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, 2018

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

January 31, 2018

Wells Fargo Capital 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	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Other information	23
List of abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2018, 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

While investing in stocks and bonds generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Capital Growth Fund for the six-month period that ended January 31, 2018. While investing in stocks generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend. U.S. and international stocks delivered similar results, with returns of 15.43% and 13.50%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays Global Aggregate ex-USD Index³ earned 4.50%. In the U.S., fixed-income investments, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index⁴, fell 0.35% and the Bloomberg Barclays Municipal Bond Index⁵ declined 0.19%.

As global growth improved in the third quarter of 2017, investment markets advanced.

Globally, stocks moved higher during the late summer of 2017 as they were subject to the same positive economic conditions that influenced their advances during first half of the year: moderately accelerating global economic growth supported by improving corporate earnings as well as low inflation and interest rates. Brief episodes of geopolitical tensions, primarily associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding the new U.S. administration’s trade policies, did not discourage investing activity. In the U.S., economic data released during the quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate.

Outside the U.S., stocks in international developed and emerging markets were supported by improved economic growth. Advances in emerging markets equity valuations slowed compared with the pace of the first half of 2017 but continued an upward path. Central banks in Europe, Asia, and Japan maintained low-interest-rate policies that supported business growth and equity investing.

In the U.S., Federal Reserve (Fed) officials announced in October plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued an upward trajectory. Synchronous economic expansion worldwide continued with mild inflation and low volatility. Data released during the quarter reflected a healthy U.S. economy.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

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

Third-quarter economic output grew at a 3.2% annual rate. Increased hiring pushed the unemployment rate down to a 17-year low of 4.1%. Tax reform in the U.S. that passed as the year ended also encouraged increased spending among businesses and individuals. Signs of long-awaited wage growth appeared to emerge.

Outside the U.S., economies continued to strengthen. In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy has been expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies have benefited from catalysts such as economic stimulus, improving employment, increased investment, accelerated trade growth, and the firming of prices for some of the commodities that are essential exports of many international economies.

October 2017 marked one year since regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for the short-term investment opportunities afforded them by money market funds.

In December 2017, the Fed raised the federal funds rate target to a range of 1.25% to 1.50%. The Fed also began reducing its bond portfolio. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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.

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, 2018¹

		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		32.25		15.13		8.29		40.27		16.51		8.94		1.24		1.11
Class C (WFCCX)	7-31-2007		38.18		15.63		8.12		39.18		15.63		8.12		1.99		1.86
Class R6 (WFCRX)	11-30-2012		–		–		–		40.92		17.07		9.47		0.81		0.60
Administrator Class (WFCDX)	6-30-2003		–		–		–		40.42		16.70		9.17		1.16		0.94
Institutional Class (WWCIX)	4-8-2005		–		–		–		40.82		17.00		9.44		0.91		0.70
Russell 1000® Growth Index4	–		–		–		–		34.89		17.95		11.65		–		–

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.

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. 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, 20185
Amazon.com Incorporated	7.29
Microsoft Corporation	6.38
Alphabet Incorporated Class A	6.08
Visa Incorporated Class A	4.69
UnitedHealth Group Incorporated	4.61
Waste Connections Incorporated	2.79
The Home Depot Incorporated	2.70
Facebook Incorporated Class A	2.56
Salesforce.com Incorporated	2.54
FleetCor Technologies Incorporated	2.17

Sector distribution as of January 31, 2018⁶

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

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, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 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. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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

⁵  The ten largest holdings, excluding cash 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, 2017 to January 31, 2018.

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 8-1-2017		Ending account value 1-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,197.45	$	5.87		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.86	$	5.40		1.06	%
Class C
Actual	$	1,000.00	$	1,192.56	$	10.00		1.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.08	$	9.20		1.81	%
Class R6
Actual	$	1,000.00	$	1,199.82	$	3.33		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,198.08	$	5.21		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.47	$	4.79		0.94	%
Institutional Class
Actual	$	1,000.00	$	1,199.59	$	3.88		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		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, 2018 (unaudited) Wells Fargo Capital Growth Fund 7

Security name	Shares		Value
Common Stocks: 95.71%
Consumer Discretionary: 14.24%
Auto Components: 1.40%
Aptiv plc		30,950	$	2,936,531
Automobiles: 1.03%
Ferrari NV		18,050		2,156,975
Internet & Direct Marketing Retail: 9.11%
Amazon.com Incorporated †		10,555		15,314,144
Netflix Incorporated †		14,150		3,824,745
				19,138,889
Specialty Retail: 2.70%
The Home Depot Incorporated		28,233		5,672,010
Consumer Staples: 2.06%
Beverages: 1.10%
Monster Beverage Corporation †		34,050		2,323,232
Food Products: 0.96%
Lamb Weston Holdings Incorporated		34,350		2,012,910
Energy: 0.98%
Oil, Gas & Consumable Fuels: 0.98%
Pioneer Natural Resources Company		11,200		2,048,592
Financials: 5.44%
Capital Markets: 5.44%
Intercontinental Exchange Incorporated		60,325		4,454,398
Raymond James Financial Incorporated		43,550		4,197,785
S&P Global Incorporated		15,363		2,782,239
				11,434,422
Health Care: 14.45%
Biotechnology: 3.62%
Celgene Corporation †		30,450		3,080,322
Exelixis Incorporated †		77,350		2,344,479
Incyte Corporation †		10,750		970,618
Regeneron Pharmaceuticals Incorporated †		3,300		1,209,945
				7,605,364
Health Care Equipment & Supplies: 6.22%
Baxter International Incorporated		37,150		2,675,915
Boston Scientific Corporation †		115,000		3,215,400
Edwards Lifesciences Corporation †		25,450		3,221,461
Hologic Incorporated †		92,700		3,958,290
				13,071,066

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

8 Wells Fargo Capital Growth Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name	Shares		Value
Health Care Providers & Services: 4.61%
UnitedHealth Group Incorporated		40,900	$	9,684,302
Industrials: 9.30%
Aerospace & Defense: 2.74%
BWX Technologies Incorporated		35,000		2,220,400
Northrop Grumman Corporation		10,400		3,541,512
				5,761,912
Commercial Services & Supplies: 4.41%
Cintas Corporation		20,250		3,411,113
Waste Connections Incorporated		81,530		5,855,485
				9,266,598
Electrical Equipment: 1.11%
Rockwell Automation Incorporated		11,850		2,337,887
Professional Services: 1.04%
TransUnion †		36,573		2,170,973
Information Technology: 42.24%
Internet Software & Services: 12.06%
Alphabet Incorporated Class A †		10,808		12,777,434
Facebook Incorporated Class A †		28,824		5,386,917
MercadoLibre Incorporated		7,600		2,941,960
Tencent Holdings Limited ADR		71,300		4,218,821
				25,325,132
IT Services: 12.42%
Black Knight Incorporated †		43,500		2,153,250
Fidelity National Information Services Incorporated		28,550		2,922,378
First Data Corporation Class A †		121,350		2,147,895
FleetCor Technologies Incorporated †		21,500		4,568,750
PayPal Holdings Incorporated †		23,600		2,013,552
Total System Services Incorporated		27,300		2,425,878
Visa Incorporated Class A		79,283		9,849,327
				26,081,030
Semiconductors & Semiconductor Equipment: 2.89%
Broadcom Limited		16,750		4,154,503
Infineon Technologies AG ADR		66,050		1,926,216
				6,080,719
Software: 14.87%
Activision Blizzard Incorporated		45,700		3,387,741
Electronic Arts Incorporated †		24,200		3,072,432
Microsoft Corporation		141,150		13,410,662
Nintendo Company Limited		62,650		3,576,062
Salesforce.com Incorporated †		46,930		5,345,796

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Capital Growth Fund 9

Security name				Shares		Value
Software (continued)
ServiceNow Incorporated †					16,480	$	2,453,378
							31,246,071
Materials: 6.10%
Chemicals: 4.03%
Air Products & Chemicals Incorporated					24,550		4,133,484
The Sherwin-Williams Company					10,400		4,337,944
							8,471,428
Construction Materials: 2.07%
Vulcan Materials Company					32,050		4,339,570
Real Estate: 0.90%
Equity REITs: 0.90%
SBA Communications Corporation †					10,800		1,884,600
Total Common Stocks (Cost $118,958,320)							201,050,213
	Yield
Short-Term Investments: 4.42%
Investment Companies: 4.42%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.24	%		9,290,514		9,290,514
Total Short-Term Investments (Cost $9,290,514)							9,290,514

Total investments in securities (Cost $128,248,834)	100.13	%		210,340,727
Other assets and liabilities, net	(0.13	)		(279,843	)
Total net assets	100.00	%	$	210,060,884

† 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.

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		3,766,873		48,403,654		42,880,013		9,290,514	$	0	$	0	$	44,820	$	9,290,514		4.42	%
Affiliated securities no longer held at end of the period		695,935		64,513,125		65,209,060		0		0		0		8,332		0
									$	0	$	0	$	53,152	$	9,290,514		4.42	%

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

10 Wells Fargo Capital Growth Fund Statement of assets and liabilities—January 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $118,958,320)	$	201,050,213
Investments in affiliated securities, at value (cost $9,290,514)		9,290,514
Receivable for Fund shares sold		79,822
Receivable for dividends		13,594
Receivable for securities lending income		302
Prepaid expenses and other assets		81,710
Total assets		210,516,155
Liabilities
Payable for Fund shares redeemed		294,598
Management fee payable		82,682
Administration fees payable		20,653
Trustees’ fees and expenses payable		2,574
Distribution fee payable		2,100
Accrued expenses and other liabilities		52,664
Total liabilities		455,271
Total net assets	$	210,060,884
NET ASSETS CONSIST OF
Paid-in capital	$	91,526,588
Accumulated net investment loss		(172,900	)
Accumulated net realized gains on investments		36,615,303
Net unrealized gains on investments		82,091,893
Total net assets	$	210,060,884
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	85,031,677
Shares outstanding – Class A1		4,696,533
Net asset value per share – Class A		$18.11
Maximum offering price per share – Class A2		$19.21
Net assets – Class C	$	3,354,277
Shares outstanding – Class C1		214,058
Net asset value per share – Class C		$15.67
Net assets – Class R6	$	92,408,449
Shares outstanding – Class R61		4,508,772
Net asset value per share – Class R6		$20.50
Net assets – Administrator Class	$	8,429,549
Shares outstanding – Administrator Class1		428,059
Net asset value per share – Administrator Class		$19.69
Net assets – Institutional Class	$	20,836,931
Shares outstanding – Institutional Class1		1,021,654
Net asset value per share – Institutional Class		$20.40

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, 2018 (unaudited) Wells Fargo Capital Growth Fund 11

Investment income
Dividends (net of foreign withholding taxes of $4,901)	$	848,515
Income from affiliated securities		53,152
Total investment income		901,667
Expenses
Management fee		873,221
Administration fees
Class A		80,117
Class C		3,164
Class R4		4	1
Class R6		19,595
Administrator Class		11,727
Institutional Class		13,968
Shareholder servicing fees
Class A		95,377
Class C		3,767
Class R4		5	1
Administrator Class		22,551
Distribution fee
Class C		11,300
Custody and accounting fees		4,839
Professional fees		25,493
Registration fees		41,740
Shareholder report expenses		16,083
Trustees’ fees and expenses		12,611
Other fees and expenses		3,954
Total expenses		1,239,516
Less: Fee waivers and/or expense reimbursements		(255,893	)
Net expenses		983,623
Net investment loss		(81,956	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		46,718,258
Net change in unrealized gains (losses) on investments		(4,909,149	)
Net realized and unrealized gains (losses) on investments		41,809,109
Net increase in net assets resulting from operations	$	41,727,153

¹  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund.

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, 2018 (unaudited)						Year ended July 31, 2017
Operations
Net investment income (loss)				$	(81,956	)				$	164,681
Net realized gains on investments					46,718,258						31,756,709
Net change in unrealized gains (losses) on investments					(4,909,149	)					15,387,708
Net increase in net assets resulting from operations					41,727,153						47,309,098
Distributions to shareholders from
Net investment income
Class A					0						(97,914	)
Class R4					0	1					(38	)
Class R6					0						(412,002	)
Administrator Class					0						(39,091	)
Institutional Class					0						(65,942	)
Net realized gains
Class A					(10,659,612	)					(1,953,165	)
Class C					(475,651	)					(101,375	)
Class R4					(1,544	)1					(384	)
Class R6					(16,512,790	)					(3,243,150	)
Administrator Class					(2,322,996	)					(611,585	)
Institutional Class					(2,869,464	)					(616,477	)
Total distributions to shareholders					(32,842,057	)					(7,141,123	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		210,756			3,612,385			198,409			3,094,087
Class C		28,417			416,910			32,238			431,568
Class R6		334,864			6,360,944			877,107			15,875,391
Administrator Class		79,354			1,466,324			166,111			2,827,992
Institutional Class		102,057			1,961,241			929,940			16,102,051
					13,817,804						38,331,089
Reinvestment of distributions
Class A		642,270			10,449,869			137,411			2,007,306
Class C		30,860			437,693			6,718			87,332
Class R4		0	1		0	1		26			422
Class R6		905,002			16,500,487			225,598			3,655,152
Administrator Class		131,868			2,308,838			41,308			647,990
Institutional Class		155,432			2,828,945			41,696			673,156
					32,525,832						7,071,358
Payment for shares redeemed
Class A		(284,780	)		(4,892,438	)		(1,344,184	)		(20,771,420	)
Class C		(30,550	)		(459,518	)		(105,879	)		(1,470,006	)
Class R4		(974	)1		(18,521	)1		0			0
Class R6		(4,799,131	)		(92,142,433	)		(1,450,824	)		(24,773,295	)
Administrator Class		(1,009,465	)		(18,886,334	)		(898,996	)		(14,559,948	)
Institutional Class		(503,697	)		(9,446,328	)		(1,125,342	)		(19,712,480	)
					(125,845,572	)					(81,287,149	)
Net decrease in net assets resulting from capital share transactions					(79,501,936	)					(35,884,702	)
Total increase (decrease) in net assets					(70,616,840	)					4,283,273
Net assets
Beginning of period					280,677,724						276,394,451
End of period				$	210,060,884					$	280,677,724
Overdistributed/accumulated net investment income (loss)				$	(172,900	)				$	(90,944	)

¹  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares 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, 2018 (unaudited)			Year ended July 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$17.56			$15.12			$17.38			$21.31			$19.87			$16.74
Net investment income (loss)		(0.03	)1		(0.03	)1		(0.03	)1		(0.07	)1		(0.10	)1		0.00	1,2
Net realized and unrealized gains (losses) on investments		3.11			2.90			0.04			2.09			3.79			3.43
Total from investment operations		3.08			2.87			0.01			2.02			3.69			3.43
Distributions to shareholders from
Net investment income		0.00			(0.02	)		0.00			0.00			(0.02	)		0.00
Net realized gains		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)
Total distributions to shareholders		(2.53	)		(0.43	)		(2.27	)		(5.95	)		(2.25	)		(0.30	)
Net asset value, end of period		$18.11			$17.56			$15.12			$17.38			$21.31			$19.87
Total return3		19.74	%		19.52	%		0.75	%		11.00	%		19.09	%		20.85	%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.24	%		1.24	%		1.27	%		1.26	%		1.26	%
Net expenses		1.06	%		1.06	%		1.06	%		1.11	%		1.11	%		1.14	%
Net investment income (loss)		(0.37	)%		(0.21	)%		(0.18	)%		(0.39	)%		(0.46	)%		0.01	%
Supplemental data
Portfolio turnover rate		23	%		59	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$85,032			$72,511			$77,648			$17,126			$18,561			$16,390

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, 2018 (unaudited)			Year ended July 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$15.58			$13.54			$15.92			$20.12			$18.98			$16.12
Net investment loss		(0.09	)1		(0.13	)1		(0.13	)1		(0.20	)1		(0.24	)1		(0.13	)1
Net realized and unrealized gains (losses) on investments		2.71			2.58			0.02			1.95			3.61			3.29
Total from investment operations		2.62			2.45			(0.11	)		1.75			3.37			3.16
Distributions to shareholders from
Net realized gains		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)
Net asset value, end of period		$15.67			$15.58			$13.54			$15.92			$20.12			$18.98
Total return2		19.26	%		18.65	%		0.00	%		10.15	%		18.21	%		19.97	%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		1.99	%		1.99	%		2.02	%		2.01	%		2.01	%
Net expenses		1.81	%		1.81	%		1.81	%		1.86	%		1.86	%		1.89	%
Net investment loss		(1.13	)%		(0.95	)%		(0.98	)%		(1.14	)%		(1.20	)%		(0.73	)%
Supplemental data
Portfolio turnover rate		23	%		59	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$3,354			$2,888			$3,415			$4,212			$4,628			$4,503

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, 2018 (unaudited)			Year ended July 31
CLASS R6				2017			2016			2015			2014			20131
Net asset value, beginning of period		$19.52			$16.70			$18.87			$22.56			$20.85			$18.22
Net investment income		0.01	2		0.04			0.04	2		0.02			0.00	2,3		0.07
Net realized and unrealized gains (losses) on investments		3.50			3.24			0.06			2.24			4.00			2.95
Total from investment operations		3.51			3.28			0.10			2.26			4.00			3.02
Distributions to shareholders from
Net investment income		0.00			(0.05	)		0.00			0.00			(0.06	)		(0.09	)
Net realized gains		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)
Total distributions to shareholders		(2.53	)		(0.46	)		(2.27	)		(5.95	)		(2.29	)		(0.39	)
Net asset value, end of period		$20.50			$19.52			$16.70			$18.87			$22.56			$20.85
Total return4		19.98	%		20.18	%		1.20	%		11.54	%		19.71	%		16.99	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.81	%		0.81	%		0.79	%		0.78	%		0.79	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		0.14	%		0.23	%		0.23	%		0.11	%		0.01	%		0.52	%
Supplemental data
Portfolio turnover rate		23	%		59	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$92,408			$157,462			$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.

16 Wells Fargo Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$18.87			$16.20			$18.43			$22.22			$20.61			$17.32
Net investment income (loss)		(0.02	)1		(0.01	)1		(0.01	)1		(0.03	)1		(0.05	)1		0.04	1
Net realized and unrealized gains (losses) on investments		3.37			3.12			0.05			2.19			3.93			3.55
Total from investment operations		3.35			3.11			0.04			2.16			3.88			3.59
Distributions to shareholders from
Net investment income		0.00			(0.03	)		0.00			0.00			(0.04	)		0.00
Net realized gains		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)
Total distributions to shareholders		(2.53	)		(0.44	)		(2.27	)		(5.95	)		(2.27	)		(0.30	)
Net asset value, end of period		$19.69			$18.87			$16.20			$18.43			$22.22			$20.61
Total return2		19.81	%		19.68	%		0.88	%		11.22	%		19.35	%		21.15	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.16	%		1.16	%		1.11	%		1.09	%		1.09	%
Net expenses		0.94	%		0.94	%		0.93	%		0.90	%		0.90	%		0.91	%
Net investment income (loss)		(0.19	)%		(0.04	)%		(0.09	)%		(0.16	)%		(0.24	)%		0.24	%
Supplemental data
Portfolio turnover rate		23	%		59	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$8,430			$23,144			$31,064			$34,886			$67,830			$63,786

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 Capital Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$19.44			$16.65			$18.84			$22.54			$20.84			$17.56
Net investment income		0.00	1,2		0.02	1		0.03	1		0.02	1		0.01	1		0.09	1
Net realized and unrealized gains (losses) on investments		3.49			3.22			0.05			2.23			4.00			3.58
Total from investment operations		3.49			3.24			0.08			2.25			4.01			3.67
Distributions to shareholders from
Net investment income		0.00			(0.04	)		0.00			0.00			(0.08	)		(0.09	)
Net realized gains		(2.53	)		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)
Total distributions to shareholders		(2.53	)		(0.45	)		(2.27	)		(5.95	)		(2.31	)		(0.39	)
Net asset value, end of period		$20.40			$19.44			$16.65			$18.84			$22.54			$20.84
Total return3		19.96	%		20.00	%		1.09	%		11.50	%		19.76	%		21.42	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.91	%		0.91	%		0.84	%		0.82	%		0.82	%
Net expenses		0.70	%		0.70	%		0.68	%		0.65	%		0.65	%		0.67	%
Net investment income		0.02	%		0.13	%		0.16	%		0.09	%		0.05	%		0.46	%
Supplemental data
Portfolio turnover rate		23	%		59	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$20,837			$24,653			$23,670			$22,578			$49,816			$331,310

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

Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund. Information for Class R4 shares reflected in the financial statements represents activity through November 13, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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 Wells Fargo Asset Management Pricing Committee 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 Wells Fargo Asset Management Pricing Committee 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

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

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 income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2018, the aggregate cost of all investments for federal income tax purposes was $128,286,757 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	82,806,573
Gross unrealized losses		(752,603	)
Net unrealized gains	$	82,053,970

As of July 31, 2017, the Fund had a qualified late-year ordinary loss of $90,944 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.

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	29,904,405	$	0	$	0	$	29,904,405
Consumer staples		4,336,142		0		0		4,336,142
Energy		2,048,592		0		0		2,048,592
Financials		11,434,422		0		0		11,434,422
Health care		30,360,732		0		0		30,360,732
Industrials		19,537,370		0		0		19,537,370
Information technology		88,732,952		0		0		88,732,952
Materials		12,810,998		0		0		12,810,998
Real estate		1,884,600		0		0		1,884,600
Short-term investments
Investment companies		9,290,514		0		0		9,290,514
Total assets	$	210,340,727	$	0	$	0	$	210,340,727

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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, 2018, 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.

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

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

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, 2018 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, 0.60% 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.

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, 2018, Funds Distributor received $1,657 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C for the six months ended January 31, 2018.

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 was charged a fee at an annual rate of 0.10% of its average daily net assets.

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2018 were $55,281,177 and $169,850,989, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the six months ended January 31, 2018, there were no borrowings by the Fund under the agreement.

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

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.

Other information (unaudited) Wells Fargo Capital Growth Fund 23

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.

24 Wells Fargo Capital 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 153 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté 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.	Asset Allocation Trust
Jane A. Freeman** (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Capital Growth Fund 25

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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

26 Wells Fargo Capital Growth Fund Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309111 03-18 SA200/SAR200 01-18

Semi-Annual Report

January 31, 2018

Wells Fargo Disciplined U.S. 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	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	23
Other information	28
List of abbreviations	32

The views expressed and any forward-looking statements are as of January 31, 2018, 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

While investing in stocks and bonds generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Disciplined U.S. Core Fund for the six-month period that ended January 31, 2018. While investing in stocks generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend. U.S. and international stocks delivered similar results, with returns of 15.43% and 13.50%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays Global Aggregate ex-USD Index³ earned 4.50%. In the U.S., fixed-income investments, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index⁴, fell 0.35% and the Bloomberg Barclays Municipal Bond Index⁵ declined 0.19%.

As global growth improved in the third quarter of 2017, investment markets advanced.

Globally, stocks moved higher during the late summer of 2017 as they were subject to the same positive economic conditions that influenced their advances during first half of the year: moderately accelerating global economic growth supported by improving corporate earnings as well as low inflation and interest rates. Brief episodes of geopolitical tensions, primarily associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding the new U.S. administration’s trade policies, did not discourage investing activity. In the U.S., economic data released during the quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate.

Outside the U.S., stocks in international developed and emerging markets were supported by improved economic growth. Advances in emerging markets equity valuations slowed compared with the pace of the first half of 2017 but continued an upward path. Central banks in Europe, Asia, and Japan maintained low-interest-rate policies that supported business growth and equity investing.

In the U.S., Federal Reserve (Fed) officials announced in October plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued an upward trajectory. Synchronous economic expansion worldwide continued with mild inflation and low volatility. Data released during the quarter reflected a healthy U.S. economy.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

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

Third-quarter economic output grew at a 3.2% annual rate. Increased hiring pushed the unemployment rate down to a 17-year low of 4.1%. Tax reform in the U.S. that passed as the year ended also encouraged increased spending among businesses and individuals. Signs of long-awaited wage growth appeared to emerge.

Outside the U.S., economies continued to strengthen. In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy has been expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies have benefited from catalysts such as economic stimulus, improving employment, increased investment, accelerated trade growth, and the firming of prices for some of the commodities that are essential exports of many international economies.

October 2017 marked one year since regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for the short-term investment opportunities afforded them by money market funds.

In December 2017, the Fed raised the federal funds rate target to a range of 1.25% to 1.50%. The Fed also began reducing its bond portfolio. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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.

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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Justin Carr, CFA^®

Greg W. Golden, CFA^®

Average annual total returns (%) as of January 31, 2018¹

		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		17.83		14.72		8.99		24.98		16.09		9.64		0.85		0.85
Class C (EVSTX)	6-30-1999		23.12		15.23		8.83		24.12		15.23		8.83		1.60		1.60
Class R (EVSHX)	9-30-2015		–		–		–		24.70		15.80		9.35		1.10		1.10
Class R6 (EVSRX)	9-30-2015		–		–		–		25.59		16.59		10.07		0.42		0.42
Administrator Class (EVSYX)	2-21-1995		–		–		–		25.13		16.25		9.84		0.77		0.74
Institutional Class (EVSIX)	7-30-2010		–		–		–		25.41		16.55		10.05		0.52		0.48
S&P 500 Index4	–		–		–		–		26.41		15.91		9.78		–		–

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, 20185
Microsoft Corporation	3.63
Apple Incorporated	3.59
Berkshire Hathaway Incorporated Class B	2.11
Johnson & Johnson	2.07
Exxon Mobil Corporation	2.04
Amazon .com Incorporated	2.03
Facebook Incorporated Class A	1.94
Alphabet Incorporated Class C	1.86
JPMorgan Chase & Company	1.85
Alphabet Incorporated Class A	1.81

Sector distribution as of January 31, 2018⁶

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 for Class R6 shares 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 for Institutional Class shares 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, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 0.87% for Class A, 1.62% for Class C, 1.12% for Class R, 0.43% for Class R6, 0.74% for Administrator Class, and 0.48% for Institutional Class. 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. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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, 2017 to January 31, 2018.

