (losses) on investments					78,430,559						27,105,014
Net increase (decrease) in net assets resulting from operations					93,647,644						(12,643,306	)
Distributions to shareholders from
Net investment income
Class A					(2,565,745	)					(1,280,167	)
Class R					(172	)					(136	)1
Class R6					(1,269	)					(184	)1
Administrator Class					(3,812	)					(617,773	)
Institutional Class					(7,464,521	)					(732,443	)
Net realized gains
Class A					0						(3,571,260	)
Class C					0						(613,350	)
Class R					0						(222	)1
Class R6					0						(222	)1
Administrator Class					0						(908,858	)
Institutional Class					0						(831,664	)
Total distributions to shareholders					(10,035,519	)					(8,556,279	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		767,608			12,206,907			25,918,673			399,364,361
Class C		295,119			4,637,909			2,898,348			42,984,877
Class R		96			1,593			1,706	1		25,000	1
Class R6		3,027			46,110			171,642	1		2,413,783	1
Administrator Class		160,335			2,472,755			4,428,450			66,283,791
Institutional Class		19,215,447			298,712,783			25,684,762			381,059,292
Investor Class		N/A			N/A			508,724	2		7,701,975	2
					318,078,057						899,833,079
Reinvestment of distributions
Class A		149,877			2,451,983			311,622			4,725,942
Class C		0			0			32,452			481,595
Class R		10			172			23	1		358	1
Class R6		77			1,269			27	1		406	1
Administrator Class		230			3,794			99,938			1,525,664
Institutional Class		405,841			6,663,907			63,053			966,052
					9,121,125						7,700,017
Payment for shares redeemed
Class A		(4,300,767	)		(66,465,780	)		(8,578,334	)		(125,072,291	)
Class C		(1,310,818	)		(19,906,297	)		(1,521,640	)		(21,894,194	)
Class R6		(162,026	)		(2,459,857	)		(10,937	)1		(158,688	)1
Administrator Class		(3,139,615	)		(49,250,147	)		(5,987,164	)		(87,751,181	)
Institutional Class		(9,079,801	)		(142,697,662	)		(9,789,487	)		(144,146,531	)
Investor Class		N/A			N/A			(18,604,700	)2		(290,535,816	)2
					(280,779,743	)					(669,558,701	)
Net asset value of shares issued in acquisition
Institutional Class		0			0			7,161,519			103,887,609
Net increase in net assets resulting from capital share transactions					46,419,439						341,862,004
Total increase in net assets					130,031,564						320,662,419
Net assets
Beginning of period					904,516,121						583,853,702
End of period				$	1,034,547,685					$	904,516,121
Undistributed net investment income				$	24,940					$	5,083,557

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

²  For the period from August 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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

Financial highlights Wells Fargo Large Cap Core Fund 13

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$15.13			$15.81			$14.30			$12.13			$9.50			$8.75
Net investment income		0.07			0.10			0.06			0.06	1		0.07			0.06
Net realized and unrealized gains (losses) on investments		1.40			(0.60	)		1.50			2.20			2.64			0.74
Total from investment operations		1.47			(0.50	)		1.56			2.26			2.71			0.80
Distributions to shareholders from
Net investment income		(0.12	)		(0.05	)		(0.05	)		(0.09	)		(0.08	)		(0.05	)
Net realized gains		0.00			(0.13	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.12	)		(0.18	)		(0.05	)		(0.09	)		(0.08	)		(0.05	)
Net asset value, end of period		$16.48			$15.13			$15.81			$14.30			$12.13			$9.50
Total return2		9.75	%		(3.18	)%		10.99	%		18.58	%		28.76	%		9.27	%
Ratios to average net assets (annualized)
Gross expenses		1.19	%		1.20	%		1.26	%		1.29	%		1.33	%		1.37	%
Net expenses		1.14	%		1.14	%		1.14	%		1.14	%		1.14	%		1.14	%
Net investment income		0.80	%		0.80	%		0.35	%		0.47	%		0.75	%		0.71	%
Supplemental data
Portfolio turnover rate		32	%		51	%		44	%		61	%		67	%		41	%
Net assets, end of period (000s omitted)		$336,233			$359,971			$97,041			$26,685			$15,267			$8,277

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 Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$14.87			$15.61			$14.17			$12.05			$9.45			$8.71
Net investment income (loss)		0.00	1,2		0.00	1		(0.06	)1		(0.01	)		(0.00	)2		(0.00	)2
Net realized and unrealized gains (losses) on investments		1.38			(0.61	)		1.50			2.15			2.62			0.74
Total from investment operations		1.38			(0.61	)		1.44			2.14			2.62			0.74
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.02	)		(0.02	)		0.00
Net realized gains		0.00			(0.13	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		0.00			(0.13	)		0.00			(0.02	)		(0.02	)		0.00
Net asset value, end of period		$16.25			$14.87			$15.61			$14.17			$12.05			$9.45
Total return3		9.28	%		(3.90	)%		10.16	%		17.73	%		27.82	%		8.50	%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.95	%		2.01	%		2.04	%		2.08	%		2.12	%
Net expenses		1.89	%		1.89	%		1.89	%		1.89	%		1.89	%		1.89	%
Net investment income (loss)		0.05	%		0.02	%		(0.38	)%		(0.30	)%		(0.01	)%		(0.04	)%
Supplemental data
Portfolio turnover rate		32	%		51	%		44	%		61	%		67	%		41	%
Net assets, end of period (000s omitted)		$61,657			$71,512			$53,076			$8,624			$3,786			$2,041

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.

Financial highlights Wells Fargo Large Cap Core Fund 15

(For a share outstanding throughout each period)

CLASS R	Six months ended January 31, 2017 (unaudited)			Year ended July 31, 20161
Net asset value, beginning of period		$15.17			$14.66
Net investment income		0.05			0.06
Net realized and unrealized gains (losses) on investments		1.41			0.66
Total from investment operations		1.46			0.72
Distributions to shareholders from
Net investment income		(0.10	)		(0.08	)
Net realized gains		0.00			(0.13	)
Total distributions to shareholders		(0.10	)		(0.21	)
Net asset value, end of period		$16.53			$15.17
Total return2		9.62	%		4.90	%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.46	%
Net expenses		1.39	%		1.39	%
Net investment income		0.52	%		0.52	%
Supplemental data
Portfolio turnover rate		32	%		51	%
Net assets, end of period (000s omitted)		$30			$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.

16 Wells Fargo Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

CLASS R6	Six months ended January 31, 2017 (unaudited)			Year ended July 31, 20161
Net asset value, beginning of period		$15.24			$14.66
Net investment income		0.13	2		0.20
Net realized and unrealized gains (losses) on investments		1.87			0.62
Total from investment operations		2.00			0.82
Distributions to shareholders from
Net investment income		(0.73	)		(0.11	)
Net realized gains		0.00			(0.13	)
Total distributions to shareholders		(0.73	)		(0.24	)
Net asset value, end of period		$16.51			$15.24
Total return3		13.18	%		5.57	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.77	%
Net expenses		0.68	%		0.68	%
Net investment income		1.64	%		1.31	%
Supplemental data
Portfolio turnover rate		32	%		51	%
Net assets, end of period (000s omitted)		$30			$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.

Financial highlights Wells Fargo Large Cap Core Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$15.18			$15.87			$14.34			$12.16			$9.52			$8.77
Net investment income		0.08	1		0.15			0.10			0.09			0.10			0.09
Net realized and unrealized gains (losses) on investments		1.39			(0.62	)		1.50			2.20			2.64			0.74
Total from investment operations		1.47			(0.47	)		1.60			2.29			2.74			0.83
Distributions to shareholders from
Net investment income		(0.00	)2		(0.09	)		(0.07	)		(0.11	)		(0.10	)		(0.08	)
Net realized gains		0.00			(0.13	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.00	)2		(0.22	)		(0.07	)		(0.11	)		(0.10	)		(0.08	)
Net asset value, end of period		$16.65			$15.18			$15.87			$14.34			$12.16			$9.52
Total return3		9.71	%		(2.98	)%		11.28	%		18.83	%		29.12	%		9.61	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.12	%		1.11	%		1.11	%		1.14	%		1.16	%
Net expenses		1.00	%		0.96	%		0.90	%		0.90	%		0.89	%		0.87	%
Net investment income		1.07	%		0.95	%		0.61	%		0.63	%		1.00	%		0.97	%
Supplemental data
Portfolio turnover rate		32	%		51	%		44	%		61	%		67	%		41	%
Net assets, end of period (000s omitted)		$13,896			$57,879			$83,692			$6,849			$1,192			$522

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 Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$15.23			$15.91			$14.35			$12.16			$9.52			$8.77
Net investment income		0.09	1		0.18	1		0.14	1		0.11	1		0.13	1		0.12
Net realized and unrealized gains (losses) on investments		1.43			(0.62	)		1.50			2.21			2.63			0.73
Total from investment operations		1.52			(0.44	)		1.64			2.32			2.76			0.85
Distributions to shareholders from
Net investment income		(0.20	)		(0.11	)		(0.08	)		(0.13	)		(0.12	)		(0.10	)
Net realized gains		0.00			(0.13	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.20	)		(0.24	)		(0.08	)		(0.13	)		(0.12	)		(0.10	)
Net asset value, end of period		$16.55			$15.23			$15.91			$14.35			$12.16			$9.52
Total return2		10.00	%		(2.75	)%		11.51	%		19.21	%		29.38	%		9.88	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.87	%		0.84	%		0.85	%		0.90	%		0.94	%
Net expenses		0.70	%		0.70	%		0.66	%		0.66	%		0.66	%		0.66	%
Net investment income		1.19	%		1.22	%		0.86	%		0.83	%		1.24	%		1.19	%
Supplemental data
Portfolio turnover rate		32	%		51	%		44	%		61	%		67	%		41	%
Net assets, end of period (000s omitted)		$622,700			$412,678			$63,235			$5,775			$537			$480

¹  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Large Cap Core Fund 19

1. ORGANIZATION

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

Effective at the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the Fund.

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, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

20 Wells Fargo Large Cap Core Fund Notes to financial statements (unaudited)

may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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.

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of July 31, 2016, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

	No expiration
2017	Short-term	Long-term
$(309,497)	$(27,516,712)	$(20,816,155)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

Notes to financial statements (unaudited) Wells Fargo Large Cap Core Fund 21

∎ 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, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	149,625,365	$	0	$	0	$	149,625,365
Consumer staples		73,101,768		0		0		73,101,768
Energy		56,317,105		0		0		56,317,105
Financials		182,719,806		0		0		182,719,806
Health care		145,873,500		0		0		145,873,500
Industrials		100,778,180		0		0		100,778,180
Information technology		240,512,251		0		0		240,512,251
Materials		60,106,186		0		0		60,106,186
Real estate		17,216,303		0		0		17,216,303
Short-term investments
Investment companies		12,392,040		0		0		12,392,040
Total assets	$	1,038,642,504	$	0	$	0	$	1,038,642,504

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2017, 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. Golden Capital Management, LLC, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% 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

22 Wells Fargo Large Cap Core Fund Notes to financial statements (unaudited)

account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Funds Management receives an annual fee which is calculated based on the average daily net assets of each class as follows:

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.14% for Class A shares, 1.89% for Class C shares, 1.39% for Class R shares, 0.68% for Class R6 shares, 1.00% for Administrator Class shares, and 0.70% for Institutional Class shares. 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.

During the year ended January 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $1,025 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $3,038 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

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, 2017, Funds Distributor received $6,648 from the sale of Class A shares and $25 in contingent deferred sales charges from redemptions of Class C shares.

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.

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, 2017 were $354,866,157 and $319,656,938, respectively.

The Fund may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

6. ACQUISITION

After the close of business on May 20, 2016, the Fund acquired the net assets of Golden Large Cap Core Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Institutional Class shares of Golden Large Cap Core Fund received Institutional Class shares of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the Institutional Class shares of Golden Large Cap Core Fund for 7,161,519 Institutional Class shares of the Fund valued at $103,887,609 at an exchange ratio of

Notes to financial statements (unaudited) Wells Fargo Large Cap Core Fund 23

0.90. The investment portfolio of Golden Large Cap Core Fund with a fair value of $101,587,245, identified cost of $91,037,630 and unrealized gains of $10,549,615 at May 20, 2016 were the principal assets acquired by the Fund. The aggregate net assets of Golden Large Cap Core Fund and the Fund immediately prior to the acquisition were $103,887,609 and $865,210,261, respectively. The aggregate net assets of the Fund immediately after the acquisition were $969,097,870. 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 Golden Large Cap Core Fund was carried forward to align 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, 2015, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended July 31, 2016 would have been:

Net investment income	$	7,679,055
Net realized and unrealized gains (losses) on investments	$	(9,371,087	)
Net decrease in net assets resulting from operations	$	(1,692,032	)

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

For the six months ended January 31, 2017, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

10. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

24 Wells Fargo Large Cap Core Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Large Cap Core Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 138 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 financial 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 lead 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. Board member of the Fonté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	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.	Asset Allocation Trust
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.	Asset Allocation Trust

26 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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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 Bank, N.A. and President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. 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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, 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 69 funds and Assistant Treasurer of 69 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 wellsfargofunds.com.

List of abbreviations Wells Fargo Large Cap Core Fund 27

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

301460 03-17 SA208/SAR208 01-17

Semi-Annual Report

January 31, 2017

Wells Fargo Large Cap Growth Fund

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	21
Other information	26
List of abbreviations	29

The views expressed and any forward-looking statements are as of January 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

Andrew Owen

President

Wells Fargo Funds

U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

Dear Shareholder:

As the new president of Wells Fargo Funds now that Karla Rabusch is retiring from that position after nearly 14 years, I am 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, 2017. Despite heightened market volatility, global stocks delivered favorable results overall. U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

In August–September 2016, global stocks delivered generally positive results; bonds’ interest rates remained historically low.

From August into early September 2016, U.S. and international stocks generally trended upward. Ever since the Great Recession, markets worldwide have been supported to varying degrees by accommodative policies from leading central banks, including the Federal Reserve (Fed), European Central Bank, Bank of England, and Bank of Japan. As a result, investors have watched closely for any signs that global central banks might tighten their measures. In the U.S., early-September comments by several Fed officials appeared to suggest a September interest-rate increase, which sent stock and bond prices downward. However, stocks surged following the Fed’s September 20 meeting on news that the Fed had decided to delay a rate increase to later in 2016. In bond markets, interest rates remained at historically low levels as a result of easy monetary policies, subdued global growth, and modest inflation expectations. Yields rose, after bottoming in July, as market participants felt that yields had overshot the real risks of the U.K.’s Brexit vote and as economic activity strengthened. At the front end of the yield curve, anticipation of new money market fund rules resulted in significantly higher yields on many short-term securities.

During the fourth quarter of 2016, prospects for faster growth and higher interest rates in the U.S. largely influenced the markets.

Early in the fourth quarter of 2016, U.S. stocks tended to trade lower amid concerns such as a likely interest-rate increase and uncertainty over the approaching general election. However, following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of pro-growth policies, and supportive economic news helped the rally carry through the quarter. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year, by a quarter percentage point, to between 0.50% and 0.75%. The fourth quarter also saw the implementation of the Securities and Exchange Commission’s new rules for money market funds, which included floating net asset values (NAVs) for institutional prime and municipal money market funds as well as liquidity fees and redemption gates. In the year leading up to

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes 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 Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

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

money fund reform implementation, nearly $1 trillion in assets moved from these types of money market funds into government money market funds, which continued to transact at a stable $1 NAV. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar.

Investor optimism continued into January 2017.

January brought continued strength in global stock markets. Markets were lifted by factors such as strong trade data from Japan, robust earnings reports by businesses, and investors’ hopes that the U.S. government will approve a large fiscal stimulus package.

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

Periods of 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 in 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

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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

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

Thomas C. Ognar, CFA^®

Bruce C. Olson, CFA^®

Average annual total returns (%) as of January 31, 2017¹

		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 (STAFX)	7-30-2010		4.44		9.32		6.70		10.81		10.62		7.33		1.16		1.07
Class C (STOFX)	7-30-2010		8.98		9.79		6.56		9.98		9.79		6.56		1.91		1.82
Class R (STMFX)	6-15-2012		–		–		–		10.52		10.34		7.12		1.41		1.32
Class R4 (SLGRX)	11-30-2012		–		–		–		11.13		10.97		7.56		0.88		0.80
Class R6 (STFFX)	11-30-2012		–		–		–		11.29		11.11		7.63		0.73		0.65
Administrator Class (STDFX)	7-30-2010		–		–		–		10.93		10.75		7.43		1.08		0.95
Institutional Class (STNFX)	7-30-2010		–		–		–		11.16		11.04		7.60		0.83		0.75
Russell 1000® Growth Index4	–		–		–		–		17.23		13.93		8.42		–		–

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Large Cap Growth Fund 5

Ten largest holdings (%) as of January 31, 20175
Facebook Incorporated Class A	5.67
Amazon.com Incorporated	5.36
Microsoft Corporation	5.03
Alphabet Incorporated Class A	4.19
MasterCard Incorporated Class A	3.03
Dollar Tree Incorporated	3.02
Visa Incorporated Class A	2.94
Alphabet Incorporated Class C	2.83
Celgene Corporation	2.78
The Home Depot Incorporated	2.69

Sector distribution as of January 31, 2017⁶

¹  Historical performance shown for Class A, Administrator Class, and 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 would be higher. Historical performance shown for Class C shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Class R shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher.

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, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  The ten largest holdings, excluding cash and cash equivalents, 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 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, 2016 to January 31, 2017.

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 8-1-2016		Ending account value 1-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,012.61	$	5.41		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.76	$	5.43		1.07	%
Class C
Actual	$	1,000.00	$	1,008.85	$	9.19		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.99	$	9.22		1.82	%
Class R
Actual	$	1,000.00	$	1,011.20	$	6.67		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.70		1.32	%
Class R4
Actual	$	1,000.00	$	1,013.92	$	4.05		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%
Class R6
Actual	$	1,000.00	$	1,014.71	$	3.29		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.87	$	3.30		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,013.06	$	4.81		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,014.31	$	3.80		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).

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Large Cap Growth Fund 7

Security name	Shares		Value
Common Stocks: 98.66%
Consumer Discretionary: 20.45%
Hotels, Restaurants & Leisure: 2.05%
Marriott International Incorporated Class A		88,000	$	7,444,800
Starbucks Corporation		330,000		18,222,600
				25,667,400
Internet & Direct Marketing Retail: 7.05%
Amazon.com Incorporated †		81,500		67,113,620
The Priceline Group Incorporated †		13,500		21,264,255
				88,377,875
Multiline Retail: 3.02%
Dollar Tree Incorporated †		490,000		37,823,100
Specialty Retail: 6.25%
O’Reilly Automotive Incorporated †		118,000		30,947,860
The Home Depot Incorporated		245,000		33,707,100
Tractor Supply Company		93,000		6,851,310
ULTA Salon Cosmetics & Fragrance Incorporated †		25,000		6,807,000
				78,313,270
Textiles, Apparel & Luxury Goods: 2.08%
Nike Incorporated Class B		329,000		17,404,100
VF Corporation		169,000		8,700,120
				26,104,220
Consumer Staples: 3.70%
Food & Staples Retailing: 1.92%
Costco Wholesale Corporation		147,000		24,100,650
Household Products: 0.51%
Colgate-Palmolive Company		99,000		6,393,420
Personal Products: 1.27%
The Estee Lauder Companies Incorporated Class A		195,000		15,835,950
Energy: 2.66%
Energy Equipment & Services: 0.68%
Schlumberger Limited		102,480		8,578,601
Oil, Gas & Consumable Fuels: 1.98%
Concho Resources Incorporated †		137,000		19,103,280
EOG Resources Incorporated		56,000		5,688,480
				24,791,760

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

8 Wells Fargo Large Cap Growth Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Shares		Value
Financials: 2.08%
Capital Markets: 2.08%
Morgan Stanley		176,000	$	7,478,240
The Charles Schwab Corporation		450,000		18,558,000
				26,036,240
Health Care: 12.69%
Biotechnology: 9.28%
Alexion Pharmaceuticals Incorporated †		57,000		7,448,760
Amgen Incorporated		98,000		15,354,640
BioMarin Pharmaceutical Incorporated †		204,000		17,876,520
Celgene Corporation †		300,000		34,845,000
Incyte Corporation †		115,460		13,994,907
Regeneron Pharmaceuticals Incorporated †		25,850		9,287,647
Tesaro Incorporated †«		43,000		7,002,120
Vertex Pharmaceuticals Incorporated †		122,000		10,476,140
				116,285,734
Health Care Equipment & Supplies: 1.91%
Boston Scientific Corporation †		161,000		3,873,660
Danaher Corporation		161,930		13,589,166
Edwards Lifesciences Corporation †		67,000		6,448,080
				23,910,906
Pharmaceuticals: 1.50%
Zoetis Incorporated		342,000		18,789,480
Industrials: 9.55%
Aerospace & Defense: 1.14%
The Boeing Company		87,000		14,217,540
Air Freight & Logistics: 0.80%
FedEx Corporation		53,000		10,022,830
Airlines: 0.21%
Southwest Airlines Company		49,313		2,579,563
Building Products: 0.52%
Johnson Controls International plc		149,000		6,553,020
Commercial Services & Supplies: 0.53%
KAR Auction Services Incorporated		147,000		6,695,850
Electrical Equipment: 0.99%
Rockwell Automation Incorporated		84,000		12,431,160
Industrial Conglomerates: 1.48%
3M Company		106,000		18,530,920
Machinery: 0.57%
Fortive Corporation		129,960		7,188,088

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Large Cap Growth Fund 9

Security name	Shares		Value
Road & Rail: 3.31%
CSX Corporation		57,000	$	2,644,230
Norfolk Southern Corporation		70,000		8,222,200
Union Pacific Corporation		287,440		30,635,355
				41,501,785
Information Technology: 43.58%
Internet Software & Services: 14.38%
Akamai Technologies Incorporated †		82,000		5,624,380
Alphabet Incorporated Class A †		64,000		52,492,160
Alphabet Incorporated Class C †		44,500		35,457,155
eBay Incorporated †		490,000		15,596,700
Facebook Incorporated Class A †		545,000		71,024,400
				180,194,795
IT Services: 9.26%
Accenture plc Class A		95,410		10,864,337
FleetCor Technologies Incorporated †		85,000		12,536,650
MasterCard Incorporated Class A		357,000		37,959,810
PayPal Holdings Incorporated †		450,360		17,915,321
Visa Incorporated Class A		445,000		36,805,950
				116,082,068
Semiconductors & Semiconductor Equipment: 7.66%
Broadcom Limited		152,000		30,323,998
Microchip Technology Incorporated		370,000		24,919,500
NVIDIA Corporation		58,000		6,332,440
QUALCOMM Incorporated		111,450		5,954,774
Texas Instruments Incorporated		376,260		28,422,680
				95,953,392
Software: 11.24%
Adobe Systems Incorporated †		179,700		20,374,386
CDK Global Incorporated		102,000		6,380,100
Microsoft Corporation		975,000		63,033,750
Salesforce.com Incorporated †		228,700		18,090,170
ServiceNow Incorporated †		169,810		15,388,182
Splunk Incorporated †		304,170		17,599,276
				140,865,864
Technology Hardware, Storage & Peripherals: 1.04%
Apple Incorporated		107,200		13,008,720
Materials: 3.95%
Chemicals: 3.95%
Ecolab Incorporated		215,000		25,827,950
Praxair Incorporated		200,320		23,725,901
				49,553,851
Total Common Stocks (Cost $758,832,019)				1,236,388,052

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

10 Wells Fargo Large Cap Growth Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Yield			Shares		Value
Short-Term Investments: 1.43%
Investment Companies: 1.43%
Securities Lending Cash Investment LLC (l)(r)(u)		0.86	%		424,648	$	424,691
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.46			17,512,763		17,512,763
Total Short-Term Investments (Cost $17,937,415)							17,937,454

Total investments in securities (Cost $776,769,434) *	100.09	%		1,254,325,506
Other assets and liabilities, net	(0.09	)		(1,151,909	)
Total net assets	100.00	%	$	1,253,173,597

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $776,718,925 and unrealized gains (losses) consists of:

Gross unrealized gains	$	484,762,404
Gross unrealized losses		(7,155,823	)
Net unrealized gains	$	477,606,581

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

Statement of assets and liabilities—January 31, 2017 (unaudited) Wells Fargo Large Cap Growth Fund 11

Assets
Investments
In unaffiliated securities (including $414,288 of securities loaned), at value (cost $758,832,019)	$	1,236,388,052
In affiliated securities, at value (cost $17,937,415)		17,937,454
Total investments, at value (cost $776,769,434)		1,254,325,506
Receivable for investments sold		5,889,719
Receivable for Fund shares sold		1,025,733
Receivable for dividends		409,526
Receivable for securities lending income		1,830
Prepaid expenses and other assets		58,899
Total assets		1,261,711,213
Liabilities
Payable for investments purchased		5,556,739
Payable for Fund shares redeemed		1,517,454
Payable upon receipt of securities loaned		423,225
Management fee payable		620,867
Distribution fees payable		11,557
Administration fees payable		151,094
Accrued expenses and other liabilities		256,680
Total liabilities		8,537,616
Total net assets	$	1,253,173,597
NET ASSETS CONSIST OF
Paid-in capital	$	753,536,524
Overdistributed net investment income		(471,102	)
Accumulated net realized gains on investments		22,552,103
Net unrealized gains on investments		477,556,072
Total net assets	$	1,253,173,597
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	512,248,813
Shares outstanding – Class A1		11,571,429
Net asset value per share – Class A		$44.27
Maximum offering price per share – Class A2		$46.97
Net assets – Class C	$	15,569,455
Shares outstanding – Class C1		371,517
Net asset value per share – Class C		$41.91
Net assets – Class R	$	6,764,465
Shares outstanding – Class R1		154,984
Net asset value per share – Class R		$43.65
Net assets – Class R4	$	8,852,275
Share outstanding – Class R41		197,023
Net asset value per share – Class R4		$44.93
Net assets – Class R6	$	274,999,748
Shares outstanding – Class R61		6,101,410
Net asset value per share – Class R6		$45.07
Net assets – Administrator Class	$	203,921,261
Shares outstanding – Administrator Class1		4,576,900
Net asset value per share – Administrator Class		$44.55
Net assets – Institutional Class	$	230,817,580
Shares outstanding – Institutional Class1		5,130,395
Net asset value per share – Institutional Class		$44.99

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, 2017 (unaudited)

Investment income
Dividends	$	6,296,060
Securities lending income, net		93,034
Income from affiliated securities		20,348
Total investment income		6,409,442
Expenses
Management fee		4,477,616
Administration fees
Class A		573,430
Class C		17,953
Class R		7,756
Class R4		3,417
Class R6		42,094
Administrator Class		142,237
Institutional Class		156,622
Shareholder servicing fees
Class A		682,655
Class C		21,373
Class R		9,234
Class R4		4,271
Administrator Class		273,290
Distribution fees
Class C		64,119
Class R		9,234
Custody and accounting fees		22,038
Professional fees		21,557
Registration fees		58,492
Shareholder report expenses		39,533
Trustees’ fees and expenses		2,340
Other fees and expenses		13,348
Total expenses		6,642,609
Less: Fee waivers and/or expense reimbursements		(627,278	)
Net expenses		6,015,331
Net investment income		394,111
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		54,066,667
Affiliated securities		1,427
Net realized gains on investments		54,068,094
Net change in unrealized gains (losses) on:
Unaffiliated securities		(39,715,243	)
Affiiliated securities		39
Net change in unrealized gains (losses) on investments		(39,715,204	)
Net realized and unrealized gains (losses) on investments		14,352,890
Net increase in net assets resulting from operations	$	14,747,001

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

Statement of changes in net assets Wells Fargo Large Cap Growth Fund 13

	Six months ended January 31, 2017 (unaudited)						Year ended July 31, 2016
Operations
Net investment income				$	394,111					$	2,363,745
Net realized gains on investments					54,068,094						44,634,435
Net change in unrealized gains (losses) on investments					(39,715,204	)					(80,144,617	)
Net increase (decrease) in net assets resulting from operations					14,747,001						(33,146,437	)
Distributions to shareholders from
Net investment income
Class A					0						(8,533	)
Class R4					(9,195	)					(26,255	)
Class R6					(472,646	)					(542,444	)
Administrator Class					(63,610	)					(399,214	)
Institutional Class					(294,392	)					(2,359,767	)
Net realized gains
Class A					(26,874,841	)					(33,357,991	)
Class C					(872,051	)					(1,130,136	)
Class R					(365,902	)					(642,814	)
Class R4					(424,319	)					(366,120	)
Class R6					(13,853,634	)					(5,970,675	)
Administrator Class					(10,174,259	)					(12,858,667	)
Institutional Class					(11,729,550	)					(26,507,074	)
Total distributions to shareholders					(65,134,399	)					(84,169,690	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		232,072			10,332,690			10,423,557			507,133,935
Class C		20,308			852,468			94,075			4,156,298
Class R		41,413			1,808,346			93,883			4,246,909
Class R4		13,937			634,422			47,194			2,095,908
Class R6		1,541,188			72,388,287			2,853,291			127,876,221
Administrator Class		322,179			14,418,291			871,378			39,477,413
Institutional Class		416,424			19,050,252			1,620,978			73,346,308
Investor Class		N/A			N/A			88,699	1		4,159,389	1
					119,484,756						762,492,381
Reinvestment of distributions
Class A		579,132			25,111,167			689,341			31,248,057
Class C		17,868			734,193			21,233			921,496
Class R		934			39,944			5,901			264,733
Class R4		9,844			433,514			8,508			392,375
Class R6		324,173			14,326,280			140,783			6,513,119
Administrator Class		234,472			10,234,532			290,191			13,252,210
Institutional Class		204,593			9,023,692			541,392			25,023,933
					59,903,322						77,615,923
Payment for shares redeemed
Class A		(1,759,583	)		(78,200,772	)		(2,316,847	)		(103,461,789	)
Class C		(96,842	)		(4,116,455	)		(164,112	)		(7,122,729	)
Class R		(67,985	)		(2,994,056	)		(165,274	)		(7,268,281	)
Class R4		(6,679	)		(304,256	)		(19,211	)		(894,912	)
Class R6		(586,998	)		(26,664,357	)		(509,940	)		(23,062,787	)
Administrator Class		(1,109,296	)		(50,266,095	)		(1,299,777	)		(59,103,069	)
Institutional Class		(2,257,640	)		(104,969,603	)		(6,030,432	)		(274,102,744	)
Investor Class		N/A			N/A			(9,823,525	)1		(479,180,351	)1
					(267,515,594	)					(954,196,662	)
Net decrease in net assets resulting from capital share transactions					(88,127,516	)					(114,088,358	)
Total decrease in net assets					(138,514,914	)					(231,404,485	)
Net assets
Beginning of period					1,391,688,511						1,623,092,996
End of period				$	1,253,173,597					$	1,391,688,511
Overdistributed net investment income				$	(471,102	)				$	(25,370	)

¹  For the period from August 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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

14 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$46.05			$49.55			$45.30			$39.73			$32.92			$31.62
Net investment income (loss)		(0.02	)1		(0.03	)1		(0.01	)1		(0.06	)		0.04			(0.12	)1
Net realized and unrealized gains (losses) on investments		0.55			(0.92	)		6.33			7.01			6.81			1.42
Total from investment operations		0.53			(0.95	)		6.32			6.95			6.85			1.30
Distributions to shareholders from
Net investment income		0.00			(0.00	)2		0.00			0.00			(0.04	)		0.00
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00			0.00
Total distributions to shareholders		(2.31	)		(2.55	)		(2.07	)		(1.38	)		(0.04	)		0.00
Net asset value, end of period		$44.27			$46.05			$49.55			$45.30			$39.73			$32.92
Total return3		1.26	%		(1.83	)%		14.35	%		17.69	%		20.84	%		4.08	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.16	%		1.20	%		1.22	%		1.23	%		1.24	%
Net expenses		1.07	%		1.07	%		1.07	%		1.07	%		1.07	%		1.10	%
Net investment income (loss)		(0.10	)%		(0.06	)%		(0.02	)%		(0.17	)%		0.09	%		(0.37	)%
Supplemental data
Portfolio turnover rate		31	%		31	%		26	%		35	%		57	%		46	%
Net assets, end of period (000s omitted)		$512,249			$576,502			$184,504			$212,273			$131,616			$75,149

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.

Financial highlights Wells Fargo Large Cap Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$43.88			$47.68			$43.99			$38.90			$32.43			$31.38
Net investment loss		(0.18	)1		(0.32	)1		(0.42	)		(0.33	)		(0.20	)		(0.37	)1
Net realized and unrealized gains (losses) on investments		0.52			(0.93	)		6.18			6.80			6.67			1.42
Total from investment operations		0.34			(1.25	)		5.76			6.47			6.47			1.05
Distributions to shareholders from
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00			0.00
Net asset value, end of period		$41.91			$43.88			$47.68			$43.99			$38.90			$32.43
Total return2		0.89	%		(2.56	)%		13.47	%		16.81	%		19.95	%		3.31	%
Ratios to average net assets (annualized)
Gross expenses		1.91	%		1.91	%		1.95	%		1.97	%		1.98	%		1.99	%
Net expenses		1.82	%		1.82	%		1.82	%		1.82	%		1.82	%		1.84	%
Net investment loss		(0.85	)%		(0.75	)%		(0.77	)%		(0.89	)%		(0.65	)%		(1.16	)%
Supplemental data
Portfolio turnover rate		31	%		31	%		26	%		35	%		57	%		46	%
Net assets, end of period (000s omitted)		$15,569			$18,877			$22,839			$22,767			$17,748			$11,829

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, 2017 (unaudited)			Year ended July 31
CLASS R				2016			2015			2014			2013			20121
Net asset value, beginning of period		$45.50			$49.11			$45.03			$39.59			$32.86			$32.91
Net investment loss		(0.08	)2		(0.10	)2		(0.16	)		(0.15	)		(0.06	)2		(0.05	)2
Net realized and unrealized gains (losses) on investments		0.54			(0.96	)		6.31			6.97			6.80			0.00	3
Total from investment operations		0.46			(1.06	)		6.15			6.82			6.74			(0.05	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.01	)		0.00
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00			0.00
Total distributions to shareholders		(2.31	)		(2.55	)		(2.07	)		(1.38	)		(0.01	)		0.00
Net asset value, end of period		$43.65			$45.50			$49.11			$45.03			$39.59			$32.86
Total return4		1.12	%		(2.08	)%		14.05	%		17.42	%		20.53	%		(0.15	)%
Ratios to average net assets (annualized)
Gross expenses		1.41	%		1.41	%		1.45	%		1.47	%		1.47	%		1.47	%
Net expenses		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%
Net investment loss		(0.35	)%		(0.23	)%		(0.28	)%		(0.41	)%		(0.16	)%		(0.95	)%
Supplemental data
Portfolio turnover rate		31	%		31	%		26	%		35	%		57	%		46	%
Net assets, end of period (000s omitted)		$6,764			$8,218			$12,086			$12,295			$8,149			$5,065

¹  For the period from June 15, 2012 (commencement of class operations) to July 31, 2012

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.