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 8-1-2017		Ending account value 1-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,149.40	$	4.55		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.97	$	4.28		0.84	%
Class C
Actual	$	1,000.00	$	1,145.50	$	8.60		1.59	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.19	$	8.08		1.59	%
Class R
Actual	$	1,000.00	$	1,148.05	$	5.90		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Class R6
Actual	$	1,000.00	$	1,152.21	$	2.17		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19	$	2.04		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,150.24	$	4.01		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Institutional Class
Actual	$	1,000.00	$	1,151.08	$	2.60		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		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, 2018 (unaudited) Wells Fargo Disciplined U.S. Core Fund 7

Security name	Shares		Value
Common Stocks: 98.97%
Consumer Discretionary: 11.43%
Automobiles: 0.63%
Ford Motor Company		784,696	$	8,608,115
Hotels, Restaurants & Leisure: 1.47%
Carnival Corporation		116,168		8,318,790
Penn National Gaming Incorporated †		154,677		4,935,743
Royal Caribbean Cruises Limited		31,683		4,231,265
Starbucks Corporation		44,610		2,534,294
				20,020,092
Internet & Direct Marketing Retail: 2.52%
Amazon.com Incorporated †		19,098		27,709,097
Nutrisystem Incorporated		156,558		6,771,134
				34,480,231
Media: 3.36%
Comcast Corporation Class A		454,262		19,319,763
News Corporation Class A		156,482		2,677,407
The Walt Disney Company		129,863		14,112,212
Time Warner Incorporated		47,202		4,500,711
Twenty-First Century Fox Incorporated Class A		141,753		5,230,686
				45,840,779
Multiline Retail: 0.68%
Big Lots Stores Incorporated		73,165		4,446,969
Kohl’s Corporation		32,550		2,108,264
Macy’s Incorporated		104,796		2,719,456
				9,274,689
Specialty Retail: 2.77%
Best Buy Company Incorporated		129,083		9,430,804
GameStop Corporation Class A «		206,383		3,469,298
The Home Depot Incorporated		107,464		21,589,518
The TJX Companies Incorporated		42,055		3,377,858
				37,867,478
Consumer Staples: 7.11%
Beverages: 1.17%
Molson Coors Brewing Company Class B		96,275		8,089,026
The Coca-Cola Company		166,802		7,938,107
				16,027,133
Food & Staples Retailing: 3.09%
CVS Health Corporation		159,900		12,582,531
The Kroger Company		165,541		5,025,825
Wal-Mart Stores Incorporated		160,141		17,071,031

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

8 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name	Shares		Value
Food & Staples Retailing (continued)
Walgreens Boots Alliance Incorporated		100,316	$	7,549,782
				42,229,169
Food Products: 1.11%
Sanderson Farms Incorporated		51,173		6,493,854
Tyson Foods Incorporated Class A		113,332		8,625,699
				15,119,553
Household Products: 0.67%
Kimberly-Clark Corporation		28,800		3,369,600
The Procter & Gamble Company		67,332		5,813,445
				9,183,045
Tobacco: 1.07%
Altria Group Incorporated		206,970		14,558,270
Energy: 6.61%
Energy Equipment & Services: 0.99%
Schlumberger Limited		183,935		13,533,937
Oil, Gas & Consumable Fuels: 5.62%
Chevron Corporation		167,770		21,029,970
ConocoPhillips		80,582		4,739,027
Exxon Mobil Corporation		318,812		27,832,288
Kinder Morgan Incorporated		526,080		9,458,918
Marathon Petroleum Corporation		44,374		3,073,787
Valero Energy Corporation		109,517		10,510,346
				76,644,336
Financials: 14.22%
Banks: 5.92%
Bank of America Corporation		535,842		17,146,944
Citigroup Incorporated		246,727		19,363,135
Comerica Incorporated		31,771		3,025,235
JPMorgan Chase & Company		218,250		25,244,978
People’s United Financial Incorporated		167,370		3,292,168
PNC Financial Services Group Incorporated		26,449		4,179,471
Popular Incorporated		103,136		4,191,447
Regions Financial Corporation		228,380		4,391,747
				80,835,125
Capital Markets: 1.94%
Bank of New York Mellon Corporation		117,731		6,675,348
BGC Partners Incorporated		476,567		6,819,674
Invesco Limited		57,456		2,075,885
Morgan Stanley		140,071		7,921,015
State Street Corporation		26,551		2,925,124
				26,417,046

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Disciplined U.S. Core Fund 9

Security name	Shares		Value
Consumer Finance: 0.47%
Synchrony Financial		162,230	$	6,437,286
Diversified Financial Services: 2.11%
Berkshire Hathaway Incorporated Class B †		134,418		28,816,531
Insurance: 3.56%
AFLAC Incorporated		102,940		9,079,308
American Equity Investment Life Holding Company		125,713		4,148,529
Assured Guaranty Limited		202,365		7,202,170
FNF Group		71,840		2,800,323
MetLife Incorporated		208,060		10,001,444
Principal Financial Group Incorporated		75,113		5,077,639
Prudential Financial Incorporated		23,621		2,806,647
The Progressive Corporation		137,156		7,420,140
				48,536,200
Thrifts & Mortgage Finance: 0.22%
MGIC Investment Corporation †		203,072		3,009,527
Health Care: 14.75%
Biotechnology: 3.21%
AbbVie Incorporated		170,201		19,099,956
Amgen Incorporated		70,099		13,041,919
Gilead Sciences Incorporated		138,693		11,622,473
				43,764,348
Health Care Equipment & Supplies: 2.49%
Abbott Laboratories		233,906		14,539,597
Baxter International Incorporated		143,214		10,315,704
Medtronic plc		106,749		9,168,672
				34,023,973
Health Care Providers & Services: 3.58%
Anthem Incorporated		22,912		5,678,739
Cigna Corporation		13,977		2,912,108
Humana Incorporated		29,165		8,219,572
Magellan Health Services Incorporated †		38,385		3,823,146
McKesson Corporation		48,212		8,142,043
UnitedHealth Group Incorporated		84,757		20,068,762
				48,844,370
Pharmaceuticals: 5.47%
Bristol-Myers Squibb Company		134,287		8,406,366
Eli Lilly & Company		47,540		3,872,133
Johnson & Johnson		204,185		28,216,325
Merck & Company Incorporated		275,510		16,323,968
Pfizer Incorporated		482,710		17,879,578
				74,698,370

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

10 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name		Shares		Value
Industrials: 9.77%
Aerospace & Defense: 1.75%
The Boeing Company			57,156	$	20,254,372
United Technologies Corporation			26,892		3,711,365
					23,965,737
Air Freight & Logistics: 1.12%
FedEx Corporation			16,742		4,394,440
United Parcel Service Incorporated Class B			86,030		10,953,340
					15,347,780
Airlines: 1.73%
Copa Holdings SA Class A	��		30,085		4,161,658
Delta Air Lines Incorporated			162,098		9,202,303
Hawaiian Holdings Incorporated †			161,150		6,018,953
United Continental Holdings Incorporated †			61,792		4,190,733
					23,573,647
Commercial Services & Supplies: 1.15%
Tetra Tech Incorporated			60,009		2,982,447
The Brink’s Company			47,621		3,971,591
Waste Management Incorporated			99,162		8,768,896
					15,722,934
Construction & Engineering: 0.59%
MasTec Incorporated †			79,131		4,225,595
Valmont Industries Incorporated			23,195		3,794,702
					8,020,297
Electrical Equipment: 0.17%
AMETEK Incorporated			30,277		2,310,135
Industrial Conglomerates: 1.02%
3M Company			28,136		7,048,068
Honeywell International Incorporated			42,689		6,816,153
					13,864,221
Machinery: 1.31%
Caterpillar Incorporated			39,841		6,485,318
Crane Company Crane Co			44,786		4,475,913
Cummins Incorporated			30,509		5,735,692
EnPro Industries Incorporated			14,361		1,263,624
					17,960,547
Professional Services: 0.59%
Manpower Incorporated			60,913		8,003,359
Trading Companies & Distributors: 0.34%
Applied Industrial Technologies Incorporated			62,366		4,599,493

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Disciplined U.S. Core Fund 11

Security name	Shares		Value
Information Technology: 23.76%
Communications Equipment: 1.35%
ARRIS International plc †		106,764	$	2,701,129
Cisco Systems Incorporated		377,598		15,685,421
				18,386,550
Electronic Equipment, Instruments & Components: 0.55%
Corning Incorporated		137,110		4,280,574
Jabil Circuit Incorporated		127,015		3,229,991
				7,510,565
Internet Software & Services: 5.62%
Alphabet Incorporated Class A †		20,897		24,704,851
Alphabet Incorporated Class C †		21,752		25,448,535
Facebook Incorporated Class A †		141,932		26,525,671
				76,679,057
IT Services: 2.90%
Accenture plc Class A		79,077		12,707,674
International Business Machines Corporation		80,927		13,247,750
Total System Services Incorporated		101,085		8,982,413
Visa Incorporated Class A		37,690		4,682,229
				39,620,066
Semiconductors & Semiconductor Equipment: 3.66%
Applied Materials Incorporated		148,946		7,987,974
Intel Corporation		399,181		19,216,573
Lam Research Corporation		15,522		2,972,773
Micron Technology Incorporated †		238,154		10,412,093
NVIDIA Corporation		13,110		3,222,438
Texas Instruments Incorporated		56,710		6,219,386
				50,031,237
Software: 4.80%
Microsoft Corporation		521,493		49,547,050
Oracle Corporation		310,607		16,024,215
				65,571,265
Technology Hardware, Storage & Peripherals: 4.88%
Apple Incorporated		292,886		49,037,903
HP Incorporated		411,897		9,605,438
Western Digital Corporation		89,342		7,949,651
				66,592,992
Materials: 3.77%
Chemicals: 1.08%
Huntsman Corporation		138,123		4,774,912
LyondellBasell Industries NV Class A		83,472		10,003,284
				14,778,196

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

12 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name	Shares		Value
Containers & Packaging: 0.57%
Avery Dennison Corporation		63,580	$	7,799,994
Metals & Mining: 1.20%
Freeport-McMoRan Incorporated †		380,647		7,422,617
Newmont Mining Corporation		220,716		8,941,205
				16,363,822
Paper & Forest Products: 0.92%
Domtar Corporation		77,667		3,988,977
Louisiana-Pacific Corporation †		287,070		8,500,143
				12,489,120
Real Estate: 3.62%
Equity REITs: 3.19%
American Tower Corporation		72,662		10,732,177
Equinix Incorporated		19,056		8,674,101
GGP Incorporated		353,751		8,146,886
Kimco Realty Corporation		141,210		2,246,651
Prologis Incorporated		58,526		3,810,628
Weyerhaeuser Company		264,583		9,932,446
				43,542,889
Real Estate Management & Development: 0.43%
CBRE Group Incorporated Class A †		129,813		5,931,156
Telecommunication Services: 1.63%
Diversified Telecommunication Services: 1.63%
AT&T Incorporated		518,791		19,428,723
Verizon Communications Incorporated		53,027		2,867,170
				22,295,893
Utilities: 2.30%
Electric Utilities: 1.75%
Avangrid Incorporated		158,679		7,730,841
Exelon Corporation		243,334		9,370,792
Otter Tail Corporation		62,402		2,658,325
PG&E Corporation		96,521		4,095,386
				23,855,344
Multi-Utilities: 0.55%
CenterPoint Energy Incorporated		98,722		2,781,986
DTE Energy Company		44,517		4,702,776
				7,484,762
Total Common Stocks (Cost $968,626,130)				1,351,070,661

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Disciplined U.S. Core Fund 13

Security name	Yield			Shares		Value
Short-Term Investments: 1.09%
Investment Companies: 1.09%
Securities Lending Cash Investment LLC (l)(r)(u)		1.60	%		1,993,051	$	1,993,250
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.24			12,955,100		12,955,100
Total Short-Term Investments (Cost $14,948,350)							14,948,350

Total investments in securities (Cost $983,574,480)	100.06	%		1,366,019,011
Other assets and liabilities, net	(0.06	)		(848,599	)
Total net assets	100.00	%	$	1,365,170,412

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		13,021,998		78,362,489		89,391,436		1,993,051	$	0	$	(1,103	)	$	13,812	$	1,993,250
Wells Fargo Government Money Market Fund Select Class		5,020,581		120,160,349		112,225,830		12,955,100		0		0			56,375		12,955,100
									$	0	$	(1,103	)	$	70,187	$	14,948,350		1.09	%

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

14 Wells Fargo Disciplined U.S. Core Fund Statement of assets and liabilities—January 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $1,944,273 of securities loaned), at value (cost $968,626,130)	$	1,351,070,661
Investments in affiliated securities, at value (cost $14,948,350)		14,948,350
Receivable for Fund shares sold		1,615,428
Receivable for dividends		1,187,878
Receivable for securities lending income		2,129
Prepaid expenses and other assets		140,183
Total assets		1,368,964,629
Liabilities
Payable upon receipt of securities loaned		1,990,956
Payable for Fund shares redeemed		1,064,399
Management fee payable		385,468
Administration fees payable		167,986
Distribution fees payable		35,338
Trustees’ fees and expenses payable		2,045
Accrued expenses and other liabilities		148,025
Total liabilities		3,794,217
Total net assets	$	1,365,170,412
NET ASSETS CONSIST OF
Paid-in capital	$	954,728,846
Undistributed net investment income		8,104,426
Accumulated net realized gains on investments		19,892,609
Net unrealized gains on investments		382,444,531
Total net assets	$	1,365,170,412
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	523,588,099
Shares outstanding – Class A1		29,149,473
Net asset value per share – Class A		$17.96
Maximum offering price per share – Class A2		$19.06
Net assets – Class C	$	58,282,320
Shares outstanding – Class C1		3,513,388
Net asset value per share – Class C		$16.59
Net assets – Class R	$	2,593,827
Shares outstanding – Class R1		142,769
Net asset value per share – Class R		$18.17
Net assets – Class R6	$	236,550,468
Shares outstanding – Class R61		12,856,263
Net asset value per share – Class R6		$18.40
Net assets – Administrator Class	$	102,514,124
Shares outstanding – Administrator Class1		5,561,353
Net asset value per share – Administrator Class		$18.43
Net assets – Institutional Class	$	441,641,574
Shares outstanding – Institutional Class1		24,246,195
Net asset value per share – Institutional Class		$18.21

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, 2018 (unaudited) Wells Fargo Disciplined U.S. Core Fund 15

Investment income
Dividends (net of foreign withholding taxes of $1,731)	$	12,161,472
Income from affiliated securities		70,187
Total investment income		12,231,659
Expenses
Management fee		2,032,277
Administration fees
Class A		513,961
Class C		58,041
Class R		2,267
Class R6		19,404
Administrator Class		63,562
Institutional Class		259,360
Shareholder servicing fees
Class A		611,858
Class C		69,097
Class R		2,698
Administrator Class		122,234
Distribution fees
Class C		207,290
Class R		2,698
Custody and accounting fees		19,274
Professional fees		26,921
Registration fees		70,163
Shareholder report expenses		33,319
Trustees’ fees and expenses		14,231
Other fees and expenses		12,327
Total expenses		4,140,982
Less: Fee waivers and/or expense reimbursements		(61,997	)
Net expenses		4,078,985
Net investment income		8,152,674
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		24,017,222
Net change in unrealized gains (losses) on:
Unaffiliated securities		137,046,041
Affiliated securities		(1,103	)
Net change in unrealized gains (losses) on investments		137,044,938
Net realized and unrealized gains (losses) on investments		161,062,160
Net increase in net assets resulting from operations	$	169,214,834

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

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

	Six months ended January 31, 2018 (unaudited)						Year ended July 31, 2017
Operations
Net investment income				$	8,152,674					$	13,483,173
Net realized gains on investments					24,017,222						40,249,528
Net change in unrealized gains (losses) on investments					137,044,938						73,326,880
Net increase in net assets resulting from operations					169,214,834						127,059,581
Distributions to shareholders from
Net investment income
Class A					(4,337,310	)					(4,241,326	)
Class C					(71,920	)					(349,824	)
Class R					(19,170	)					(11,093	)
Class R6					(2,941,311	)					(347,445	)
Administrator Class					(938,093	)					(881,706	)
Institutional Class					(5,006,239	)					(3,455,983	)
Net realized gains
Class A					(16,367,452	)					(5,786,410	)
Class C					(1,975,046	)					(762,481	)
Class R					(67,065	)					(10,965	)
Class R6					(7,459,553	)					(335,630	)
Administrator Class					(3,240,553	)					(1,132,641	)
Institutional Class					(13,501,914	)					(3,458,102	)
Total distributions to shareholders					(55,925,626	)					(20,773,606	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,769,940			30,277,833			7,395,158			112,884,775
Class C		198,673			3,141,140			944,833			13,103,182
Class R		34,859			603,387			123,340			1,889,259
Class R6		10,872,828			192,608,185			2,649,029			41,071,466
Administrator Class		536,564			9,409,663			2,626,510			40,190,122
Institutional Class		4,999,897			85,932,565			17,067,003			262,837,225
					321,972,773						471,976,029
Reinvestment of distributions
Class A		1,131,935			19,445,471			632,192			9,490,471
Class C		117,892			1,860,460			67,906			944,467
Class R		4,876			84,764			1,447			22,058
Class R6		589,809			10,399,263			44,450			683,075
Administrator Class		230,133			4,058,515			122,191			1,880,016
Institutional Class		851,853			14,861,788			358,107			5,452,012
					50,710,261						18,472,099
Payment for shares redeemed
Class A		(2,435,257	)		(41,363,398	)		(7,798,736	)		(119,001,666	)
Class C		(396,842	)		(6,208,775	)		(897,430	)		(12,701,056	)
Class R		(18,211	)		(314,114	)		(17,137	)		(260,936	)
Class R6		(1,105,889	)		(19,664,453	)		(464,804	)		(7,429,067	)
Administrator Class		(847,051	)		(14,748,233	)		(4,970,876	)		(75,703,203	)
Institutional Class		(2,975,357	)		(51,685,029	)		(7,177,876	)		(112,590,745	)
					(133,984,002	)					(327,686,673	)
Net increase in net assets resulting from capital share transactions					238,699,032						162,761,455
Total increase in net assets					351,988,240						269,047,430
Net assets
Beginning of period					1,013,182,172						744,134,742
End of period				$	1,365,170,412					$	1,013,182,172
Undistributed net investment income				$	8,104,426					$	13,265,795

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, 2018 (unaudited)			Year ended July 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$16.30			$14.50			$15.45			$16.29			$16.27			$14.65
Net investment income		0.11			0.22			0.21			0.21			0.19			0.24
Net realized and unrealized gains (losses) on investments		2.29			1.94			0.47			1.60			2.35			3.25
Total from investment operations		2.40			2.16			0.68			1.81			2.54			3.49
Distributions to shareholders from
Net investment income		(0.15	)		(0.15	)		(0.19	)		(0.16	)		(0.24	)		(0.24	)
Net realized gains		(0.59	)		(0.21	)		(1.44	)		(2.49	)		(2.28	)		(1.63	)
Total distributions to shareholders		(0.74	)		(0.36	)		(1.63	)		(2.65	)		(2.52	)		(1.87	)
Net asset value, end of period		$17.96			$16.30			$14.50			$15.45			$16.29			$16.27
Total return1		14.94	%		15.12	%		5.22	%		12.01	%		17.00	%		26.62	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.85	%		0.87	%		0.89	%		0.93	%		0.94	%
Net expenses		0.84	%		0.85	%		0.87	%		0.89	%		0.92	%		0.92	%
Net investment income		1.26	%		1.45	%		1.60	%		1.43	%		1.27	%		1.66	%
Supplemental data
Portfolio turnover rate		31	%		60	%		52	%		53	%		71	%		64	%
Net assets, end of period (000s omitted)		$523,588			$467,491			$412,629			$331,123			$305,577			$285,780

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)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$15.04			$13.45			$14.50			$15.47			$15.58			$14.10
Net investment income		0.04			0.10			0.14			0.13			0.08			0.12
Net realized and unrealized gains (losses) on investments		2.12			1.79			0.38			1.48			2.23			3.12
Total from investment operations		2.16			1.89			0.52			1.61			2.31			3.24
Distributions to shareholders from
Net investment income		(0.02	)		(0.09	)		(0.13	)		(0.09	)		(0.14	)		(0.13	)
Net realized gains		(0.59	)		(0.21	)		(1.44	)		(2.49	)		(2.28	)		(1.63	)
Total distributions to shareholders		(0.61	)		(0.30	)		(1.57	)		(2.58	)		(2.42	)		(1.76	)
Net asset value, end of period		$16.59			$15.04			$13.45			$14.50			$15.47			$15.58
Total return1		14.55	%		14.27	%		4.43	%		11.18	%		16.10	%		25.65	%
Ratios to average net assets (annualized)
Gross expenses		1.59	%		1.60	%		1.62	%		1.64	%		1.68	%		1.69	%
Net expenses		1.59	%		1.60	%		1.62	%		1.64	%		1.67	%		1.67	%
Net investment income		0.52	%		0.69	%		0.82	%		0.66	%		0.51	%		0.92	%
Supplemental data
Portfolio turnover rate		31	%		60	%		52	%		53	%		71	%		64	%
Net assets, end of period (000s omitted)		$58,282			$54,054			$46,801			$20,680			$10,913			$9,544

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 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS R				2017			20161
Net asset value, beginning of period		$16.51			$14.77			$14.62
Net investment income		0.10			0.17	2		0.13	2
Net realized and unrealized gains (losses) on investments		2.31			1.99			1.72
Total from investment operations		2.41			2.16			1.85
Distributions to shareholders from
Net investment income		(0.16	)		(0.21	)		(0.26	)
Net realized gains		(0.59	)		(0.21	)		(1.44	)
Total distributions to shareholders		(0.75	)		(0.42	)		(1.70	)
Net asset value, end of period		$18.17			$16.51			$14.77
Total return3		14.81	%		14.86	%		13.56	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.10	%		1.12	%
Net expenses		1.09	%		1.10	%		1.12	%
Net investment income		1.12	%		1.10	%		1.12	%
Supplemental data
Portfolio turnover rate		31	%		60	%		52	%
Net assets, end of period (000s omitted)		$2,594			$2,001			$201

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

²  Calculated based upon average shares outstanding

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

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS R6				2017			20161
Net asset value, beginning of period		$16.71			$14.86			$14.62
Net investment income		0.15	2		0.28	2		0.22	2
Net realized and unrealized gains (losses) on investments		2.35			1.99			1.72
Total from investment operations		2.50			2.27			1.94
Distributions to shareholders from
Net investment income		(0.22	)		(0.21	)		(0.26	)
Net realized gains		(0.59	)		(0.21	)		(1.44	)
Total distributions to shareholders		(0.81	)		(0.42	)		(1.70	)
Net asset value, end of period		$18.40			$16.71			$14.86
Total return3		15.22	%		15.56	%		14.24	%
Ratios to average net assets (annualized)
Gross expenses		0.40	%		0.42	%		0.44	%
Net expenses		0.40	%		0.42	%		0.43	%
Net investment income		1.62	%		1.77	%		1.88	%
Supplemental data
Portfolio turnover rate		31	%		60	%		52	%
Net assets, end of period (000s omitted)		$236,550			$41,770			$4,024

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

²  Calculated based upon average shares outstanding

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

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$16.71			$14.85			$15.80			$16.60			$16.47			$14.79
Net investment income		0.13			0.25	1		0.24	1		0.25	1		0.25	1		0.28	1
Net realized and unrealized gains (losses) on investments		2.35			1.98			0.48			1.63			2.35			3.27
Total from investment operations		2.48			2.23			0.72			1.88			2.60			3.55
Distributions to shareholders from
Net investment income		(0.17	)		(0.16	)		(0.23	)		(0.19	)		(0.19	)		(0.24	)
Net realized gains		(0.59	)		(0.21	)		(1.44	)		(2.49	)		(2.28	)		(1.63	)
Total distributions to shareholders		(0.76	)		(0.37	)		(1.67	)		(2.68	)		(2.47	)		(1.87	)
Net asset value, end of period		$18.43			$16.71			$14.85			$15.80			$16.60			$16.47
Total return2		15.02	%		15.24	%		5.36	%		12.20	%		17.12	%		26.82	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.77	%		0.78	%		0.74	%		0.76	%		0.78	%
Net expenses		0.74	%		0.74	%		0.74	%		0.73	%		0.74	%		0.74	%
Net investment income		1.36	%		1.60	%		1.71	%		1.58	%		1.56	%		1.87	%
Supplemental data
Portfolio turnover rate		31	%		60	%		52	%		53	%		71	%		64	%
Net assets, end of period (000s omitted)		$102,514			$94,294			$116,807			$63,544			$50,498			$127,384

¹  Calculated based upon average shares outstanding

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

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$16.55			$14.72			$15.66			$16.47			$16.43			$14.78
Net investment income		0.14	1		0.27	1		0.28	1		0.30			0.26	1		0.35
Net realized and unrealized gains (losses) on investments		2.32			1.98			0.47			1.61			2.37			3.23
Total from investment operations		2.46			2.25			0.75			1.91			2.63			3.58
Distributions to shareholders from
Net investment income		(0.21	)		(0.21	)		(0.25	)		(0.23	)		(0.31	)		(0.30	)
Net realized gains		(0.59	)		(0.21	)		(1.44	)		(2.49	)		(2.28	)		(1.63	)
Total distributions to shareholders		(0.80	)		(0.42	)		(1.69	)		(2.72	)		(2.59	)		(1.93	)
Net asset value, end of period		$18.21			$16.55			$14.72			$15.66			$16.47			$16.43
Total return2		15.11	%		15.51	%		5.64	%		12.55	%		17.48	%		27.16	%
Ratios to average net assets (annualized)
Gross expenses		0.51	%		0.52	%		0.54	%		0.47	%		0.50	%		0.51	%
Net expenses		0.48	%		0.48	%		0.48	%		0.47	%		0.48	%		0.48	%
Net investment income		1.60	%		1.76	%		1.96	%		1.86	%		1.63	%		2.08	%
Supplemental data
Portfolio turnover rate		31	%		60	%		52	%		53	%		71	%		64	%
Net assets, end of period (000s omitted)		$441,642			$353,573			$163,674			$109,901			$91,144			$1,875

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 Disciplined U.S. Core Fund 23

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 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, 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 Wells Fargo Asset Management Pricing Committee 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 Wells Fargo Asset Management Pricing Committee 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.

24 Wells Fargo Disciplined U.S. Core 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 income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2018, the aggregate cost of all investments for federal income tax purposes was $983,524,158 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	391,460,314
Gross unrealized losses		(8,965,461	)
Net unrealized gains	$	382,494,853

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

∎ 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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	156,091,384	$	0	$	0	$	156,091,384
Consumer staples		97,117,170		0		0		97,117,170
Energy		90,178,273		0		0		90,178,273
Financials		194,051,715		0		0		194,051,715
Health care		201,331,061		0		0		201,331,061
Industrials		133,368,150		0		0		133,368,150
Information technology		324,391,732		0		0		324,391,732
Materials		51,431,132		0		0		51,431,132
Real estate		49,474,045		0		0		49,474,045
Telecommunications		22,295,893		0		0		22,295,893
Utilities		31,340,106		0		0		31,340,106
Short-term investments
Investment companies		12,955,100		0		0		12,955,100
Investments measured at net asset value*								1,993,250
Total assets	$	1,364,025,761	$	0	$	0	$	1,366,019,011

* 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 $1,993,250 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, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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, 2018, 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, was the subadviser to the Fund and was entitled to

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

receive a fee from Funds Management at an annual rate which started at 0.25% and declined to 0.15% as the average daily net assets of the Fund increased. In connection with the completion of the merger of Golden Capital Management LLC into WellsCap on January 1, 2018, WellsCap became the subadvisor to the Fund. The merger did not result in any change to the services provided to the Fund or to its strategies or fees and expenses. WellsCap receives an annual subadvisory 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

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, 2018 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.

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, 2018, Funds Distributor received $15,056 from the sale of Class A shares and $227 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended January 31, 2018.

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.

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2018 were $546,174,673 and $352,628,269, respectively.

Notes to financial statements (unaudited) Wells Fargo Disciplined U.S. Core Fund 27

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the six months ended January 31, 2018, 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.

28 Wells Fargo Disciplined U.S. 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 Disciplined U.S. Core Fund 29

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 153 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté 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.	Asset Allocation Trust
Jane A. Freeman** (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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

30 Wells Fargo Disciplined U.S. 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Other information (unaudited) Wells Fargo Disciplined U.S. Core Fund 31

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
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 H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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.

32 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309112 03-18 SA203/SAR203 01-18

Semi-Annual Report

January 31, 2018

Wells Fargo Endeavor Select 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	17
Other information	22
List of abbreviations	26

The views expressed and any forward-looking statements are as of January 31, 2018, 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

While investing in stocks and bonds generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Endeavor Select Fund for the six-month period that ended January 31, 2018. While investing in stocks generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend. U.S. and international stocks delivered similar results, with returns of 15.43% and 13.50%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays Global Aggregate ex-USD Index³ earned 4.50%. In the U.S., fixed-income investments, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index⁴, fell 0.35% and the Bloomberg Barclays Municipal Bond Index⁵ declined 0.19%.

As global growth improved in the third quarter of 2017, investment markets advanced.

Globally, stocks moved higher during the late summer of 2017 as they were subject to the same positive economic conditions that influenced their advances during first half of the year: moderately accelerating global economic growth supported by improving corporate earnings as well as low inflation and interest rates. Brief episodes of geopolitical tensions, primarily associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding the new U.S. administration’s trade policies, did not discourage investing activity. In the U.S., economic data released during the quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate.

Outside the U.S., stocks in international developed and emerging markets were supported by improved economic growth. Advances in emerging markets equity valuations slowed compared with the pace of the first half of 2017 but continued an upward path. Central banks in Europe, Asia, and Japan maintained low-interest-rate policies that supported business growth and equity investing.

In the U.S., Federal Reserve (Fed) officials announced in October plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued an upward trajectory. Synchronous economic expansion worldwide continued with mild inflation and low volatility. Data released during the quarter reflected a healthy U.S. economy.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

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

Third-quarter economic output grew at a 3.2% annual rate. Increased hiring pushed the unemployment rate down to a 17-year low of 4.1%. Tax reform in the U.S. that passed as the year ended also encouraged increased spending among businesses and individuals. Signs of long-awaited wage growth appeared to emerge.

Outside the U.S., economies continued to strengthen. In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy has been expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies have benefited from catalysts such as economic stimulus, improving employment, increased investment, accelerated trade growth, and the firming of prices for some of the commodities that are essential exports of many international economies.

October 2017 marked one year since regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for the short-term investment opportunities afforded them by money market funds.

In December 2017, the Fed raised the federal funds rate target to a range of 1.25% to 1.50%. The Fed also began reducing its bond portfolio. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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.