Financial highlights Wells Fargo Large Cap Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS R4				2016			2015			2014			20131
Net asset value, beginning of period		$46.69			$50.23			$45.76			$40.05			$34.26
Net investment income		0.04			0.13			0.07			0.08			0.09
Net realized and unrealized gains (losses) on investments		0.56			(0.95	)		6.47			7.11			5.81
Total from investment operations		0.60			(0.82	)		6.54			7.19			5.90
Distributions to shareholders from
Net investment income		(0.05	)		(0.17	)		0.00			(0.10	)		(0.11	)
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00
Total distributions to shareholders		(2.36	)		(2.72	)		(2.07	)		(1.48	)		(0.11	)
Net asset value, end of period		$44.93			$46.69			$50.23			$45.76			$40.05
Total return2		1.39	%		(1.54	)%		14.69	%		18.07	%		17.37	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.88	%		0.87	%		0.89	%		0.87	%
Net expenses		0.80	%		0.78	%		0.75	%		0.75	%		0.75	%
Net investment income		0.16	%		0.27	%		0.17	%		0.17	%		0.39	%
Supplemental data
Portfolio turnover rate		31	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$8,852			$8,400			$7,205			$2,129			$12

¹  For the period from November 30, 2012 (commencement of class operations) to July 31, 2013

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, 2017 (unaudited)			Year ended July 31
CLASS R6				2016			2015			2014			20131
Net asset value, beginning of period		$46.82			$50.34			$45.82			$40.11			$34.26
Net investment income		0.07			0.22			0.07	2		0.12			0.15
Net realized and unrealized gains (losses) on investments		0.57			(0.97	)		6.56			7.11			5.82
Total from investment operations		0.64			(0.75	)		6.63			7.23			5.97
Distributions to shareholders from
Net investment income		(0.08	)		(0.22	)		(0.04	)		(0.14	)		(0.12	)
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00
Total distributions to shareholders		(2.39	)		(2.77	)		(2.11	)		(1.52	)		(0.12	)
Net asset value, end of period		$45.07			$46.82			$50.34			$45.82			$40.11
Total return3		1.47	%		(1.39	)%		14.88	%		18.25	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.73	%		0.73	%		0.72	%		0.74	%		0.75	%
Net expenses		0.65	%		0.64	%		0.60	%		0.60	%		0.60	%
Net investment income		0.32	%		0.39	%		0.13	%		0.29	%		0.26	%
Supplemental data
Portfolio turnover rate		31	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$275,000			$225,805			$117,741			$5,942			$2,278

¹  For the period from November 30, 2012 (commencement of class operations) to July 31, 2013

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Large Cap Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$46.32			$49.84			$45.50			$39.86			$33.02			$31.67
Net investment income (loss)		0.01			0.05			0.05			(0.01	)		0.09	1		(0.06	)1
Net realized and unrealized gains (losses) on investments		0.54			(0.94	)		6.36			7.04			6.83			1.41
Total from investment operations		0.55			(0.89	)		6.41			7.03			6.92			1.35
Distributions to shareholders from
Net investment income		(0.01	)		(0.08	)		0.00			(0.01	)		(0.08	)		0.00
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00			0.00
Total distributions to shareholders		(2.32	)		(2.63	)		(2.07	)		(1.39	)		(0.08	)		0.00
Net asset value, end of period		$44.55			$46.32			$49.84			$45.50			$39.86			$33.02
Total return2		1.31	%		(1.71	)%		14.48	%		17.84	%		21.00	%		4.26	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.08	%		1.05	%		1.06	%		1.07	%		1.08	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		0.03	%		0.12	%		0.10	%		(0.02	)%		0.24	%		(0.17	)%
Supplemental data
Portfolio turnover rate		31	%		31	%		26	%		35	%	��	57	%		46	%
Net assets, end of period (000s omitted)		$203,921			$237,577			$262,535			$245,364			$208,053			$75,099

¹  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$46.74			$50.30			$45.80			$40.11			$33.16			$31.73
Net investment income (loss)		0.05	1		0.17	1		0.19	1		0.11			0.20			(0.08	)1
Net realized and unrealized gains (losses) on investments		0.57			(0.96	)		6.41			7.09			6.86			1.51
Total from investment operations		0.62			(0.79	)		6.60			7.20			7.06			1.43
Distributions to shareholders from
Net investment income		(0.06	)		(0.22	)		(0.03	)		(0.13	)		(0.11	)		0.00
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00			0.00
Total distributions to shareholders		(2.37	)		(2.77	)		(2.10	)		(1.51	)		(0.11	)		0.00
Net asset value, end of period		$44.99			$46.74			$50.30			$45.80			$40.11			$33.16
Total return2		1.43	%		(1.49	)%		14.82	%		18.16	%		21.34	%		4.47	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.83	%		0.78	%		0.79	%		0.79	%		0.80	%
Net expenses		0.75	%		0.71	%		0.65	%		0.65	%		0.69	%		0.75	%
Net investment income (loss)		0.22	%		0.37	%		0.40	%		0.28	%		0.53	%		(0.25	)%
Supplemental data
Portfolio turnover rate		31	%		31	%		26	%		35	%		57	%		46	%
Net assets, end of period (000s omitted)		$230,818			$316,310			$534,975			$596,006			$508,853			$601,684

¹  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

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

Effective at the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the Fund.

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, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

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

may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand.

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	256,285,865	$	0	$	0	$	256,285,865
Consumer staples		46,330,020		0		0		46,330,020
Energy		33,370,361		0		0		33,370,361
Financials		26,036,240		0		0		26,036,240
Health care		158,986,120		0		0		158,986,120
Industrials		119,720,756		0		0		119,720,756
Information technology		546,104,839		0		0		546,104,839
Materials		49,553,851		0		0		49,553,851
Short-term investments
Investment companies		17,512,763		0		0		17,512,763
Investments measured at net asset value*								424,691
Total assets	$	1,253,900,815	$	0	$	0	$	1,254,325,506

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $424,691 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2017, the management fee was equivalent to an annual rate of 0.68% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.30% 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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 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. 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.

During the six months ended January 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $18,379 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $10,238 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

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, 2017, Funds Distributor received $2,602 from the sale of Class A shares and $24 in contingent deferred sales charges from redemptions of Class C shares.

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.

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, 2017 were $395,191,247 and $545,826,910, respectively.

The Fund may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

For the six months ended January 31, 2017, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. A fund that invests a substantial portion of their 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.

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

10. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

26 Wells Fargo Large Cap Growth Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Large Cap Growth Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 138 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 financial 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 lead 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. Board member of the Fonté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	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.	Asset Allocation Trust
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.	Asset Allocation Trust

28 Wells Fargo Large Cap Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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 Bank, N.A. and President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. 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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, 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 69 funds and Assistant Treasurer of 69 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 wellsfargofunds.com.

List of abbreviations Wells Fargo Large Cap Growth Fund 29

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

301461 03-17 SA209/SAR209 01-17

Semi-Annual Report

January 31, 2017

Wells Fargo Large Company Value Fund

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

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	19
Other information	24
List of abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Large Company Value Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

Dear Shareholder:

As the new president of Wells Fargo Funds now that Karla Rabusch is retiring from that position after nearly 14 years, I am 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, 2017. Despite heightened market volatility, global stocks delivered favorable results overall. U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

In August–September 2016, global stocks delivered generally positive results; bonds’ interest rates remained historically low.

From August into early September 2016, U.S. and international stocks generally trended upward. Ever since the Great Recession, markets worldwide have been supported to varying degrees by accommodative policies from leading central banks, including the Federal Reserve (Fed), European Central Bank, Bank of England, and Bank of Japan. As a result, investors have watched closely for any signs that global central banks might tighten their measures. In the U.S., early-September comments by several Fed officials appeared to suggest a September interest-rate increase, which sent stock and bond prices downward. However, stocks surged following the Fed’s September 20 meeting on news that the Fed had decided to delay a rate increase to later in 2016. In bond markets, interest rates remained at historically low levels as a result of easy monetary policies, subdued global growth, and modest inflation expectations. Yields rose, after bottoming in July, as market participants felt that yields had overshot the real risks of the U.K.’s Brexit vote and as economic activity strengthened. At the front end of the yield curve, anticipation of new money market fund rules resulted in significantly higher yields on many short-term securities.

During the fourth quarter of 2016, prospects for faster growth and higher interest rates in the U.S. largely influenced the markets.

Early in the fourth quarter of 2016, U.S. stocks tended to trade lower amid concerns such as a likely interest-rate increase and uncertainty over the approaching general election. However, following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of pro-growth policies, and supportive economic news helped the rally carry through the quarter. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year, by a quarter percentage point, to between 0.50% and 0.75%. The fourth quarter also saw the implementation of the Securities and Exchange Commission’s new rules for money market funds, which included floating net asset values (NAVs) for institutional prime and municipal money market funds as well as liquidity fees and redemption gates. In the year leading up to

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes 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 Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

Letter to shareholders (unaudited) Wells Fargo Large Company Value Fund 3

money fund reform implementation, nearly $1 trillion in assets moved from these types of money market funds into government money market funds, which continued to transact at a stable $1 NAV. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar.

Investor optimism continued into January 2017.

January brought continued strength in global stock markets. Markets were lifted by factors such as strong trade data from Japan, robust earnings reports by businesses, and investors’ hopes that the U.S. government will approve a large fiscal stimulus package.

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

Periods of 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 in 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

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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

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

Analytic Investors, LLC*

Portfolio managers*

Dennis Bein, CFA^®

Ryan Brown, CFA^®

Hariandra de Silva, Ph.D., CFA^®

Average annual total returns (%) as of January 31, 2017¹

		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 (WLCAX)	3-31-2008		14.78		10.15		4.28		21.74		11.45		4.90		0.94		0.83
Class C (WFLVX)	3-31-2008		19.83		10.65		4.14		20.83		10.65		4.14		1.69		1.58
Administrator Class (WWIDX)	12-31-2001		–		–		–		21.82		11.71		5.18		0.86		0.75
Institutional Class (WLCIX)	3-31-2008		–		–		–		22.22		11.98		5.39		0.61		0.50
Russell 1000® Value Index4	–		–		–		–		24.62		14.11		5.66		–		–

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Large Company Value Fund 5

Ten largest holdings (%) as of January 31, 20175
Johnson & Johnson	4.29
JPMorgan Chase & Company	3.78
Bank of America Corporation	3.75
Cisco Systems Incorporated	3.37
Citigroup Incorporated	3.37
Merck & Company Incorporated	3.17
Wal-Mart Stores Incorporated	2.90
Verizon Communications Incorporated	2.86
US Bancorp	2.75
United Technologies Corporation	2.74

Sector distribution as of January 31, 2017⁶

* The subadviser and portfolio managers began management of the Fund effective February 1, 2017.

¹  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 (except during those periods in which the expenses of Class A shares would have been higher than those of the former Investor Class shares). If these expenses had not been included, returns would be higher. Historical performance shown for Class C shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for 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 would be higher. Historical performance shown for all classes of the Fund prior to March 21, 2008 does not reflect the Fund’s current investment objective and strategies.

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

³  The manager has contractually committed through November 30, 2019, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  The ten largest holdings, excluding cash and cash equivalents, 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, 2016 to January 31, 2017.

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 8-1-2016		Ending account value 1-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,081.06	$	5.75		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.58		1.10	%
Class C
Actual	$	1,000.00	$	1,077.22	$	9.66		1.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.84	$	9.37		1.85	%
Administrator Class
Actual	$	1,000.00	$	1,081.68	$	5.13		0.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.21	$	4.98		0.98	%
Institutional Class
Actual	$	1,000.00	$	1,083.56	$	3.93		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).

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Large Company Value Fund 7

Security name	Shares		Value
Common Stocks: 98.79%
Consumer Discretionary: 5.25%
Media: 1.37%
Tegna Incorporated		68,300	$	1,564,753
Time Warner Incorporated		20,200		1,956,370
				3,521,123
Multiline Retail: 1.47%
Big Lots Incorporated		18,680		934,000
Macy’s Incorporated		1,190		35,153
Target Corporation		43,240		2,788,115
				3,757,268
Specialty Retail: 2.41%
Best Buy Company Incorporated		90,610		4,033,957
GameStop Corporation Class A		20,400		499,596
Office Depot Incorporated		133,060		592,117
Williams-Sonoma Incorporated		21,450		1,034,105
				6,159,775
Consumer Staples: 8.74%
Beverages: 2.15%
PepsiCo Incorporated		52,990		5,499,302
Food & Staples Retailing: 3.15%
SpartanNash Company		13,550		513,003
Wal-Mart Stores Incorporated		111,140		7,417,484
Walgreens Boots Alliance Incorporated		1,470		120,452
				8,050,939
Food Products: 2.40%
Archer Daniels Midland Company		38,030		1,683,208
Bunge Limited		720		49,831
ConAgra Foods Incorporated		47,070		1,839,966
Darling Ingredients Incorporated †		31,490		377,880
Ingredion Incorporated		17,180		2,202,304
				6,153,189
Household Products: 0.64%
The Procter & Gamble Company		18,720		1,639,872
Tobacco: 0.40%
Altria Group Incorporated		14,520		1,033,534
Energy: 11.33%
Energy Equipment & Services: 1.35%
Schlumberger Limited		34,800		2,913,108
Unit Corporation †		21,270		553,020
				3,466,128

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

8 Wells Fargo Large Company Value Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Shares		Value
Oil, Gas & Consumable Fuels: 9.98%
ConocoPhillips		128,680	$	6,274,437
EOG Resources Incorporated		26,790		2,721,328
Exxon Mobil Corporation		35,870		3,009,134
Marathon Oil Corporation		11,080		185,590
Marathon Petroleum Corporation		105,760		5,081,768
Phillips 66 Company		70,150		5,725,643
Valero Energy Corporation		8,800		578,688
Western Refining Incorporated		4,240		148,442
World Fuel Services Corporation		23,500		1,045,280
WPX Energy Incorporated †		54,240		755,563
				25,525,873
Financials: 27.35%
Banks: 13.74%
Bank of America Corporation		424,410		9,608,642
Citigroup Incorporated		154,620		8,632,435
First Merchants Corporation		4,840		185,517
JPMorgan Chase & Company		114,290		9,672,363
US Bancorp		133,890		7,049,309
				35,148,266
Capital Markets: 1.80%
Bank of New York Mellon Corporation		97,060		4,341,494
BGC Partners Incorporated		21,290		235,680
Franklin Resources Incorporated		880		34,971
				4,612,145
Consumer Finance: 4.55%
Discover Financial Services		40,000		2,771,200
Navient Corporation		154,130		2,318,115
Santander Consumer USA Holdings Incorporated †		59,910		792,010
Synchrony Financial		161,070		5,769,527
				11,650,852
Diversified Financial Services: 1.38%
Berkshire Hathaway Incorporated Class B †		21,510		3,530,651
Insurance: 3.66%
Assured Guaranty Limited		51,480		2,003,087
Old Republic International Corporation		155,870		3,242,096
The Allstate Corporation		41,470		3,118,959
The Hartford Financial Services Group Incorporated		20,580		1,002,452
				9,366,594
Thrifts & Mortgage Finance: 2.22%
MGIC Investment Corporation †		239,540		2,551,101
Radian Group Incorporated		169,720		3,122,848
				5,673,949

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Large Company Value Fund 9

Security name	Shares		Value
Health Care: 11.51%
Biotechnology: 2.46%
Amgen Incorporated		19,430	$	3,044,292
Biogen Incorporated		190		52,676
Gilead Sciences Incorporated		44,200		3,202,290
				6,299,258
Pharmaceuticals: 9.05%
Johnson & Johnson		96,870		10,970,528
Merck & Company Incorporated		131,010		8,121,310
Pfizer Incorporated		128,400		4,074,132
				23,165,970
Industrials: 9.91%
Aerospace & Defense: 4.08%
Arconic Incorporated		8,380		190,980
Spirit AeroSystems Holdings Incorporated Class A		53,450		3,209,673
Textron Incorporated		880		41,686
United Technologies Corporation		63,820		6,999,139
				10,441,478
Air Freight & Logistics: 0.12%
FedEx Corporation		1,610		304,467
Commercial Services & Supplies: 1.17%
Deluxe Corporation		14,380		1,047,583
HNI Corporation		16,730		843,359
Steelcase Incorporated Class A		66,070		1,109,976
				3,000,918
Electrical Equipment: 1.02%
Eaton Corporation plc		18,160		1,285,365
EnerSys		17,150		1,336,843
				2,622,208
Industrial Conglomerates: 2.01%
3M Company		4,630		809,417
Carlisle Companies Incorporated		1,970		214,947
Honeywell International Incorporated		34,700		4,105,704
				5,130,068
Professional Services: 1.00%
Manpower Incorporated		26,830		2,561,192
Trading Companies & Distributors: 0.51%
HD Supply Holdings Incorporated †		30,630		1,295,649
Information Technology: 9.26%
Communications Equipment: 3.38%
Cisco Systems Incorporated		281,130		8,636,314

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

10 Wells Fargo Large Company Value Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Shares		Value
Electronic Equipment, Instruments & Components: 0.24%
Avnet Incorporated		13,100	$	608,364
IT Services: 0.16%
Booz Allen Hamilton Holding Corporation		12,330		417,001
Semiconductors & Semiconductor Equipment: 2.61%
Intel Corporation		181,170		6,670,679
Software: 2.87%
CA Incorporated		34,130		1,067,245
Oracle Corporation		156,720		6,286,039
				7,353,284
Materials: 2.45%
Chemicals: 0.36%
PolyOne Corporation		25,730		877,650
Stepan Company		570		44,523
				922,173
Containers & Packaging: 0.79%
Graphic Packaging Holding Company		161,450		2,019,740
Metals & Mining: 1.30%
Compass Minerals International Incorporated		14,160		1,183,776
Southern Copper Corporation		38,820		1,489,135
Tahoe Resources Incorporated		71,600		654,424
				3,327,335
Real Estate: 2.35%
Real Estate Management & Development: 2.35%
CBRE Group Incorporated Class A †		90,940		2,760,938
Jones Lang LaSalle Incorporated		10,640		1,096,239
Realogy Holdings Corporation		83,230		2,156,489
				6,013,666
Telecommunication Services: 3.34%
Diversified Telecommunication Services: 2.86%
Verizon Communications Incorporated		149,510		7,327,485
Wireless Telecommunication Services: 0.48%
Telephone & Data Systems Incorporated		39,770		1,218,951
Utilities: 7.30%
Electric Utilities: 4.06%
American Electric Power Company Incorporated		60,440		3,871,786
Avangrid Incorporated		45,400		1,761,520
Hawaiian Electric Industries Incorporated		20,630		690,692
PG&E Corporation		9,980		617,662

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Large Company Value Fund 11

Security name				Shares		Value
Electric Utilities (continued)
Pinnacle West Capital Corporation					21,060	$	1,634,888
PPL Corporation					50,310		1,752,800
Xcel Energy Incorporated					1,300		53,716
							10,383,064
Gas Utilities: 0.29%
UGI Corporation					15,970		740,529
Multi-Utilities: 2.95%
CMS Energy Corporation					77,960		3,321,096
DTE Energy Company					9,560		942,998
MDU Resources Group Incorporated					48,200		1,414,670
Public Service Enterprise Group Incorporated					42,160		1,865,580
							7,544,344
Total Common Stocks (Cost $234,670,479)							252,793,597
	Yield
Short-Term Investments: 1.51%
Investment Companies: 1.51%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.46	%		3,874,036		3,874,036
Total Short-Term Investments (Cost $3,874,036)							3,874,036

Total investments in securities (Cost $238,544,515) *	100.30	%		256,667,633
Other assets and liabilities, net	(0.30	)		(766,900	)
Total net assets	100.00	%	$	255,900,733

† 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.

* Cost for federal income tax purposes is $241,560,029 and unrealized gains (losses) consists of:

Gross unrealized gains	$	19,764,141
Gross unrealized losses		(4,656,537	)
Net unrealized gains	$	15,107,604

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, 2017 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $234,670,479)	$	252,793,597
In affiliated securities, at value (cost $3,874,036)		3,874,036
Total investments, at value (cost $238,544,515)		256,667,633
Receivable for investments sold		47,588,530
Receivable for Fund shares sold		8,760
Receivable for dividends		259,569
Receivable for securities lending income		2,267
Prepaid expenses and other assets		36,837
Total assets		304,563,596
Liabilities
Payable for investments purchased		45,150,202
Payable for Fund shares redeemed		422,163
Due to custodian bank		2,827,093
Management fee payable		122,572
Distribution fee payable		2,332
Administration fees payable		43,711
Accrued expenses and other liabilities		94,790
Total liabilities		48,662,863
Total net assets	$	255,900,733
NET ASSETS CONSIST OF
Paid-in capital	$	196,719,026
Undistributed net investment income		47,213
Accumulated net realized gains on investments		41,011,376
Net unrealized gains on investments		18,123,118
Total net assets	$	255,900,733
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	220,913,646
Shares outstanding – Class A1		14,076,947
Net asset value per share – Class A		$15.69
Maximum offering price per share – Class A2		$16.65
Net assets – Class C	$	3,562,011
Shares outstanding – Class C1		222,245
Net asset value per share – Class C		$16.03
Net assets – Administrator Class	$	20,470,212
Shares outstanding – Administrator Class1		1,295,401
Net asset value per share – Administrator Class		$15.80
Net assets – Institutional Class	$	10,954,864
Shares outstanding – Institutional Class1		693,986
Net asset value per share – Institutional Class		$15.79

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2017 (unaudited) Wells Fargo Large Company Value Fund 13

Investment income
Dividends	$	2,584,617
Securities lending income, net		23,513
Income from affiliated securities		8,449
Total investment income		2,616,579
Expenses
Management fee		892,767
Administration fees
Class A		229,664
Class C		3,748
Administrator Class		14,651
Institutional Class		6,655
Shareholder servicing fees
Class A		273,410
Class C		4,462
Administrator Class		27,966
Distribution fee
Class C		13,387
Custody and accounting fees		6,359
Professional fees		20,376
Registration fees		36,714
Shareholder report expenses		20,880
Trustees’ fees and expenses		7,952
Other fees and expenses		4,858
Total expenses		1,563,849
Less: Fee waivers and/or expense reimbursements		(179,004	)
Net expenses		1,384,845
Net investment income		1,231,734
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		48,408,790
Affiliated securities		388
Net realized gains on investments		48,409,178
Net change in unrealized gains (losses) on investments		(29,864,149	)
Net realized and unrealized gains (losses) on investments		18,545,029
Net increase in net assets resulting from operations	$	19,776,763

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, 2017 (unaudited)						Year ended July 31, 2016
Operations
Net investment income				$	1,231,734					$	3,028,994
Net realized gains (losses) on investments					48,409,178						(969,698	)
Net change in unrealized gains (losses) on investments					(29,864,149	)					(5,958,734	)
Net increase (decrease) in net assets resulting from operations					19,776,763						(3,899,438	)
Distributions to shareholders from
Net investment income
Class A					(993,160	)					(2,264,793	)
Class C					(4,536	)					(13,093	)
Administrator Class					(110,553	)					(337,098	)
Institutional Class					(64,417	)					(111,852	)
Investor Class					N/A						(248,226	)1
Net realized gains
Class A					0						(16,632,476	)
Class C					0						(275,850	)
Administrator Class					0						(1,889,643	)
Institutional Class					0						(642,971	)
Total distributions to shareholders					(1,172,666	)					(22,416,002	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		101,904			1,522,334			8,907,108			138,160,256
Class C		4,001			61,463			31,550			457,515
Administrator Class		11,729			174,615			71,607			1,041,380
Institutional Class		143,074			2,169,104			547,916			8,310,962
Investor Class		N/A			N/A			32,361	1		501,302	1
					3,927,516						148,471,415
Reinvestment of distributions
Class A		64,054			961,837			1,321,571			18,357,171
Class C		267			4,004			18,165			257,417
Administrator Class		6,459			97,409			143,421			2,009,265
Institutional Class		4,071			61,827			50,313			702,990
Investor Class		N/A			N/A			15,819	1		239,184	1
					1,125,077						21,566,027
Payment for shares redeemed
Class A		(1,106,509	)		(16,490,143	)		(1,699,975	)		(24,158,609	)
Class C		(28,690	)		(433,475	)		(76,521	)		(1,132,943	)
Administrator Class		(369,342	)		(5,535,812	)		(431,324	)		(6,314,039	)
Institutional Class		(90,558	)		(1,400,529	)		(52,523	)		(756,449	)
Investor Class		N/A			N/A			(8,624,994	)1		(137,936,039	)1
					(23,859,959	)					(170,298,079	)
Net decrease in net assets resulting from capital share transactions					(18,807,366	)					(260,637	)
Total decrease in net assets					(203,269	)					(26,576,077	)
Net assets
Beginning of period					256,104,002						282,680,079
End of period				$	255,900,733					$	256,104,002
Undistributed (overdistributed) net investment income				$	47,213					$	(11,855	)

¹  For the period from August 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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

Financial highlights Wells Fargo Large Company Value Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$14.58			$16.10			$16.82			$16.39			$12.96			$12.61
Net investment income		0.07			0.17			0.13	1		0.10			0.14			0.17
Net realized and unrealized gains (losses) on investments		1.11			(0.41	)		0.78			2.04			3.48			0.35
Total from investment operations		1.18			(0.24	)		0.91			2.14			3.62			0.52
Distributions to shareholders from
Net investment income		(0.07	)		(0.16	)		(0.13	)		(0.09	)		(0.19	)		(0.17	)
Net realized gains		0.00			(1.12	)		(1.50	)		(1.62	)		0.00			0.00
Total distributions to shareholders		(0.07	)		(1.28	)		(1.63	)		(1.71	)		(0.19	)		(0.17	)
Net asset value, end of period		$15.69			$14.58			$16.10			$16.82			$16.39			$12.96
Total return2		8.11	%		(0.98	)%		5.72	%		13.68	%		28.16	%		4.21	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.24	%		1.27	%		1.28	%		1.28	%		1.27	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income		0.95	%		1.19	%		0.76	%		0.61	%		1.00	%		1.29	%
Supplemental data
Portfolio turnover rate		105	%		50	%		71	%		59	%		78	%		37	%
Net assets, end of period (000s omitted)		$220,914			$218,922			$104,453			$116,398			$115,895			$103,195

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, 2017 (unaudited)			Year ended July 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$14.90			$16.41			$17.12			$16.70			$13.21			$12.81
Net investment income (loss)		0.01			0.06			0.00	1		(0.02	)		0.04			0.09
Net realized and unrealized gains (losses) on investments		1.14			(0.40	)		0.80			2.07			3.54			0.36
Total from investment operations		1.15			(0.34	)		0.80			2.05			3.58			0.45
Distributions to shareholders from
Net investment income		(0.02	)		(0.05	)		(0.01	)		(0.01	)		(0.09	)		(0.05	)
Net realized gains		0.00			(1.12	)		(1.50	)		(1.62	)		0.00			0.00
Total distributions to shareholders		(0.02	)		(1.17	)		(1.51	)		(1.63	)		(0.09	)		(0.05	)
Net asset value, end of period		$16.03			$14.90			$16.41			$17.12			$16.70			$13.21
Total return2		7.72	%		(1.68	)%		4.92	%		12.83	%		27.17	%		3.49	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		1.99	%		2.02	%		2.03	%		2.03	%		2.02	%
Net expenses		1.85	%		1.84	%		1.85	%		1.85	%		1.85	%		1.85	%
Net investment income (loss)		0.21	%		0.44	%		0.01	%		(0.14	)%		0.25	%		0.54	%
Supplemental data
Portfolio turnover rate		105	%		50	%		71	%		59	%		78	%		37	%
Net assets, end of period (000s omitted)		$3,562			$3,674			$4,488			$4,659			$4,543			$4,022

¹  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Large Company Value Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$14.68			$16.20			$16.93			$16.47			$13.02			$12.68
Net investment income		0.08	1		0.20			0.17			0.15			0.21			0.19	1
Net realized and unrealized gains (losses) on investments		1.12			(0.41	)		0.78			2.05			3.46			0.36
Total from investment operations		1.20			(0.21	)		0.95			2.20			3.67			0.55
Distributions to shareholders from
Net investment income		(0.08	)		(0.19	)		(0.18	)		(0.12	)		(0.22	)		(0.21	)
Net realized gains		0.00			(1.12	)		(1.50	)		(1.62	)		0.00			0.00
Total distributions to shareholders		(0.08	)		(1.31	)		(1.68	)		(1.74	)		(0.22	)		(0.21	)
Net asset value, end of period		$15.80			$14.68			$16.20			$16.93			$16.47			$13.02
Total return2		8.17	%		(0.79	)%		5.95	%		13.94	%		28.52	%		4.47	%
Ratios to average net assets (annualized)
Gross expenses		1.15	%		1.16	%		1.12	%		1.12	%		1.10	%		1.11	%
Net expenses		0.98	%		0.93	%		0.85	%		0.85	%		0.85	%		0.85	%
Net investment income		1.09	%		1.35	%		1.01	%		0.86	%		1.28	%		1.54	%
Supplemental data
Portfolio turnover rate		105	%		50	%		71	%		59	%		78	%		37	%
Net assets, end of period (000s omitted)		$20,470			$24,164			$30,177			$36,002			$38,798			$176,623

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 Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$14.66			$16.17			$16.91			$16.44			$13.00			$12.68
Net investment income		0.09			0.21	1		0.20	1		0.18	1		0.26	1		0.22
Net realized and unrealized gains (losses) on investments		1.13			(0.38	)		0.78			2.05			3.45			0.35
Total from investment operations		1.22			(0.17	)		0.98			2.23			3.71			0.57
Distributions to shareholders from
Net investment income		(0.09	)		(0.22	)		(0.22	)		(0.14	)		(0.27	)		(0.25	)
Net realized gains		0.00			(1.12	)		(1.50	)		(1.62	)		0.00			0.00
Total distributions to shareholders2		(0.09	)		(1.34	)		(1.72	)		(1.76	)		(0.27	)		(0.25	)
Net asset value, end of period		$15.79			$14.66			$16.17			$16.91			$16.44			$13.00
Total return		8.36	%		(0.54	)%		6.14	%		14.16	%		28.93	%		4.67	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.91	%		0.85	%		0.85	%		0.84	%		0.85	%
Net expenses		0.75	%		0.74	%		0.65	%		0.65	%		0.65	%		0.66	%
Net investment income		1.26	%		1.50	%		1.23	%		1.10	%		1.83	%		1.80	%
Supplemental data
Portfolio turnover rate		105	%		50	%		71	%		59	%		78	%		37	%
Net assets, end of period (000s omitted)		$10,955			$9,343			$1,483			$863			$3,299			$15,924

¹  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Large Company Value Fund 19

1. ORGANIZATION

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

Effective at the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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.

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

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, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

20 Wells Fargo Large Company Value Fund Notes to financial statements (unaudited)

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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 July 31, 2016, the Fund had current year deferred post-October capital losses and a qualified late-year ordinary loss which were both recognized on the first day of the current fiscal year in the following amounts:

Deferred post-October capital losses		Late-year ordinary losses deferred
Short-term	Long-term
$(2,154,994)	$(1,283,211)	$(361)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Large Company Value Fund 21

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, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	13,438,166	$	0	$	0	$	13,438,166
Consumer staples		22,376,836		0		0		22,376,836
Energy		28,992,001		0		0		28,992,001
Financials		69,982,457		0		0		69,982,457
Health care		29,465,228		0		0		29,465,228
Industrials		25,355,980		0		0		25,355,980
Information technology		23,685,642		0		0		23,685,642
Materials		6,269,248		0		0		6,269,248
Real estate		6,013,666		0		0		6,013,666
Telecommunication services		8,546,436		0		0		8,546,436
Utilities		18,667,937		0		0		18,667,937
Short-term investments
Investment companies		3,874,036		0		0		3,874,036
Total assets	$	256,667,633	$	0	$	0	$	256,667,633

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2017, 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. Phocas Financial Corporation, which is not an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.29% 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		0.21	%
Administrator Class, Institutional Class		0.13

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.10% for Class A shares 1.85% for Class C shares, 0.98% for Administrator Class shares and 0.75% for Institutional Class shares. 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.

During the six months ended January 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $5,985 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $26,900 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

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, 2017, Funds Distributor received $1,164 from the sale of Class A shares.

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.

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, 2017 were $264,671,071 and $279,400,289, respectively.

The Fund may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

For the six months ended January 31, 2017, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

10. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

11. SUBSEQUENT DISTRIBUTIONS

On March 23, 2017, the Fund declared distributions from net investment income to shareholders of record on March 22, 2017. The per share amounts payable on March 24, 2017 were as follows:

	Net investment income
Class A	$0.03885
Class C	0.01393
Administrator Class	0.04193
Institutional Class	0.04977

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the Fund’s tax year-end.

24 Wells Fargo Large Company Value Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Large Company Value Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 138 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 financial 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 lead 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. Board member of the Fonté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	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.	Asset Allocation Trust
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.	Asset Allocation Trust

26 Wells Fargo Large Company Value Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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 Bank, N.A. and President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. 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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, 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 69 funds and Assistant Treasurer of 69 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 wellsfargofunds.com.

List of abbreviations Wells Fargo Large Company Value Fund 27

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

301462 03-17 SA210/SAR210 01-17

Semi-Annual Report

January 31, 2017

Wells Fargo Low Volatility U.S. Equity Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	20
Other information	24
List of abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Low Volatility U.S. Equity Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

Dear Shareholder:

As the new president of Wells Fargo Funds now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Low Volatility U.S. Equity Fund since commencement of operation on October 31, 2016 through January 31, 2017. Despite heightened market volatility, global stocks delivered favorable results overall. U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

In August–September 2016, global stocks delivered generally positive results; bonds’ interest rates remained historically low.

From August into early September 2016, U.S. and international stocks generally trended upward. Ever since the Great Recession, markets worldwide have been supported to varying degrees by accommodative policies from leading central banks, including the Federal Reserve (Fed), European Central Bank, Bank of England, and Bank of Japan. As a result, investors have watched closely for any signs that global central banks might tighten their measures. In the U.S., early-September comments by several Fed officials appeared to suggest a September interest-rate increase, which sent stock and bond prices downward. However, stocks surged following the Fed’s September 20 meeting on news that the Fed had decided to delay a rate increase to later in 2016. In bond markets, interest rates remained at historically low levels as a result of easy monetary policies, subdued global growth, and modest inflation expectations. Yields rose, after bottoming in July, as market participants felt that yields had overshot the real risks of the U.K.’s Brexit vote and as economic activity strengthened. At the front end of the yield curve, anticipation of new money market fund rules resulted in significantly higher yields on many short-term securities.

During the fourth quarter of 2016, prospects for faster growth and higher interest rates in the U.S. largely influenced the markets.

Early in the fourth quarter of 2016, U.S. stocks tended to trade lower amid concerns such as a likely interest-rate increase and uncertainty over the approaching general election. However, following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of pro-growth policies, and supportive economic news helped the rally carry through the quarter. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year, by a quarter percentage point, to between 0.50% and 0.75%. The fourth quarter also saw the implementation of the Securities and Exchange Commission’s new rules for money market funds, which included floating net asset values (NAVs) for institutional prime and municipal money market funds as well as liquidity fees and redemption gates. In the year leading up to

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes 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 Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

Letter to shareholders (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 3

money fund reform implementation, nearly $1 trillion in assets moved from these types of money market funds into government money market funds, which continued to transact at a stable $1 NAV. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar.

Investor optimism continued into January 2017.

January brought continued strength in global stock markets. Markets were lifted by factors such as strong trade data from Japan, robust earnings reports by businesses, and investors’ hopes that the U.S. government will approve a large fiscal stimulus package.

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

Periods of 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 in 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

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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

4 Wells Fargo Low Volatility U.S. Equity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Analytic Investors, LLC

Portfolio managers

Dennis Bein, CFA^®

Ryan Brown, CFA^®

Harindra de Silva, Ph.D., CFA^®

Average annual total returns (%) as of January 31, 2017

		Including sales charge			Excluding sales charge		Expense ratios1 (%)
	Inception date	Since inception			Since inception		Gross		Net2
Class A (WLVLX)	10-31-2016		(0.28	)		5.80		1.03		0.83
Class C (WLVKX)	10-31-2016		4.50			5.50		1.78		1.58
Class R (WLVMX)	10-31-2016		–			5.68		1.28		1.08
Class R6 (WLVJX)	10-31-2016		–			5.81		0.60		0.40
Administrator Class (WLVDX)	10-31-2016		–			5.74		0.95		0.75
Institutional Class (WLVOX)	10-31-2016		–			5.79		0.70		0.50
Russell 1000® Index3	–		–			8.02		–		–

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 5

Ten largest holdings (%) as of January 31, 20174
PepsiCo Incorporated	2.41
Altria Group Incorporated	2.40
Validus Holdings Limited	2.39
Waste Management Incorporated	2.36
RenaissanceRe Holdings Limited	2.35
Axis Capital Holdings Limited	2.31
Johnson & Johnson	2.30
United Parcel Service Incorporated Class B	2.27
Everest Reinsurance Group Limited	2.24
Philip Morris International	2.21

Sector distribution as of January 31, 2017⁵

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, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower.

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 and cash equivalents, 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.

6 Wells Fargo Low Volatility U.S. Equity Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2016 to January 31, 2017.

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 8-1-2016		Ending account value 1-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,058.01	$	4.29		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.96	$	4.22		0.83	%
Class C
Actual	$	1,000.00	$	1,054.96	$	8.16		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.19	$	8.01		1.58	%
Class R
Actual	$	1,000.00	$	1,056.84	$	5.58		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.48		1.08	%
Class R6
Actual	$	1,000.00	$	1,058.06	$	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	$	1,057.44	$	3.88		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81		0.75	%
Institutional Class
Actual	$	1,000.00	$	1,057.88	$	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).