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, 2018

		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		33.18		14.90		8.49		41.22		16.27		9.14		1.22		1.20
Class C (WECCX)	12-29-2000		39.15		15.41		8.32		40.15		15.41		8.32		1.97		1.95
Administrator Class (WECDX)	4-8-2005		–		–		–		41.46		16.54		9.41		1.14		1.00
Institutional Class (WFCIX)	4-8-2005		–		–		–		41.76		16.76		9.61		0.89		0.80
Russell 1000® Growth Index3	–		–		–		–		34.89		17.95		11.65		–		–

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.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. 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, 20184
Amazon.com Incorporated	8.34
Alphabet Incorporated Class A	5.63
Microsoft Corporation	5.50
Visa Incorporated Class A	5.31
UnitedHealth Group Incorporated	5.24
The Home Depot Incorporated	3.32
Waste Connections Incorporated	3.26
salesforce.com Incorporated	3.17
FleetCor Technologies Incorporated	2.78
Intercontinental Exchange Incorporated	2.70

Sector distribution as of January 31, 2018⁵

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, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 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. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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

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, 2017 to January 31, 2018.

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 8-1-2017		Ending account value 1-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,208.71	$	6.68		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.16	$	6.11		1.20	%
Class C
Actual	$	1,000.00	$	1,203.64	$	10.83		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.38	$	9.91		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,208.69	$	5.57		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,211.02	$	4.46		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		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, 2018 (unaudited) Wells Fargo Endeavor Select Fund 7

Security name	Shares		Value
Common Stocks: 98.77%
Consumer Discretionary: 17.57%
Auto Components: 1.97%
Aptiv plc		34,900	$	3,311,312
Automobiles: 1.62%
Ferrari NV		22,700		2,712,649
Internet & Direct Marketing Retail: 10.66%
Amazon.com Incorporated †		9,653		14,005,441
Netflix Incorporated †		14,400		3,892,320
				17,897,761
Specialty Retail: 3.32%
The Home Depot Incorporated		27,783		5,581,605
Financials: 7.26%
Capital Markets: 7.26%
Intercontinental Exchange Incorporated		61,515		4,542,268
Raymond James Financial Incorporated		45,800		4,414,662
S&P Global Incorporated		17,878		3,237,706
				12,194,636
Health Care: 14.63%
Biotechnology: 2.00%
Celgene Corporation †		33,279		3,366,504
Health Care Equipment & Supplies: 7.38%
Baxter International Incorporated		37,300		2,686,719
Boston Scientific Corporation †		93,700		2,619,852
Edwards Lifesciences Corporation †		23,500		2,974,630
Hologic Incorporated †		96,200		4,107,740
				12,388,941
Health Care Providers & Services: 5.25%
UnitedHealth Group Incorporated		37,200		8,808,216
Industrials: 7.93%
Aerospace & Defense: 1.99%
Northrop Grumman Corporation		9,800		3,337,194
Commercial Services & Supplies: 5.94%
Cintas Corporation		26,800		4,514,460
Waste Connections Incorporated		76,160		5,469,811
				9,984,271
Information Technology: 42.28%
Internet Software & Services: 13.63%
Alphabet Incorporated Class A †		7,999		9,456,578
Alphabet Incorporated Class C †		1,650		1,930,401

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

8 Wells Fargo Endeavor Select Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name				Shares		Value
Internet Software & Services (continued)
Facebook Incorporated Class A †					23,449	$	4,382,384
MercadoLibre Incorporated					7,300		2,825,830
Tencent Holdings Limited ADR «					72,600		4,295,742
							22,890,935
IT Services: 14.34%
Fidelity National Information Services Incorporated					27,800		2,845,608
First Data Corporation Class A †					143,900		2,547,030
FleetCor Technologies Incorporated †					22,000		4,675,000
PayPal Holdings Incorporated †					25,600		2,184,192
Total System Services Incorporated					32,900		2,923,494
Visa Incorporated Class A					71,758		8,914,496
							24,089,820
Semiconductors & Semiconductor Equipment: 2.08%
Broadcom Limited					14,100		3,497,223
Software: 12.23%
Activision Blizzard Incorporated					42,600		3,157,938
Electronic Arts Incorporated †					22,100		2,805,816
Microsoft Corporation					97,200		9,234,972
salesforce.com Incorporated †					46,800		5,330,988
							20,529,714
Materials: 7.73%
Chemicals: 5.08%
Air Products & Chemicals Incorporated					24,700		4,158,739
The Sherwin-Williams Company					10,500		4,379,655
							8,538,394
Construction Materials: 2.65%
Vulcan Materials Company					32,800		4,441,120
Real Estate: 1.37%
Equity REITs: 1.37%
SBA Communications Corporation †					13,200		2,303,400
Total Common Stocks (Cost $97,943,507)							165,873,695
	Yield
Short-Term Investments: 1.60%
Investment Companies: 1.60%
Securities Lending Cash Investment LLC (l)(r)(u)		1.60	%		722,903		722,975
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.24			1,959,183		1,959,183
Total Short-Term Investments (Cost $2,682,158)							2,682,158

Total investments in securities (Cost $100,625,665)	100.37	%		168,555,853
Other assets and liabilities, net	(0.37	)		(613,787	)
Total net assets	100.00	%	$	167,942,066

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Endeavor Select Fund 9

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment companies
Securities Lending Cash Investment LLC		0		59,924,408		59,201,505		722,903	$	0	$	0	$	4,432	$	722,975
Wells Fargo Government Money Market Fund Select Class		4,487,680		40,353,793		42,882,290		1,959,183		0		0		15,580		1,959,183
									$	0	$	0	$	20,012	$	2,682,158		1.60	%

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

10 Wells Fargo Endeavor Select Fund Statement of assets and liabilities—January 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $714,573 of securities loaned), at value (cost $97,943,507)	$	165,873,695
Investments in affiliated securities, at value (cost $2,682,158)		2,682,158
Receivable for Fund shares sold		482,015
Receivable for dividends		7,157
Receivable for securities lending income		201
Prepaid expenses and other assets		148,473
Total assets		169,193,699
Liabilities
Payable upon receipt of securities loaned		722,975
Payable for Fund shares redeemed		349,219
Management fee payable		86,462
Administration fees payable		19,404
Trustees’ fees and expenses payable		2,212
Distribution fee payable		2,454
Accrued expenses and other liabilities		68,907
Total liabilities		1,251,633
Total net assets	$	167,942,066
NET ASSETS CONSIST OF
Paid-in capital	$	90,968,702
Accumulated net investment loss		(150,792	)
Accumulated net realized gains on investments		9,193,968
Net unrealized gains on investments		67,930,188
Total net assets	$	167,942,066
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	14,632,071
Shares outstanding – Class A1		1,635,409
Net asset value per share – Class A		$8.95
Maximum offering price per share – Class A2		$9.50
Net assets – Class C	$	3,947,670
Shares outstanding – Class C1		641,820
Net asset value per share – Class C		$6.15
Net assets – Administrator Class	$	3,442,180
Shares outstanding – Administrator Class1		358,841
Net asset value per share – Administrator Class		$9.59
Net assets – Institutional Class	$	145,920,145
Shares outstanding – Institutional Class1		14,588,248
Net asset value per share – Institutional Class		$10.00

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, 2018 (unaudited) Wells Fargo Endeavor Select Fund 11

Investment income
Dividends (net of foreign withholding taxes of $3,279)	$	539,539
Income from affiliated securities		20,012
Total investment income		559,551
Expenses
Management fee		575,849
Administration fees
Class A		14,065
Class C		3,983
Administrator Class		2,269
Institutional Class		93,502
Shareholder servicing fees
Class A		16,744
Class C		4,742
Administrator Class		4,363
Distribution fee
Class C		14,225
Custody and accounting fees		7,009
Professional fees		22,893
Registration fees		962
Trustees’ fees and expenses		11,741
Other fees and expenses		6,249
Total expenses		778,596
Less: Fee waivers and/or expense reimbursements		(68,390	)
Net expenses		710,206
Net investment loss		(150,655	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		14,783,899
Net change in unrealized gains (losses) on investments		16,608,014
Net realized and unrealized gains (losses) on investments		31,391,913
Net increase in net assets resulting from operations	$	31,241,258

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, 2018 (unaudited)						Year ended July 31, 2017
Operations
Net investment loss				$	(150,655	)				$	(27,223	)
Net realized gains on investments					14,783,899						31,650,789
Net change in unrealized gains (losses) on investments					16,608,014						(1,943,395	)
Net increase in net assets resulting from operations					31,241,258						29,680,171
Distributions to shareholders from
Net investment income
Institutional Class					(159,467	)					(104,471	)
Net realized gains
Class A					(2,526,049	)					(2,338,187	)
Class C					(946,756	)					(802,158	)
Administrator Class					(597,660	)					(612,919	)
Institutional Class					(24,016,577	)					(20,446,180	)
Total distributions to shareholders					(28,246,509	)					(24,303,915	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		196,499			1,762,883			223,513			1,869,031
Class C		21,237			142,265			16,419			100,249
Administrator Class		420			4,104			43,507			395,396
Institutional Class		300,421			2,979,798			926,362			8,245,314
					4,889,050						10,609,990
Reinvestment of distributions
Class A		267,712			2,179,176			285,522			2,141,414
Class C		168,269			942,309			141,389			797,434
Administrator Class		65,748			573,324			74,930			594,196
Institutional Class		2,647,483			24,092,788			2,494,029			20,451,160
					27,787,597						23,984,204
Payment for shares redeemed
Class A		(253,818	)		(2,291,577	)		(1,149,400	)		(9,511,750	)
Class B		N/A			N/A			(3,203	)1		(22,604	)1
Class C		(88,240	)		(572,271	)		(301,126	)		(1,863,589	)
Administrator Class		(91,565	)		(883,108	)		(294,386	)		(2,594,416	)
Institutional Class		(2,845,443	)		(28,504,357	)		(5,816,960	)		(53,011,376	)
					(32,251,313	)					(67,003,735	)
Net increase (decrease) in net assets resulting from capital share transactions					425,334						(32,409,541	)
Total increase (decrease) in net assets					3,420,083						(27,033,285	)
Net assets
Beginning of period					164,521,983						191,555,268
End of period				$	167,942,066					$	164,521,983
Undistributed (accumulated) net investment income (loss)				$	(150,792	)				$	159,330

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, 2018 (unaudited)			Year ended July 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$9.09			$8.96			$13.74			$14.13			$12.52			$10.45
Net investment income (loss)		(0.02	)1		(0.03	)1		(0.04	)1		(0.08	)1		(0.09	)1		0.00	1,2
Net realized and unrealized gains (losses) on investments		1.73			1.49			(0.14	)		1.65			2.37			2.07
Total from investment operations		1.71			1.46			(0.18	)		1.57			2.28			2.07
Distributions to shareholders from
Net realized gains		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.67	)		0.00
Net asset value, end of period		$8.95			$9.09			$8.96			$13.74			$14.13			$12.52
Total return3		20.87	%		19.39	%		(0.07	)%		12.14	%		18.40	%		19.81	%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.22	%		1.28	%		1.24	%		1.25	%		1.26	%
Net expenses		1.20	%		1.20	%		1.20	%		1.23	%		1.24	%		1.25	%
Net investment income (loss)		(0.53	)%		(0.33	)%		(0.36	)%		(0.55	)%		(0.66	)%		0.03	%
Supplemental data
Portfolio turnover rate		24	%		59	%		79	%		126	%		100	%		97	%
Net assets, end of period (000s omitted)		$14,632			$12,953			$18,498			$26,197			$41,708			$44,041

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.

14 Wells Fargo Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$6.80			$7.09			$11.93			$12.61			$11.32			$9.51
Net investment loss		(0.04	)1		(0.07	)1		(0.09	)1		(0.16	)1		(0.17	)1		(0.07	)1
Net realized and unrealized gains (losses) on investments		1.24			1.11			(0.15	)		1.44			2.13			1.88
Total from investment operations		1.20			1.04			(0.24	)		1.28			1.96			1.81
Distributions to shareholders from
Net realized gains		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.67	)		0.00
Net asset value, end of period		$6.15			$6.80			$7.09			$11.93			$12.61			$11.32
Total return2		20.36	%		18.46	%		(0.76	)%		11.21	%		17.60	%		18.93	%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		1.97	%		2.03	%		1.99	%		2.00	%		2.01	%
Net expenses		1.95	%		1.95	%		1.95	%		1.99	%		1.99	%		2.00	%
Net investment loss		(1.27	)%		(1.08	)%		(1.11	)%		(1.32	)%		(1.41	)%		(0.72	)%
Supplemental data
Portfolio turnover rate		24	%		59	%		79	%		126	%		100	%		97	%
Net assets, end of period (000s omitted)		$3,948			$3,676			$4,845			$6,914			$6,747			$6,320

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, 2018 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$9.62			$9.38			$14.13			$14.45			$12.78			$10.63
Net investment income (loss)		(0.02	)1		(0.01	)1		0.01	1		(0.05	)1		(0.06	)1		0.03	1
Net realized and unrealized gains (losses) on investments		1.84			1.58			(0.16	)		1.69			2.42			2.12
Total from investment operations		1.82			1.57			(0.15	)		1.64			2.36			2.15
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.02	)		0.00
Net realized gains		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.67	)		0.00
Total distributions to shareholders		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.69	)		0.00
Net asset value, end of period		$9.59			$9.62			$9.38			$14.13			$14.45			$12.78
Total return2		20.87	%		19.71	%		0.16	%		12.38	%		18.77	%		20.13	%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.14	%		1.14	%		1.05	%		1.06	%		1.08	%
Net expenses		1.00	%		1.00	%		1.00	%		0.99	%		1.00	%		1.00	%
Net investment income (loss)		(0.31	)%		(0.12	)%		0.06	%		(0.32	)%		(0.42	)%		0.23	%
Supplemental data
Portfolio turnover rate		24	%		59	%		79	%		126	%		100	%		97	%
Net assets, end of period (000s omitted)		$3,442			$3,695			$5,254			$42,776			$48,560			$68,611

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, 2018 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$9.95			$9.65			$14.39			$14.65			$12.95			$10.75
Net investment income (loss)		(0.01	)		0.00	1,2		0.00	1,2		(0.01	)1		(0.03	)1		0.06	1
Net realized and unrealized gains (losses) on investments		1.92			1.64			(0.14	)		1.71			2.45			2.14
Total from investment operations		1.91			1.64			(0.14	)		1.70			2.42			2.20
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		0.00			0.00			(0.05	)		0.00
Net realized gains		(1.85	)		(1.33	)		(4.60	)		(1.96	)		(0.67	)		0.00
Total distributions to shareholders		(1.86	)		(1.34	)		(4.60	)		(1.96	)		(0.72	)		0.00
Net asset value, end of period		$10.00			$9.95			$9.65			$14.39			$14.65			$12.95
Total return3		21.10	%		19.87	%		0.27	%		12.63	%		18.98	%		20.37	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.89	%		0.95	%		0.81	%		0.82	%		0.83	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.12	)%		0.05	%		0.04	%		(0.09	)%		(0.22	)%		0.50	%
Supplemental data
Portfolio turnover rate		24	%		59	%		79	%		126	%		100	%		97	%
Net assets, end of period (000s omitted)		$145,920			$144,199			$162,935			$221,801			$618,502			$508,685

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 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, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

18 Wells Fargo Endeavor Select 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 income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2018, the aggregate cost of all investments for federal income tax purposes was $100,600,878 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	68,091,584
Gross unrealized losses		(136,609	)
Net unrealized gains	$	67,954,975

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

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

lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	29,503,327	$	0	$	0	$	29,503,327
Financials		12,194,636		0		0		12,194,636
Health care		24,563,661		0		0		24,563,661
Industrials		13,321,465		0		0		13,321,465
Information technology		71,007,692		0		0		71,007,692
Materials		12,979,514		0		0		12,979,514
Real estate		2,303,400		0		0		2,303,400
Short-term investments
Investment companies		1,959,183		0		0		1,959,183
Investments measured at net asset value*								722,975
Total assets	$	167,832,878	$	0	$	0	$	168,555,853

* 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 $722,975 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, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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, 2018, 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.

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

Administration fees

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

	Class-level administration fee
Class A, Class C		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, 2018 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.

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 share 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, 2018, Funds Distributor received $554 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2018 were $38,387,405 and $62,782,784, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the six months ended January 31, 2018, there were no borrowings by the Fund under the agreement.

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

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.

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

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté 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.	Asset Allocation Trust
Jane A. Freeman** (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Other information (unaudited) Wells Fargo Endeavor Select Fund 25

Officers

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

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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.

26 Wells Fargo Endeavor Select 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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.

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309113 03-18 SA205/SAR205 01-18

Semi-Annual Report

January 31, 2018

Wells Fargo 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	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	29

The views expressed and any forward-looking statements are as of January 31, 2018, 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

While investing in stocks and bonds generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Growth Fund for the six-month period that ended January 31, 2018. While investing in stocks generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend. U.S. and international stocks delivered similar results, with returns of 15.43% and 13.50%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays Global Aggregate ex-USD Index³ earned 4.50%. In the U.S., fixed-income investments, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index⁴, fell 0.35% and the Bloomberg Barclays Municipal Bond Index⁵ declined 0.19%.

As global growth improved in the third quarter of 2017, investment markets advanced.

Globally, stocks moved higher during the late summer of 2017 as they were subject to the same positive economic conditions that influenced their advances during first half of the year: moderately accelerating global economic growth supported by improving corporate earnings as well as low inflation and interest rates. Brief episodes of geopolitical tensions, primarily associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding the new U.S. administration’s trade policies, did not discourage investing activity. In the U.S., economic data released during the quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate.

Outside the U.S., stocks in international developed and emerging markets were supported by improved economic growth. Advances in emerging markets equity valuations slowed compared with the pace of the first half of 2017 but continued an upward path. Central banks in Europe, Asia, and Japan maintained low-interest-rate policies that supported business growth and equity investing.

In the U.S., Federal Reserve (Fed) officials announced in October plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued an upward trajectory. Synchronous economic expansion worldwide continued with mild inflation and low volatility. Data released during the quarter reflected a healthy U.S. economy.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Growth Fund 3

Third-quarter economic output grew at a 3.2% annual rate. Increased hiring pushed the unemployment rate down to a 17-year low of 4.1%. Tax reform in the U.S. that passed as the year ended also encouraged increased spending among businesses and individuals. Signs of long-awaited wage growth appeared to emerge.

Outside the U.S., economies continued to strengthen. In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy has been expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies have benefited from catalysts such as economic stimulus, improving employment, increased investment, accelerated trade growth, and the firming of prices for some of the commodities that are essential exports of many international economies.

October 2017 marked one year since regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for the short-term investment opportunities afforded them by money market funds.

In December 2017, the Fed raised the federal funds rate target to a range of 1.25% to 1.50%. The Fed also began reducing its bond portfolio. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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.

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, 2018¹

		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		29.88		12.95		11.65		37.81		14.30		12.31		1.17		1.16
Class C (WGFCX)	12-26-2002		35.79		13.44		11.47		36.79		13.44		11.47		1.92		1.91
Class R6 (SGRHX)	9-30-2015		–		–		–		38.50		14.81		12.83		0.74		0.70
Administrator Class (SGRKX)	8-30-2002		–		–		–		38.11		14.54		12.59		1.09		0.96
Institutional Class (SGRNX)	2-24-2000		–		–		–		38.41		14.78		12.81		0.84		0.75
Russell 3000® Growth Index4	–		–		–		–		34.11		17.69		11.58		–		–

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.

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Growth Fund 5

Ten largest holdings (%) as of January 31, 20185
Amazon.com Incorporated	7.05
Alphabet Incorporated Class A	6.06
Facebook Incorporated Class A	5.29
Microchip Technology Incorporated	3.76
Visa Incorporated Class A	2.94
MasterCard Incorporated Class A	2.73
Microsoft Corporation	2.66
Apple Incorporated	2.36
PayPal Holdings Incorporated	2.16
MarketAxess Holdings Incorporated	2.11

Sector distribution as of January 31, 2018⁶

^‡  Mr. Olson has announced his intention to retire from Wells Capital Management on April 30, 2018.

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 for Class R6 shares 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, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 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. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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, 2017 to January 31, 2018.

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 8-1-2017		Ending account value 1-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,202.34	$	6.44		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.90		1.16	%
Class C
Actual	$	1,000.00	$	1,197.98	$	10.58		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class R6
Actual	$	1,000.00	$	1,205.42	$	3.89		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Administrator Class
Actual	$	1,000.00	$	1,203.52	$	5.33		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,205.03	$	4.17		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		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, 2018 (unaudited) Wells Fargo Growth Fund 7

Security name	Shares		Value
Common Stocks: 100.03%
Consumer Discretionary: 13.99%
Diversified Consumer Services: 0.58%
Bright Horizons Family Solutions Incorporated †		137,550	$	13,507,410
Grand Canyon Education Incorporated †		152,100		14,143,779
				27,651,189
Hotels, Restaurants & Leisure: 0.79%
Royal Caribbean Cruises Limited		229,900		30,703,145
The Habit Restaurants Incorporated Class A †«		817,885		7,156,494
				37,859,639
Household Durables: 0.48%
Mohawk Industries Incorporated †		82,290		23,128,427
Internet & Direct Marketing Retail: 7.73%
Amazon.com Incorporated †		231,800		336,316,302
Netflix Incorporated †		120,900		32,679,270
				368,995,572
Multiline Retail: 1.35%
Dollar Tree Incorporated †		559,460		64,337,900
Specialty Retail: 3.06%
Burlington Stores Incorporated †		731,140		88,987,049
Five Below Incorporated †		59,210		3,844,505
The Home Depot Incorporated		263,940		53,025,546
				145,857,100
Consumer Staples: 3.80%
Beverages: 1.25%
Constellation Brands Incorporated Class A		271,110		59,500,512
Food & Staples Retailing: 1.28%
Costco Wholesale Corporation		312,700		60,935,849
Food Products: 0.36%
Blue Buffalo Pet Products Incorporated †«		512,270		17,406,935
Personal Products: 0.91%
The Estee Lauder Companies Incorporated Class A		321,220		43,351,851
Energy: 1.46%
Energy Equipment & Services: 0.33%
Halliburton Company		209,100		11,228,670
Liberty Oilfield Services A †		199,500		4,416,930
				15,645,600
Oil, Gas & Consumable Fuels: 1.13%
Concho Resources Incorporated †		341,950		53,836,608

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

8 Wells Fargo Growth Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name	Shares		Value
Financials: 7.14%
Capital Markets: 6.93%
CME Group Incorporated		504,810	$	77,478,239
MarketAxess Holdings Incorporated		512,271		100,512,693
Morgan Stanley		1,141,550		64,554,653
Raymond James Financial Incorporated		405,440		39,080,362
TD Ameritrade Holding Corporation		435,610		24,302,682
The Charles Schwab Corporation		462,500		24,669,750
				330,598,379
Thrifts & Mortgage Finance: 0.21%
LendingTree Incorporated †«		27,340		10,057,019
Health Care: 8.78%
Biotechnology: 2.83%
BioMarin Pharmaceutical Incorporated †		185,900		16,773,757
Incyte Corporation †		23,250		2,099,243
Neurocrine Biosciences Incorporated †		368,940		31,533,302
Portola Pharmaceuticals Incorporated †		313,600		16,090,816
Spark Therapeutics Incorporated †«		98,030		5,494,582
Vertex Pharmaceuticals Incorporated †		378,080		63,090,210
				135,081,910
Health Care Equipment & Supplies: 3.61%
Boston Scientific Corporation †		2,993,100		83,687,076
Edwards Lifesciences Corporation †		390,070		49,375,061
ICU Medical Incorporated †		54,480		12,473,196
Nevro Corporation †		332,310		26,671,201
				172,206,534
Health Care Technology: 1.72%
Veeva Systems Incorporated Class A †		1,310,680		82,389,345
Pharmaceuticals: 0.62%
Zoetis Incorporated		384,660		29,514,962
Industrials: 11.76%
Aerospace & Defense: 1.43%
The Boeing Company		193,210		68,467,828
Air Freight & Logistics: 1.16%
FedEx Corporation		36,200		9,501,776
XPO Logistics Incorporated †		484,382		45,745,036
				55,246,812
Commercial Services & Supplies: 3.03%
Copart Incorporated †		388,450		17,118,992
KAR Auction Services Incorporated		918,560		50,098,262
Waste Connections Incorporated		1,075,625		77,251,388
				144,468,642
Industrial Conglomerates: 0.10%
Roper Industries Incorporated		17,200		4,826,148

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Growth Fund 9

Security name	Shares		Value
Machinery: 2.27%
Fortive Corporation		128,900	$	9,798,978
John Bean Technologies Corporation		80,344		9,139,130
Milacron Holdings Corporation †		3,305,935		62,713,587
Nordson Corporation		56,650		8,141,738
REV Group Incorporated		632,910		18,518,947
				108,312,380
Road & Rail: 3.77%
CSX Corporation		378,870		21,508,450
Norfolk Southern Corporation		518,340		78,207,139
Union Pacific Corporation		599,620		80,049,270
				179,764,859
Information Technology: 49.03%
Internet Software & Services: 17.91%
2U Incorporated †		241,840		17,961,457
Alibaba Group Holding Limited ADR †«		210,110		42,923,372
Alphabet Incorporated Class A †		244,765		289,366,069
Alphabet Incorporated Class C †		23,300		27,259,602
Envestnet Incorporated †		1,492,010		80,195,538
Facebook Incorporated Class A †		1,351,800		252,637,902
LogMeIn Incorporated		621,562		78,192,500
MercadoLibre Incorporated		76,300		29,535,730
MongoDB Incorporated †«		382,950		10,381,775
New Relic Incorporated †		144,360		8,622,623
Shopify Incorporated Class A †		68,590		8,774,033
Twilio Incorporated Class A †«		338,750		8,888,800
				854,739,401
IT Services: 11.30%
Euronet Worldwide Incorporated †		590,580		55,437,745
Global Payments Incorporated		607,570		67,914,175
MasterCard Incorporated Class A		771,780		130,430,820
PayPal Holdings Incorporated †		1,210,990		103,321,667
Square Incorporated Class A †«		604,010		28,334,109
Switch Incorporated Class A «		839,810		13,621,718
Visa Incorporated Class A		1,130,170		140,401,019
				539,461,253
Semiconductors & Semiconductor Equipment: 7.32%
Broadcom Limited		57,420		14,241,883
Microchip Technology Incorporated «		1,882,530		179,254,507
Monolithic Power Systems Incorporated		545,900		65,027,608
NVIDIA Corporation		119,500		29,373,100
Texas Instruments Incorporated		560,850		61,508,420
				349,405,518
Software: 10.14%
Activision Blizzard Incorporated		267,090		19,799,382
Adobe Systems Incorporated †		174,930		34,944,017
BlackLine Incorporated †		407,330		13,535,576
Electronic Arts Incorporated †		220,600		28,007,376

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

10 Wells Fargo Growth Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name				Shares		Value
Software (continued)
ForeScout Technologies Incorporated †					55,663	$	1,693,268
Microsoft Corporation					1,334,490		126,789,895
Paycom Software Incorporated †					58,200		5,333,448
Paylocity Holding Corporation †					488,060		25,520,657
Proofpoint Incorporated †					869,440		88,700,269
SailPoint Technologies Holdings Incorporated †					246,841		4,129,650
salesforce.com Incorporated †					352,830		40,190,865
ServiceNow Incorporated †					179,640		26,743,007
Splunk Incorporated †					157,200		14,520,564
Ultimate Software Group Incorporated †					232,260		54,091,031
							483,999,005
Technology Hardware, Storage & Peripherals: 2.36%
Apple Incorporated					673,500		112,764,105
Materials: 3.49%
Chemicals: 3.49%
Ecolab Incorporated					167,780		23,099,950
PolyOne Corporation					1,344,663		58,439,054
Praxair Incorporated					527,520		85,189,205
							166,728,209
Real Estate: 0.58%
Equity REITs: 0.58%
American Tower Corporation					76,370		11,279,849
Equinix Incorporated					18,640		8,484,742
SBA Communications Corporation †					46,530		8,119,485
							27,884,076
Total Common Stocks (Cost $2,234,202,830)							4,774,423,567
	Yield
Short-Term Investments: 4.66%
Investment Companies: 4.66%
Securities Lending Cash Investment LLC (l)(r)(u)		1.60	%		196,245,604		196,265,229
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.24			26,275,984		26,275,984
Total Short-Term Investments (Cost $222,535,072)							222,541,213