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 7

Security name	Shares		Value
Common Stocks: 94.38%
Consumer Discretionary: 9.33%
Distributors: 0.11%
Genuine Parts Company		302	$	29,237
Hotels, Restaurants & Leisure: 5.83%
Aramark		13,611		460,596
Darden Restaurants Incorporated		4,095		300,082
McDonald’s Corporation		3,082		377,761
Yum! Brands Incorporated		7,074		463,559
				1,601,998
Media: 0.42%
Regal Entertainment Group Class A		5,104		115,657
Multiline Retail: 1.83%
Dollar General Corporation		755		55,734
Target Corporation		6,960		448,781
				504,515
Specialty Retail: 0.17%
Dick’s Sporting Goods Incorporated		380		19,608
Murphy USA Incorporated †		437		27,837
				47,445
Textiles, Apparel & Luxury Goods: 0.97%
Michael Kors Holdings Limited †		6,263		268,119
Consumer Staples: 28.70%
Beverages: 6.78%
Dr Pepper Snapple Group Incorporated		6,609		602,741
PepsiCo Incorporated		6,380		662,116
The Coca-Cola Company		14,403		598,733
				1,863,590
Food & Staples Retailing: 5.97%
Costco Wholesale Corporation		2,759		452,338
Sysco Corporation		10,888		571,184
The Kroger Company		1,969		66,867
Wal-Mart Stores Incorporated		8,272		552,073
				1,642,462
Food Products: 5.57%
Flowers Foods Incorporated		12,847		258,353
General Mills Incorporated		359		22,430
Ingredion Incorporated		1,078		138,189
Kellogg Company		7,637		555,286
McCormick & Company Incorporated		5,273		503,835

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, 2017 (unaudited)

Security name	Shares		Value
Food Products (continued)
The Hershey Company		313	$	33,012
Tyson Foods Incorporated Class A		312		19,590
				1,530,695
Household Products: 5.78%
Colgate-Palmolive Company		8,543		551,707
Kimberly-Clark Corporation		4,419		535,273
The Clorox Company		3,736		448,320
The Procter & Gamble Company		622		54,487
				1,589,787
Tobacco: 4.60%
Altria Group Incorporated		9,258		658,984
Philip Morris International		6,311		606,676
				1,265,660
Financials: 16.58%
Banks: 2.07%
BankUnited Incorporated		7,907		302,047
US Bancorp		5,095		268,252
				570,299
Capital Markets: 1.10%
Donnelley Financial Solutions †		2,957		71,205
Thomson Reuters Corporation		5,135		230,253
				301,458
Insurance: 11.08%
American National Insurance Company		626		72,985
Aspen Insurance Holdings Limited		4,170		235,188
Axis Capital Holdings Limited		9,918		634,851
Everest Reinsurance Group Limited		2,796		614,924
ProAssurance Corporation		324		17,626
RenaissanceRe Holdings Limited		4,738		645,884
Validus Holdings Limited		11,510		656,070
White Mountain Insurance Group Limited		185		168,306
				3,045,834
Mortgage REITs: 2.33%
AGNC Investment Corporation		814		15,197
Chimera Investment Corporation		16,726		294,879
MFA Financial Incorporated		42,071		331,940
				642,016
Health Care: 11.54%
Health Care Equipment & Supplies: 3.35%
Baxter International Incorporated		11,002		527,106
Teleflex Incorporated		2,355		395,004
				922,110

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 9

Security name	Shares			Value
Health Care Providers & Services: 1.02%
AmerisourceBergen Corporation		660		$	57,605
Laboratory Corporation of America Holdings †		200			26,842
McKesson Corporation		529			73,610
Quest Diagnostics Incorporated		1,320			121,334
					279,391
Life Sciences Tools & Services: 1.63%
Quintiles Transnational Holdings Incorporated †		5,722			449,120
Pharmaceuticals: 5.54%
Bristol-Myers Squibb Company		3,462			170,192
Johnson & Johnson		5,576			631,482
Merck & Company Incorporated		3,832			237,546
Pfizer Incorporated		15,232			483,311
					1,522,531
Industrials: 9.56%
Aerospace & Defense: 2.54%
Lockheed Martin Corporation		1,308			328,740
Raytheon Company		2,555			368,329
					697,069
Air Freight & Logistics: 2.27%
United Parcel Service Incorporated Class B		5,712			623,351
Commercial Services & Supplies: 3.51%
Republic Services Incorporated		5,506	��		315,934
Waste Management Incorporated		9,344			649,408
					965,342
Industrial Conglomerates: 0.32%
3M Company		505			88,284
Road & Rail: 0.72%
Landstar System Incorporated		2,336			197,626
Transportation Infrastructure: 0.20%
Macquarie Infrastructure Company LLC		750			56,243
Information Technology: 9.81%
Communications Equipment: 1.38%
Cisco Systems Incorporated		10,122			310,948
Motorola Solutions Incorporated		853			68,846
					379,794
Internet Software & Services: 0.75%
eBay Incorporated †		6,479			206,227
IT Services: 5.86%
Accenture plc Class A		1,678			191,074
Amdocs Limited		10,291			604,185
Booz Allen Hamilton Holding Corporation		6,302			213,134

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, 2017 (unaudited)

Security name				Shares		Value
IT Services (continued)
International Business Machines Corporation					2,093	$	365,270
Square Incorporated Class A †					16,318		238,569
							1,612,232
Software: 1.82%
Symantec Corporation					18,151		500,060
Materials: 0.37%
Metals & Mining: 0.37%
Compass Minerals International Incorporated					1,226		102,494
Real Estate: 2.13%
Equity REITs: 2.13%
Apple Hospitality REIT Incorporated					25,360		507,707
The Macerich Company					1,123		77,139
							584,846
Telecommunication Services: 2.19%
Diversified Telecommunication Services: 2.19%
Verizon Communications Incorporated					12,280		601,843
Utilities: 4.17%
Electric Utilities: 4.17%
Hawaiian Electric Industries Incorporated					13,320		445,954
Pinnacle West Capital Corporation					4,568		354,614
The Southern Company					3,532		174,587
Xcel Energy Incorporated					4,132		170,734
							1,145,889
Total Common Stocks (Cost $24,731,427)							25,953,224
	Yield
Short-Term Investments: 5.04%
Investment Companies: 5.04%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.46	%		1,384,333		1,384,333
Total Short-Term Investments (Cost $1,384,333)							1,384,333

Total investments in securities (Cost $26,115,760) *	99.42	%		27,337,557
Other assets and liabilities, net	0.58			160,027
Total net assets	100.00	%	$	27,497,584

† 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.

* Cost for federal income tax purposes is $26,115,912 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,515,904
Gross unrealized losses		(294,259	)
Net unrealized gains	$	1,221,645

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

Statement of assets and liabilities—January 31, 2017 (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 11

Assets
Investments
In unaffiliated securities, at value (cost $24,731,427)	$	25,953,224
In affiliated securities, at value (cost $1,384,333)		1,384,333
Total investments, at value (cost $26,115,760)		27,337,557
Receivable for investments sold		28,411
Receivable for dividends		23,325
Receivable from manager		12,312
Prepaid expenses and other assets		115,794
Total assets		27,517,399
Liabilities
Distribution fees payable		90
Administration fees payable		2,943
Trustees’ fees and expenses payable		2,634
Custodian and accounting fees payable		3,131
Professional fees payable		9,959
Accrued expenses and other liabilities		1,058
Total liabilities		19,815
Total net assets	$	27,497,584
NET ASSETS CONSIST OF
Paid-in capital	$	26,155,160
Undistributed net investment income		17,628
Accumulated net realized gains on investments		102,999
Net unrealized gains on investments		1,221,797
Total net assets	$	27,497,584
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	547,899
Shares outstanding – Class A1		52,007
Net asset value per share – Class A		$10.54
Maximum offering price per share – Class A2		$11.18
Net assets – Class C	$	105,539
Shares outstanding – Class C1		10,028
Net asset value per share – Class C		$10.52
Net assets – Class R	$	105,672
Shares outstanding – Class R1		10,037
Net asset value per share – Class R		$10.53
Net assets – Class R6	$	1,058,528
Shares outstanding – Class R61		100,480
Net asset value per share – Class R6		$10.53
Net assets – Administrator Class	$	105,759
Shares outstanding – Administrator Class1		10,042
Net asset value per share – Administrator Class		$10.53
Net assets – Institutional Class	$	25,574,187
Shares outstanding – Institutional Class1		2,427,807
Net asset value per share – Institutional Class		$10.53

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—period ended January 31, 2017¹ (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $262)	$	172,024
Income from affiliated securities		1,876
Total investment income		173,900
Expenses
Management fee		26,581
Administration fees
Class A		218
Class C		55
Class R		55
Class R6		79
Administrator Class		34
Institutional Class		8,061
Shareholder servicing fees
Class A		259
Class C		65
Class R		66
Administrator Class		66
Distribution fees
Class C		196
Class R		66
Custody and accounting fees		3,131
Professional fees		13,445
Registration fees		22,466
Shareholder report expenses		17,751
Trustees’ fees and expenses		3,640
Other fees and expenses		1,278
Total expenses		97,512
Less: Fee waivers and/or expense reimbursements		(63,706	)
Net expenses		33,806
Net investment income		140,094
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		102,999
Net change in unrealized gains (losses) on investments		1,221,797
Net realized and unrealized gains (losses) on investments		1,324,796
Net increase in net assets resulting from operations	$	1,464,890

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

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

Statement of changes in net assets Wells Fargo Low Volatility U.S. Equity Fund 13

	Period ended January 31, 20171 (unaudited)
Operations
Net investment income				$	140,094
Net realized gains on investments					102,999
Net change in unrealized gains (losses) on investments					1,221,797
Net increase in net assets resulting from operations					1,464,890
Distributions to shareholders from
Net investment income
Class A					(1,837	)
Class C					(295	)
Class R					(382	)
Class R6					(5,028	)
Administrator Class					(441	)
Institutional Class					(114,483	)
Total distributions to shareholders					(122,466	)
Capital share transactions		Shares
Proceeds from shares sold
Class A		51,831			532,694
Class C		10,000			100,000
Class R		10,000			100,000
Class R6		100,000			1,000,000
Administrator Class		10,000			100,000
Institutional Class		2,417,820			24,210,000
					26,042,694
Reinvestment of distributions
Class A		176			1,837
Class C		28			295
Class R		37			382
Class R6		480			5,028
Administrator Class		42			441
Institutional Class		10,934			114,483
					122,466
Payment for shares redeemed
Institutional Class		(947	)		(10,000	)
Net increase in net assets resulting from capital share transactions					26,155,160
Total increase in net assets					27,497,584
Net assets
Beginning of period					0
End of period				$	27,497,584
Undistributed net investment income				$	17,628

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

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 the period)

CLASS A	Period ended January 31, 20171 (unaudited)
Net asset value, beginning of period		$10.00
Net investment income		0.04
Net realized and unrealized gains (losses) on investments		0.54
Total from investment operations		0.58
Distributions to shareholders from
Net investment income		(0.04	)
Net asset value, end of period		$10.54
Total return2		5.80	%
Ratios to average net assets (annualized)
Gross expenses		1.78	%
Net expenses		0.83	%
Net investment income		1.78	%
Supplemental data
Portfolio turnover rate		6	%
Net assets, end of period (000s omitted)		$548

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

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

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

Financial highlights Wells Fargo Low Volatility U.S. Equity Fund 15

(For a share outstanding throughout the period)

CLASS C	Period ended January 31, 20171 (unaudited)
Net asset value, beginning of period		$10.00
Net investment income		0.03
Net realized and unrealized gains (losses) on investments		0.52
Total from investment operations		0.55
Distributions to shareholders from
Net investment income		(0.03	)
Net asset value, end of period		$10.52
Total return2		5.50	%
Ratios to average net assets (annualized)
Gross expenses		2.54	%
Net expenses		1.58	%
Net investment income		1.04	%
Supplemental data
Portfolio turnover rate		6	%
Net assets, end of period (000s omitted)		$106

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

CLASS R	Period ended January 31, 20171 (unaudited)
Net asset value, beginning of period		$10.00
Net investment income		0.04
Net realized and unrealized gains (losses) on investments		0.53
Total from investment operations		0.57
Distributions to shareholders from
Net investment income		(0.04	)
Net asset value, end of period		$10.53
Total return2		5.68	%
Ratios to average net assets (annualized)
Gross expenses		2.04	%
Net expenses		1.08	%
Net investment income		1.54	%
Supplemental data
Portfolio turnover rate		6	%
Net assets, end of period (000s omitted)		$106

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

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

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

Financial highlights Wells Fargo Low Volatility U.S. Equity Fund 17

(For a share outstanding throughout the period)

CLASS R6	Period ended January 31, 20171 (unaudited)
Net asset value, beginning of period		$10.00
Net investment income		0.06
Net realized and unrealized gains (losses) on investments		0.52
Total from investment operations		0.58
Distributions to shareholders from
Net investment income		(0.05	)
Net asset value, end of period		$10.53
Total return2		5.81	%
Ratios to average net assets (annualized)
Gross expenses		1.36	%
Net expenses		0.40	%
Net investment income		2.22	%
Supplemental data
Portfolio turnover rate		6	%
Net assets, end of period (000s omitted)		$1,059

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

ADMINISTRATOR CLASS	Period ended January 31, 20171 (unaudited)
Net asset value, beginning of period		$10.00
Net investment income		0.05
Net realized and unrealized gains (losses) on investments		0.52
Total from investment operations		0.57
Distributions to shareholders from
Net investment income		(0.04	)
Net asset value, end of period		$10.53
Total return2		5.74	%
Ratios to average net assets (annualized)
Gross expenses		1.71	%
Net expenses		0.75	%
Net investment income		1.87	%
Supplemental data
Portfolio turnover rate		6	%
Net assets, end of period (000s omitted)		$106

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

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

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

Financial highlights Wells Fargo Low Volatility U.S. Equity Fund 19

(For a share outstanding throughout the period)

INSTITUTIONAL CLASS	Period ended January 31, 20171 (unaudited)
Net asset value, beginning of period		$10.00
Net investment income		0.06
Net realized and unrealized gains (losses) on investments		0.52
Total from investment operations		0.58
Distributions to shareholders from
Net investment income		(0.05	)
Net asset value, end of period		$10.53
Total return2		5.79	%
Ratios to average net assets (annualized)
Gross expenses		1.46	%
Net expenses		0.50	%
Net investment income		2.12	%
Supplemental data
Portfolio turnover rate		6	%
Net assets, end of period (000s omitted)		$25,574

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

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

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

20 Wells Fargo Low Volatility U.S. Equity Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

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, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

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 net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

Notes to financial statements (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 21

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.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to significant 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, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	2,566,971	$	0	$	0	$	2,566,971
Consumer staples		7,892,194		0		0		7,892,194
Financials		4,559,607		0		0		4,559,607
Health care		3,173,152		0		0		3,173,152
Industrials		2,627,915		0		0		2,627,915
Information technology		2,698,313		0		0		2,698,313
Materials		102,494		0		0		102,494
Real estate		584,846		0		0		584,846
Telecommunication services		601,843		0		0		601,843
Utilities		1,145,889		0		0		1,145,889
Short-term investments
Investment companies		1,384,333		0		0		1,384,333
Total assets	$	27,337,557	$	0	$	0	$	27,337,557

22 Wells Fargo Low Volatility U.S. Equity Fund Notes to financial statements (unaudited)

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

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, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.40% and declining to 0.33% as the average daily net assets of the Fund increase. For the period from October 31, 2016 to January 31, 2017, 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. Analytic Investors, LLC, which is not an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.12% 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, Class R		0.21	%
Class R6		0.03
Administrator Class, Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 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, 1.08% for Class R shares, 0.40% for Class R6 shares, 0.75% for Administrator Class shares, and 0.50% for Institutional Class shares. 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.

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.

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.

Notes to financial statements (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 23

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the period from October 31, 2016 to January 31, 2017 were $26,199,401 and $1,570,973, respectively.

The Fund may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

6. CONCENTRATION RISK

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

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 December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

9. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

24 Wells Fargo Low Volatility U.S. Equity Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 138 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 financial 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 lead 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. Board member of the Fonté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	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.	Asset Allocation Trust
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.	Asset Allocation Trust

26 Wells Fargo Low Volatility U.S. Equity Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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 Bank, N.A. and President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. 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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, 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 69 funds and Assistant Treasurer of 69 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 wellsfargofunds.com.

List of abbreviations Wells Fargo Low Volatility U.S. Equity Fund 27

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

301463 03-17 SA270/SAR270 01-17

Semi-Annual Report

January 31, 2017

Wells Fargo Omega Growth Fund

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	20
Other information	25
List of abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

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

Andrew Owen

President

Wells Fargo Funds

U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

Dear Shareholder:

As the new president of Wells Fargo Funds now that Karla Rabusch is retiring from that position after nearly 14 years, I am pleased to offer you this semi-annual report for the Wells Fargo Omega Growth Fund for the six-month period that ended January 31, 2017. Despite heightened market volatility, global stocks delivered favorable results overall. U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

In August–September 2016, global stocks delivered generally positive results; bonds’ interest rates remained historically low.

From August into early September 2016, U.S. and international stocks generally trended upward. Ever since the Great Recession, markets worldwide have been supported to varying degrees by accommodative policies from leading central banks, including the Federal Reserve (Fed), European Central Bank, Bank of England, and Bank of Japan. As a result, investors have watched closely for any signs that global central banks might tighten their measures. In the U.S., early-September comments by several Fed officials appeared to suggest a September interest-rate increase, which sent stock and bond prices downward. However, stocks surged following the Fed’s September 20 meeting on news that the Fed had decided to delay a rate increase to later in 2016. In bond markets, interest rates remained at historically low levels as a result of easy monetary policies, subdued global growth, and modest inflation expectations. Yields rose, after bottoming in July, as market participants felt that yields had overshot the real risks of the U.K.’s Brexit vote and as economic activity strengthened. At the front end of the yield curve, anticipation of new money market fund rules resulted in significantly higher yields on many short-term securities.

During the fourth quarter of 2016, prospects for faster growth and higher interest rates in the U.S. largely influenced the markets.

Early in the fourth quarter of 2016, U.S. stocks tended to trade lower amid concerns such as a likely interest-rate increase and uncertainty over the approaching general election. However, following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of pro-growth policies, and supportive economic news helped the rally carry through the quarter. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year, by a quarter percentage point, to between 0.50% and 0.75%. The fourth quarter also saw the implementation of the Securities and Exchange Commission’s new rules for money market funds, which included floating net asset values (NAVs) for institutional prime and municipal money market funds as well as liquidity fees and redemption gates. In the year leading up to

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes 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 Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

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

money fund reform implementation, nearly $1 trillion in assets moved from these types of money market funds into government money market funds, which continued to transact at a stable $1 NAV. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar.

Investor optimism continued into January 2017.

January brought continued strength in global stock markets. Markets were lifted by factors such as strong trade data from Japan, robust earnings reports by businesses, and investors’ hopes that the U.S. government will approve a large fiscal stimulus package.