Total investments in securities (Cost $2,456,737,902)	104.69	%		4,996,964,780
Other assets and liabilities, net	(4.69	)		(224,024,093	)
Total net assets	100.00	%	$	4,772,940,687

† Non-income-earning security

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

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

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

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

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Growth Fund 11

Investments in Affiliates

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

	Shares, end of period		Net realized gains (losses)			Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		196,245,604	$	0		$	0	$	365,168	$	196,265,229
Wells Fargo Government Money Market Fund Select Class		26,275,984		0			0		161,021		26,275,984
											222,541,213		4.66	%
Securities no longer affiliated at the end of the period				(10,519,753	)		4,210,514		0
			$	(10,519,753	)	$	4,210,514	$	526,189	$	222,541,213		4.66	%

For the six months ended January 31, 2018, investment activity in affiliates of the Fund was as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period
Common Stock
Consumer Discretionary
Hotels, Restaurants & Leisure
The Habit Restaurants Incorporated Class A*		1,735,600		51,000		968,715		817,885
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		92,492,281		859,738,520		755,985,197		196,245,604
Wells Fargo Government Money Market Fund Select Class		36,046,917		538,142,335		547,913,268		26,275,984

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

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

12 Wells Fargo Growth Fund Statement of assets and liabilities—January 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $192,050,215 of securities loaned), at value (cost $2,234,202,830)	$	4,774,423,567
Investments in affiliated securities, at value (cost $222,535,072)		222,541,213
Receivable for investments sold		3,060,071
Receivable for Fund shares sold		4,395,615
Receivable for dividends		946,270
Receivable for securities lending income		61,712
Prepaid expenses and other assets		18,952
Total assets		5,005,447,400
Liabilities
Payable upon receipt of securities loaned		196,254,674
Payable for Fund shares redeemed		22,224,237
Payable for investments purchased		9,499,693
Management fee payable		2,545,104
Administration fees payable		660,110
Distribution fee payable		123,214
Trustees’ fees and expenses payable		2,572
Accrued expenses and other liabilities		1,197,109
Total liabilities		232,506,713
Total net assets	$	4,772,940,687
NET ASSETS CONSIST OF
Paid-in capital	$	2,031,557,313
Accumulated net investment loss		(6,408,635	)
Accumulated net realized gains on investments		207,565,131
Net unrealized gains on investments		2,540,226,878
Total net assets	$	4,772,940,687
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	2,132,512,710
Shares outstanding – Class A1		58,545,683
Net asset value per share – Class A		$36.42
Maximum offering price per share – Class A2		$38.64
Net assets – Class C	$	196,319,390
Shares outstanding – Class C1		6,847,404
Net asset value per share – Class C		$28.67
Net assets – Class R6	$	203,038,905
Shares outstanding – Class R61		4,545,619
Net asset value per share – Class R6		$44.67
Net assets – Administrator Class	$	583,810,798
Shares outstanding – Administrator Class1		14,134,982
Net asset value per share – Administrator Class		$41.30
Net assets – Institutional Class	$	1,657,258,884
Shares outstanding – Institutional Class1		37,176,446
Net asset value per share – Institutional Class		$44.58

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, 2018 (unaudited) Wells Fargo Growth Fund 13

Investment income
Dividends (net of foreign withholding taxes of $46,255)	$	16,201,082
Income from affiliated securities		526,189
Total investment income		16,727,271
Expenses
Management fee		16,056,563
Administration fees
Class A		2,117,142
Class C		210,242
Class R6		12,405
Administrator Class		398,503
Institutional Class		1,091,442
Shareholder servicing fees
Class A		2,520,407
Class C		250,289
Administrator Class		766,144
Distribution fee
Class C		750,865
Custody and accounting fees		79,293
Professional fees		25,686
Registration fees		92,618
Shareholder report expenses		156,273
Trustees’ fees and expenses		12,610
Other fees and expenses		77,551
Total expenses		24,618,033
Less: Fee waivers and/or expense reimbursements		(1,482,127	)
Net expenses		23,135,906
Net investment loss		(6,408,635	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		412,401,662
Affiliated securities		(10,519,753	)
Net realized gains on investments		401,881,909
Net change in unrealized gains (losses) on:
Unaffiliated securities		448,352,224
Affiiliated securities		4,210,514
Net change in unrealized gains (losses) on investments		452,562,738
Net realized and unrealized gains (losses) on investments		854,444,647
Net increase in net assets resulting from operations	$	848,036,012

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, 2018 (unaudited)						Year ended July 31, 2017
Operations
Net investment loss				$	(6,408,635	)				$	(17,306,908	)
Net realized gains on investments					401,881,909						1,277,104,391
Net change in unrealized gains (losses) on investments					452,562,738						(595,860,372	)
Net increase in net assets resulting from operations					848,036,012						663,937,111
Distributions to shareholders from
Net realized gains
Class A					(505,431,285	)					(385,155,921	)
Class C					(57,934,182	)					(51,825,133	)
Class R6					(16,966,960	)					(3,453,520	)
Administrator Class					(138,040,210	)					(132,054,015	)
Institutional Class					(379,819,630	)					(317,034,333	)
Total distributions to shareholders					(1,098,192,267	)					(889,522,922	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,327,584			50,301,629			2,480,636			94,368,185
Class C		395,896			10,803,460			652,761			19,766,572
Class R6		3,276,273			144,360,942			1,123,887			49,275,787
Administrator Class		906,702			39,143,193			2,602,562			109,976,524
Institutional Class		5,156,448			251,453,972			12,846,486			573,284,219
					496,063,196						846,671,287
Reinvestment of distributions
Class A		14,511,944			482,812,377			10,734,969			367,135,939
Class C		1,880,250			49,281,340			1,346,264			39,028,199
Class R6		415,977			16,959,366			86,772			3,453,520
Administrator Class		3,626,546			136,757,066			3,489,159			131,017,902
Institutional Class		9,008,188			366,543,153			7,686,540			305,616,849
					1,052,353,302						846,252,409
Payment for shares redeemed
Class A		(5,595,721	)		(218,229,240	)		(26,011,523	)		(994,860,639	)
Class C		(1,466,475	)		(46,868,905	)		(4,621,153	)		(150,552,988	)
Class R6		(195,848	)		(8,897,875	)		(806,700	)		(36,722,935	)
Administrator Class		(4,767,833	)		(203,077,191	)		(25,194,674	)		(1,090,486,678	)
Institutional Class		(12,161,372	)		(547,569,142	)		(35,457,129	)		(1,556,706,417	)
					(1,024,642,353	)					(3,829,329,657	)
Net increase (decrease) in net assets resulting from capital share transactions					523,774,145						(2,136,405,961	)
Total increase (decrease) in net assets					273,617,890						(2,361,991,772	)
Net assets
Beginning of period					4,499,322,797						6,861,314,569
End of period				$	4,772,940,687					$	4,499,322,797
Undistributed (accumulated) net investment income (loss)				$	(6,408,635	)				$	0

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, 2018 (unaudited)			Year ended July 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$40.38			$42.28			$49.50			$49.99			$46.74			$37.85
Net investment loss		(0.09	)1		(0.19	)1		(0.20	)1		(0.29	)1		(0.32	)1		(0.17	)1
Net realized and unrealized gains (losses) on investments		7.21			5.61			(0.99	)		7.03			5.34			9.06
Total from investment operations		7.12			5.42			(1.19	)		6.74			5.02			8.89
Distributions to shareholders from
Net realized gains		(11.08	)		(7.32	)		(6.03	)		(7.23	)		(1.77	)		0.00
Net asset value, end of period		$36.42			$40.38			$42.28			$49.50			$49.99			$46.74
Total return2		20.23	%		15.95	%		(1.69	)%		15.01	%		10.77	%		23.49	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.17	%		1.15	%		1.18	%		1.18	%		1.19	%
Net expenses		1.16	%		1.16	%		1.14	%		1.18	%		1.18	%		1.19	%
Net investment loss		(0.43	)%		(0.49	)%		(0.49	)%		(0.59	)%		(0.64	)%		(0.41	)%
Supplemental data
Portfolio turnover rate		16	%		42	%		38	%		35	%		42	%		38	%
Net assets, end of period (000s omitted)		$2,132,513			$1,950,551			$2,582,955			$1,465,643			$2,047,410			$2,464,533

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, 2018 (unaudited)			Year ended July 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$34.05			$37.07			$44.51			$45.95			$43.41			$35.42
Net investment loss		(0.20	)1		(0.41	)1		(0.46	)1		(0.60	)1		(0.64	)1		(0.45	)1
Net realized and unrealized gains (losses) on investments		5.90			4.71			(0.95	)		6.39			4.95			8.44
Total from investment operations		5.70			4.30			(1.41	)		5.79			4.31			7.99
Distributions to shareholders from
Net realized gains		(11.08	)		(7.32	)		(6.03	)		(7.23	)		(1.77	)		0.00
Net asset value, end of period		$28.67			$34.05			$37.07			$44.51			$45.95			$43.41
Total return2		19.80	%		15.05	%		(2.44	)%		14.16	%		9.96	%		22.56	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.92	%		1.90	%		1.93	%		1.93	%		1.94	%
Net expenses		1.91	%		1.91	%		1.89	%		1.93	%		1.93	%		1.94	%
Net investment loss		(1.18	)%		(1.23	)%		(1.24	)%		(1.34	)%		(1.39	)%		(1.16	)%
Supplemental data
Portfolio turnover rate		16	%		42	%		38	%		35	%		42	%		38	%
Net assets, end of period (000s omitted)		$196,319			$205,607			$321,032			$465,833			$560,481			$589,402

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)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS R6				2017			20161
Net asset value, beginning of period		$47.13			$47.90			$48.97
Net investment loss		(0.01	)2		(0.02	)2		(0.02	)
Net realized and unrealized gains (losses) on investments		8.63			6.57			4.98
Total from investment operations		8.62			6.55			4.96
Distributions to shareholders from
Net realized gains		(11.08	)		(7.32	)		(6.03	)
Net asset value, end of period		$44.67			$47.13			$47.90
Total return3		20.54	%		16.49	%		10.89	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.74	%		0.74	%
Net expenses		0.70	%		0.70	%		0.70	%
Net investment loss		(0.04	)%		(0.05	)%		(0.23	)%
Supplemental data
Portfolio turnover rate		16	%		42	%		38	%
Net assets, end of period (000s omitted)		$203,039			$49,454			$30,906

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

²  Calculated based upon average shares outstanding

³  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, 2018 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$44.40			$45.66			$52.86			$52.80			$49.16			$39.72
Net investment loss		(0.06	)		(0.11	)1		(0.14	)1		(0.20	)1		(0.23	)		(0.08	)1
Net realized and unrealized gains (losses) on investments		8.04			6.17			(1.03	)		7.49			5.64			9.52
Total from investment operations		7.98			6.06			(1.17	)		7.29			5.41			9.44
Distributions to shareholders from
Net realized gains		(11.08	)		(7.32	)		(6.03	)		(7.23	)		(1.77	)		0.00
Net asset value, end of period		$41.30			$44.40			$45.66			$52.86			$52.80			$49.16
Total return2		20.35	%		16.20	%		(1.53	)%		15.28	%		11.04	%		23.77	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.09	%		1.07	%		1.02	%		1.02	%		1.03	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.23	)%		(0.27	)%		(0.31	)%		(0.37	)%		(0.42	)%		(0.18	)%
Supplemental data
Portfolio turnover rate		16	%		42	%		38	%		35	%		42	%		38	%
Net assets, end of period (000s omitted)		$583,811			$637,987			$1,528,288			$2,349,359			$3,359,480			$3,309,683

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, 2018 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$47.07			$47.87			$54.99			$54.54			$50.63			$40.83
Net investment income (loss)		(0.00	)1,2		(0.04	)1		(0.05	)1		(0.09	)1		(0.13	)		0.01	1
Net realized and unrealized gains (losses) on investments		8.59			6.56			(1.04	)		7.77			5.81			9.79
Total from investment operations		8.59			6.52			(1.09	)		7.68			5.68			9.80
Distributions to shareholders from
Net realized gains		(11.08	)		(7.32	)		(6.03	)		(7.23	)		(1.77	)		0.00
Net asset value, end of period		$44.58			$47.07			$47.87			$54.99			$54.54			$50.63
Total return3		20.50	%		16.44	%		(1.31	)%		15.53	%		11.26	%		24.03	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.84	%		0.82	%		0.76	%		0.75	%		0.76	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss)		(0.02	)%		(0.08	)%		(0.10	)%		(0.17	)%		(0.21	)%		0.02	%
Supplemental data
Portfolio turnover rate		16	%		42	%		38	%		35	%		42	%		38	%
Net assets, end of period (000s omitted)		$1,657,259			$1,655,724			$2,398,134			$3,863,196			$2,975,721			$2,649,095

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 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 Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Growth Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2018, the aggregate cost of all investments for federal income tax purposes was $2,464,254,295 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	2,552,698,575
Gross unrealized losses		(19,988,090	)
Net unrealized gains	$	2,532,710,485

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

22 Wells Fargo 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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	667,829,827	$	0	$	0	$	667,829,827
Consumer staples		181,195,147		0		0		181,195,147
Energy		69,482,208		0		0		69,482,208
Financials		340,655,398		0		0		340,655,398
Health care		419,192,751		0		0		419,192,751
Industrials		561,086,669		0		0		561,086,669
Information technology		2,340,369,282		0		0		2,340,369,282
Materials		166,728,209		0		0		166,728,209
Real estate		27,884,076		0		0		27,884,076
Short-term investments
Investment companies		26,275,984		0		0		26,275,984
Investments measured at net asset value*								196,265,229
Total assets	$	4,800,699,551	$	0	$	0	$	4,996,964,780

* 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 $196,265,229 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, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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, 2018, 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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Notes to financial statements (unaudited) Wells Fargo 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 C		0.21	%
Class R6		0.03
Administrator Class, Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. 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, 2018 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.

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, 2018, Funds Distributor received $9,653 from the sale of Class A shares and $416 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the six months ended January 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2018 were $726,089,225 and $1,267,459,627, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the six months ended January 31, 2018, there were no borrowings by the Fund under the agreement.

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

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.

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

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté 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.	Asset Allocation Trust
Jane A. Freeman** (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

28 Wells Fargo Growth Fund Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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.

This page is intentionally left blank.

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309114 03-18 SA206/SAR206 01-18

Semi-Annual Report

January 31, 2018

Wells Fargo Intrinsic Value 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	15
Notes to financial statements	21
Other information	26
List of abbreviations	30

The views expressed and any forward-looking statements are as of January 31, 2018, 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

While investing in stocks and bonds generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Intrinsic Value Fund for the six-month period that ended January 31, 2018. While investing in stocks generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend. U.S. and international stocks delivered similar results, with returns of 15.43% and 13.50%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays Global Aggregate ex-USD Index³ earned 4.50%. In the U.S., fixed-income investments, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index⁴, fell 0.35% and the Bloomberg Barclays Municipal Bond Index⁵ declined 0.19%.

As global growth improved in the third quarter of 2017, investment markets advanced.

Globally, stocks moved higher during the late summer of 2017 as they were subject to the same positive economic conditions that influenced their advances during first half of the year: moderately accelerating global economic growth supported by improving corporate earnings as well as low inflation and interest rates. Brief episodes of geopolitical tensions, primarily associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding the new U.S. administration’s trade policies, did not discourage investing activity. In the U.S., economic data released during the quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate.

Outside the U.S., stocks in international developed and emerging markets were supported by improved economic growth. Advances in emerging markets equity valuations slowed compared with the pace of the first half of 2017 but continued an upward path. Central banks in Europe, Asia, and Japan maintained low-interest-rate policies that supported business growth and equity investing.

In the U.S., Federal Reserve (Fed) officials announced in October plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued an upward trajectory. Synchronous economic expansion worldwide continued with mild inflation and low volatility. Data released during the quarter reflected a healthy U.S. economy.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

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

Third-quarter economic output grew at a 3.2% annual rate. Increased hiring pushed the unemployment rate down to a 17-year low of 4.1%. Tax reform in the U.S. that passed as the year ended also encouraged increased spending among businesses and individuals. Signs of long-awaited wage growth appeared to emerge.

Outside the U.S., economies continued to strengthen. In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy has been expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies have benefited from catalysts such as economic stimulus, improving employment, increased investment, accelerated trade growth, and the firming of prices for some of the commodities that are essential exports of many international economies.

October 2017 marked one year since regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for the short-term investment opportunities afforded them by money market funds.

In December 2017, the Fed raised the federal funds rate target to a range of 1.25% to 1.50%. The Fed also began reducing its bond portfolio. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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.

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^®

Average annual total returns (%) as of January 31, 2018¹

		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		13.61		10.64		7.62		20.54		11.96		8.26		1.18		1.11
Class C (EIVCX)	8-1-2006		18.57		11.10		7.43		19.57		11.10		7.43		1.93		1.86
Class R (EIVTX)	3-1-2013		–		–		–		20.15		11.69		7.99		1.43		1.36
Class R6 (EIVFX)	11-30-2012		–		–		–		21.03		12.38		8.62		0.75		0.65
Administrator Class (EIVDX)	7-30-2010		–		–		–		20.79		12.16		8.45		1.10		0.95
Institutional Class (EIVIX)	8-1-2006		–		–		–		21.10		12.45		8.65		0.85		0.70
Russell 1000® Value Index4	–		–		–		–		17.22		13.47		7.95		–		–

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 Intrinsic Value Fund 5

Ten largest holdings (%) as of January 31, 20185
Alphabet Incorporated Class C	3.67
Microsoft Corporation	3.42
EOG Resources Incorporated	3.36
Synchrony Financial	3.20
BB&T Corporation	3.13
Honeywell International Incorporated	3.02
Vulcan Materials Company	3.01
US Bancorp	2.95
AerCap Holdings NV	2.89
Cisco Systems Incorporated	2.82

Sector distribution as of January 31, 2018⁶

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 R6 shares prior to their inception reflects the performance of Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns for Class R6 shares would be higher. 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, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 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. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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

⁵  The ten largest holdings, excluding cash 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, 2017 to January 31, 2018.

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 8-1-2017		Ending account value 1-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,125.12	$	5.89		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Class C
Actual	$	1,000.00	$	1,120.93	$	9.94		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class R
Actual	$	1,000.00	$	1,122.96	$	7.28		1.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Class R6
Actual	$	1,000.00	$	1,127.01	$	3.48		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,126.26	$	5.09		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,127.90	$	3.75		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		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, 2018 (unaudited) Wells Fargo Intrinsic Value Fund 7

Security name	Shares		Value
Common Stocks: 98.87%
Consumer Discretionary: 10.86%
Media: 4.82%
Comcast Corporation Class A		592,500	$	25,199,025
The Walt Disney Company		199,700		21,701,399
				46,900,424
Specialty Retail: 4.53%
Advance Auto Parts Incorporated		185,200		21,666,548
The TJX Companies Incorporated		279,800		22,473,536
				44,140,084
Textiles, Apparel & Luxury Goods: 1.51%
Nike Incorporated Class B		215,100		14,674,122
Consumer Staples: 8.02%
Beverages: 2.21%
Anheuser-Busch InBev NV ADR		189,300		21,481,764
Food Products: 5.81%
Mondelez International Incorporated Class A		566,300		25,143,720
Nestle SA ADR		198,400		17,141,760
TreeHouse Foods Incorporated †		303,800		14,327,208
				56,612,688
Energy: 10.24%
Energy Equipment & Services: 3.49%
Schlumberger Limited		312,300		22,979,034
TechnipFMC plc		338,400		10,984,464
				33,963,498
Oil, Gas & Consumable Fuels: 6.75%
Chevron Corporation		159,000		19,930,650
Concho Resources Incorporated †		82,800		13,036,032
EOG Resources Incorporated		284,400		32,706,000
				65,672,682
Financials: 19.65%
Banks: 10.39%
Bank of America Corporation		561,200		17,958,400
BB&T Corporation		551,600		30,442,804
CIT Group Incorporated		473,100		23,981,439
US Bancorp		503,200		28,752,848
				101,135,491
Capital Markets: 3.73%
Intercontinental Exchange Incorporated		167,600		12,375,584
UBS Group AG «		1,178,200		23,941,024
				36,316,608

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

8 Wells Fargo Intrinsic Value Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name	Shares		Value
Consumer Finance: 3.20%
Synchrony Financial		784,300	$	31,121,024
Insurance: 2.33%
The Allstate Corporation		229,500		22,667,715
Health Care: 10.41%
Biotechnology: 2.31%
Gilead Sciences Incorporated		267,894		22,449,517
Health Care Equipment & Supplies: 1.68%
Abbott Laboratories		262,600		16,323,216
Health Care Providers & Services: 2.53%
Cigna Corporation		118,300		24,647,805
Pharmaceuticals: 3.89%
Eli Lilly & Company		142,300		11,590,335
Merck & Company Incorporated		443,400		26,271,450
				37,861,785
Industrials: 12.44%
Aerospace & Defense: 3.15%
General Dynamics Corporation		93,000		20,690,640
Lockheed Martin Corporation		28,100		9,971,285
				30,661,925
Air Freight & Logistics: 2.07%
United Parcel Service Incorporated Class B		158,100		20,129,292
Electrical Equipment: 1.31%
Sensata Technologies Holding NV †		226,600		12,746,250
Industrial Conglomerates: 3.02%
Honeywell International Incorporated		183,800		29,347,346
Trading Companies & Distributors: 2.89%
AerCap Holdings NV †		520,100		28,137,410
Information Technology: 17.25%
Communications Equipment: 5.50%
Cisco Systems Incorporated		660,300		27,428,862
Motorola Solutions Incorporated		262,700		26,128,142
				53,557,004
Internet Software & Services: 3.67%
Alphabet Incorporated Class C †		30,500		35,683,170
IT Services: 2.70%
Accenture plc Class A		127,000		20,408,900
The Western Union Company		280,638		5,834,464
				26,243,364

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Intrinsic Value Fund 9

Security name				Shares		Value
Software: 4.48%
Microsoft Corporation					350,400	$	33,291,504
Oracle Corporation					201,000		10,369,590
							43,661,094
Technology Hardware, Storage & Peripherals: 0.90%
Apple Incorporated					52,200		8,739,846
Materials: 3.01%
Construction Materials: 3.01%
Vulcan Materials Company					216,100		29,259,940
Real Estate: 0.96%
Equity REITs: 0.96%
Crown Castle International Corporation					82,636		9,318,862
Telecommunication Services: 2.81%
Diversified Telecommunication Services: 2.81%
Verizon Communications Incorporated					506,400		27,381,048
Utilities: 3.22%
Electric Utilities: 2.36%
NextEra Energy Incorporated					145,200		23,002,584
Multi-Utilities: 0.86%
WEC Energy Group Incorporated					129,600		8,333,279
Total Common Stocks (Cost $714,097,956)							962,170,837
	Yield
Short-Term Investments: 3.24%
Investment Companies: 3.24%
Securities Lending Cash Investment LLC (l)(r)(u)		1.60	%		19,890,532		19,892,522
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.24			11,625,412		11,625,412
Total Short-Term Investments (Cost $31,517,934)							31,517,934

Total investments in securities (Cost $745,615,890)	102.11	%		993,688,771
Other assets and liabilities, net	(2.11	)		(20,502,242	)
Total net assets	100.00	%	$	973,186,529

† Non-income-earning security

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

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

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

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

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

10 Wells Fargo Intrinsic Value Fund Portfolio of investments—January 31, 2018 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		17,030,618		307,866,748		305,006,834		19,890,532	$	28	$	(29	)	$	58,101	$	19,892,522
Wells Fargo Government Money Market Fund Select Class		9,318,825		96,985,399		94,678,812		11,625,412		0		0			59,318		11,625,412
									$	28	$	(29	)	$	117,419	$	31,517,934		3.24	%

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

Statement of assets and liabilities—January 31, 2018 (unaudited) Wells Fargo Intrinsic Value Fund 11

Assets
Investments in unaffiliated securities (including $19,284,992 of securities on loan), at value (cost $714,097,956)	$	962,170,837
Investments in affiliated securities, at value (cost $31,517,934)		31,517,934
Receivable for investments sold		2,534,023
Receivable for Fund shares sold		87,177
Receivable for dividends		718,864
Receivable for securities lending income		7,268
Prepaid expenses and other assets		94,364
Total assets		997,130,467
Liabilities
Payable upon receipt of securities loaned		19,891,200
Payable for investments purchased		2,401,928
Payable for Fund shares redeemed		698,181
Management fee payable		461,822
Administration fees payable		128,666
Distribution fees payable		14,151
Trustees’ fees and expenses payable		1,922
Accrued expenses and other liabilities		346,068
Total liabilities		23,943,938
Total net assets	$	973,186,529
NET ASSETS CONSIST OF
Paid-in capital	$	707,738,623
Undistributed net investment income		2,373,756
Accumulated net realized gains on investments		15,001,269
Net unrealized gains on investments		248,072,881
Total net assets	$	973,186,529
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	307,470,776
Shares outstanding – Class A1		23,551,380
Net asset value per share – Class A		$13.06
Maximum offering price per share – Class A2		$13.86
Net assets – Class C	$	22,220,517
Shares outstanding – Class C1		1,743,999
Net asset value per share – Class C		$12.74
Net assets – Class R	$	54,784
Shares outstanding – Class R1		4,162
Net asset value per share – Class R		$13.16
Net assets – Class R6	$	2,544,316
Shares outstanding – Class R61		197,340
Net asset value per share – Class R6		$12.89
Net assets – Administrator Class	$	488,522,817
Shares outstanding – Administrator Class1		35,720,861
Net asset value per share – Administrator Class		$13.68
Net assets – Institutional Class	$	152,373,319
Shares outstanding – Institutional Class1		11,617,386
Net asset value per share – Institutional Class		$13.12

¹  The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Intrinsic Value Fund Statement of operations—six months ended January 31, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $62,921)	$	8,177,776
Income from affiliated securities		117,419
Total investment income		8,295,195
Expenses
Management fee		3,222,129
Administration fees
Class A		309,340
Class C		22,629
Class R		53
Class R4		4	1
Class R6		370
Administrator Class		302,407
Institutional Class		98,869
Shareholder servicing fees
Class A		356,208
Class C		26,939
Class R		63
Class R4		5	1
Administrator Class		581,553
Distribution fees
Class C		80,818
Class R		63
Custody and accounting fees		17,721
Professional fees		22,574
Registration fees		50,425
Shareholder report expenses		32,022
Trustees’ fees and expenses		28,765
Other fees and expenses		12,998
Total expenses		5,165,955
Less: Fee waivers and/or expense reimbursements		(594,509	)
Net expenses		4,571,446
Net investment income		3,723,749
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		41,223,549
Affiliated securities		28
Net realized gains on investments		41,223,577
Net change in unrealized gains (losses) on:
Unaffiliated securities		66,003,443
Affiliated securities		(29	)
Net change in unrealized gains (losses) on investments		66,003,414
Net realized and unrealized gains (losses) on investments		107,226,991
Net increase in net assets resulting from operations	$	110,950,740

¹  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund.

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, 2018 (unaudited)						Year ended July 31, 2017
Operations
Net investment income				$	3,723,749					$	10,341,304
Net realized gains on investments					41,223,577						70,124,352
Net change in unrealized gains (losses) on investments					66,003,414						41,233,576
Net increase in net assets resulting from operations					110,950,740						121,699,232
Distributions to shareholders from
Net investment income
Class A					(1,516,748	)					(3,621,237	)
Class C					0						(86,648	)
Class R					(163	)					(354	)
Class R4					0	1					(231	)
Class R6					(23,745	)					(49,302	)
Administrator Class					(3,138,315	)					(6,085,411	)
Institutional Class					(1,366,652	)					(2,733,344	)
Net realized gains
Class A					(22,059,131	)					(19,813,428	)
Class B					N/A						(17,948	)2
Class C					(1,660,928	)					(1,747,106	)
Class R					(3,846	)					(2,423	)
Class R4					0	1					(1,001	)
Class R6					(185,128	)					(195,458	)
Administrator Class					(33,610,953	)					(28,268,900	)
Institutional Class					(11,360,927	)					(11,235,310	)
Total distributions to shareholders					(74,926,536	)					(73,858,101	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		177,135			2,235,284			305,954			3,691,813
Class B		N/A			N/A			1	2		13	2
Class C		14,361			175,304			51,575			603,442
Class R		190			2,417			719			8,721
Class R6		6,168			77,743			11,205			133,634
Administrator Class		65,641			868,948			221,167			2,768,721
Institutional Class		302,689			3,872,615			2,650,238			32,333,431
					7,232,311						39,539,775
Reinvestment of distributions
Class A		1,816,483			22,389,992			1,877,183			22,194,613
Class B		N/A			N/A			1,535	2		17,865	2
Class C		131,832			1,579,351			138,250			1,593,565
Class R		220			2,728			233			2,777
Class R4		0	1		0	1		104			1,232
Class R6		16,488			201,277			20,897			244,760
Administrator Class		2,684,570			34,693,107			2,623,161			32,407,128
Institutional Class		901,012			11,188,786			949,096			11,290,466
					70,055,241						67,752,406

Please see footnotes on page 14.

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

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

	Six months ended January 31, 2018 (unaudited)						Year ended July 31, 2017
	Shares						Shares
Capital share transactions (continued)
Payment for shares redeemed
Class A		(1,729,807	)	$	(21,997,010	)		(5,420,473	)	$	(65,302,884	)
Class B		N/A			N/A			(47,468	)2		(566,965	)2
Class C		(166,563	)		(2,059,969	)		(875,054	)		(10,310,692	)
Class R		(32	)		(410	)		(698	)		(8,357	)
Class R4		(1,342	)1		(17,226	)1		0			0
Class R6		(17,301	)		(220,658	)		(78,948	)		(936,987	)
Administrator Class		(1,925,884	)		(25,602,298	)		(5,523,798	)		(69,697,862	)
Institutional Class		(2,396,022	)		(30,145,825	)		(8,606,311	)		(104,462,351	)
					(80,043,396	)					(251,286,098	)
Net decrease in net assets resulting from capital share transactions					(2,755,844	)					(143,993,917	)
Total increase (decrease) in net assets					33,268,360						(96,152,786	)
Net assets
Beginning of period					939,918,169						1,036,070,955
End of period				$	973,186,529					$	939,918,169
Undistributed net investment income				$	2,373,756					$	4,695,630

¹  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund.

²  For the period from August 1, 2016 to May 5, 2017. Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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

Financial highlights Wells Fargo Intrinsic Value Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.61			$12.01			$13.73			$13.60			$12.52			$10.44
Net investment income		0.04			0.12	1		0.13			0.10			0.07			0.07	1
Net realized and unrealized gains (losses) on investments		1.47			1.43			(0.42	)		1.09			1.53			2.75
Total from investment operations		1.51			1.55			(0.29	)		1.19			1.60			2.82
Distributions to shareholders from
Net investment income		(0.06	)		(0.14	)		(0.11	)		(0.07	)		(0.06	)		(0.10	)
Net realized gains		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)
Total distributions to shareholders		(1.06	)		(0.95	)		(1.43	)		(1.06	)		(1.52	)		(0.74	)
Net asset value, end of period		$13.06			$12.61			$12.01			$13.73			$13.60			$12.52
Total return2		12.51	%		13.50	%		(1.73	)%		9.19	%		13.09	%		28.53	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.17	%		1.17	%		1.20	%		1.21	%		1.20	%
Net expenses		1.10	%		1.10	%		1.10	%		1.16	%		1.16	%		1.16	%
Net investment income		0.67	%		0.95	%		1.12	%		0.75	%		0.53	%		0.57	%
Supplemental data
Portfolio turnover rate		9	%		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$307,471			$293,599			$318,543			$372,443			$391,028			$386,655

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 Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.31			$11.74			$13.45			$13.36			$12.35			$10.30
Net investment income (loss)		(0.01	)		0.02	1		0.03			0.00	2		(0.03	)		(0.01	)1
Net realized and unrealized gains (losses) on investments		1.44			1.40			(0.41	)		1.08			1.50			2.72
Total from investment operations		1.43			1.42			(0.38	)		1.08			1.47			2.71
Distributions to shareholders from
Net investment income		0.00			(0.04	)		(0.01	)		0.00			0.00			(0.02	)
Net realized gains		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)
Total distributions to shareholders		(1.00	)		(0.85	)		(1.33	)		(0.99	)		(0.46	)		(0.66	)
Net asset value, end of period		$12.74			$12.31			$11.74			$13.45			$13.36			$12.35
Total return3		12.09	%		12.58	%		(2.47	)%		8.42	%		12.24	%		27.50	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.93	%		1.93	%		1.96	%		1.97	%		1.97	%
Net expenses		1.86	%		1.86	%		1.86	%		1.91	%		1.91	%		1.91	%
Net investment income (loss)		(0.09	)%		0.20	%		0.37	%		0.00	%		(0.22	)%		(0.05	)%
Supplemental data
Portfolio turnover rate		9	%		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$22,221			$21,727			$28,756			$36,098			$36,654			$35,616

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, 2018 (unaudited)			Year ended July 31
CLASS R				2017			2016			2015			2014			20131
Net asset value, beginning of period		$12.70			$12.09			$13.81			$13.66			$12.55			$11.20
Net investment income		0.02			0.08	2		0.10			0.05			0.03			0.00	3
Net realized and unrealized gains (losses) on investments		1.48			1.45			(0.43	)		1.12			1.54			1.35
Total from investment operations		1.50			1.53			(0.33	)		1.17			1.57			1.35
Distributions to shareholders from
Net investment income		(0.04	)		(0.11	)		(0.07	)		(0.03	)		0.00			0.00
Net realized gains		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)		0.00
Total distributions to shareholders		(1.04	)		(0.92	)		(1.39	)		(1.02	)		(0.46	)		0.00
Net asset value, end of period		$13.16			$12.70			$12.09			$13.81			$13.66			$12.55
Total return4		12.30	%		13.22	%		(1.99	)%		8.96	%		12.77	%		12.05	%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.44	%		1.44	%		1.47	%		1.49	%		1.46	%
Net expenses		1.36	%		1.36	%		1.36	%		1.40	%		1.41	%		1.41	%
Net investment income		0.41	%		0.69	%		0.86	%		0.50	%		0.26	%		0.01	%
Supplemental data
Portfolio turnover rate		9	%		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$55			$48			$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, 2018 (unaudited)			Year ended July 31
CLASS R6				2017			2016			2015			2014			20131
Net asset value, beginning of period		$12.49			$11.90			$13.62			$13.60			$12.56			$11.10
Net investment income		0.07			0.17	2		0.17			0.17	2		0.14	2		0.19
Net realized and unrealized gains (losses) on investments		1.45			1.42			(0.40	)		1.08			1.47			2.06
Total from investment operations		1.52			1.59			(0.23	)		1.25			1.61			2.25
Distributions to shareholders from
Net investment income		(0.12	)		(0.19	)		(0.17	)		(0.24	)		(0.11	)		(0.15	)
Net realized gains		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)
Total distributions to shareholders		(1.12	)		(1.00	)		(1.49	)		(1.23	)		(0.57	)		(0.79	)
Net asset value, end of period		$12.89			$12.49			$11.90			$13.62			$13.60			$12.56
Total return3		12.70	%		14.03	%		(1.30	)%		9.74	%		13.19	%		21.84	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		0.75	%		0.74	%		0.74	%		0.73	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.14	%		1.40	%		1.47	%		1.25	%		1.10	%		0.85	%
Supplemental data
Portfolio turnover rate		9	%		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$2,544			$2,397			$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.

Financial highlights Wells Fargo Intrinsic Value Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$13.17			$12.51			$14.25			$14.08			$12.95			$10.78
Net investment income		0.05			0.14	1		0.15			0.13			0.10			0.08	1
Net realized and unrealized gains (losses) on investments		1.55			1.49			(0.43	)		1.14			1.58			2.87
Total from investment operations		1.60			1.63			(0.28	)		1.27			1.68			2.95
Distributions to shareholders from
Net investment income		(0.09	)		(0.16	)		(0.14	)		(0.11	)		(0.09	)		(0.14	)
Net realized gains		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)
Total distributions to shareholders		(1.09	)		(0.97	)		(1.46	)		(1.10	)		(0.55	)		(0.78	)
Net asset value, end of period		$13.68			$13.17			$12.51			$14.25			$14.08			$12.95
Total return2		12.63	%		13.66	%		(1.58	)%		9.42	%		13.36	%		28.77	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.10	%		1.06	%		1.06	%		1.05	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		0.82	%		1.10	%		1.27	%		0.95	%		0.74	%		0.68	%
Supplemental data
Portfolio turnover rate		9	%		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$488,523			$459,650			$470,152			$529,293			$534,641			$515,012

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 Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.68			$12.08			$13.80			$13.67			$12.58			$10.48
Net investment income		0.07	1		0.17	1		0.18			0.15			0.13			0.16
Net realized and unrealized gains (losses) on investments		1.48			1.43			(0.41	)		1.11			1.53			2.73
Total from investment operations		1.55			1.60			(0.23	)		1.26			1.66			2.89
Distributions to shareholders from
Net investment income		(0.11	)		(0.19	)		(0.17	)		(0.14	)		(1.11	)		(0.15	)
Net realized gains		(1.00	)		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)
Total distributions to shareholders		(1.11	)		(1.00	)		(1.49	)		(1.13	)		(0.57	)		(0.79	)
Net asset value, end of period		$13.12			$12.68			$12.08			$13.80			$13.67			$12.58
Total return2		12.79	%		13.88	%		(1.27	)%		9.66	%		13.64	%		29.04	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.85	%		0.79	%		0.79	%		0.79	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.73	%
Net investment income		1.08	%		1.36	%		1.52	%		1.20	%		0.99	%		1.21	%
Supplemental data
Portfolio turnover rate		9	%		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$152,373			$162,480			$215,175			$255,565			$244,378			$221,128

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 Intrinsic Value 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 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.

Effective at the close of business on November 13, 2017, Class R4 shares were liquidated and the class was subsequently closed. Class R4 shares are no longer offered by the Fund. Information for Class R4 shares reflected in the financial statements represents activity through November 13, 2017.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2018, the aggregate cost of all investments for federal income tax purposes was $745,260,895 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	266,331,004
Gross unrealized losses		(17,903,128	)
Net unrealized gains	$	248,427,876

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	105,714,630	$	0	$	0	$	105,714,630
Consumer staples		78,094,452		0		0		78,094,452
Energy		99,636,180		0		0		99,636,180
Financials		191,240,838		0		0		191,240,838
Health care		101,282,323		0		0		101,282,323
Industrials		121,022,223		0		0		121,022,223
Information technology		167,884,478		0		0		167,884,478
Materials		29,259,940		0		0		29,259,940
Real estate		9,318,862		0		0		9,318,862
Telecommunication services		27,381,048		0		0		27,381,048
Utilities		31,335,863		0		0		31,335,863
Short-term investments
Investment companies		11,625,412		0		0		11,625,412
Investments measured at net asset value*								19,892,522
Total assets	$	973,796,249	$	0	$	0	$	993,688,771

* 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 $19,982,522 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, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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, 2018, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

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

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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 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

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, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 1.36% for Class R shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, and 0.70% for Institutional Class shares. 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. For the six months ended January 31, 2018, Funds Distributor received $2,145 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 31, 2018.

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 was charged a fee at an annual rate of 0.10% of its average daily net assets.

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2018 were $546,174,673 and $352,628,269, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or

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

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 29, 2017, the revolving credit agreement amount was $250,000,000.

For the six months ended January 31, 2018, 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 Intrinsic 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 Intrinsic Value 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 153 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté 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.	Asset Allocation Trust
Jane A. Freeman** (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Intrinsic 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Other information (unaudited) Wells Fargo Intrinsic Value Fund 29

Officers

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

¹  Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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.

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309115 03-18 SA207/SAR207 01-18

Semi-Annual Report

January 31, 2018

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	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	29

The views expressed and any forward-looking statements are as of January 31, 2018, 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

While investing in stocks and bonds generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Large Cap Core Fund for the six-month period that ended January 31, 2018. While investing in stocks generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend. U.S. and international stocks delivered similar results, with returns of 15.43% and 13.50%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays Global Aggregate ex-USD Index³ earned 4.50%. In the U.S., fixed-income investments, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index⁴, fell 0.35% and the Bloomberg Barclays Municipal Bond Index⁵ declined 0.19%.

As global growth improved in the third quarter of 2017, investment markets advanced.

Globally, stocks moved higher during the late summer of 2017 as they were subject to the same positive economic conditions that influenced their advances during first half of the year: moderately accelerating global economic growth supported by improving corporate earnings as well as low inflation and interest rates. Brief episodes of geopolitical tensions, primarily associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding the new U.S. administration’s trade policies, did not discourage investing activity. In the U.S., economic data released during the quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate.

Outside the U.S., stocks in international developed and emerging markets were supported by improved economic growth. Advances in emerging markets equity valuations slowed compared with the pace of the first half of 2017 but continued an upward path. Central banks in Europe, Asia, and Japan maintained low-interest-rate policies that supported business growth and equity investing.

In the U.S., Federal Reserve (Fed) officials announced in October plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued an upward trajectory. Synchronous economic expansion worldwide continued with mild inflation and low volatility. Data released during the quarter reflected a healthy U.S. economy.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

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

Third-quarter economic output grew at a 3.2% annual rate. Increased hiring pushed the unemployment rate down to a 17-year low of 4.1%. Tax reform in the U.S. that passed as the year ended also encouraged increased spending among businesses and individuals. Signs of long-awaited wage growth appeared to emerge.

Outside the U.S., economies continued to strengthen. In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy has been expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies have benefited from catalysts such as economic stimulus, improving employment, increased investment, accelerated trade growth, and the firming of prices for some of the commodities that are essential exports of many international economies.

October 2017 marked one year since regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for the short-term investment opportunities afforded them by money market funds.

In December 2017, the Fed raised the federal funds rate target to a range of 1.25% to 1.50%. The Fed also began reducing its bond portfolio. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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.

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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

John R. Campbell, CFA^®

Jeff C. Moser, CFA^®

Average annual total returns (%) as of January 31, 2018¹

		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		22.03		14.92		8.68		29.51		16.29		9.32		1.19		1.08
Class C (EGOCX)	12-17-2007		27.57		15.42		8.51		28.57		15.42		8.51		1.94		1.83
Class R (EGOHX)	9-30-2015		–		–		–		29.20		16.00		9.06		1.44		1.33
Class R6 (EGORX)	9-30-2015		–		–		–		30.15		17.51		10.10		0.76		0.65
Administrator Class (WFLLX)	7-16-2010		–		–		–		29.70		16.51		9.51		1.11		0.97
Institutional Class (EGOIX)	12-17-2007		–		–		–		30.04		16.83		9.78		0.86		0.67
S&P 500 Index4	–		–		–		–		26.41		15.91		9.78		–		–

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.

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class 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, 20185
NetApp Incorporated	2.60
JPMorgan Chase & Company	2.49
Apple Incorporated	2.41
NVIDIA Corporation	2.41
The Home Depot Incorporated	2.41
Centene Corporation	2.39
Avery Dennison Corporation	2.38
Lear Corporation	2.35
CDW Corporation of Delaware	2.34
Northrop Grumman Corporation	2.34

Sector distribution as of January 31, 2018⁶

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, 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, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 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. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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, 2017 to January 31, 2018.

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 8-1-2017		Ending account value 1-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,185.08	$	6.17		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class C
Actual	$	1,000.00	$	1,180.41	$	10.28		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Class R
Actual	$	1,000.00	$	1,183.87	$	7.54		1.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.97		1.37	%
Class R6
Actual	$	1,000.00	$	1,187.80	$	3.69		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.83	$	3.41		0.67	%
Administrator Class
Actual	$	1,000.00	$	1,185.93	$	5.45		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.21	$	5.04		0.99	%
Institutional Class
Actual	$	1,000.00	$	1,187.76	$	3.80		0.69	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.73	$	3.52		0.69	%

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, 2018 (unaudited) Wells Fargo Large Cap Core Fund 7

Security name	Shares		Value
Common Stocks: 98.92%
Consumer Discretionary: 14.44%
Auto Components: 2.35%
Lear Corporation		144,879	$	27,981,930
Automobiles: 1.83%
General Motors Company		512,000		21,713,920
Media: 1.99%
Comcast Corporation Class A		556,707		23,676,749
Multiline Retail: 2.17%
Target Corporation		342,668		25,775,487
Specialty Retail: 6.10%
Lowe’s Companies Incorporated		255,030		26,709,292
The Home Depot Incorporated		142,337		28,595,503
The TJX Companies Incorporated		214,680		17,243,098
				72,547,893
Consumer Staples: 5.46%
Food & Staples Retailing: 3.79%
Sysco Corporation		320,005		20,118,714
Wal-Mart Stores Incorporated		233,195		24,858,587
				44,977,301
Food Products: 1.67%
Tyson Foods Incorporated Class A		261,349		19,891,272
Energy: 5.06%
Oil, Gas & Consumable Fuels: 5.06%
Chevron Corporation		154,739		19,396,534
Exxon Mobil Corporation		194,501		16,979,937
Valero Energy Corporation		247,737		23,775,320
				60,151,791
Financials: 12.41%
Banks: 6.52%
Bank of America Corporation		786,493		25,167,776
Citizens Financial Group Incorporated		497,070		22,815,513
JPMorgan Chase & Company		255,840		29,593,012
				77,576,301
Capital Markets: 2.03%
Raymond James Financial Incorporated		250,342		24,130,465
Insurance: 3.86%
Lincoln National Corporation		288,739		23,907,589
Prudential Financial Incorporated		184,703		21,946,410
				45,853,999

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

8 Wells Fargo Large Cap Core Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name	Shares		Value
Health Care: 17.51%
Biotechnology: 3.19%
Amgen Incorporated		101,707	$	18,922,587
Gilead Sciences Incorporated		226,817		19,007,265
				37,929,852
Health Care Equipment & Supplies: 4.01%
Abbott Laboratories		378,002		23,496,604
Baxter International Incorporated		335,962		24,199,343
				47,695,947
Health Care Providers & Services: 6.72%
Aetna Incorporated		128,317		23,972,182
Centene Corporation †		265,462		28,468,145
UnitedHealth Group Incorporated		115,698		27,394,972
				79,835,299
Life Sciences Tools & Services: 1.85%
Agilent Technologies Incorporated		299,924		22,023,419
Pharmaceuticals: 1.74%
Johnson & Johnson		149,792		20,699,756
Industrials: 11.02%
Aerospace & Defense: 2.34%
Northrop Grumman Corporation		81,621		27,794,399
Airlines: 1.68%
Delta Air Lines Incorporated		351,353		19,946,310
Construction & Engineering: 1.67%
EMCOR Group Incorporated		243,975		19,830,288
Machinery: 5.33%
Cummins Incorporated		124,226		23,354,488
Stanley Black & Decker Incorporated		133,320		22,161,784
The Toro Company		271,767		17,841,504
				63,357,776
Information Technology: 23.50%
Electronic Equipment, Instruments & Components: 3.80%
CDW Corporation of Delaware		371,743		27,802,659
Jabil Circuit Incorporated		681,126		17,321,034
				45,123,693
Internet Software & Services: 2.03%
Alphabet Incorporated Class C †		20,672		24,185,000

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Large Cap Core Fund 9

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 6.25%
Intel Corporation					444,164	$	21,382,055
NVIDIA Corporation					116,420		28,616,036
ON Semiconductor Corporation †					982,266		24,301,261
							74,299,352
Software: 4.45%
Microsoft Corporation					279,249		26,531,447
VMware Incorporated Class A Ǡ					212,691		26,329,019
							52,860,466
Technology Hardware, Storage & Peripherals: 6.97%
Apple Incorporated					171,402		28,697,837
HP Incorporated					993,824		23,175,976
NetApp Incorporated					503,421		30,960,392
							82,834,205
Materials: 4.43%
Chemicals: 2.05%
DowDuPont Incorporated					321,755		24,318,243
Containers & Packaging: 2.38%
Avery Dennison Corporation					230,927		28,330,124
Real Estate: 3.52%
Equity REITs: 3.52%
American Tower Corporation					145,771		21,530,377
Prologis Incorporated					311,888		20,307,028
							41,837,405
Utilities: 1.57%
Multi-Utilities: 1.57%
CenterPoint Energy Incorporated					661,677		18,646,058
Total Common Stocks (Cost $795,899,248)							1,175,824,700
	Yield
Short-Term Investments: 3.14%
Investment Companies: 3.14%
Securities Lending Cash Investment LLC (l)(r)(u)		1.60	%		24,490,035		24,492,484
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.24			12,847,596		12,847,596
Total Short-Term Investments (Cost $37,340,080)							37,340,080

Total investments in securities (Cost $833,239,328)	102.06	%		1,213,164,780
Other assets and liabilities, net	(2.06	)		(24,454,289	)
Total net assets	100.00	%	$	1,188,710,491

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

10 Wells Fargo Large Cap Core Fund Portfolio of investments—January 31, 2018 (unaudited)

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		19,847,049		94,951,061		90,308,075		24,490,035	$	0	$	0	$	73,214	$	24,492,484
Wells Fargo Government Money Market Fund Select Class		7,987,308		70,480,847		65,620,559		12,847,596		0		0		48,105		12,847,596
									$	0	$	0	$	121,319	$	37,340,080		3.14	%

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

Statement of assets and liabilities—January 31, 2018 (unaudited) Wells Fargo Large Cap Core Fund 11

Assets
Investments in unaffiliated securities (including $23,985,480 of securities loaned), at value (cost $795,899,248)	$	1,175,824,700
Investments in affiliated securities, at value (cost $37,340,080)		37,340,080
Receivable for Fund shares sold		1,582,490
Receivable for dividends		426,466
Receivable for securities lending income		11,086
Prepaid expenses and other assets		68,768
Total assets		1,215,253,590
Liabilities
Payable upon receipt of securities loaned		24,492,500
Payable for Fund shares redeemed		1,279,145
Management fee payable		533,855
Administration fees payable		158,945
Distribution fees payable		42,525
Trustees’ fees and expenses payable		1,747
Accrued expenses and other liabilities		34,382
Total liabilities		26,543,099
Total net assets	$	1,188,710,491
NET ASSETS CONSIST OF
Paid-in capital	$	776,783,642
Overdistributed net investment income		(56,445	)
Accumulated net realized gains on investments		32,057,842
Net unrealized gains on investments		379,925,452
Total net assets	$	1,188,710,491
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	375,138,039
Shares outstanding – Class A1		17,886,807
Net asset value per share – Class A		$20.97
Maximum offering price per share – Class A2		$22.25
Net assets – Class C	$	66,517,920
Shares outstanding – Class C1		3,218,963
Net asset value per share – Class C		$20.66
Net assets – Class R	$	2,286,561
Shares outstanding – Class R1		108,913
Net asset value per share – Class R		$20.99
Net assets – Class R6	$	695,280
Shares outstanding – Class R61		33,062
Net asset value per share – Class R6		$21.03
Net assets – Administrator Class	$	35,018,709
Shares outstanding – Administrator Class1		1,652,344
Net asset value per share – Administrator Class		$21.19
Net assets – Institutional Class	$	709,053,982
Shares outstanding – Institutional Class1		33,660,773
Net asset value per share – Institutional Class		$21.06

¹  The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Large Cap Core Fund Statement of operations—six months ended January 31, 2018 (unaudited)

Investment income
Dividends	$	9,393,922
Income from affiliated securities		121,319
Total investment income		9,515,241
Expenses
Management fee		3,764,283
Administration fees
Class A		364,620
Class C		65,347
Class R		1,579
Class R6		84
Administrator Class		21,975
Institutional Class		425,561
Shareholder servicing fees
Class A		434,071
Class C		77,794
Class R		1,880
Administrator Class		42,260
Distribution fees
Class C		233,381
Class R		1,880
Custody and accounting fees		18,413
Professional fees		23,489
Registration fees		76,638
Shareholder report expenses		60,569
Trustees’ fees and expenses		11,745
Other fees and expenses		11,268
Total expenses		5,636,837
Less: Fee waivers and/or expense reimbursements		(676,591	)
Net expenses		4,960,246
Net investment income		4,554,995
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		44,203,610
Net change in unrealized gains (losses) on investments		140,280,499
Net realized and unrealized gains (losses) on investments		184,484,109
Net increase in net assets resulting from operations	$	189,039,104

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

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

	Six months ended January 31, 2018 (unaudited)						Year ended July 31, 2017
Operations
Net investment income				$	4,554,995					$	10,460,847
Net realized gains on investments					44,203,610						51,027,002
Net change in unrealized gains (losses) on investments					140,280,499						125,930,322
Net increase in net assets resulting from operations					189,039,104						187,418,171
Distributions to shareholders from
Net investment income
Class A					(2,344,339	)					(2,565,745	)
Class R					(8,939	)					(172	)
Class R6					(6,623	)					(1,269	)
Administrator Class					(275,902	)					(3,812	)
Institutional Class					(7,110,676	)					(7,464,521	)
Net realized gains
Class A					(3,861,410	)					0
Class C					(697,513	)					0
Class R					(15,405	)					0
Class R6					(6,840	)					0
Administrator Class					(370,395	)					0
Institutional Class					(7,219,501	)					0
Total distributions to shareholders					(21,917,543	)					(10,035,519	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		519,643			10,160,053			1,356,533			22,414,439
Class C		178,130			3,444,060			498,889			8,120,255
Class R		49,499			970,429			75,652			1,314,056
Class R6		26,133			470,921			7,956			134,824
Administrator Class		114,709			2,202,316			1,481,988			25,548,238
Institutional Class		3,386,597			66,372,416			23,412,722			371,792,237
					83,620,195						429,324,049
Reinvestment of distributions
Class A		301,834			5,924,920			149,877			2,451,983
Class C		30,164			580,958			0			0
Class R		1,208			23,748			10			172
Class R6		644			12,693			77			1,269
Administrator Class		31,853			632,062			230			3,794
Institutional Class		658,543			12,996,677			405,841			6,663,907
					20,171,058						9,121,125
Payment for shares redeemed
Class A		(1,258,011	)		(24,133,809	)		(6,971,518	)		(112,765,238	)
Class C		(419,211	)		(7,885,210	)		(1,878,343	)		(29,564,534	)
Class R		(17,698	)		(330,814	)		(1,487	)		(25,647	)
Class R6		(452	)		(8,686	)		(162,028	)		(2,459,889	)
Administrator Class		(256,503	)		(5,042,366	)		(3,533,468	)		(56,128,061	)
Institutional Class		(4,700,764	)		(90,918,280	)		(16,596,815	)		(273,283,736	)
					(128,319,165	)					(474,227,105	)
Net decrease in net assets resulting from capital share transactions					(24,527,912	)					(35,781,931	)
Total increase in net assets					142,593,649						141,600,721
Net assets
Beginning of period					1,046,116,842						904,516,121
End of period				$	1,188,710,491					$	1,046,116,842
Undistributed (overdistributed) net investment income				$	(56,445	)				$	5,135,039

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, 2018 (unaudited)			Year ended July 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$18.01			$15.13			$15.81			$14.30			$12.13			$9.50
Net investment income		0.06			0.15			0.10			0.06			0.06	1		0.07
Net realized and unrealized gains (losses) on investments		3.25			2.85			(0.60	)		1.50			2.20			2.64
Total from investment operations		3.31			3.00			(0.50	)		1.56			2.26			2.71
Distributions to shareholders from
Net investment income		(0.13	)		(0.12	)		(0.05	)		(0.05	)		(0.09	)		(0.08	)
Net realized gains		(0.22	)		0.00			(0.13	)		0.00			0.00			0.00
Total distributions to shareholders		(0.35	)		(0.12	)		(0.18	)		(0.05	)		(0.09	)		(0.08	)
Net asset value, end of period		$20.97			$18.01			$15.13			$15.81			$14.30			$12.13
Total return2		18.51	%		19.94	%		(3.18	)%		10.99	%		18.58	%		28.76	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.19	%		1.20	%		1.26	%		1.29	%		1.33	%
Net expenses		1.12	%		1.14	%		1.14	%		1.14	%		1.14	%		1.14	%
Net investment income		0.61	%		0.82	%		0.80	%		0.35	%		0.47	%		0.75	%
Supplemental data
Portfolio turnover rate		18	%		50	%		51	%		44	%		61	%		67	%
Net assets, end of period (000s omitted)		$375,138			$329,974			$359,971			$97,041			$26,685			$15,267