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

Periods of 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 in 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

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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

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^®

Chrisopher J. Warner, CFA^®

Average annual total returns (%) as of January 31, 2017¹

		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		8.34		9.93		8.14		14.95		11.24		8.78		1.28		1.28
Class B (EKOBX)*	8-2-1993		9.08		10.14		8.21		14.08		10.41		8.21		2.03		2.03
Class C (EKOCX)	8-2-1993		13.06		10.41		7.97		14.06		10.41		7.97		2.03		2.03
Class R (EKORX)	10-10-2003		–		–		–		14.65		10.96		8.51		1.53		1.53
Administrator Class (EOMYX)	1-13-1997		–		–		–		15.15		11.50		9.04		1.20		1.10
Institutional Class (EKONX)	7-30-2010		–		–		–		15.45		11.78		9.22		0.95		0.85
Russell 3000® Growth Index4	–		–		–		–		17.91		13.81		8.36		–		–

* Class B shares are closed to investment, except in connections with reinvestment of any distributions and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. 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 5.

Performance highlights (unaudited) Wells Fargo Omega Growth Fund 5

Ten largest holdings (%) as of January 31, 20175
Amazon.com Incorporated	5.22
Alphabet Incorporated Class A	3.71
Visa Incorporated Class A	3.26
The Home Depot Incorporated	2.99
UnitedHealth Group Incorporated	2.93
Waste Connections Incorporated	2.78
Celgene Corporation	2.65
Microsoft Corporation	2.48
Alphabet Incorporated Class C	2.47
Facebook Incorporated Class A	2.45

Sector distribution as of January 31, 2017⁶

¹  Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Omega Fund.

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

³  The manager has contractually committed through November 30, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at 1.30% for Class A, 2.05% for Class B, 2.05% for Class C, 1.55% for Class R, 1.10% for Administrator Class, and 0.85% for Institutional Class. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower.

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 and cash equivalents, 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 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, 2016 to January 31, 2017.

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 8-1-2016		Ending account value 1-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,032.73	$	6.54		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.50		1.28	%
Class B
Actual	$	1,000.00	$	1,028.70	$	10.35		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.93	$	10.28		2.03	%
Class C
Actual	$	1,000.00	$	1,028.60	$	10.35		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.93	$	10.28		2.03	%
Class R
Actual	$	1,000.00	$	1,031.39	$	7.81		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.44	$	7.76		1.53	%
Administrator Class
Actual	$	1,000.00	$	1,033.49	$	5.62		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.58		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,035.00	$	4.35		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).

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Omega Growth Fund 7

Security name	Shares		Value
Common Stocks: 99.65%
Consumer Discretionary: 20.44%
Hotels, Restaurants & Leisure: 7.50%
Royal Caribbean Cruises Limited		82,500	$	7,724,475
Six Flags Entertainment Corporation		161,000		9,592,380
Starbucks Corporation		210,200		11,607,244
Vail Resorts Incorporated		57,002		9,778,123
Wingstop Incorporated «		180,045		5,125,881
Yum! Brands Incorporated		139,900		9,167,647
				52,995,750
Internet & Direct Marketing Retail: 5.22%
Amazon.com Incorporated †		44,800		36,891,904
Media: 3.60%
Charter Communications Incorporated Class A †		42,700		13,832,665
Cinemark Holdings Incorporated		271,856		11,553,880
				25,386,545
Specialty Retail: 4.12%
O’Reilly Automotive Incorporated †		30,400		7,973,008
The Home Depot Incorporated		153,400		21,104,772
				29,077,780
Consumer Staples: 4.08%
Beverages: 2.49%
Constellation Brands Incorporated Class A		63,800		9,554,688
Monster Beverage Corporation †		188,400		8,025,840
				17,580,528
Tobacco: 1.59%
Reynolds American Incorporated		186,900		11,238,297
Financials: 7.06%
Capital Markets: 4.99%
Intercontinental Exchange Incorporated		294,100		17,163,676
Raymond James Financial Incorporated		115,502		8,654,565
SEI Investments Company		194,557		9,437,960
				35,256,201
Consumer Finance: 1.31%
SLM Corporation †		778,800		9,252,144
Thrifts & Mortgage Finance: 0.76%
Radian Group Incorporated		289,000		5,317,600

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

8 Wells Fargo Omega Growth Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Shares		Value
Health Care: 12.46%
Biotechnology: 3.47%
Celgene Corporation †		161,275	$	18,732,091
Gilead Sciences Incorporated		79,300		5,745,285
				24,477,376
Health Care Equipment & Supplies: 4.00%
Baxter International Incorporated		177,200		8,489,652
Integra LifeSciences Holdings Corporation †		265,400		11,075,142
Intuitive Surgical Incorporated †		12,492		8,653,083
				28,217,877
Health Care Providers & Services: 4.99%
Amedisys Incorporated †		170,689		7,820,970
Surgical Care Affiliates Incorporated †		119,593		6,757,005
UnitedHealth Group Incorporated		127,700		20,700,170
				35,278,145
Industrials: 12.58%
Aerospace & Defense: 0.84%
Orbital ATK Incorporated		68,500		5,956,075
Airlines: 0.91%
Spirit Airlines Incorporated †		119,100		6,436,164
Building Products: 1.56%
Johnson Controls International plc		250,858		11,032,735
Commercial Services & Supplies: 3.95%
KAR Auction Services Incorporated		181,148		8,251,291
Waste Connections Incorporated		244,515		19,634,555
				27,885,846
Electrical Equipment: 0.89%
Acuity Brands Incorporated		30,400		6,299,792
Industrial Conglomerates: 1.21%
Carlisle Companies Incorporated		78,500		8,565,135
Professional Services: 1.12%
TransUnion †		250,635		7,902,522
Road & Rail: 0.78%
Kansas City Southern		63,800		5,481,058
Trading Companies & Distributors: 1.32%
HD Supply Holdings Incorporated †		219,477		9,283,877
Information Technology: 37.59%
Communications Equipment: 1.42%
Harris Corporation		97,900		10,055,309

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Omega Growth Fund 9

Security name	Shares		Value
Internet Software & Services: 11.52%
Alphabet Incorporated Class A †		31,900	$	26,164,061
Alphabet Incorporated Class C †		21,885		17,437,749
CoStar Group Incorporated †		35,800		7,235,180
Facebook Incorporated Class A †		132,700		17,293,464
MercadoLibre Incorporated		19,900		3,689,261
Tencent Holdings Limited ADR		363,000		9,505,155
				81,324,870
IT Services: 11.00%
Acxiom Corporation †		375,783		9,807,936
EPAM Systems Incorporated †		110,741		7,127,291
Fidelity National Information Services Incorporated		99,700		7,918,174
PayPal Holdings Incorporated †		285,200		11,345,256
Total System Services Incorporated		142,300		7,211,764
Visa Incorporated Class A		278,104		23,001,982
WEX Incorporated †		98,295		11,238,067
				77,650,470
Semiconductors & Semiconductor Equipment: 2.01%
Broadcom Limited		71,300		14,224,350
Software: 11.64%
Adobe Systems Incorporated †		93,600		10,612,368
Microsoft Corporation		271,200		17,533,080
Nintendo Company Limited «		276,938		6,848,677
Salesforce.com Incorporated †		130,900		10,354,190
ServiceNow Incorporated †		67,400		6,107,788
Symantec Corporation		454,500		12,521,475
Take-Two Interactive Software Incorporated †		207,700		11,143,105
Ultimate Software Group Incorporated †		36,500		7,068,590
				82,189,273
Materials: 4.33%
Chemicals: 1.27%
The Sherwin-Williams Company		29,400		8,932,014
Construction Materials: 1.41%
Vulcan Materials Company		77,800		9,984,074
Containers & Packaging: 1.65%
Berry Plastics Group Incorporated †		228,800		11,675,664
Real Estate: 1.11%
Real Estate Management & Development: 1.11%
CBRE Group Incorporated Class A †		259,000		7,863,239
Total Common Stocks (Cost $549,522,504)				703,712,614

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

10 Wells Fargo Omega Growth Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Yield			Shares		Value
Short-Term Investments: 1.19%
Investment Companies: 1.19%
Securities Lending Cash Investment LLC (l)(r)(u)		0.86	%		4,971,794	$	4,972,292
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.46			3,396,550		3,396,550
Total Short-Term Investments (Cost $8,368,840)							8,368,842

Total investments in securities (Cost $557,891,344) *	100.84	%		712,081,456
Other assets and liabilities, net	(0.84	)		(5,912,337	)
Total net assets	100.00	%	$	706,169,119

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

† 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.

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

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

* Cost for federal income tax purposes is $557,792,065 and unrealized gains (losses) consists of:

Gross unrealized gains	$	161,902,677
Gross unrealized losses		(7,613,286	)
Net unrealized gains	$	154,289,391

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

Statement of assets and liabilities—January 31, 2017 (unaudited) Wells Fargo Omega Growth Fund 11

Assets
Investments
In unaffiliated securities (including $4,845,398 of securities loaned), at value (cost $549,522,504)	$	703,712,614
In affiliated securities, at value (cost $8,368,840)		8,368,842
Total investments, at value (cost $557,891,344)		712,081,456
Receivable for investments sold		3,024,828
Receivable for Fund shares sold		72,743
Receivable for dividends		58,127
Receivable for securities lending income		2,051
Prepaid expenses and other assets		52,470
Total assets		715,291,675
Liabilities
Payable for investments purchased		2,560,790
Payable for Fund shares redeemed		708,412
Payable upon receipt of securities loaned		4,972,250
Management fee payable		460,023
Distribution fees payable		42,760
Administration fees payable		118,797
Accrued expenses and other liabilities		259,524
Total liabilities		9,122,556
Total net assets	$	706,169,119
NET ASSETS CONSIST OF
Paid-in capital	$	532,315,257
Accumulated net investment loss		(7,487,365	)
Accumulated net realized gains on investments		27,151,115
Net unrealized gains on investments		154,190,112
Total net assets	$	706,169,119
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	540,938,044
Shares outstanding – Class A1		12,597,113
Net asset value per share – Class A		$42.94
Maximum offering price per share – Class A2		$45.56
Net assets – Class B	$	1,597,897
Shares outstanding – Class B1		50,421
Net asset value per share – Class B		$31.69
Net assets – Class C	$	63,393,800
Shares outstanding – Class C1		1,993,243
Net asset value per share – Class C		$31.80
Net assets – Class R	$	6,159,404
Shares outstanding – Class R1		149,731
Net asset value per share – Class R		$41.14
Net assets – Administrator Class	$	18,740,402
Shares outstanding – Administrator Class1		407,450
Net asset value per share – Administrator Class		$45.99
Net assets – Institutional Class	$	75,339,572
Shares outstanding – Institutional Class1		1,603,280
Net asset value per share – Institutional Class		$46.99

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, 2017 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $17,899)	$	3,753,275
Income from affiliated securities		9,350
Securities lending income, net		7,493
Total investment income		3,770,118
Expenses
Management fee		2,857,914
Administration fees
Class A		575,306
Class B		2,658
Class C		70,971
Class R		7,998
Administrator Class		18,873
Institutional Class		47,981
Shareholder servicing fees
Class A		684,888
Class B		3,164
Class C		84,490
Class R		9,521
Administrator Class		36,035
Distribution fees
Class B		9,493
Class C		253,469
Class R		9,521
Custody and accounting fees		21,426
Professional fees		26,293
Registration fees		42,638
Shareholder report expenses		20,133
Trustees’ fees and expenses		14,860
Other fees and expenses		7,058
Total expenses		4,804,690
Less: Fee waivers and/or expense reimbursements		(51,411	)
Net expenses		4,753,279
Net investment loss		(983,161	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		52,933,383
Affiliated securities		40
Net realized gains on investments		52,933,423
Net change in unrealized gains (losses) on:
Unaffiliated securities		(30,718,044	)
Affiiliated securities		2
Net change in unrealized gains (losses) on investments		(30,718,042	)
Net realized and unrealized gains (losses) on investments		22,215,381
Net increase in net assets resulting from operations	$	21,232,220

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

Statement of changes in net assets Wells Fargo Omega Growth Fund 13

		Six months ended January 31, 2017 (unaudited)						Year ended July 31, 2016
Operations
Net investment loss					$	(983,161	)				$	(4,021,589	)
Net realized gains (losses) on investments						52,933,423						(4,017,597	)
Net change in unrealized gains (losses) on investments						(30,718,042	)					(30,592,986	)
Net increase (decrease) in net assets resulting from operations						21,232,220						(38,632,172	)
Distributions to shareholders from
Net realized gains
Class A						(14,517,010	)					(53,442,331	)
Class B						(74,045	)					(648,915	)
Class C						(2,315,756	)					(9,667,016	)
Class R						(182,366	)					(1,155,110	)
Administrator Class						(492,743	)					(4,963,941	)
Institutional Class	��					(1,888,610	)					(5,527,216	)
Total distributions to shareholders						(19,470,530	)					(75,404,529	)
Capital share transactions			Shares						Shares
Proceeds from shares sold
Class A			154,514			6,493,640			636,040			26,983,625
Class B			11			310			592			18,253
Class C			44,497			1,390,967			129,265			4,127,591
Class R			15,278			614,780			78,841			3,191,728
Administrator Class			15,599			699,201			117,203			5,396,775
Institutional Class			391,882			18,077,807			421,170			18,380,976
						27,276,705						58,098,948
Reinvestment of distributions
Class A			328,192			13,633,094			1,213,454			49,860,826
Class B			2,395			73,511			20,867			644,380
Class C			68,889			2,121,773			278,845			8,638,611
Class R			1,939			77,183			11,870			469,234
Administrator Class			10,178			452,700			110,013			4,822,974
Institutional Class			40,190			1,825,826			110,554			4,935,146
						18,184,087						69,371,171
Payment for shares redeemed
Class A			(1,301,539	)		(54,617,195	)		(2,617,353	)		(109,288,473	)
Class B			(60,793	)		(1,898,191	)		(121,453	)		(3,865,675	)
Class C			(438,255	)		(13,755,634	)		(728,858	)		(22,930,898	)
Class R			(114,125	)		(4,625,114	)		(212,709	)		(8,667,886	)
Administrator Class			(451,663	)		(20,410,797	)		(1,088,227	)		(49,198,465	)
Institutional Class			(482,406	)		(22,005,875	)		(552,473	)		(26,185,870	)
						(117,312,806	)					(220,137,267	)
Net decrease in net assets resulting from capital share transactions						(71,852,014	)					(92,667,148	)
Total decrease in net assets						(70,090,324	)					(206,703,849	)
Net assets
Beginning of period						776,259,443						982,963,292
End of period					$	706,169,119					$	776,259,443
Accumulated net investment loss					$	(7,487,365	)				$	(6,504,204	)

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, 2017 (unaudited)			Year ended July 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$42.73			$48.29			$49.99			$47.97			$39.09			$38.29
Net investment loss		(0.05	)1		(0.19	)1		(0.28	)1		(0.49	)		(0.02	)		(0.28	)1
Net realized and unrealized gains (losses) on investments		1.41			(1.44	)		5.12			8.28			10.31			1.08
Total from investment operations		1.36			(1.63	)		4.84			7.79			10.29			0.80
Distributions to shareholders from
Net realized gains		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)		0.00
Net asset value, end of period		$42.94			$42.73			$48.29			$49.99			$47.97			$39.09
Total return2		3.27	%		(3.07	)%		10.65	%		16.58	%		27.07	%		2.09	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.28	%		1.32	%		1.32	%		1.34	%		1.35	%
Net expenses		1.28	%		1.28	%		1.30	%		1.30	%		1.30	%		1.30	%
Net investment loss		(0.25	)%		(0.47	)%		(0.58	)%		(0.84	)%		(0.08	)%		(0.75	)%
Supplemental data
Portfolio turnover rate		43	%		84	%		94	%		101	%		88	%		101	%
Net assets, end of period (000s omitted)		$540,938			$573,304			$685,005			$724,071			$668,992			$550,758

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Omega Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS B				2016			2015			2014			2013			2012
Net asset value, beginning of period		$31.96			$37.44			$40.45			$40.07			$33.12			$32.68
Net investment loss		(0.15	)1		(0.39	)1		(0.51	)1		(0.65	)1		(0.28	)1		(0.47	)1
Net realized and unrealized gains (losses) on investments		1.03			(1.16	)		4.04			6.80			8.64			0.91
Total from investment operations		0.88			(1.55	)		3.53			6.15			8.36			0.44
Distributions to shareholders from
Net realized gains		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)		0.00
Net asset value, end of period		$31.69			$31.96			$37.44			$40.45			$40.07			$33.12
Total return2		2.87	%		(3.77	)%		9.82	%		15.71	%		26.11	%		1.32	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.03	%		2.07	%		2.07	%		2.09	%		2.10	%
Net expenses		2.03	%		2.03	%		2.05	%		2.05	%		2.05	%		2.05	%
Net investment loss		(0.93	)%		(1.22	)%		(1.32	)%		(1.58	)%		(0.78	)%		(1.51	)%
Supplemental data
Portfolio turnover rate		43	%		84	%		94	%	��	101	%		88	%		101	%
Net assets, end of period (000s omitted)		$1,598			$3,477			$7,817			$12,526			$17,476			$22,271

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, 2017 (unaudited)			Year ended July 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$32.07			$37.55			$40.56			$40.15			$33.18			$32.75
Net investment loss		(0.16	)1		(0.39	)1		(0.51	)1		(0.65	)1		(0.31	)1		(0.47	)1
Net realized and unrealized gains (losses) on investments		1.04			(1.16	)		4.04			6.83			8.69			0.90
Total from investment operations		0.88			(1.55	)		3.53			6.18			8.38			0.43
Distributions to shareholders from
Net realized gains		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)		0.00
Net asset value, end of period		$31.80			$32.07			$37.55			$40.56			$40.15			$33.18
Total return2		2.86	%		(3.75	)%		9.79	%		15.73	%		26.11	%		1.31	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.03	%		2.07	%		2.07	%		2.09	%		2.10	%
Net expenses		2.03	%		2.03	%		2.05	%		2.05	%		2.05	%		2.05	%
Net investment loss		(0.99	)%		(1.22	)%		(1.33	)%		(1.59	)%		(0.85	)%		(1.49	)%
Supplemental data
Portfolio turnover rate		43	%		84	%		94	%		101	%		88	%		101	%
Net assets, end of period (000s omitted)		$63,394			$74,337			$99,100			$108,073			$83,206			$59,481