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 Large Cap Core Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$17.70			$14.87			$15.61			$14.17			$12.05			$9.45
Net investment income (loss)		(0.02	)		0.00	1		0.00	1,2		(0.06	)2		(0.01	)		(0.00	)1
Net realized and unrealized gains (losses) on investments		3.20			2.83			(0.61	)		1.50			2.15			2.62
Total from investment operations		3.18			2.83			(0.61	)		1.44			2.14			2.62
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.02	)		(0.02	)
Net realized gains		(0.22	)		0.00			(0.13	)		0.00			0.00			0.00
Total distributions to shareholders		(0.22	)		0.00			(0.13	)		0.00			(0.02	)		(0.02	)
Net asset value, end of period		$20.66			$17.70			$14.87			$15.61			$14.17			$12.05
Total return3		18.04	%		19.03	%		(3.90	)%		10.16	%		17.73	%		27.82	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.94	%		1.95	%		2.01	%		2.04	%		2.08	%
Net expenses		1.87	%		1.89	%		1.89	%		1.89	%		1.89	%		1.89	%
Net investment income (loss)		(0.14	)%		0.07	%		0.02	%		(0.38	)%		(0.30	)%		(0.01	)%
Supplemental data
Portfolio turnover rate		18	%		50	%		51	%		44	%		61	%		67	%
Net assets, end of period (000s omitted)		$66,518			$60,697			$71,512			$53,076			$8,624			$3,786

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

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 Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS R				2017			20161
Net asset value, beginning of period		$18.04			$15.17			$14.66
Net investment income		0.03			0.13			0.06
Net realized and unrealized gains (losses) on investments		3.26			2.84			0.66
Total from investment operations		3.29			2.97			0.72
Distributions to shareholders from
Net investment income		(0.12	)		(0.10	)		(0.08	)
Net realized gains		(0.22	)		0.00			(0.13	)
Total distributions to shareholders		(0.34	)		(0.10	)		(0.21	)
Net asset value, end of period		$20.99			$18.04			$15.17
Total return2		18.39	%		19.64	%		4.90	%
Ratios to average net assets (annualized)
Gross expenses		1.43	%		1.44	%		1.46	%
Net expenses		1.37	%		1.39	%		1.39	%
Net investment income		0.31	%		0.51	%		0.52	%
Supplemental data
Portfolio turnover rate		18	%		50	%		51	%
Net assets, end of period (000s omitted)		$2,287			$1,369			$26

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

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

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

Financial highlights Wells Fargo Large Cap Core Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS R6				2017			20161
Net asset value, beginning of period		$18.09			$15.24			$14.66
Net investment income		0.10	2		0.25	2		0.20
Net realized and unrealized gains (losses) on investments		3.27			3.33			0.62
Total from investment operations		3.37			3.58			0.82
Distributions to shareholders from
Net investment income		(0.21	)		(0.73	)		(0.11	)
Net realized gains		(0.22	)		0.00			(0.13	)
Total distributions to shareholders		(0.43	)		(0.73	)		(0.24	)
Net asset value, end of period		$21.03			$18.09			$15.24
Total return3		18.78	%		24.01	%		5.57	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.76	%		0.77	%
Net expenses		0.67	%		0.68	%		0.68	%
Net investment income		0.98	%		1.62	%		1.31	%
Supplemental data
Portfolio turnover rate		18	%		50	%		51	%
Net assets, end of period (000s omitted)		$695			$122			$2,449

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

²  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$18.21			$15.18			$15.87			$14.34			$12.16			$9.52
Net investment income		0.09			0.16	1		0.15			0.10			0.09			0.10
Net realized and unrealized gains (losses) on investments		3.27			2.87			(0.62	)		1.50			2.20			2.64
Total from investment operations		3.36			3.03			(0.47	)		1.60			2.29			2.74
Distributions to shareholders from
Net investment income		(0.16	)		(0.00	)2		(0.09	)		(0.07	)		(0.11	)		(0.10	)
Net realized gains		(0.22	)		0.00			(0.13	)		0.00			0.00			0.00
Total distributions to shareholders		(0.38	)		(0.00	)2		(0.22	)		(0.07	)		(0.11	)		(0.10	)
Net asset value, end of period		$21.19			$18.21			$15.18			$15.87			$14.34			$12.16
Total return3		18.59	%		19.99	%		(2.98	)%		11.28	%		18.83	%		29.12	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.12	%		1.11	%		1.11	%		1.14	%
Net expenses		0.99	%		1.00	%		0.96	%		0.90	%		0.90	%		0.89	%
Net investment income		0.75	%		1.00	%		0.95	%		0.61	%		0.63	%		1.00	%
Supplemental data
Portfolio turnover rate		18	%		50	%		51	%		44	%		61	%		67	%
Net assets, end of period (000s omitted)		$35,019			$32,091			$57,879			$83,692			$6,849			$1,192

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 Large Cap Core Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$18.12			$15.23			$15.91			$14.35			$12.16			$9.52
Net investment income		0.10			0.18			0.18	1		0.14	1		0.11	1		0.13	1
Net realized and unrealized gains (losses) on investments		3.27			2.91			(0.62	)		1.50			2.21			2.63
Total from investment operations		3.37			3.09			(0.44	)		1.64			2.32			2.76
Distributions to shareholders from
Net investment income		(0.21	)		(0.20	)		(0.11	)		(0.08	)		(0.13	)		(0.12	)
Net realized gains		(0.22	)		0.00			(0.13	)		0.00			0.00			0.00
Total distributions to shareholders		(0.43	)		(0.20	)		(0.24	)		(0.08	)		(0.13	)		(0.12	)
Net asset value, end of period		$21.06			$18.12			$15.23			$15.91			$14.35			$12.16
Total return2		18.78	%		20.43	%		(2.75	)%		11.51	%		19.21	%		29.38	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.86	%		0.87	%		0.84	%		0.85	%		0.90	%
Net expenses		0.69	%		0.70	%		0.70	%		0.66	%		0.66	%		0.66	%
Net investment income		1.04	%		1.23	%		1.22	%		0.86	%		0.83	%		1.24	%
Supplemental data
Portfolio turnover rate		18	%		50	%		51	%		44	%		61	%		67	%
Net assets, end of period (000s omitted)		$709,054			$621,864			$412,678			$63,235			$5,775			$537

¹  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

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 accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital.

Federal and other taxes

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

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

As of January 31, 2018, the aggregate cost of all investments for federal income tax purposes was $834,096,356 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	384,649,481
Gross unrealized losses		(5,581,057	)
Net unrealized gains	$	379,068,424

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

22 Wells Fargo Large Cap Core 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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	171,695,979	$	0	$	0	$	171,695,979
Consumer staples		64,868,573		0		0		64,868,573
Energy		60,151,791		0		0		60,151,791
Financials		147,560,765		0		0		147,560,765
Health care		208,184,273		0		0		208,184,273
Industrials		130,928,773		0		0		130,928,773
Information technology		279,302,716		0		0		279,302,716
Materials		52,648,367		0		0		52,648,367
Real estate		41,837,405		0		0		41,837,405
Utilities		18,646,058		0		0		18,646,058
Short-term investments
Investment companies		12,847,596		0		0		12,847,596
Investments measured at net asset value*								24,492,484
	$	1,188,672,296	$	0	$	0	$	1,213,164,780

* 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 $24,492,484 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, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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, 2018, 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. Golden Capital Management, LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, was the subadviser to the Fund and was entitled to receive a fee from Funds Management at an annual rate which started at 0.35% and declined to 0.30% as the average

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

daily net assets of the Fund increased. In connection with the completion of the merger of Golden Capital Management LLC into WellsCap on January 1, 2018, WellsCap became the subadvisor to the Fund. The merger did not result in any change to the services provided to the Fund or to its strategies or fees and expenses. WellsCap receives an annual subadvisory fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

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

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

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, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class C shares, 1.33% for Class R shares, 0.65% for Class R6 shares, 0.97% for Administrator Class shares, and 0.67% for Institutional Class shares. 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, 2017, the Fund’s expenses were capped 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.

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, 2018, Funds Distributor received $9,548 from the sale of Class A shares and $2,718 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended January 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2018 were $190,007,291 and $234,104,391, respectively.

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

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the six months ended January 31, 2018, 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.

Other information (unaudited) Wells Fargo Large Cap Core 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 Large Cap 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 153 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté 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.	Asset Allocation Trust
Jane A. Freeman** (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Large Cap Core 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

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

Officers

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

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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.

This page is intentionally left blank.

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309116 03-18 SA208/SAR208 01-18

Semi-Annual Report

January 31, 2018

Wells Fargo Large Cap 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	30

The views expressed and any forward-looking statements are as of January 31, 2018, 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

While investing in stocks and bonds generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Large Cap Growth Fund for the six-month period that ended January 31, 2018. While investing in stocks generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend. U.S. and international stocks delivered similar results, with returns of 15.43% and 13.50%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays Global Aggregate ex-USD Index³ earned 4.50%. In the U.S., fixed-income investments, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index⁴, fell 0.35% and the Bloomberg Barclays Municipal Bond Index⁵ declined 0.19%.

As global growth improved in the third quarter of 2017, investment markets advanced.

Globally, stocks moved higher during the late summer of 2017 as they were subject to the same positive economic conditions that influenced their advances during first half of the year: moderately accelerating global economic growth supported by improving corporate earnings as well as low inflation and interest rates. Brief episodes of geopolitical tensions, primarily associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding the new U.S. administration’s trade policies, did not discourage investing activity. In the U.S., economic data released during the quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate.

Outside the U.S., stocks in international developed and emerging markets were supported by improved economic growth. Advances in emerging markets equity valuations slowed compared with the pace of the first half of 2017 but continued an upward path. Central banks in Europe, Asia, and Japan maintained low-interest-rate policies that supported business growth and equity investing.

In the U.S., Federal Reserve (Fed) officials announced in October plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued an upward trajectory. Synchronous economic expansion worldwide continued with mild inflation and low volatility. Data released during the quarter reflected a healthy U.S. economy.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

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

Third-quarter economic output grew at a 3.2% annual rate. Increased hiring pushed the unemployment rate down to a 17-year low of 4.1%. Tax reform in the U.S. that passed as the year ended also encouraged increased spending among businesses and individuals. Signs of long-awaited wage growth appeared to emerge.

Outside the U.S., economies continued to strengthen. In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy has been expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies have benefited from catalysts such as economic stimulus, improving employment, increased investment, accelerated trade growth, and the firming of prices for some of the commodities that are essential exports of many international economies.

October 2017 marked one year since regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for the short-term investment opportunities afforded them by money market funds.

In December 2017, the Fed raised the federal funds rate target to a range of 1.25% to 1.50%. The Fed also began reducing its bond portfolio. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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.

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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®, CPA

Bob Gruendyke, CFA^®‡

Thomas C. Ognar, CFA^®

Bruce C. Olson, CFA^®*

Average annual total returns (%) as of January 31, 2018¹

		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		30.84		14.53		9.86		38.82		15.89		10.51		1.16		1.07
Class C (STOFX)	7-30-2010		36.79		15.03		9.71		37.79		15.03		9.71		1.91		1.82
Class R (STMFX)	6-15-2012		–		–		–		38.48		15.60		10.27		1.41		1.32
Class R4 (SLGRX)	11-30-2012		–		–		–		39.27		16.25		10.78		0.88		0.80
Class R6 (STFFX)	11-30-2012		–		–		–		39.43		16.42		10.87		0.73		0.65
Administrator Class (STDFX)	7-30-2010		–		–		–		39.03		16.04		10.62		1.08		0.95
Institutional Class (STNFX)	7-30-2010		–		–		–		39.27		16.34		10.82		0.83		0.75
Russell 1000® Growth Index4	–		–		–		–		34.89		17.95		11.65		–		–

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.

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

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

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

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

Please see footnotes on page 5.

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

Ten largest holdings (%) as of January 31, 20185
Amazon.com Incorporated	7.24
Microsoft Corporation	5.54
Facebook Incorporated Class A	5.44
Alphabet Incorporated Class A	4.43
MasterCard Incorporated Class A	3.31
Alphabet Incorporated Class C	3.26
Visa Incorporated Class A	3.16
Microchip Technology Incorporated	3.03
Dollar Tree Incorporated	2.40
PayPal Holdings Incorporated	2.37

Sector distribution as of January 31, 2018⁶

‡ Mr. Gruendyke became a portfolio manager of the Fund on December 1, 2017.

* Mr. Olson has announced his intention to retire from Wells Capital Management on April 30, 2018.

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 for Class A, Administrator Class, and Institutional Class shares would be higher. Historical performance shown for Class C and 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 C and 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 for Class R6 shares 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, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 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. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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

⁵  The ten largest holdings, excluding cash 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, 2017 to January 31, 2018.

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 8-1-2017		Ending account value 1-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,226.69	$	6.01		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.45		1.07	%
Class C
Actual	$	1,000.00	$	1,222.15	$	10.19		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.03	$	9.25		1.82	%
Class R
Actual	$	1,000.00	$	1,225.07	$	7.40		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.72		1.32	%
Class R4
Actual	$	1,000.00	$	1,228.36	$	4.49		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class R6
Actual	$	1,000.00	$	1,229.32	$	3.65		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,227.49	$	5.33		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,228.59	$	4.21		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		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, 2018 (unaudited) Wells Fargo Large Cap Growth Fund 7

Security name	Shares		Value
Common Stocks: 99.72%
Consumer Discretionary: 16.29%
Auto Components: 0.15%
Aptiv plc		18,200	$	1,726,816
Hotels, Restaurants & Leisure: 1.97%
Marriott International Incorporated Class A		55,300		8,147,902
Norwegian Cruise Line Holdings Limited †		186,374		11,320,357
Royal Caribbean Cruises Limited		21,300		2,844,615
				22,312,874
Household Durables: 1.01%
Mohawk Industries Incorporated †		40,800		11,467,248
Internet & Direct Marketing Retail: 8.98%
Amazon.com Incorporated †		56,500		81,975,285
Netflix Incorporated †		48,000		12,974,400
The Priceline Group Incorporated †		3,500		6,692,175
				101,641,860
Multiline Retail: 2.40%
Dollar Tree Incorporated †		236,100		27,151,500
Specialty Retail: 1.78%
The Home Depot Incorporated		100,000		20,090,000
Consumer Staples: 3.24%
Beverages: 0.68%
Constellation Brands Incorporated Class A		35,100		7,703,397
Food & Staples Retailing: 1.25%
Costco Wholesale Corporation		72,350		14,098,845
Personal Products: 1.31%
The Estee Lauder Companies Incorporated Class A		110,000		14,845,600
Energy: 1.44%
Oil, Gas & Consumable Fuels: 1.44%
Concho Resources Incorporated †		103,300		16,263,552
Financials: 6.81%
Capital Markets: 6.21%
CME Group Incorporated		129,360		19,854,173
Morgan Stanley		339,740		19,212,297
Raymond James Financial Incorporated		72,800		7,017,192
The Charles Schwab Corporation		405,450		21,626,703
The Goldman Sachs Group Incorporated		9,500		2,544,955
				70,255,320

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

8 Wells Fargo Large Cap Growth Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name	Shares		Value
Insurance: 0.60%
The Progressive Corporation		127,000	$	6,870,700
Health Care: 7.95%
Biotechnology: 2.25%
BioMarin Pharmaceutical Incorporated †		76,420		6,895,377
Incyte Corporation †		11,510		1,039,238
Vertex Pharmaceuticals Incorporated †		105,480		17,601,448
				25,536,063
Health Care Equipment & Supplies: 2.87%
Boston Scientific Corporation †		484,890		13,557,524
Edwards Lifesciences Corporation †		105,480		13,351,658
Stryker Corporation		34,000		5,588,920
				32,498,102
Life Sciences Tools & Services: 0.41%
Agilent Technologies Incorporated		63,100		4,633,433
Pharmaceuticals: 2.42%
Bristol-Myers Squibb Company		104,200		6,522,920
Zoetis Incorporated		271,700		20,847,541
				27,370,461
Industrials: 13.17%
Aerospace & Defense: 1.97%
The Boeing Company		63,000		22,325,310
Air Freight & Logistics: 1.32%
FedEx Corporation		56,650		14,869,492
Airlines: 1.10%
Southwest Airlines Company		204,000		12,403,200
Commercial Services & Supplies: 2.07%
KAR Auction Services Incorporated		137,432		7,495,541
Waste Connections Incorporated		222,000		15,944,040
				23,439,581
Electrical Equipment: 1.15%
Rockwell Automation Incorporated		66,100		13,040,869
Industrial Conglomerates: 1.28%
3M Company		58,000		14,529,000
Machinery: 0.76%
Fortive Corporation		113,000		8,590,260
Road & Rail: 3.52%
CSX Corporation		94,692		5,375,665
Norfolk Southern Corporation		97,410		14,697,221

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Large Cap Growth Fund 9

Security name	Shares		Value
Road & Rail (continued)
Union Pacific Corporation		148,300	$	19,798,050
				39,870,936
Information Technology: 47.69%
Internet Software & Services: 14.19%
Alibaba Group Holding Limited ADR †		28,400		5,801,836
Alphabet Incorporated Class A †		42,400		50,126,128
Alphabet Incorporated Class C †		31,500		36,853,110
Facebook Incorporated Class A †		329,600		61,598,944
Shopify Incorporated Class A †		48,700		6,229,704
				160,609,722
IT Services: 10.06%
MasterCard Incorporated Class A		221,400		37,416,600
PayPal Holdings Incorporated †		314,300		26,816,076
Square Incorporated Class A †«		237,000		11,117,670
Visa Incorporated Class A		288,300		35,815,509
Worldpay Incorporated Class A †		34,000		2,730,540
				113,896,395
Semiconductors & Semiconductor Equipment: 8.40%
Broadcom Limited		86,400		21,429,790
Microchip Technology Incorporated		360,080		34,286,818
NVIDIA Corporation		57,140		14,045,012
Texas Instruments Incorporated		231,100		25,344,737
				95,106,357
Software: 13.11%
Activision Blizzard Incorporated		165,030		12,233,674
Adobe Systems Incorporated †		88,700		17,718,712
Electronic Arts Incorporated †		40,600		5,154,576
Microsoft Corporation		660,400		62,744,604
salesforce.com Incorporated †		143,000		16,289,130
ServiceNow Incorporated †		123,000		18,311,010
Splunk Incorporated †		42,510		3,926,649
The Ultimate Software Group Incorporated †		26,000		6,055,140
VMware Incorporated Class A †«		48,000		5,941,920
				148,375,415
Technology Hardware, Storage & Peripherals: 1.93%
Apple Incorporated		130,000		21,765,900
Materials: 3.13%
Chemicals: 3.13%
Ecolab Incorporated		75,200		10,353,536
Praxair Incorporated		145,000		23,416,050
The Sherwin-Williams Company		3,900		1,626,729
				35,396,315
Total Common Stocks (Cost $526,111,038)				1,128,684,523

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

10 Wells Fargo Large Cap Growth Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name	Yield			Shares		Value
Short-Term Investments: 1.73%
Investment Companies: 1.73%
Securities Lending Cash Investment LLC (l)(r)(u)		1.60	%		15,373,163	$	15,374,700
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.24			4,138,207		4,138,207
Total Short-Term Investments (Cost $19,512,907)							19,512,907

Total investments in securities (Cost $545,623,945)	101.45	%		1,148,197,430
Other assets and liabilities, net	(1.45	)		(16,355,387	)
Total net assets	100.00	%	$	1,131,842,043

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		3,647,110		155,973,353		144,247,300		15,373,163	$	0	$	0	$	20,897	$	15,374,700
Wells Fargo Government Money Market Fund Select Class		14,826,435		111,372,306		122,060,534		4,138,207		0		0		53,781		4,138,207
									$	0	$	0	$	74,678	$	19,512,907		1.73	%

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

Statement of assets and liabilities—January 31, 2018 (unaudited) Wells Fargo Large Cap Growth Fund 11

Assets
Investments in unaffiliated securities (including $15,052,716 of securities loaned), at value (cost $526,111,038)	$	1,128,684,523
Investments in affiliated securities, at value (cost $19,512,907)		19,512,907
Receivable for investments sold		2,703,686
Receivable for Fund shares sold		545,198
Receivable for dividends		369,172
Receivable for securities lending income		3,365
Prepaid expenses and other assets		62,750
Total assets		1,151,881,601
Liabilities
Payable upon receipt of securities loaned		15,373,253
Payable for investments purchased		3,008,210
Payable for Fund shares redeemed		800,186
Management fee payable		545,587
Administration fees payable		128,880
Distribution fees payable		11,159
Trustees’ fees and expenses payable		1,892
Accrued expenses and other liabilities		170,392
Total liabilities		20,039,558
Total net assets	$	1,131,842,043
NET ASSETS CONSIST OF
Paid-in capital	$	461,869,305
Undistributed net investment income		16,615
Accumulated net realized gains on investments		67,382,638
Net unrealized gains on investments		602,573,485
Total net assets	$	1,131,842,043
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	532,801,088
Shares outstanding – Class A1		10,687,338
Net asset value per share – Class A		$49.85
Maximum offering price per share – Class A2		$52.89
Net assets – Class C	$	15,979,534
Shares outstanding – Class C1		346,235
Net asset value per share – Class C		$46.15
Net assets – Class R	$	6,093,122
Shares outstanding – Class R1		124,755
Net asset value per share – Class R		$48.84
Net assets – Class R4	$	533,172
Share outstanding – Class R41		10,463
Net asset value per share – Class R4		$50.96
Net assets – Class R6	$	356,357,108
Shares outstanding – Class R61		6,964,461
Net asset value per share – Class R6		$51.17
Net assets – Administrator Class	$	76,173,384
Shares outstanding – Administrator Class1		1,513,433
Net asset value per share – Administrator Class		$50.33
Net assets – Institutional Class	$	143,904,635
Shares outstanding – Institutional Class1		2,820,356
Net asset value per share – Institutional Class		$51.02

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, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $8,432)	$	4,917,744
Income from affiliated securities		74,678
Total investment income		4,992,422
Expenses
Management fee		3,749,627
Administration fees
Class A		547,328
Class C		15,743
Class R		6,620
Class R4		165
Class R6		48,808
Administrator Class		47,358
Institutional Class		100,326
Shareholder servicing fees
Class A		651,581
Class C		18,742
Class R		7,674
Class R4		206
Administrator Class		91,073
Distribution fees
Class C		56,225
Class R		7,881
Custody and accounting fees		21,946
Professional fees		21,556
Registration fees		58,499
Shareholder report expenses		39,439
Trustees’ fees and expenses		2,283
Other fees and expenses		13,333
Total expenses		5,506,413
Less: Fee waivers and/or expense reimbursements		(555,568	)
Net expenses		4,950,845
Net investment income		41,577
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		138,135,457
Net change in unrealized gains (losses) on investments		84,915,068
Net realized and unrealized gains (losses) on investments		223,050,525
Net increase in net assets resulting from operations	$	223,092,102

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, 2018 (unaudited)						Year ended July 31, 2017
Operations
Net investment income				$	41,577					$	1,325,530
Net realized gains on investments					138,135,457						162,163,835
Net change in unrealized gains (losses) on investments					84,915,068						387,141
Net increase (decrease) in net assets resulting from operations					223,092,102						163,876,506
Distributions to shareholders from
Net investment income
Class R4					0						(9,195	)
Class R6					(368,832	)					(472,646	)
Administrator Class					0						(63,610	)
Institutional Class					(76,634	)					(294,392	)
Net realized gains
Class A					(94,299,274	)					(26,874,841	)
Class C					(2,995,367	)					(872,051	)
Class R					(1,226,176	)					(365,902	)
Class R4					(86,325	)					(424,319	)
Class R6					(60,525,258	)					(13,853,634	)
Administrator Class					(12,791,477	)					(10,174,259	)
Institutional Class					(29,516,610	)					(11,729,550	)
Total distributions to shareholders					(201,885,953	)					(65,134,399	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		187,429			9,254,077			426,944			19,594,139
Class C		22,545			1,010,420			29,111			1,256,023
Class R		40,855			1,908,763			59,408			2,657,278
Class R4		2,494			134,591			32,423			1,499,183
Class R6		346,826			17,973,803			2,266,868			106,883,116
Administrator Class		114,377			5,802,171			538,207			24,604,747
Institutional Class		112,940			5,811,991			757,332			35,288,511
					41,895,816						191,782,997
Reinvestment of distributions
Class A		1,969,729			89,405,992			579,132			25,111,167
Class C		60,978			2,564,729			17,868			734,193
Class R		3,414			151,866			934			39,944
Class R4		1,781			82,592			9,844			433,514
Class R6		1,305,992			60,875,276			324,173			14,326,280
Administrator Class		278,848			12,776,830			234,472			10,234,532
Institutional Class		442,110			20,540,888			204,593			9,023,692
					186,398,173						59,903,322
Payment for shares redeemed
Class A		(1,776,835	)		(93,684,370	)		(3,218,869	)		(147,540,890	)
Class C		(47,101	)		(2,248,279	)		(167,349	)		(7,261,013	)
Class R		(48,962	)		(2,386,802	)		(111,516	)		(5,013,319	)
Class R4		(423	)		(23,200	)		(215,577	)		(10,318,581	)
Class R6		(694,968	)		(36,597,184	)		(1,407,477	)		(66,431,975	)
Administrator Class		(483,709	)		(25,226,164	)		(4,298,307	)		(200,619,787	)
Institutional Class		(1,064,824	)		(53,085,614	)		(4,398,813	)		(209,337,854	)
					(213,251,613	)					(646,523,419	)
Net increase (decrease) in net assets resulting from capital share transactions					15,042,376						(394,837,100	)
Total increase (decrease) in net assets					36,248,525						(296,094,993	)
Net assets
Beginning of period					1,095,593,518						1,391,688,511
End of period				$	1,131,842,043					$	1,095,593,518
Undistributed net investment income				$	16,615					$	420,504

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, 2018 (unaudited)			Year ended July 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$50.10			$46.05			$49.55			$45.30			$39.73			$32.92
Net investment income (loss)		(0.04	)		(0.03	)1		(0.03	)1		(0.01	)1		(0.06	)		0.04
Net realized and unrealized gains (losses) on investments		10.36			6.39			(0.92	)		6.33			7.01			6.81
Total from investment operations		10.32			6.36			(0.95	)		6.32			6.95			6.85
Distributions to shareholders from
Net investment income		0.00			0.00			(0.00	)2		0.00			0.00			(0.04	)
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00
Total distributions to shareholders		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)		(0.04	)
Net asset value, end of period		$49.85			$50.10			$46.05			$49.55			$45.30			$39.73
Total return3		22.67	%		14.60	%		(1.83	)%		14.35	%		17.69	%		20.84	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.17	%		1.16	%		1.20	%		1.22	%		1.23	%
Net expenses		1.07	%		1.07	%		1.07	%		1.07	%		1.07	%		1.07	%
Net investment income (loss)		(0.16	)%		(0.06	)%		(0.06	)%		(0.02	)%		(0.17	)%		0.09	%
Supplemental data
Portfolio turnover rate		14	%		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$532,801			$516,410			$576,502			$184,504			$212,273			$131,616

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, 2018 (unaudited)			Year ended July 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$47.25			$43.88			$47.68			$43.99			$38.90			$32.43
Net investment loss		(0.22	)1		(0.35	)1		(0.32	)1		(0.42	)		(0.33	)		(0.20	)
Net realized and unrealized gains (losses) on investments		9.69			6.03			(0.93	)		6.18			6.80			6.67
Total from investment operations		9.47			5.68			(1.25	)		5.76			6.47			6.47
Distributions to shareholders from
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00
Net asset value, end of period		$46.15			$47.25			$43.88			$47.68			$43.99			$38.90
Total return2		22.22	%		13.74	%		(2.56	)%		13.47	%		16.81	%		19.95	%
Ratios to average net assets (annualized)
Gross expenses		1.92	%		1.91	%		1.91	%		1.95	%		1.97	%		1.98	%
Net expenses		1.82	%		1.82	%		1.82	%		1.82	%		1.82	%		1.82	%
Net investment loss		(0.91	)%		(0.81	)%		(0.75	)%		(0.77	)%		(0.89	)%		(0.65	)%
Supplemental data
Portfolio turnover rate		14	%		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$15,980			$14,640			$18,877			$22,839			$22,767			$17,748

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, 2018 (unaudited)			Year ended July 31
CLASS R				2017			2016			2015			2014			2013
Net asset value, beginning of period		$49.34			$45.50			$49.11			$45.03			$39.59			$32.86
Net investment loss		(0.14	)		(0.14	)1		(0.10	)1		(0.16	)		(0.15	)		(0.06	)1
Net realized and unrealized gains (losses) on investments		10.21			6.29			(0.96	)		6.31			6.97			6.80
Total from investment operations		10.07			6.15			(1.06	)		6.15			6.82			6.74
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.01	)
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00
Total distributions to shareholders		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)		(0.01	)
Net asset value, end of period		$48.84			$49.34			$45.50			$49.11			$45.03			$39.59
Total return2		22.51	%		14.30	%		(2.08	)%		14.05	%		17.42	%		20.53	%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.41	%		1.41	%		1.45	%		1.47	%		1.47	%
Net expenses		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%
Net investment loss		(0.40	)%		(0.31	)%		(0.23	)%		(0.28	)%		(0.41	)%		(0.16	)%
Supplemental data
Portfolio turnover rate		14	%		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$6,093			$6,387			$8,218			$12,086			$12,295			$8,149

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 Large Cap Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS R4				2017			2016			2015			2014			20131
Net asset value, beginning of period		$50.94			$46.69			$50.23			$45.76			$40.05			$34.26
Net investment income		0.03	2		0.11	2		0.13			0.07			0.08			0.09
Net realized and unrealized gains (losses) on investments		10.56			6.50			(0.95	)		6.47			7.11			5.81
Total from investment operations		10.59			6.61			(0.82	)		6.54			7.19			5.90
Distributions to shareholders from
Net investment income		0.00			(0.05	)		(0.17	)		0.00			(0.10	)		(0.11	)
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00
Total distributions to shareholders		(10.57	)		(2.36	)		(2.72	)		(2.07	)		(1.48	)		(0.11	)
Net asset value, end of period		$50.96			$50.94			$46.69			$50.23			$45.76			$40.05
Total return3		22.84	%		14.96	%		(1.54	)%		14.69	%		18.07	%		17.37	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.88	%		0.88	%		0.87	%		0.89	%		0.87	%
Net expenses		0.80	%		0.80	%		0.78	%		0.75	%		0.75	%		0.75	%
Net investment income		0.11	%		0.25	%		0.27	%		0.17	%		0.17	%		0.39	%
Supplemental data
Portfolio turnover rate		14	%		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$533			$337			$8,400			$7,205			$2,129			$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.

18 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS R6				2017			2016			2015			2014			20131
Net asset value, beginning of period		$51.12			$46.82			$50.34			$45.82			$40.11			$34.26
Net investment income		0.07	2		0.17			0.22			0.07	2		0.12			0.15
Net realized and unrealized gains (losses) on investments		10.60			6.52			(0.97	)		6.56			7.11			5.82
Total from investment operations		10.67			6.69			(0.75	)		6.63			7.23			5.97
Distributions to shareholders from
Net investment income		(0.05	)		(0.08	)		(0.22	)		(0.04	)		(0.14	)		(0.12	)
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00
Total distributions to shareholders		(10.62	)		(2.39	)		(2.77	)		(2.11	)		(1.52	)		(0.12	)
Net asset value, end of period		$51.17			$51.12			$46.82			$50.34			$45.82			$40.11
Total return3		22.93	%		15.09	%		(1.39	)%		14.88	%		18.25	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.74	%		0.73	%		0.72	%		0.74	%		0.75	%
Net expenses		0.65	%		0.65	%		0.64	%		0.60	%		0.60	%		0.60	%
Net investment income		0.26	%		0.36	%		0.39	%		0.13	%		0.29	%		0.26	%
Supplemental data
Portfolio turnover rate		14	%		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$356,357			$307,048			$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, 2018 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$50.46			$46.32			$49.84			$45.50			$39.86			$33.02
Net investment income (loss)		(0.00	)1		0.05			0.05			0.05			(0.01	)		0.09	2
Net realized and unrealized gains (losses) on investments		10.44			6.41			(0.94	)		6.36			7.04			6.83
Total from investment operations		10.44			6.46			(0.89	)		6.41			7.03			6.92
Distributions to shareholders from
Net investment income		0.00			(0.01	)		(0.08	)		0.00			(0.01	)		(0.08	)
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00
Total distributions to shareholders		(10.57	)		(2.32	)		(2.63	)		(2.07	)		(1.39	)		(0.08	)
Net asset value, end of period		$50.33			$50.46			$46.32			$49.84			$45.50			$39.86
Total return3		22.75	%		14.75	%		(1.71	)%		14.48	%		17.84	%		21.00	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.08	%		1.08	%		1.05	%		1.06	%		1.07	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.02	)%		0.06	%		0.12	%		0.10	%		(0.02	)%		0.24	%
Supplemental data
Portfolio turnover rate		14	%		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$76,173			$80,937			$237,577			$262,535			$245,364			$208,053

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 Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$51.00			$46.74			$50.30			$45.80			$40.11			$33.16
Net investment income		0.05	1		0.12	1		0.17	1		0.19	1		0.11			0.20
Net realized and unrealized gains (losses) on investments		10.56			6.51			(0.96	)		6.41			7.09			6.86
Total from investment operations		10.61			6.63			(0.79	)		6.60			7.20			7.06
Distributions to shareholders from
Net investment income		(0.02	)		(0.06	)		(0.22	)		(0.03	)		(0.13	)		(0.11	)
Net realized gains		(10.57	)		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00
Total distributions to shareholders		(10.59	)		(2.37	)		(2.77	)		(2.10	)		(1.51	)		(0.11	)
Net asset value, end of period		$51.02			$51.00			$46.74			$50.30			$45.80			$40.11
Total return2		22.86	%		14.98	%		(1.49	)%		14.82	%		18.16	%		21.34	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.83	%		0.83	%		0.78	%		0.79	%		0.79	%
Net expenses		0.75	%		0.75	%		0.71	%		0.65	%		0.65	%		0.69	%
Net investment income		0.17	%		0.27	%		0.37	%		0.40	%		0.28	%		0.53	%
Supplemental data
Portfolio turnover rate		14	%		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$143,905			$169,836			$316,310			$534,975			$596,006			$508,853

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 Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Large Cap Growth Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

22 Wells Fargo Large Cap Growth 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 income from affiliated securities on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2018, the aggregate cost of all investments for federal income tax purposes was $545,477,335 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	602,937,780
Gross unrealized losses		(217,685	)
Net unrealized gains	$	602,720,095

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

Notes to financial statements (unaudited) Wells Fargo Large Cap 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, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	184,390,298	$	0	$	0	$	184,390,298
Consumer staples		36,647,842		0		0		36,647,842
Energy		16,263,552		0		0		16,263,552
Financials		77,126,020		0		0		77,126,020
Health care		90,038,059		0		0		90,038,059
Industrials		149,068,648		0		0		149,068,648
Information technology		539,753,789		0		0		539,753,789
Materials		35,396,315		0		0		35,396,315
Short-term investments
Investment companies		4,138,207		0		0		4,138,207
Investments measured at net asset value*								15,374,700
Total assets	$	1,132,822,730	$	0	$	0	$	1,148,197,430

* 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 $15,374,700 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, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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, 2018, 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.

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

Administration fees

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

	Class-level administration fee
Class A, Class C, Class R		0.21	%
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, 2018 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.

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, 2018, Funds Distributor received $1,092 from the sale of Class A shares and $160 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended January 31, 2018.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, Class R, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2018 were $154,930,953 and $351,745,434, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or

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

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 29, 2017, the revolving credit agreement amount was $250,000,000.

For the six months ended January 31, 2018, 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.

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

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté 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.	Asset Allocation Trust
Jane A. Freeman** (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Other information (unaudited) Wells Fargo Large Cap Growth Fund 29

Officers

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

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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 Large Cap 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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.

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309117 03-18 SA209/SAR209 01-18

Semi-Annual Report

January 31, 2018

Wells Fargo Large Company Value 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	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	29

The views expressed and any forward-looking statements are as of January 31, 2018, 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

While investing in stocks and bonds generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Large Company Value Fund for the six-month period that ended January 31, 2018. While investing in stocks generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend. U.S. and international stocks delivered similar results, with returns of 15.43% and 13.50%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays Global Aggregate ex-USD Index³ earned 4.50%. In the U.S., fixed-income investments, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index⁴, fell 0.35% and the Bloomberg Barclays Municipal Bond Index⁵ declined 0.19%.

As global growth improved in the third quarter of 2017, investment markets advanced.

Globally, stocks moved higher during the late summer of 2017 as they were subject to the same positive economic conditions that influenced their advances during first half of the year: moderately accelerating global economic growth supported by improving corporate earnings as well as low inflation and interest rates. Brief episodes of geopolitical tensions, primarily associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding the new U.S. administration’s trade policies, did not discourage investing activity. In the U.S., economic data released during the quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate.

Outside the U.S., stocks in international developed and emerging markets were supported by improved economic growth. Advances in emerging markets equity valuations slowed compared with the pace of the first half of 2017 but continued an upward path. Central banks in Europe, Asia, and Japan maintained low-interest-rate policies that supported business growth and equity investing.

In the U.S., Federal Reserve (Fed) officials announced in October plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued an upward trajectory. Synchronous economic expansion worldwide continued with mild inflation and low volatility. Data released during the quarter reflected a healthy U.S. economy.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Large Company Value Fund 3

Third-quarter economic output grew at a 3.2% annual rate. Increased hiring pushed the unemployment rate down to a 17-year low of 4.1%. Tax reform in the U.S. that passed as the year ended also encouraged increased spending among businesses and individuals. Signs of long-awaited wage growth appeared to emerge.

Outside the U.S., economies continued to strengthen. In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy has been expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies have benefited from catalysts such as economic stimulus, improving employment, increased investment, accelerated trade growth, and the firming of prices for some of the commodities that are essential exports of many international economies.

October 2017 marked one year since regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for the short-term investment opportunities afforded them by money market funds.

In December 2017, the Fed raised the federal funds rate target to a range of 1.25% to 1.50%. The Fed also began reducing its bond portfolio. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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.

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, 2018¹

		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		11.90		10.61		6.34		18.75		11.93		6.98		0.94		0.83
Class C (WFLVX)	3-31-2008		16.83		11.09		6.19		17.83		11.09		6.19		1.69		1.58
Class R6 (WTLVX)	4-7-2017		–		–		–		19.18		12.39		7.47		0.51		0.40
Administrator Class (WWIDX)	12-31-2001		–		–		–		18.81		12.13		7.23		0.86		0.75
Institutional Class (WLCIX)	3-31-2008		–		–		–		19.09		12.38		7.46		0.61		0.50
Russell 1000® Value Index4	–		–		–		–		17.22		13.47		7.95		–		–

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. 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, 20185
Exxon Mobil Corporation	4.77
Berkshire Hathaway Incorporated Class B	4.38
Bank of America Corporation	4.32
Chevron Corporation	3.35
Wal-Mart Stores Incorporated	3.17
Medtronic plc	2.82
Baxter International Incorporated	2.43
Merck & Company Incorporated	2.39
Capital One Financial Corporation	2.36
Charter Communications Incorporated Class A	2.29

Sector distribution as of January 31, 2018⁶

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 for Class A shares 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 for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect Class R6 expenses. If these expenses had been included, returns for Class R6 would be higher. 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 for Institutional Class shares 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 Waivers 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. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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

⁵  The ten largest holdings, excluding cash 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, 2017 to January 31, 2018.

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 8-1-2017		Ending account value 1-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,123.72	$	4.44		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class C
Actual	$	1,000.00	$	1,119.34	$	8.44		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	8.03		1.58	%
Class R6
Actual	$	1,000.00	$	1,126.03	$	2.14		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19	$	2.04		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,123.86	$	4.01		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Institutional Class
Actual	$	1,000.00	$	1,125.87	$	2.68		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		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, 2018 (unaudited) Wells Fargo Large Company Value Fund 7

Security name	Shares		Value
Common Stocks: 99.13%
Consumer Discretionary: 5.44%
Hotels, Restaurants & Leisure: 1.07%
Yum China Holdings Incorporated		62,731	$	2,910,091
Media: 4.37%
Charter Communications Incorporated Class A †		16,458		6,208,781
Comcast Corporation Class A		18,853		801,818
Live Nation Incorporated †		77,953		3,512,562
Viacom Incorporated Class B		40,262		1,345,556
				11,868,717
Consumer Staples: 10.28%
Beverages: 2.09%
PepsiCo Incorporated		47,242		5,683,213
Food & Staples Retailing: 5.45%
Wal-Mart Stores Incorporated		80,868		8,620,529
Walgreens Boots Alliance Incorporated		81,994		6,170,868
				14,791,397
Food Products: 0.73%
Tyson Foods Incorporated Class A		26,006		1,979,317
Household Products: 2.01%
The Procter & Gamble Company		63,248		5,460,832
Energy: 10.60%
Oil, Gas & Consumable Fuels: 10.60%
Chevron Corporation		72,478		9,085,117
ConocoPhillips		2,336		137,380
Devon Energy Corporation		126,362		5,227,596
Exxon Mobil Corporation		148,288		12,945,542
Valero Energy Corporation		13,021		1,249,625
World Fuel Services Corporation		4,635		129,270
				28,774,530
Financials: 26.92%
Banks: 12.03%
Bank of America Corporation		366,956		11,742,592
BB&T Corporation		47,346		2,613,026
Citigroup Incorporated		14		1,099
Comerica Incorporated		50,911		4,847,745
Fifth Third Bancorp		166,478		5,510,422
JPMorgan Chase & Company		41,258		4,772,313
US Bancorp		55,472		3,169,670
				32,656,867
Capital Markets: 1.30%
Bank of New York Mellon Corporation		62,533		3,545,621

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

8 Wells Fargo Large Company Value Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name	Shares		Value
Consumer Finance: 2.38%
Capital One Financial Corporation		61,743	$	6,418,802
Discover Financial Services		410		32,718
				6,451,520
Diversified Financial Services: 4.38%
Berkshire Hathaway Incorporated Class B †		55,472		11,892,087
Insurance: 5.97%
AFLAC Incorporated		34,664		3,057,365
Assured Guaranty Limited		17,858		635,566
Athene Holding Limited Class A †		23,107		1,159,047
Chubb Limited		924		144,283
CNO Financial Group Incorporated		211,195		5,193,285
The Progressive Corporation		96,262		5,207,774
The Travelers Companies Incorporated		1,944		291,444
Unum Group		9,970		530,304
				16,219,068
Mortgage REITs: 0.86%
Chimera Investment Corporation		136,959		2,326,933
Health Care: 13.97%
Biotechnology: 3.97%
AbbVie Incorporated		2,635		295,700
Amgen Incorporated		10,797		2,008,782
Biogen Incorporated		15,924		5,538,526
Vertex Pharmaceuticals Incorporated †		17,597		2,936,411
				10,779,419
Health Care Equipment & Supplies: 5.25%
Baxter International Incorporated		91,633		6,600,325
Medtronic plc		89,082		7,651,253
				14,251,578
Health Care Providers & Services: 0.80%
Express Scripts Holding Company †		27,453		2,173,729
Pharmaceuticals: 3.95%
Catalent Incorporated †		16,794		781,593
Johnson & Johnson		24,878		3,437,891
Merck & Company Incorporated		109,640		6,496,170
				10,715,654
Industrials: 8.27%
Aerospace & Defense: 3.17%
General Dynamics Corporation		10,996		2,446,390
Harris Corporation		31,522		5,023,976
Raytheon Company		4,705		983,063
The Boeing Company		449		159,112
				8,612,541

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Large Company Value Fund 9

Security name	Shares		Value
Airlines: 1.81%
Delta Air Lines Incorporated		2,195	$	124,610
Southwest Airlines Company		78,675		4,783,440
				4,908,050
Industrial Conglomerates: 2.64%
General Electric Company		194,971		3,152,681
Honeywell International Incorporated		25,139		4,013,944
				7,166,625
Machinery: 0.65%
EnPro Industries Incorporated		7,146		628,777
Ingersoll-Rand plc		6,102		577,432
Mueller Industries Incorporated		17,291		572,159
				1,778,368
Information Technology: 8.02%
Internet Software & Services: 1.91%
eBay Incorporated †		127,734		5,183,446
IT Services: 3.64%
Black Knight Incorporated †		10,712		530,244
PayPal Holdings Incorporated †		67,868		5,790,498
Worldpay Incorporated Class A †		44,280		3,556,127
				9,876,869
Semiconductors & Semiconductor Equipment: 2.47%
Intel Corporation		73,291		3,528,229
Micron Technology Incorporated †		72,623		3,175,078
				6,703,307
Materials: 1.28%
Chemicals: 0.19%
LyondellBasell Industries NV Class A		4,367		523,341
Metals & Mining: 0.36%
Freeport-McMoRan Incorporated †		6,744		131,508
Newmont Mining Corporation		20,636		835,964
				967,472
Paper & Forest Products: 0.73%
Louisiana-Pacific Corporation †		67,381		1,995,151
Real Estate: 8.76%
Equity REITs: 8.65%
Apple Hospitality REIT Incorporated		38,466		749,702
CoreCivic Incorporated		203,646		4,726,624
Park Hotels & Resorts Incorporated		188,682		5,454,797
Prologis Incorporated		22,726		1,479,690

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

10 Wells Fargo Large Company Value Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name				Shares		Value
Equity REITs (continued)
SBA Communications Corporation †					32,923	$	5,745,064
Weyerhaeuser Company					30,559		1,147,185
Xenia Hotels & Resorts Incorporated					187,974		4,173,023
							23,476,085
Real Estate Management & Development: 0.11%
CBRE Group Incorporated Class A †					6,686		305,483
Telecommunication Services: 0.81%
Diversified Telecommunication Services: 0.81%
Verizon Communications Incorporated					40,714		2,201,406
Utilities: 4.78%
Electric Utilities: 2.18%
Avangrid Incorporated					45,353		2,209,598
Exelon Corporation					13,687		527,086
PG&E Corporation					56,713		2,406,333
PPL Corporation					24,270		773,485
							5,916,502
Gas Utilities: 0.76%
UGI Corporation					45,219		2,069,674
Independent Power & Renewable Electricity Producers: 1.45%
AES Corporation					339,728		3,927,256
Multi-Utilities: 0.39%
MDU Resources Group Incorporated					5,009		132,638
Vectren Corporation					15,547		942,615
							1,075,253
Total Common Stocks (Cost $230,988,395)							269,167,402
	Yield
Short-Term Investments: 0.73%
Investment Companies: 0.73%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.24	%		1,996,427		1,996,427
Total Short-Term Investments (Cost $1,996,427)							1,996,427

Total investments in securities (Cost $232,984,822)	99.86	%		271,163,829
Other assets and liabilities, net	0.14			371,515
Total net assets	100.00	%	$	271,535,344

† 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.

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Large Company Value Fund 11

Futures Contracts

Description	Number of contracts		Expiration date		Notional cost		Notional value		Unrealized gains		Unrealized losses
Long
S&P 500 E-Mini Index		22		3-16-2018	$	2,944,905	$	3,108,380	$	163,475	$	0

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		7,807,982		29,509,427		35,320,982		1,996,427	$	0	$	0	$	23,157	$	1,996,427		0.73	%

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, 2018 (unaudited)

Assets
Investments in unaffiliated securities, at value (cost $230,988,395)	$	269,167,402
Investments in affiliated securities, at value (cost $1,996,427)		1,996,427
Segregated cash for futures transactions		300,000
Receivable for investments sold		4,230,111
Receivable for Fund shares sold		47,162
Receivable for dividends		180,930
Receivable for daily variation margin on open futures contracts		1,430
Prepaid expenses and other assets		99,609
Total assets		276,023,071
Liabilities
Payable for investments purchased		4,121,021
Payable for Fund shares redeemed		201,559
Management fee payable		68,692
Administration fees payable		45,794
Distribution fee payable		2,273
Trustees’ fees and expenses payable		1,956
Accrued expenses and other liabilities		46,432
Total liabilities		4,487,727
Total net assets	$	271,535,344
NET ASSETS CONSIST OF
Paid-in capital	$	221,373,476
Overdistributed net investment income		(57,003	)
Accumulated net realized gains on investments		11,876,389
Net unrealized gains on investments		38,342,482
Total net assets	$	271,535,344
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	231,363,860
Shares outstanding – Class A1		15,538,908
Net asset value per share – Class A		$14.89
Maximum offering price per share – Class A2		$15.80
Net assets – Class C	$	3,494,018
Shares outstanding – Class C1		228,562
Net asset value per share – Class C		$15.29
Net assets – Class R6	$	23,241
Shares outstanding – Class R61		1,549
Net asset value per share – Class R6		$15.00
Net assets – Administrator Class	$	18,317,572
Shares outstanding – Administrator Class1		1,219,411
Net asset value per share – Administrator Class		$15.02
Net assets – Institutional Class	$	18,336,653
Shares outstanding – Institutional Class1		1,222,557
Net asset value per share – Institutional Class		$15.00

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, 2018 (unaudited) Wells Fargo Large Company Value Fund 13

Investment income
Dividends	$	2,955,946
Income from affiliated securities		23,157
Total investment income		2,979,103
Expenses
Management fee		527,740
Administration fees
Class A		236,349
Class C		3,566
Class R6		5
Administrator Class		11,836
Institutional Class		11,143
Shareholder servicing fees
Class A		281,369
Class C		4,245
Administrator Class		22,761
Distribution fee
Class C		12,735
Custody and accounting fees		6,333
Professional fees		20,376
Registration fees		36,734
Shareholder report expenses		20,858
Trustees’ fees and expenses		7,929
Other fees and expenses		4,850
Total expenses		1,208,829
Less: Fee waivers and/or expense reimbursements		(136,662	)
Net expenses		1,072,167
Net investment income		1,906,936
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		16,219,928
Futures transactions		518,965
Net realized gains on investments		16,738,893
Net change in unrealized gains (losses) on:
Unaffiliated securities		11,931,212
Futures transactions		163,475
Net change in unrealized gains (losses) on investments		12,094,687
Net realized and unrealized gains (losses) on investments		28,833,580
Net increase in net assets resulting from operations	$	30,740,516

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, 2018 (unaudited)						Year ended July 31, 2017
Operations
Net investment income				$	1,906,936					$	2,348,357
Net realized gains on investments					16,738,893						53,375,979
Net change in unrealized gains (losses) on investments					12,094,687						(21,739,472	)
Net increase in net assets resulting from operations					30,740,516						33,984,864
Distributions to shareholders from
Net investment income
Class A					(2,105,972	)					(1,529,974	)
Class C					(9,843	)					(7,593	)
Class R6					(351	)					0	1
Administrator Class					(178,186	)					(164,278	)
Institutional Class					(203,016	)					(101,228	)
Net realized gains
Class A					(43,429,588	)					0
Class C					(647,269	)					0
Class R6					(6,236	)					0	1
Administrator Class					(3,454,920	)					0
Institutional Class					(3,302,668	)					0
Total distributions to shareholders					(53,338,049	)					(1,803,073	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		105,642			1,648,362			184,685			2,859,171
Class C		3,341			55,571			9,920			159,103
Class R6		297			5,000			1,549	1		25,000	1
Administrator Class		7,730			121,207			52,078			837,524
Institutional Class		79,900			1,198,012			466,653			7,476,610
					3,028,152						11,357,408
Reinvestment of distributions
Class A		3,076,609			44,106,734			96,773			1,482,398
Class C		42,101			616,968			431			6,671
Class R6		71			1,037			0	1		0	1
Administrator Class		247,497			3,581,182			9,395			144,443
Institutional Class		202,686			2,931,264			6,282			97,208
					51,237,185						1,730,720
Payment for shares redeemed
Class A		(1,017,742	)		(16,261,947	)		(1,924,557	)		(29,716,601	)
Class C		(16,005	)		(258,546	)		(57,893	)		(914,888	)
Class R6		(368	)		(5,292	)		0	1		0	1
Administrator Class		(134,140	)		(2,163,110	)		(609,704	)		(9,486,019	)
Institutional Class		(40,088	)		(649,429	)		(130,275	)		(2,050,549	)
					(19,338,324	)					(42,168,057	)
Net increase (decrease) in net assets resulting from capital share transactions					34,927,013						(29,079,929	)
Total increase in net assets					12,329,480						3,101,862
Net assets
Beginning of period					259,205,864						256,104,002
End of period				$	271,535,344					$	259,205,864
Undistributed (overdistributed) net investment income				$	(57,003	)				$	533,429

¹  For the period from April 7, 2017 (commencement of class operations) to July 31, 2017

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, 2018 (unaudited)			Year ended July 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$16.54			$14.58			$16.10			$16.82			$16.39			$12.96
Net investment income		0.11			0.14			0.17			0.13	1		0.10			0.14
Net realized and unrealized gains (losses) on investments		1.77			1.93			(0.41	)		0.78			2.04			3.48
Total from investment operations		1.88			2.07			(0.24	)		0.91			2.14			3.62
Distributions to shareholders from
Net investment income		(0.15	)		(0.11	)		(0.16	)		(0.13	)		(0.09	)		(0.19	)
Net realized gains		(3.38	)		0.00			(1.12	)		(1.50	)		(1.62	)		0.00
Total distributions to shareholders		(3.53	)		(0.11	)		(1.28	)		(1.63	)		(1.71	)		(0.19	)
Net asset value, end of period		$14.89			$16.54			$14.58			$16.10			$16.82			$16.39
Total return2		12.37	%		14.24	%		(0.98	)%		5.72	%		13.68	%		28.16	%
Ratios to average net assets (annualized)
Gross expenses		0.93	%		1.09	%		1.24	%		1.27	%		1.28	%		1.28	%
Net expenses		0.83	%		0.96	%		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income		1.43	%		0.91	%		1.19	%		0.76	%		0.61	%		1.00	%
Supplemental data
Portfolio turnover rate		123	%		221	%		50	%		71	%		59	%		78	%
Net assets, end of period (000s omitted)		$231,364			$221,207			$218,922			$104,453			$116,398			$115,895

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, 2018 (unaudited)			Year ended July 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$16.86			$14.90			$16.41			$17.12			$16.70			$13.21
Net investment income (loss)		0.06			0.03	1		0.06			0.00	2		(0.02	)		0.04
Net realized and unrealized gains (losses) on investments		1.79			1.96			(0.40	)		0.80			2.07			3.54
Total from investment operations		1.85			1.99			(0.34	)		0.80			2.05			3.58
Distributions to shareholders from
Net investment income		(0.04	)		(0.03	)		(0.05	)		(0.01	)		(0.01	)		(0.09	)
Net realized gains		(3.38	)		0.00			(1.12	)		(1.50	)		(1.62	)		0.00
Total distributions to shareholders		(3.42	)		(0.03	)		(1.17	)		(1.51	)		(1.63	)		(0.09	)
Net asset value, end of period		$15.29			$16.86			$14.90			$16.41			$17.12			$16.70
Total return3		11.93	%		13.40	%		(1.68	)%		4.92	%		12.83	%		27.17	%
Ratios to average net assets (annualized)
Gross expenses		1.68	%		1.84	%		1.99	%		2.02	%		2.03	%		2.03	%
Net expenses		1.58	%		1.72	%		1.85	%		1.85	%		1.85	%		1.85	%
Net investment income (loss)		0.68	%		0.16	%		0.44	%		0.01	%		(0.14	)%		0.25	%
Supplemental data
Portfolio turnover rate		123	%		221	%		50	%		71	%		59	%		78	%
Net assets, end of period (000s omitted)		$3,494			$3,356			$3,674			$4,488			$4,659			$4,543

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 Company Value Fund 17

(For a share outstanding throughout each period)

CLASS R6	Six months ended January 31, 2018 (unaudited)			Year ended July 31, 20171
Net asset value, beginning of period		$16.66			$16.14
Net investment income		0.15			0.03	2
Net realized and unrealized gains (losses) on investments		1.77			0.49
Total from investment operations		1.92			0.52
Distributions to shareholders from
Net investment income		(0.20	)		0.00
Net realized gains		(3.38	)		0.00
Total distributions to shareholders		(3.58	)		0.00
Net asset value, end of period		$15.00			$16.66
Total return3		12.60	%		3.22	%
Ratios to average net assets (annualized)
Gross expenses		0.50	%		0.49	%
Net expenses		0.40	%		0.40	%
Net investment income		1.87	%		0.52	%
Supplemental data
Portfolio turnover rate		123	%		221	%
Net assets, end of period (000s omitted)		$23			$26

¹  For the period from April 7, 2017 (commencement of class operations) to July 31, 2017

²  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Large Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$16.66			$14.68			$16.20			$16.93			$16.47			$13.02
Net investment income		0.12	1		0.16	1		0.20			0.17			0.15			0.21
Net realized and unrealized gains (losses) on investments		1.77			1.94			(0.41	)		0.78			2.05			3.46
Total from investment operations		1.89			2.10			(0.21	)		0.95			2.20			3.67
Distributions to shareholders from
Net investment income		(0.15	)		(0.12	)		(0.19	)		(0.18	)		(0.12	)		(0.22	)
Net realized gains		(3.38	)		0.00			(1.12	)		(1.50	)		(1.62	)		0.00
Total distributions to shareholders		(3.53	)		(0.12	)		(1.31	)		(1.68	)		(1.74	)		(0.22	)
Net asset value, end of period		$15.02			$16.66			$14.68			$16.20			$16.93			$16.47
Total return2		12.39	%		14.35	%		(0.79	)%		5.95	%		13.94	%		28.52	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		1.01	%		1.16	%		1.12	%		1.12	%		1.10	%
Net expenses		0.75	%		0.87	%		0.93	%		0.85	%		0.85	%		0.85	%
Net investment income		1.51	%		1.01	%		1.35	%		1.01	%		0.86	%		1.28	%
Supplemental data
Portfolio turnover rate		123	%		221	%		50	%		71	%		59	%		78	%
Net assets, end of period (000s omitted)		$18,318			$18,296			$24,164			$30,177			$36,002			$38,798

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 Large Company Value Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$16.65			$14.66			$16.17			$16.91			$16.44			$13.00
Net investment income		0.13			0.19	1		0.21	1		0.20	1		0.18	1		0.26	1
Net realized and unrealized gains (losses) on investments		1.79			1.94			(0.38	)		0.78			2.05			3.45
Total from investment operations		1.92			2.13			(0.17	)		0.98			2.23			3.71
Distributions to shareholders from
Net investment income		(0.19	)		(0.14	)		(0.22	)		(0.22	)		(0.14	)		(0.27	)
Net realized gains		(3.38	)		0.00			(1.12	)		(1.50	)		(1.62	)		0.00
Total distributions to shareholders		(3.57	)		(0.14	)		(1.34	)		(1.72	)		(1.76	)		(0.27	)
Net asset value, end of period		$15.00			$16.65			$14.66			$16.17			$16.91			$16.44
Total return2		12.59	%		14.61	%		(0.54	)%		6.14	%		14.16	%		28.93	%
Ratios to average net assets (annualized)
Gross expenses		0.60	%		0.74	%		0.91	%		0.85	%		0.85	%		0.84	%
Net expenses		0.50	%		0.61	%		0.74	%		0.65	%		0.65	%		0.65	%
Net investment income		1.75	%		1.21	%		1.52	%		1.23	%		1.10	%		1.83	%
Supplemental data
Portfolio turnover rate		123	%		221	%		50	%		71	%		59	%		78	%
Net assets, end of period (000s omitted)		$18,337			$16,321			$9,343			$1,483			$863			$3,299

¹  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Large Company Value Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment 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 Wells Fargo Asset Management Pricing Committee 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 Wells Fargo Asset Management Pricing Committee 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 Large Company Value 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, if any, is included in income from affiliated securities on the Statement of Operations.