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Omega Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS R				2016			2015			2014			2013			2012
Net asset value, beginning of period		$41.04			$46.66			$48.62			$46.90			$38.35			$37.66
Net investment loss		(0.10	)1		(0.29	)1		(0.39	)1		(0.53	)1		(0.09	)		(0.36	)1
Net realized and unrealized gains (losses) on investments		1.35			(1.40	)		4.97			8.02			10.05			1.05
Total from investment operations		1.25			(1.69	)		4.58			7.49			9.96			0.69
Distributions to shareholders from
Net realized gains		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)		0.00
Net asset value, end of period		$41.14			$41.04			$46.66			$48.62			$46.90			$38.35
Total return2		3.14	%		(3.30	)%		10.38	%		16.30	%		26.73	%		1.83	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.53	%		1.57	%		1.57	%		1.59	%		1.60	%
Net expenses		1.53	%		1.53	%		1.55	%		1.55	%		1.55	%		1.55	%
Net investment loss		(0.48	)%		(0.71	)%		(0.83	)%		(1.09	)%		(0.38	)%		(0.99	)%
Supplemental data
Portfolio turnover rate		43	%		84	%		94	%		101	%		88	%		101	%
Net assets, end of period (000s omitted)		$6,159			$10,122			$17,199			$20,095			$23,745			$15,408

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, 2017 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$45.65			$51.20			$52.50			$50.00			$40.60			$39.67
Net investment income (loss)		0.00	1,2		(0.12	)1		(0.17	)1		(0.31	)1		0.07	1		(0.19	)1
Net realized and unrealized gains (losses) on investments		1.49			(1.50	)		5.41			8.58			10.74			1.12
Total from investment operations		1.49			(1.62	)		5.24			8.27			10.81			0.93
Distributions to shareholders from
Net realized gains		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)		0.00
Net asset value, end of period		$45.99			$45.65			$51.20			$52.50			$50.00			$40.60
Total return3		3.35	%		(2.84	)%		10.91	%		16.89	%		27.35	%		2.34	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.19	%		1.15	%		1.15	%		1.17	%		1.17	%
Net expenses		1.10	%		1.08	%		1.05	%		1.05	%		1.05	%		1.05	%
Net investment income (loss)		0.00	%		(0.27	)%		(0.33	)%		(0.59	)%		0.16	%		(0.49	)%
Supplemental data
Portfolio turnover rate		43	%		84	%		94	%		101	%		88	%		101	%
Net assets, end of period (000s omitted)		$18,740			$38,039			$86,756			$115,281			$69,264			$51,560

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Omega Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$46.55			$52.01			$53.10			$50.40			$40.81			$39.77
Net investment income (loss)		0.04	1		(0.00	)2		(0.04	)1		(0.24	)		0.11	1		(0.10	)
Net realized and unrealized gains (losses) on investments		1.55			(1.53	)		5.49			8.71			10.89			1.14
Total from investment operations		1.59			(1.53	)		5.45			8.47			11.00			1.04
Distributions to shareholders from
Net realized gains		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)		0.00
Net asset value, end of period		$46.99			$46.55			$52.01			$53.10			$50.40			$40.81
Total return3		3.50	%		(2.61	)%		11.20	%		17.17	%		27.68	%		2.62	%
Ratios to average net assets (annualized)
Gross expenses		0.95	%		0.95	%		0.90	%		0.89	%		0.91	%		0.92	%
Net expenses		0.85	%		0.83	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.18	%		(0.01	)%		(0.09	)%		(0.36	)%		0.24	%		(0.24	)%
Supplemental data
Portfolio turnover rate		43	%		84	%		94	%		101	%		88	%		101	%
Net assets, end of period (000s omitted)		$75,340			$76,980			$87,085			$49,960			$3,507			$779

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 Omega 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 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, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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 July 31, 2016, the Fund had current year deferred post-October capital losses and a qualified late-year ordinary loss which were both recognized on the first day of the current fiscal year in the following amounts:

Deferred post-October capital losses	Late-year ordinary losses deferred
$(5,015,077)	$(6,480,064)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

∎ 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, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	144,351,979	$	0	$	0	$	144,351,979
Consumer staples		28,818,825		0		0		28,818,825
Financials		49,825,945		0		0		49,825,945
Health care		87,973,398		0		0		87,973,398
Industrials		88,843,204		0		0		88,843,204
Information technology		265,444,272		0		0		265,444,272
Materials		30,591,752		0		0		30,591,752
Real estate		7,863,239		0		0		7,863,239
Short-term investments
Investment companies		3,396,550		0		0		3,396,550
Investments measured at net asset value*								4,972,292
Total assets	$	707,109,164	$	0	$	0	$	712,081,456

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $4,972,292 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.80% and declining to 0.555% as the average daily net assets of the Fund increase. For the six months ended January 31, 2017, the management fee was equivalent to an annual rate of 0.78% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

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

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 B, Class C, Class R		0.21	%
Administrator Class, Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 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 B 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. 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.

During the six months ended January 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $2,522 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $10,547 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

Distribution fees

The Trust has adopted a distribution plan for Class B, Class C, and Class R shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class B, 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 B and 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 B and Class C shares. For the six months ended January 31, 2017, Funds Distributor received $4,596 from the sale of Class A shares and $268 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, 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.

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, 2017 were $312,423,583 and $403,122,683, respectively.

The Fund may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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

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

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. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

For the six months ended January 31, 2017, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

10. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

Other information (unaudited) Wells Fargo Omega Growth Fund 25

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

26 Wells Fargo Omega 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 138 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 financial 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 lead 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. Board member of the Fonté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	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.	Asset Allocation Trust
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.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Omega Growth Fund 27

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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 Bank, N.A. and President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. 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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, 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 69 funds and Assistant Treasurer of 69 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 wellsfargofunds.com.

28 Wells Fargo Omega Growth Fund List of abbreviations

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

301464 03-17 SA211/SAR211 01-17

Semi-Annual Report

January 31, 2017

Wells Fargo

Premier Large Company Growth Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
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	21
Other information	26
List of abbreviations	29

The views expressed and any forward-looking statements are as of January 31, 2017, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Premier Large Company Growth Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

Dear Shareholder:

As the new president of Wells Fargo Funds now that Karla Rabusch is retiring from that position after nearly 14 years, I am 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, 2017. Despite heightened market volatility, global stocks delivered favorable results overall. U.S. and international stocks returned 5.96% and 4.16% for the six-month period, respectively, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)²; within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned -2.95%.

In August–September 2016, global stocks delivered generally positive results; bonds’ interest rates remained historically low.

From August into early September 2016, U.S. and international stocks generally trended upward. Ever since the Great Recession, markets worldwide have been supported to varying degrees by accommodative policies from leading central banks, including the Federal Reserve (Fed), European Central Bank, Bank of England, and Bank of Japan. As a result, investors have watched closely for any signs that global central banks might tighten their measures. In the U.S., early-September comments by several Fed officials appeared to suggest a September interest-rate increase, which sent stock and bond prices downward. However, stocks surged following the Fed’s September 20 meeting on news that the Fed had decided to delay a rate increase to later in 2016. In bond markets, interest rates remained at historically low levels as a result of easy monetary policies, subdued global growth, and modest inflation expectations. Yields rose, after bottoming in July, as market participants felt that yields had overshot the real risks of the U.K.’s Brexit vote and as economic activity strengthened. At the front end of the yield curve, anticipation of new money market fund rules resulted in significantly higher yields on many short-term securities.

During the fourth quarter of 2016, prospects for faster growth and higher interest rates in the U.S. largely influenced the markets.

Early in the fourth quarter of 2016, U.S. stocks tended to trade lower amid concerns such as a likely interest-rate increase and uncertainty over the approaching general election. However, following Donald Trump’s election as president in early November, U.S. stocks began to rally. Investors appeared optimistic that the new administration would usher in a series of pro-growth policies, and supportive economic news helped the rally carry through the quarter. The buoyant environment sent interest rates higher as well. At its mid-December meeting, Fed officials raised their short-term target interest rate for the first time in a year, by a quarter percentage point, to between 0.50% and 0.75%. The fourth quarter also saw the implementation of the Securities and Exchange Commission’s new rules for money market funds, which included floating net asset values (NAVs) for institutional prime and municipal money market funds as well as liquidity fees and redemption gates. In the year leading up to

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes 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 Bloomberg Barclays U.S. Aggregate Bond Index (formerly known as 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.

Letter to shareholders (unaudited) Wells Fargo Premier Large Company Growth Fund 3

money fund reform implementation, nearly $1 trillion in assets moved from these types of money market funds into government money market funds, which continued to transact at a stable $1 NAV. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe. The improvement may be partly attributable to expectations for further strengthening of the U.S. dollar, which in turn could improve demand for European goods in the U.S. due to weakening of the euro relative to the dollar.

Investor optimism continued into January 2017.

January brought continued strength in global stock markets. Markets were lifted by factors such as strong trade data from Japan, robust earnings reports by businesses, and investors’ hopes that the U.S. government will approve a large fiscal stimulus package.

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

Periods of 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 in 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

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.

For further information about your Fund, contact your investment professional, visit our website at wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

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

Thomas C. Ognar, CFA^®

Bruce C. Olson, CFA^®

Average annual total returns (%) as of January 31, 2017¹

		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		4.51		8.98		7.64		10.86		10.28		8.28		1.13		1.11
Class B (EKJBX)*	9-11-1935		5.14		9.17		7.71		10.00		9.46		7.71		1.88		1.86
Class C (EKJCX)	1-22-1998		9.04		9.46		7.47		10.04		9.46		7.47		1.88		1.86
Class R4 (EKJRX)	11-30-2012		–		–		–		11.17		10.65		8.61		0.85		0.80
Class R6 (EKJFX)	11-30-2012		–		–		–		11.42		10.80		8.68		0.70		0.65
Administrator Class (WFPDX)	7-16-2010		–		–		–		10.99		10.47		8.41		1.05		1.00
Institutional Class (EKJYX)	6-30-1999		–		–		–		11.27		10.76		8.66		0.80		0.70
Russell 1000® Growth Index4	–		–		–		–		17.23		13.93		8.42		–		–

* Class B shares are closed to investment, except in connection with the reinvestment of any distributions and permitted exchanges.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. 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 5.

Performance highlights (unaudited) Wells Fargo Premier Large Company Growth Fund 5

Ten largest holdings (%) as of January 31, 20175
Facebook Incorporated Class A	6.49
Amazon.com Incorporated	6.20
Alphabet Incorporated Class A	5.37
Microsoft Corporation	3.78
Visa Incorporated Class A	3.20
Microchip Technology Incorporated	3.05
Celgene Corporation	2.76
Acadia Healthcare Company Incorporated	2.59
Union Pacific Corporation	2.51
The Home Depot Incorporated	2.45

Sector distribution as of January 31, 2017⁶

¹  Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Large Company Growth Fund.

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

³  The manager has contractually committed through November 30, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. 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. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  The ten largest holdings, excluding cash and cash equivalents, 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 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, 2016 to January 31, 2017.

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 8-1-2016		Ending account value 1-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,006.62	$	5.60		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Class B
Actual	$	1,000.00	$	1,002.81	$	9.36		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Class C
Actual	$	1,000.00	$	1,002.93	$	9.36		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Class R4
Actual	$	1,000.00	$	1,007.90	$	4.04		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%
Class R6
Actual	$	1,000.00	$	1,009.24	$	3.28		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.87	$	3.30		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,007.28	$	5.05		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.11	$	5.08		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,008.52	$	3.53		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).

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Premier Large Company Growth Fund 7

Security name	Shares		Value
Common Stocks: 99.75%
Consumer Discretionary: 14.20%
Hotels, Restaurants & Leisure: 1.24%
Starbucks Corporation		603,510	$	33,325,822
Internet & Direct Marketing Retail: 6.19%
Amazon.com Incorporated †		202,530		166,779,404
Media: 0.23%
The Walt Disney Company		55,940		6,189,761
Multiline Retail: 1.84%
Dollar Tree Incorporated †		641,610		49,525,876
Specialty Retail: 4.70%
Burlington Stores Incorporated †		324,040		27,122,148
O’Reilly Automotive Incorporated †		87,220		22,875,189
The Home Depot Incorporated		478,800		65,873,304
Tractor Supply Company		143,710		10,587,116
				126,457,757
Consumer Staples: 3.95%
Beverages: 1.82%
Constellation Brands Incorporated Class A		218,000		32,647,680
The Coca-Cola Company		391,740		16,284,632
				48,932,312
Food & Staples Retailing: 0.82%
Costco Wholesale Corporation		135,590		22,229,981
Household Products: 0.10%
Colgate-Palmolive Company		41,470		2,678,133
Personal Products: 1.21%
The Estee Lauder Companies Incorporated Class A		401,120		32,574,955
Energy: 2.31%
Energy Equipment & Services: 0.44%
Schlumberger Limited		140,820		11,788,042
Oil, Gas & Consumable Fuels: 1.87%
Concho Resources Incorporated †		234,040		32,634,538
EOG Resources Incorporated		163,820		16,640,836
Extraction Oil & Gas Incorporated †«		60,831		1,090,092
				50,365,466
Financials: 2.31%
Capital Markets: 2.31%
Goldman Sachs Group Incorporated		132,790		30,451,403
Morgan Stanley		387,470		16,463,600
TD Ameritrade Holding Corporation		329,910		15,225,347
				62,140,350

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

8 Wells Fargo Premier Large Company Growth Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name	Shares		Value
Health Care: 15.21%
Biotechnology: 7.83%
Alexion Pharmaceuticals Incorporated †		140,304	$	18,334,927
BioMarin Pharmaceutical Incorporated †		463,120		40,583,206
Celgene Corporation †		639,468		74,274,208
Incyte Corporation †		188,730		22,875,963
Regeneron Pharmaceuticals Incorporated †		47,590		17,098,611
Tesaro Incorporated †«		90,500		14,737,020
Vertex Pharmaceuticals Incorporated †		265,550		22,802,779
				210,706,714
Health Care Equipment & Supplies: 2.36%
Boston Scientific Corporation †		860,570		20,705,314
Danaher Corporation		270,580		22,707,074
Edwards Lifesciences Corporation †		128,670		12,383,201
Intuitive Surgical Incorporated †		11,300		7,827,397
				63,622,986
Health Care Providers & Services: 2.99%
Acadia Healthcare Company Incorporated †«		1,817,980		69,755,893
VCA Incorporated †		117,950		10,686,270
				80,442,163
Life Sciences Tools & Services: 0.41%
Patheon NV †		241,700		6,934,373
PRA Health Sciences Incorporated †		72,000		4,218,480
				11,152,853
Pharmaceuticals: 1.62%
Zoetis Incorporated		791,548		43,487,647
Industrials: 12.00%
Aerospace & Defense: 0.72%
The Boeing Company		118,700		19,397,954
Air Freight & Logistics: 2.07%
FedEx Corporation		136,870		25,883,486
United Parcel Service Incorporated Class B		272,650		29,754,295
				55,637,781
Commercial Services & Supplies: 3.03%
KAR Auction Services Incorporated		1,128,549		51,405,407
Waste Connections Incorporated		375,840		30,179,952
				81,585,359
Electrical Equipment: 0.13%
Acuity Brands Incorporated		17,626		3,652,636

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

Portfolio of investments—January 31, 2017 (unaudited) Wells Fargo Premier Large Company Growth Fund 9

Security name	Shares		Value
Industrial Conglomerates: 1.03%
Honeywell International Incorporated		233,370	$	27,612,338
Machinery: 0.54%
Fortive Corporation		263,765		14,588,842
Professional Services: 0.51%
IHS Markit Limited †		349,200		13,775,940
Road & Rail: 3.97%
CSX Corporation		183,530		8,513,957
Norfolk Southern Corporation		261,480		30,713,441
Union Pacific Corporation		633,620		67,531,220
				106,758,618
Information Technology: 45.18%
Internet Software & Services: 15.95%
Akamai Technologies Incorporated †		197,050		13,515,660
Alphabet Incorporated Class A †		176,260		144,566,689
Alphabet Incorporated Class C †		34,608		27,575,308
CoStar Group Incorporated †		86,250		17,431,125
eBay Incorporated †		1,181,800		37,616,694
Facebook Incorporated Class A †		1,339,900		174,615,762
MercadoLibre Incorporated		43,700		8,101,543
Trivago NV ADR †		516,068		5,986,389
				429,409,170
IT Services: 9.49%
Accenture plc Class A		163,470		18,614,329
Fidelity National Information Services Incorporated		70,790		5,622,142
FleetCor Technologies Incorporated †		199,410		29,410,981
Global Payments Incorporated		119,150		9,207,912
MasterCard Incorporated Class A		602,080		64,019,166
PayPal Holdings Incorporated †		1,066,750		42,435,315
Visa Incorporated Class A		1,042,410		86,217,731
				255,527,576
Semiconductors & Semiconductor Equipment: 7.24%
Broadcom Limited		212,433		42,380,384
Microchip Technology Incorporated «		1,217,940		82,028,259
NXP Semiconductors NV †		139,290		13,629,527
Texas Instruments Incorporated		750,740		56,710,900
				194,749,070
Software: 10.29%
Adobe Systems Incorporated †		408,189		46,280,469
Microsoft Corporation		1,575,320		101,844,438
Salesforce.com Incorporated †		355,410		28,112,931
ServiceNow Incorporated †		323,260		29,293,821

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

10 Wells Fargo Premier Large Company Growth Fund Portfolio of investments—January 31, 2017 (unaudited)

Security name				Shares		Value
Software (continued)
Splunk Incorporated †					594,775	$	34,413,682
Ultimate Software Group Incorporated †					190,592		36,910,047
							276,855,388
Technology Hardware, Storage & Peripherals: 2.21%
Apple Incorporated					488,940		59,332,869
Materials: 3.74%
Chemicals: 3.74%
Ecolab Incorporated					414,350		49,775,866
Praxair Incorporated					429,660		50,888,930
							100,664,796
Real Estate: 0.85%
Equity REITs: 0.85%
American Tower Corporation					219,790		22,748,265
Total Common Stocks (Cost $1,738,670,788)							2,684,696,824
	Yield
Short-Term Investments: 3.33%
Investment Companies: 3.33%
Securities Lending Cash Investment LLC (l)(r)(u)		0.86	%		79,596,850		79,604,809
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.46			10,069,617		10,069,617
Total Short-Term Investments (Cost $89,672,712)							89,674,426

Total investments in securities (Cost $1,828,343,500) *	103.08	%		2,774,371,250
Other assets and liabilities, net	(3.08	)		(82,818,778	)
Total net assets	100.00	%	$	2,691,552,472

† 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 vehicle purchased with cash collateral received from securities on loan.

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

* Cost for federal income tax purposes is $1,831,324,545 and unrealized gains (losses) consists of:

Gross unrealized gains	$	968,759,890
Gross unrealized losses		(25,713,185	)
Net unrealized gains	$	943,046,705

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

Statement of assets and liabilities—January 31, 2017 (unaudited) Wells Fargo Premier Large Company Growth Fund 11

Assets
Investments
In unaffiliated securities (including $77,620,156 of securities loaned), at value (cost $1,738,670,788)		$	2,684,696,824
In affiliated securities, at value (cost $89,672,712)			89,674,426
Total investments, at value (cost $1,828,343,500)	��		2,774,371,250
Receivable for investments sold			37,316,266
Receivable for Fund shares sold			4,107,378
Receivable for dividends			860,246
Receivable for securities lending income			57,109
Prepaid expenses and other assets			197,373
Total assets			2,816,909,622
Liabilities
Payable for investments purchased			26,853,225
Payable for Fund shares redeemed			16,329,526
Payable upon receipt of securities loaned			79,603,050
Management fee payable			1,385,872
Distribution fees payable			144,480
Administration fees payable			396,985
Accrued expenses and other liabilities			644,012
Total liabilities			125,357,150
Total net assets		$	2,691,552,472
NET ASSETS CONSIST OF
Paid-in capital		$	1,595,747,315
Accumulated net investment loss			(3,696,672	)
Accumulated net realized gains on investments			153,474,079
Net unrealized gains on investments			946,027,750
Total net assets		$	2,691,552,472
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A		$	1,341,134,131
Shares outstanding – Class A1			100,749,292
Net asset value per share – Class A			$13.31
Maximum offering price per share – Class A2			$14.12
Net assets – Class B		$	480,831
Shares outstanding – Class B1			42,771
Net asset value per share – Class B			$11.24
Net assets – Class C		$	221,187,943
Shares outstanding – Class C1			19,739,334
Net asset value per share – Class C			$11.21
Net assets – Class R4		$	4,226,324
Share outstanding – Class R41			309,570
Net asset value per share – Class R4			$13.65
Net assets – Class R6		$	149,601,949
Shares outstanding – Class R61			10,883,483
Net asset value per share – Class R6			$13.75
Net assets – Administrator Class		$	97,375,635
Shares outstanding – Administrator Class1			7,234,110
Net asset value per share – Administrator Class			$13.46
Net assets – Institutional Class		$	877,545,659
Shares outstanding – Institutional Class1			63,946,732
Net asset value per share – Institutional Class			$13.72

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, 2017 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $19,951)	$	14,559,804
Securities lending income, net		240,994
Income from affiliated securities		42,197
Total investment income		14,842,995
Expenses
Management fee		10,244,463
Administration fees
Class A		1,585,146
Class B		711
Class C		274,602
Class R4		1,527
Class R6		24,166
Administrator Class		133,481
Institutional Class		646,705
Shareholder servicing fees
Class A		1,887,079
Class B		847
Class C		326,908
Class R4		1,909
Administrator Class		255,256
Distribution fees
Class B		2,540
Class C		980,723
Custody and accounting fees		85,865
Professional fees		27,199
Registration fees		65,752
Shareholder report expenses		107,021
Trustees’ fees and expenses		14,345
Other fees and expenses		39,988
Total expenses		16,706,233
Less: Fee waivers and/or expense reimbursements		(841,342	)
Net expenses		15,864,891
Net investment loss		(1,021,896	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		258,319,515
Affiliated securities		45
Net realized gains on investments		258,319,560
Net change in unrealized gains (losses) on:
Unaffiliated securities		(254,378,458	)
Affiliated securities		1,714
Net change in unrealized gains (losses) on investments		(254,376,744	)
Net realized and unrealized gains (losses) on investments		3,942,816
Net increase in net assets resulting from operations	$	2,920,920

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

Statement of changes in net assets Wells Fargo Premier Large Company Growth Fund 13

	Six months ended January 31, 2017 (unaudited)						Year ended July 31, 2016
Operations
Net investment loss				$	(1,021,896	)				$	(3,092,329	)
Net realized gains on investments					258,319,560						354,287,986
Net change in unrealized gains (losses) on investments					(254,376,744	)					(628,644,827	)
Net increase (decrease) in net assets resulting from operations					2,920,920						(277,449,170	)
Distributions to shareholders from
Net realized gains
Class A					(141,609,478	)					(154,141,985	)
Class B					(64,503	)					(115,925	)
Class C					(28,218,921	)					(27,659,123	)
Class R4					(356,581	)					(138,255	)
Class R6					(14,601,788	)					(12,437,527	)
Administrator Class					(11,817,935	)					(51,332,185	)
Institutional Class					(94,245,557	)					(90,311,280	)
Total distributions to shareholders					(290,914,763	)					(336,136,280	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,885,974			53,561,647			33,396,591			499,630,054
Class B		657			7,221			6,032			75,914
Class C		844,993			9,532,201			2,643,388			33,651,473
Class R4		53,112			724,372			147,562			2,106,423
Class R6		432,243			6,181,984			3,017,767			46,660,260
Administrator Class		618,980			8,836,203			3,919,148			57,602,147
Institutional Class		13,951,052			203,250,191			27,347,396			409,718,053
Investor Class		N/A			N/A			204,065	1		3,092,911	1
					282,093,819						1,052,537,235
Reinvestment of distributions
Class A		10,164,417			132,137,416			10,119,274			145,413,973
Class B		4,868			53,503			7,422			92,480
Class C		2,029,580			22,223,900			1,715,487			21,323,504
Class R4		26,770			356,581			9,437			138,255
Class R6		1,045,351			14,018,149			813,689			11,977,506
Administrator Class		870,110			11,433,242			3,513,370			50,943,861
Institutional Class		5,849,310			78,322,263			4,638,850			68,237,489
					258,545,054						298,127,068
Payment for shares redeemed
Class A		(28,924,645	)		(404,118,010	)		(67,943,982	)		(948,979,782	)
Class B		(31,398	)		(378,448	)		(96,549	)		(1,234,246	)
Class C		(6,625,325	)		(78,369,070	)		(8,078,699	)		(100,085,119	)
Class R4		(36,198	)		(514,125	)		(19,668	)		(274,630	)
Class R6		(2,477,193	)		(36,071,052	)		(1,984,285	)		(28,819,972	)
Administrator Class		(14,016,099	)		(201,243,034	)		(56,550,448	)		(817,362,391	)
Institutional Class		(28,750,160	)		(409,972,713	)		(38,166,413	)		(557,212,931	)
Investor Class		N/A			N/A			(12,187,103	)1		(190,582,272	)1
					(1,130,666,452	)					(2,644,551,343	)
Net decrease in net assets resulting from capital share transactions					(590,027,579	)					(1,293,887,040	)
Total decrease in net assets					(878,021,422	)					(1,907,472,490	)
Net assets
Beginning of period					3,569,573,894						5,477,046,384
End of period				$	2,691,552,472					$	3,569,573,894
Accumulated net investment loss				$	(3,696,672	)				$	(2,674,776	)

¹  For the period from August 1, 2015 to October 23, 2015. Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund.

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

14 Wells Fargo Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS A				2016			2015			2014			2013			2012
Net asset value, beginning of period		$14.68			$16.28			$14.55			$12.57			$10.21			$9.89
Net investment loss		(0.02	)		(0.03	)		(0.03	)		(0.05	)		(0.02	)		(0.03	)1
Net realized and unrealized gains (losses) on investments		0.08			(0.52	)		1.97			2.03			2.38			0.60
Total from investment operations		0.06			(0.55	)		1.94			1.98			2.36			0.57
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00			(0.25	)
Net asset value, end of period		$13.31			$14.68			$16.28			$14.55			$12.57			$10.21
Total return2		0.66	%		(3.22	)%		13.46	%		15.75	%		23.11	%		6.08	%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.13	%		1.16	%		1.17	%		1.19	%		1.23	%
Net expenses		1.11	%		1.11	%		1.12	%		1.12	%		1.12	%		1.12	%
Net investment loss		(0.16	)%		(0.17	)%		(0.18	)%		(0.36	)%		(0.15	)%		(0.30	)%
Supplemental data
Portfolio turnover rate		42	%		47	%		44	%		37	%		32	%		51	%
Net assets, end of period (000s omitted)		$1,341,134			$1,697,746			$2,280,107			$1,908,455			$1,515,862			$932,106

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Premier Large Company Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS B				2016			2015			2014			2013			2012
Net asset value, beginning of period		$12.67			$14.30			$12.90			$11.23			$9.19			$8.99
Net investment loss		(0.05	)1		(0.11	)1		(0.13	)1		(0.13	)1		(0.09	)1		(0.09	)1
Net realized and unrealized gains (losses) on investments		0.05			(0.47	)		1.74			1.80			2.13			0.54
Total from investment operations		0.00			(0.58	)		1.61			1.67			2.04			0.45
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00			(0.25	)
Net asset value, end of period		$11.24			$12.67			$14.30			$12.90			$11.23			$9.19
Total return2		0.28	%		(3.92	)%		12.61	%		14.87	%		22.20	%		5.22	%
Ratios to average net assets (annualized)
Gross expenses		1.88	%		1.87	%		1.91	%		1.91	%		1.94	%		1.97	%
Net expenses		1.86	%		1.86	%		1.87	%		1.87	%		1.87	%		1.87	%
Net investment loss		(0.89	)%		(0.91	)%		(0.92	)%		(1.09	)%		(0.87	)%		(1.04	)%
Supplemental data
Portfolio turnover rate		42	%		47	%		44	%		37	%		32	%		51	%
Net assets, end of period (000s omitted)		$481			$870			$2,170			$4,001			$5,637			$6,962

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, 2017 (unaudited)			Year ended July 31
CLASS C				2016			2015			2014			2013			2012
Net asset value, beginning of period		$12.64			$14.27			$12.87			$11.20			$9.17			$8.97
Net investment loss		(0.06	)1		(0.12	)1		(0.13	)1		(0.14	)1		(0.09	)1		(0.10	)1
Net realized and unrealized gains (losses) on investments		0.06			(0.46	)		1.74			1.81			2.12			0.55
Total from investment operations		0.00			(0.58	)		1.61			1.67			2.03			0.45
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00			(0.25	)
Net asset value, end of period		$11.21			$12.64			$14.27			$12.87			$11.20			$9.17
Total return2		0.29	%		(3.92	)%		12.65	%		14.91	%		22.14	%		5.24	%
Ratios to average net assets (annualized)
Gross expenses		1.88	%		1.88	%		1.91	%		1.92	%		1.94	%		1.98	%
Net expenses		1.86	%		1.86	%		1.87	%		1.87	%		1.87	%		1.87	%
Net investment loss		(0.91	)%		(0.92	)%		(0.93	)%		(1.11	)%		(0.91	)%		(1.07	)%
Supplemental data
Portfolio turnover rate		42	%		47	%		44	%		37	%		32	%		51	%
Net assets, end of period (000s omitted)		$221,188			$296,896			$388,290			$374,136			$279,203			$129,980

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Premier Large Company Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS R4				2016			2015			2014			20131
Net asset value, beginning of period		$15.00			$16.56			$14.75			$12.70			$10.81
Net investment income (loss)		0.01	2		0.02	2		0.02			(0.01	)		0.00	3
Net realized and unrealized gains (losses) on investments		0.07			(0.53	)		2.00			2.06			1.89
Total from investment operations		0.08			(0.51	)		2.02			2.05			1.89
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$13.65			$15.00			$16.56			$14.75			$12.70
Total return4		0.79	%		(2.91	)%		13.82	%		16.14	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.85	%		0.83	%		0.84	%		0.85	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.14	%		0.13	%		0.13	%		(0.11	)%		0.06	%
Supplemental data
Portfolio turnover rate		42	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$4,226			$3,988			$2,129			$765			$131

¹  For the period from November 30, 2012 (commencement of class operations) to July 31, 2013

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.

18 Wells Fargo Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
CLASS R6				2016			2015			2014			20131
Net asset value, beginning of period		$15.08			$16.62			$14.77			$12.71			$10.81
Net investment income		0.04			0.04	2		0.05			0.01			0.00	3
Net realized and unrealized gains (losses) on investments		0.06			(0.53	)		2.01			2.05			1.90
Total from investment operations		0.10			(0.49	)		2.06			2.06			1.90
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$13.75			$15.08			$16.62			$14.77			$12.71
Total return4		0.92	%		(2.78	)%		14.00	%		16.29	%		17.58	%
Ratios to average net assets (annualized)
Gross expenses		0.70	%		0.70	%		0.68	%		0.69	%		0.71	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		0.30	%		0.28	%		0.29	%		0.09	%		0.05	%
Supplemental data
Portfolio turnover rate		42	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$149,602			$179,198			$166,768			$163,871			$4,629

¹  For the period from November 30, 2012 (commencement of class operations) to July 31, 2013

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.

Financial highlights Wells Fargo Premier Large Company Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$14.82			$16.41			$14.63			$12.62			$10.24			$9.90
Net investment loss		(0.00	)1,2		(0.00	)1,2		(0.00	)1		(0.02	)		(0.00	)1		(0.02	)
Net realized and unrealized gains (losses) on investments		0.07			(0.54	)		1.99			2.03			2.38			0.61
Total from investment operations		0.07			(0.54	)		1.99			2.01			2.38			0.59
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00			(0.25	)
Net asset value, end of period		$13.46			$14.82			$16.41			$14.63			$12.62			$10.24
Total return3		0.73	%		(3.13	)%		13.73	%		15.93	%		23.24	%		6.28	%
Ratios to average net assets (annualized)
Gross expenses		1.05	%		1.04	%		1.00	%		1.00	%		1.04	%		1.07	%
Net expenses		1.00	%		0.98	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment loss		(0.01	)%		(0.02	)%		(0.01	)%		(0.19	)%		(0.01	)%		(0.16	)%
Supplemental data
Portfolio turnover rate		42	%		47	%		44	%		37	%		32	%		51	%
Net assets, end of period (000s omitted)		$97,376			$292,900			$1,129,970			$1,325,864			$640,494			$251,759

¹  Amount is less than $0.005.

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 Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2017 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2016			2015			2014			2013			2012
Net asset value, beginning of period		$15.06			$16.61			$14.77			$12.71			$10.28			$9.91
Net investment income		0.02	1		0.03	1		0.03			0.01	1		0.00	2		0.00	1,2
Net realized and unrealized gains (losses) on investments		0.07			(0.53	)		2.02			2.05			2.43			0.62
Total from investment operations		0.09			(0.50	)		2.05			2.06			2.43			0.62
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00			(0.25	)
Net asset value, end of period		$13.72			$15.06			$16.61			$14.77			$12.71			$10.28
Total return3		0.85	%		(2.85	)%		14.01	%		16.21	%		23.64	%		6.48	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.80	%		0.74	%		0.74	%		0.76	%		0.79	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.71	%		0.75	%
Net investment income		0.24	%		0.23	%		0.23	%		0.07	%		0.16	%		0.04	%
Supplemental data
Portfolio turnover rate		42	%		47	%		44	%		37	%		32	%		51	%
Net assets, end of period (000s omitted)		$877,546			$1,097,976			$1,313,281			$1,031,979			$1,328,994			$223,616

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Notes to financial statements (unaudited) Wells Fargo Premier Large Company Growth Fund 21

1. ORGANIZATION

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

Effective at the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the Fund.

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, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment vehicles 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 Management Valuation Team of 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 Management Valuation Team which may include items for ratification.

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the manager and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in conformity with federal income tax regulations, which may differ in amount or character from net investment income and realized gains recognized for purposes of U.S. generally accepted accounting principles.

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 July 31, 2016, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $12,303,738 expiring in 2017.

As of July 31, 2016, the Fund had a qualified late-year ordinary loss of $2,656,167 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 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 significant 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:

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

∎ 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, 2017:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	382,278,620	$	0	$	0	$	382,278,620
Consumer staples		106,415,381		0		0		106,415,381
Energy		62,153,508		0		0		62,153,508
Financials		62,140,350		0		0		62,140,350
Health care		409,412,363		0		0		409,412,363
Industrials		323,009,468		0		0		323,009,468
Information technology		1,215,874,073		0		0		1,215,874,073
Materials		100,664,796		0		0		100,664,796
Real estate		22,748,265		0		0		22,748,265
Short-term investments
Investment companies		10,069,617		0		0		10,069,617
Investments measured at net asset value*								79,604,809
Total assets	$	2,694,766,441	$	0	$	0	$	2,774,371,250

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $79,604,809 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2017, the management fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.275% as the average daily net assets of the Fund increase.

24 Wells Fargo Premier Large Company 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 B, Class C		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class, Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 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 B 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. 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.

During the six months ended January 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $9,311 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $4,740 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

Distribution fees

The Trust has adopted a distribution plan for Class B and Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to Class B and 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 B and 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 B and Class C shares. For the six months ended January 31, 2017, Funds Distributor received $16,529 from the sale of Class A shares and $478 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class B, 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.

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, 2017 were $1,303,292,179 and $1,961,859,852, respectively.

The Fund may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

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

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 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. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

For the six months ended January 31, 2017, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-19, Technical Corrections and Improvements. ASU 2016-19 includes an amendment to FASB ASC Topic 820, Fair Value Measurement which clarifies the difference between a valuation approach and a valuation technique. The amendment also requires an entity to disclose when there has been a change in either or both a valuation approach and/or a valuation technique. The disclosure requirements are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2016. Management is currently evaluating the potential impact of this new guidance to the financial statements.

10. REGULATORY CHANGES

In October 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms (together, “final rules”) intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end mutual funds and exchange-traded funds. The final rules will enhance the quality of information available to investors and will allow the SEC to more effectively collect and use data reported by funds. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in the Fund’s financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017 while the compliance date for the new form types is June 1, 2018 and the compliance date for the liquidity risk management program requirements is December 1, 2018. Management is currently assessing the potential impact of these enhancements and their impact on the financial statement disclosures and reporting requirements.

26 Wells Fargo Premier Large Company Growth Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Premier Large Company Growth Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 138 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 financial 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 lead 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. Board member of the Fonté Foundation (non-profit organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee and as a Chair of the Audit Committee. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	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 Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	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 (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	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.	Asset Allocation Trust
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.	Asset Allocation Trust

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
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

** Peter Gordon is expected to retire on December 31, 2017.

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 Bank, N.A. and President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. 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.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, 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 69 funds and Assistant Treasurer of 69 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 wellsfargofunds.com.

List of abbreviations Wells Fargo Premier Large Company Growth Fund 29

The following is a list of common abbreviations for terms and entities that may have appeared in this report.

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Management nor Wells Fargo Funds Distributor has Fund customer accounts/assets, and neither provides investment advice/recommendations or acts as an investment advice fiduciary to any investor.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2017 Wells Fargo Funds Management, LLC. All rights reserved.

301465 03-17 SA212/SAR212 01-17

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 MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:	/s/ Andrew Owen
	Andrew Owen
	President

Date: March 24, 2017

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 24, 2017

By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer

Date: March 24, 2017