Futures contracts

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market.

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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 accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital.

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 and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

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

As of January 31, 2018, the aggregate cost of all investments for federal income tax purposes was $233,069,293 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	40,515,537
Gross unrealized losses		(2,257,526	)
Net unrealized gains	$	38,258,011

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.

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	14,778,808	$	0	$	0	$	14,778,808
Consumer staples		27,914,759		0		0		27,914,759
Energy		28,774,530		0		0		28,774,530
Financials		73,092,096		0		0		73,092,096
Health care		37,920,380		0		0		37,920,380
Industrials		22,465,584		0		0		22,465,584
Information technology		21,763,622		0		0		21,763,622
Materials		3,485,964		0		0		3,485,964
Real estate		23,781,568		0		0		23,781,568
Telecommunication services		2,201,406		0		0		2,201,406
Utilities		12,988,685		0		0		12,988,685
Short-term investments
Investment companies		1,996,427		0		0		1,996,427
		271,163,829		0		0		271,163,829
Futures contracts		1,430		0		0		1,430
Total assets	$	271,165,259	$	0	$	0	$	271,165,259

Futures contracts are reported at their variation margin at measurement date, which represents the amount due to the Fund at that date. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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

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

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 six months ended January 31, 2018, 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 Investor 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		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, 2019 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.83% for Class A shares, 1.58% for Class C shares, 0.40% for Class R6 shares, 0.75% for Administrator Class shares, and 0.50% for Institutional Class shares. 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 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 January 31, 2018, Funds Distributor received $965 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2018 were $317,608,435 and $327,999,378, respectively.

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

6. DERIVATIVE TRANSACTIONS

During the six months ended January 31, 2018, the Fund entered into futures contracts to gain market exposure. The Fund had an average notional amount of $2,183,000 in long futures contracts during the six months ended January 31, 2018.

On January 31, 2018, the cumulative unrealized gains on futures contracts in the amount of $163,475 are reflected in net unrealized gains on investments on the Statement of Assets and Liabilities. The receivable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements	Collateral received		Net amount of assets
Morgan Stanley	$1,430	$0	$	0	$	1,430

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the six months ended January 31, 2018, 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.

Other information (unaudited) Wells Fargo Large Company Value 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 Large Company 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 153 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté 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.	Asset Allocation Trust
Jane A. Freeman** (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Large Company Value 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

28 Wells Fargo Large Company Value Fund Other information (unaudited)

Officers

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

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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.

This page is intentionally left blank.

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309118 03-18 SA210/SAR210 01-18

Semi-Annual Report

January 31, 2018

Wells Fargo Low Volatility U.S. Equity 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	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	21
Other information	25
List of abbreviations	29

The views expressed and any forward-looking statements are as of January 31, 2018, 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

While investing in stocks and bonds generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Low Volatility U.S. Equity Fund for the six-month period that ended January 31, 2018. While investing in stocks generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend. U.S. and international stocks delivered similar results, with returns of 15.43% and 13.50%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays Global Aggregate ex-USD Index³ earned 4.50%. In the U.S., fixed-income investments, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index⁴, fell 0.35% and the Bloomberg Barclays Municipal Bond Index⁵ declined 0.19%.

As global growth improved in the third quarter of 2017, investment markets advanced.

Globally, stocks moved higher during the late summer of 2017 as they were subject to the same positive economic conditions that influenced their advances during first half of the year: moderately accelerating global economic growth supported by improving corporate earnings as well as low inflation and interest rates. Brief episodes of geopolitical tensions, primarily associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding the new U.S. administration’s trade policies, did not discourage investing activity. In the U.S., economic data released during the quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate.

Outside the U.S., stocks in international developed and emerging markets were supported by improved economic growth. Advances in emerging markets equity valuations slowed compared with the pace of the first half of 2017 but continued an upward path. Central banks in Europe, Asia, and Japan maintained low-interest-rate policies that supported business growth and equity investing.

In the U.S., Federal Reserve (Fed) officials announced in October plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued an upward trajectory. Synchronous economic expansion worldwide continued with mild inflation and low volatility. Data released during the quarter reflected a healthy U.S. economy.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

Letter to shareholders (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 3

Third-quarter economic output grew at a 3.2% annual rate. Increased hiring pushed the unemployment rate down to a 17-year low of 4.1%. Tax reform in the U.S. that passed as the year ended also encouraged increased spending among businesses and individuals. Signs of long-awaited wage growth appeared to emerge.

Outside the U.S., economies continued to strengthen. In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy has been expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies have benefited from catalysts such as economic stimulus, improving employment, increased investment, accelerated trade growth, and the firming of prices for some of the commodities that are essential exports of many international economies.

October 2017 marked one year since regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for the short-term investment opportunities afforded them by money market funds.

In December 2017, the Fed raised the federal funds rate target to a range of 1.25% to 1.50%. The Fed also began reducing its bond portfolio. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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.

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, 2018

		Including sales charge				Excluding sales charge				Expense ratios1 (%)
		1 year		Since inception		1 year		Since inception		Gross		Net2
Class A (WLVLX)	10-31-2016		7.25		10.60		13.77		15.96		1.64		0.83
Class C (WLVKX)	10-31-2016		12.03		15.09		13.03		15.09		2.39		1.58
Class R6 (WLVJX)	10-31-2016		–		–		14.39		16.47		1.21		0.40
Administrator Class (WLVDX)	10-31-2016		–		–		13.92		16.03		1.56		0.75
Institutional Class (WLVOX)	10-31-2016		–		–		14.22		16.32		1.31		0.50
Russell 1000® Index3	–		–		–		25.84		27.79		–		–

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 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, 20184
CBOE Holdings Incorporated	2.68
Baxter International Incorporated	2.60
PepsiCo Incorporated	2.52
Waste Management Incorporated	2.49
McDonald’s Corporation	2.42
Altria Group Incorporated	2.42
The Progressive Corporation	2.41
Costco Wholesale Corporation	2.39
The Procter & Gamble Company	2.35
PPL Corporation	2.28

Sector distribution as of January 31, 2018⁵

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, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 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. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

³  The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

⁴  The ten largest holdings, excluding cash 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, 2017 to January 31, 2018.

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 8-1-2017		Ending account value 1-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,069.66	$	4.33		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class C
Actual	$	1,000.00	$	1,065.47	$	8.23		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.24	$	8.03		1.58	%
Class R6
Actual	$	1,000.00	$	1,071.64	$	2.09		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.19	$	2.04		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,070.06	$	3.91		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Institutional Class
Actual	$	1,000.00	$	1,071.02	$	2.61		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.68	$	2.55		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, 2018 (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 7

Security name	Shares		Value
Common Stocks: 97.67%
Consumer Discretionary: 10.85%
Auto Components: 0.58%
Lear Corporation		529	$	102,171
Visteon Corporation †		984		127,999
				230,170
Diversified Consumer Services: 0.83%
H&R Block Incorporated		12,584		333,979
Hotels, Restaurants & Leisure: 5.48%
Aramark		6,811		312,012
Darden Restaurants Incorporated		5,270		505,130
Hilton Grand Vacations Incorporated †		5,295		238,116
McDonald’s Corporation		5,654		967,626
Yum China Holdings Incorporated		3,668		170,159
				2,193,043
Household Durables: 1.00%
NVR Incorporated †		126		400,449
Media: 1.83%
Lions Gate Entertainment Class B †		2,648		84,736
Live Nation Incorporated †		12,027		541,937
The Walt Disney Company		955		103,780
				730,453
Specialty Retail: 1.07%
Best Buy Company Incorporated		1,091		79,708
ULTA Beauty Incorporated †		1,564		347,364
				427,072
Textiles, Apparel & Luxury Goods: 0.06%
Michael Kors Holdings Limited †		14		924
PVH Corporation		147		22,797
				23,721
Consumer Staples: 27.24%
Beverages: 5.93%
Dr Pepper Snapple Group Incorporated		6,787		810,028
Monster Beverage Corporation †		5,141		350,770
PepsiCo Incorporated		8,362		1,005,949
The Coca-Cola Company		4,347		206,874
				2,373,621
Food & Staples Retailing: 6.28%
Costco Wholesale Corporation		4,903		955,448
Sysco Corporation		11,308		710,934

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, 2018 (unaudited)

Security name	Shares		Value
Food & Staples Retailing (continued)
US Foods Holding Corporation †		22,101	$	710,105
Wal-Mart Stores Incorporated		1,250		133,250
				2,509,737
Food Products: 4.35%
Blue Buffalo Pet Products Incorporated †		1,218		41,388
Bunge Limited		4,481		355,926
Flowers Foods Incorporated		11,878		232,928
Lamb Weston Holdings Incorporated		6,495		380,607
Pilgrim’s Pride Corporation †		197		5,471
The Hershey Company		313		34,533
Tyson Foods Incorporated Class A		9,047		688,567
				1,739,420
Household Products: 6.15%
Colgate-Palmolive Company		7,821		580,631
Kimberly-Clark Corporation		6,401		748,917
The Clorox Company		1,354		191,848
The Procter & Gamble Company		10,875		938,948
				2,460,344
Tobacco: 4.53%
Altria Group Incorporated		13,744		966,753
Philip Morris International		7,870		843,900
				1,810,653
Energy: 1.09%
Energy Equipment & Services: 0.28%
Baker Hughes Incorporated		3,549		114,100
Oil, Gas & Consumable Fuels: 0.81%
Antero Resources Corporation †		5,014		97,422
Exxon Mobil Corporation		2,589		226,020
				323,442
Financials: 13.62%
Banks: 0.73%
US Bancorp		5,095		291,128
Capital Markets: 5.09%
CBOE Holdings Incorporated		7,969		1,070,954
CME Group Incorporated		3,719		570,792
Intercontinental Exchange Incorporated		4,127		304,738
LPL Financial Holdings Incorporated		1,479		88,237
				2,034,721

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 9

Security name	Shares		Value
Insurance: 6.34%
American Financial Group Incorporated		6,364	$	721,296
American National Insurance Company		202		25,531
Aon plc		1,358		193,067
Assurant Incorporated		544		49,765
Everest Reinsurance Group Limited		1,659		381,238
FNF Group		2,069		80,650
ProAssurance Corporation		324		17,723
The Progressive Corporation		17,794		962,655
Unum Group		1,936		102,976
				2,534,901
Mortgage REITs: 1.46%
Chimera Investment Corporation		16,726		284,175
MFA Financial Incorporated		42,071		301,228
				585,403
Health Care: 11.73%
Health Care Equipment & Supplies: 3.93%
Baxter International Incorporated		14,424		1,038,961
IDEXX Laboratories Incorporated †		2,856		534,186
				1,573,147
Health Care Providers & Services: 3.42%
AmerisourceBergen Corporation		4,041		402,766
Cigna Corporation		228		47,504
Humana Incorporated		3,067		864,373
Laboratory Corporation of America Holdings †		295		51,478
				1,366,121
Life Sciences Tools & Services: 0.76%
Bio-Rad Laboratories Incorporated Class A †		1,167		301,705
Pharmaceuticals: 3.62%
Eli Lilly & Company		470		38,282
Johnson & Johnson		1,166		161,130
Merck & Company Incorporated		14,980		887,565
Mylan NV †		8,445		361,864
				1,448,841
Industrials: 5.70%
Aerospace & Defense: 0.69%
Lockheed Martin Corporation		495		175,651
The Boeing Company		282		99,932
				275,583
Air Freight & Logistics: 1.12%
Expeditors International of Washington Incorporated		6,883		447,051

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, 2018 (unaudited)

Security name	Shares		Value
Airlines: 0.33%
Southwest Airlines Company		2,168	$	131,814
Commercial Services & Supplies: 3.44%
Republic Services Incorporated		5,506		378,813
Waste Management Incorporated		11,272		996,783
				1,375,596
Machinery: 0.12%
Fortive Corporation		618		46,980
Information Technology: 5.52%
Internet Software & Services: 0.60%
IAC Corporation †		1,650		239,201
IT Services: 3.39%
Amdocs Limited		10,291		703,904
Black Knight Incorporated †		1,882		93,159
Booz Allen Hamilton Holding Corporation		6,302		246,912
PayPal Holdings Incorporated †		3,638		310,394
				1,354,369
Software: 1.53%
Atlassian Corporation plc Class A †		2,944		158,947
Cadence Design Systems Incorporated †		803		36,023
Dell Technologies Incorporated Class V †		4,870		349,179
Synopsys Incorporated †		150		13,892
Take-Two Interactive Software Incorporated †		435		55,101
				613,142
Materials: 1.88%
Chemicals: 1.27%
LyondellBasell Industries NV Class A		4,232		507,163
Containers & Packaging: 0.61%
Avery Dennison Corporation		791		97,040
Berry Global Group Incorporated †		2,460		145,607
				242,647
Real Estate: 4.84%
Equity REITs: 4.84%
Apple Hospitality REIT Incorporated		11,685		227,741
Columbia Property Trust Incorporated		3,886		85,065
Equity Commonwealth †		11,457		342,679
Park Hotels & Resorts Incorporated		9,518		275,165
Prologis Incorporated		4,827		314,286
Rayonier Incorporated		4,172		135,423
SBA Communications Corporation †		3,184		555,608
				1,935,967

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 11

Security name				Shares		Value
Telecommunication Services: 0.31%
Diversified Telecommunication Services: 0.31%
Verizon Communications Incorporated					2,258	$	122,090
Utilities: 14.89%
Electric Utilities: 12.51%
American Electric Power Company Incorporated					12,800		880,384
Edison International					1,622		101,424
Eversource Energy					2,066		130,344
Exelon Corporation					23,286		896,744
Hawaiian Electric Industries Incorporated					23,066		786,781
NextEra Energy Incorporated					2,389		378,465
PG&E Corporation					10,280		436,180
Pinnacle West Capital Corporation					3,661		292,697
PPL Corporation					28,598		911,418
Xcel Energy Incorporated					4,132		188,584
							5,003,021
Gas Utilities: 0.69%
UGI Corporation					6,035		276,222
Independent Power & Renewable Electricity Producers: 0.80%
Vistra Energy Corporation †					16,421		320,210
Multi-Utilities: 0.89%
CenterPoint Energy Incorporated					1,170		32,971
CMS Energy Corporation					7,178		321,216
							354,187
Total Common Stocks (Cost $35,256,844)							39,051,414
	Yield
Short-Term Investments: 1.96%
Investment Companies: 1.96%
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.24	%		784,544		784,544
Total Short-Term Investments (Cost $784,544)							784,544

Total investments in securities (Cost $36,041,388)	99.63	%		39,835,958
Other assets and liabilities, net	0.37			149,656
Total net assets	100.00	%	$	39,985,614

† 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.

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

12 Wells Fargo Low Volatility U.S. Equity Fund Portfolio of investments—January 31, 2018 (unaudited)

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		1,095,727		5,285,807		5,596,990		784,544	$	0	$	0	$	5,123	$	784,544		1.96	%

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

Statement of assets and liabilities—January 31, 2018 (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 13

Assets
Investments in unaffiliated securities, at value (cost $35,256,844)	$	39,051,414
Investments in affiliated securities, at value (cost $784,544)		784,544
Receivable for investments sold		375,847
Receivable for Fund shares sold		8,799
Receivable for dividends		20,998
Receivable from manager		8,298
Prepaid expenses and other assets		149,244
Total assets		40,399,144
Liabilities
Payable for investments purchased		340,420
Shareholder report expenses payable		35,016
Professional fees payable		24,469
Administration fees payable		4,400
Trustees’ fees and expenses payable		1,681
Distribution fees payable		75
Accrued expenses and other liabilities		7,469
Total liabilities		413,530
Total net assets	$	39,985,614
NET ASSETS CONSIST OF
Paid-in capital	$	35,326,221
Undistributed net investment income		5,918
Accumulated net realized gains on investments		858,905
Net unrealized gains on investments		3,794,570
Total net assets	$	39,985,614
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,360,019
Shares outstanding – Class A1		116,934
Net asset value per share – Class A		$11.63
Maximum offering price per share – Class A2		$12.34
Net assets – Class C	$	119,006
Shares outstanding – Class C1		10,251
Net asset value per share – Class C		$11.61
Net assets – Class R6	$	1,168,342
Shares outstanding – Class R61		100,480
Net asset value per share – Class R6		$11.63
Net assets – Administrator Class	$	116,706
Shares outstanding – Administrator Class1		10,042
Net asset value per share – Administrator Class		$11.62
Net assets – Institutional Class	$	37,221,541
Shares outstanding – Institutional Class1		3,199,877
Net asset value per share – Institutional Class		$11.63

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 Low Volatility U.S. Equity Fund Statement of operations—six months ended January 31, 2018 (unaudited)

Investment income
Dividends	$	445,858
Income from affiliated securities		5,123
Total investment income		450,981
Expenses
Management fee		78,075
Administration fees
Class A		1,291
Class C		128
Class R		68	1
Class R6		173
Administrator Class		75
Institutional Class		23,628
Shareholder servicing fees
Class A		1,537
Class C		152
Class R		81	1
Administrator Class		144
Distribution fees
Class C		457
Class R		81	1
Custody and accounting fees		6,414
Professional fees		26,890
Registration fees		44,933
Shareholder report expenses		35,503
Trustees’ fees and expenses		7,279
Other fees and expenses		2,560
Total expenses		229,469
Less: Fee waivers and/or expense reimbursements		(129,435	)
Net expenses		100,034
Net investment income		350,947
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		1,061,405
Net change in unrealized gains (losses) on investments		1,314,391
Net realized and unrealized gains (losses) on investments		2,375,796
Net increase in net assets resulting from operations	$	2,726,743

¹  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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 15

	Six months ended January 31, 2018 (unaudited)						Year ended July 31, 20171
Operations
Net investment income				$	350,947					$	486,714
Net realized gains on investments					1,061,405						426,122
Net change in unrealized gains (losses) on investments					1,314,391						2,480,179
Net increase in net assets resulting from operations					2,726,743						3,393,015
Distributions to shareholders from
Net investment income
Class A					(19,083	)					(1,837	)
Class C					(941	)					(295	)
Class R					0	2					(382	)
Class R6					(22,574	)					(5,028	)
Administrator Class					(1,865	)					(441	)
Institutional Class					(665,070	)					(114,483	)
Net realized gains
Class A					(20,121	)					0
Class C					(1,864	)					0
Class R6					(18,434	)					0
Administrator Class					(1,842	)					0
Institutional Class					(586,361	)					0
Total distributions to shareholders					(1,338,155	)					(122,466	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		16,136			183,123			114,026			1,216,340
Class C		1,551			17,372			10,000			100,000
Class R		0	2		0	2		10,000			100,000
Class R6		0			0			100,000			1,000,000
Administrator Class		0			0			10,000			100,000
Institutional Class		286,107			3,216,419			2,955,414			30,144,185
					3,416,914						32,660,525
Reinvestment of distributions
Class A		3,092			35,640			175			1,837
Class C		3			37			28			295
Class R		0	2		0	2		37			382
Class R6		0			0			480			5,028
Administrator Class		0			0			42			441
Institutional Class		25,950			299,171			10,934			114,483
					334,848						122,466
Payment for shares redeemed
Class A		0			0			(16,495	)		(181,770	)
Class C		(1,331	)		(15,125	)		0			0
Class R		(10,037	)2		(114,115	)2		0			0
Institutional Class		(65,714	)		(756,415	)		(12,814	)		(140,851	)
					(885,655	)					(322,621	)
Net increase in net assets resulting from capital share transactions					2,866,107						32,460,370
Total increase in net assets					4,254,695						35,730,919
Net assets
Beginning of period					35,730,919						0
End of period				$	39,985,614					$	35,730,919
Undistributed net investment income				$	5,918					$	364,504

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

²  For the period from August 1, 2017 to November 13, 2017. Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund.

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

16 Wells Fargo Low Volatility U.S. Equity Fund Financial highlights

(For a share outstanding throughout each period)

CLASS A	Six months ended January 31, 2018 (unaudited)			Year ended July 31, 20171
Net asset value, beginning of period		$11.21			$10.00
Net investment income		0.07			0.13
Net realized and unrealized gains (losses) on investments		0.70			1.12
Total from investment operations		0.77			1.25
Distributions to shareholders from
Net investment income		(0.17	)		(0.04	)
Net realized gains		(0.18	)		0.00
Total distributions to shareholders		(0.35	)		(0.04	)
Net asset value, end of period		$11.63			$11.21
Total return2		6.97	%		12.53	%
Ratios to average net assets (annualized)
Gross expenses		1.49	%		1.61	%
Net expenses		0.83	%		0.82	%
Net investment income		1.47	%		1.78	%
Supplemental data
Portfolio turnover rate		35	%		39	%
Net assets, end of period (000s omitted)		$1,360			$1,096

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

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

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

Financial highlights Wells Fargo Low Volatility U.S. Equity Fund 17

(For a share outstanding throughout each period)

CLASS C	Six months ended January 31, 2018 (unaudited)			Year ended July 31, 20171
Net asset value, beginning of period		$11.16			$10.00
Net investment income		0.04			0.08
Net realized and unrealized gains (losses) on investments		0.68			1.11
Total from investment operations		0.72			1.19
Distributions to shareholders from
Net investment income		(0.09	)		(0.03	)
Net realized gains		(0.18	)		0.00
Total distributions to shareholders		(0.27	)		(0.03	)
Net asset value, end of period		$11.61			$11.16
Total return2		6.55	%		11.91	%
Ratios to average net assets (annualized)
Gross expenses		2.25	%		2.40	%
Net expenses		1.58	%		1.58	%
Net investment income		0.74	%		1.01	%
Supplemental data
Portfolio turnover rate		35	%		39	%
Net assets, end of period (000s omitted)		$119			$112

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

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

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

18 Wells Fargo Low Volatility U.S. Equity Fund Financial highlights

(For a share outstanding throughout each period)

CLASS R6	Six months ended January 31, 2018 (unaudited)			Year ended July 31, 20171
Net asset value, beginning of period		$11.24			$10.00
Net investment income		0.11			0.18
Net realized and unrealized gains (losses) on investments		0.68			1.11
Total from investment operations		0.79			1.29
Distributions to shareholders from
Net investment income		(0.22	)		(0.05	)
Net realized gains		(0.18	)		0.00
Total distributions to shareholders		(0.40	)		(0.05	)
Net asset value, end of period		$11.63			$11.24
Total return2		7.16	%		12.94	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.22	%
Net expenses		0.40	%		0.40	%
Net investment income		1.91	%		2.19	%
Supplemental data
Portfolio turnover rate		35	%		39	%
Net assets, end of period (000s omitted)		$1,168			$1,129

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

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

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

Financial highlights Wells Fargo Low Volatility U.S. Equity Fund 19

(For a share outstanding throughout each period)

ADMINISTRATOR CLASS	Six months ended January 31, 2018 (unaudited)			Year ended July 31, 20171
Net asset value, beginning of period		$11.21			$10.00
Net investment income		0.09			0.15
Net realized and unrealized gains (losses) on investments		0.69			1.10
Total from investment operations		0.78			1.25
Distributions to shareholders from
Net investment income		(0.19	)		(0.04	)
Net realized gains		(0.18	)		0.00
Total distributions to shareholders		(0.37	)		(0.04	)
Net asset value, end of period		$11.62			$11.21
Total return2		7.01	%		12.57	%
Ratios to average net assets (annualized)
Gross expenses		1.41	%		1.57	%
Net expenses		0.75	%		0.75	%
Net investment income		1.56	%		1.84	%
Supplemental data
Portfolio turnover rate		35	%		39	%
Net assets, end of period (000s omitted)		$117			$113

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

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

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

20 Wells Fargo Low Volatility U.S. Equity Fund Financial highlights

(For a share outstanding throughout each period)

INSTITUTIONAL CLASS	Six months ended January 31, 2018 (unaudited)			Year ended July 31, 20171
Net asset value, beginning of period		$11.23			$10.00
Net investment income		0.10	2		0.16
Net realized and unrealized gains (losses) on investments		0.69			1.12
Total from investment operations		0.79			1.28
Distributions to shareholders from
Net investment income		(0.21	)		(0.05	)
Net realized gains		(0.18	)		0.00
Total distributions to shareholders		(0.39	)		(0.05	)
Net asset value, end of period		$11.63			$11.23
Total return3		7.10	%		12.82	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.31	%
Net expenses		0.50	%		0.50	%
Net investment income		1.81	%		2.09	%
Supplemental data
Portfolio turnover rate		35	%		39	%
Net assets, end of period (000s omitted)		$37,222			$33,169

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

²  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Low Volatility U.S. Equity 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 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.

Effective at the close of business on November 13, 2017, Class R shares were liquidated and the class was subsequently closed. Class R shares are no longer offered by the Fund. Information for Class R shares reflected in the financial statements represents activity through November 13, 2017.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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 the Wells Fargo Asset Management Pricing Committee 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 Wells Fargo Asset Management Pricing Committee 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.

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 accordance with income tax regulations and may differ from U.S. generally

22 Wells Fargo Low Volatility U.S. Equity Fund Notes to financial statements (unaudited)

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

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 fiscal years since commencement of operations are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of January 31, 2018, the aggregate cost of all investments for federal income tax purposes was $36,040,566 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	4,474,935
Gross unrealized losses		(679,543	)
Net unrealized gains	$	3,795,392

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Low Volatility U.S. Equity Fund 23

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	4,338,887	$	0	$	0	$	4,338,887
Consumer staples		10,893,775		0		0		10,893,775
Energy		437,542		0		0		437,542
Financials		5,446,153		0		0		5,446,153
Health care		4,689,814		0		0		4,689,814
Industrials		2,277,024		0		0		2,277,024
Information technology		2,206,712		0		0		2,206,712
Materials		749,810		0		0		749,810
Real estate		1,935,967		0		0		1,935,967
Telecommunication services		122,090		0		0		122,090
Utilities		5,953,640		0		0		5,953,640
Short-term investments
Investment companies		784,544		0		0		784,544
Total assets	$	39,835,958	$	0	$	0	$	39,835,958

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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 six months ended January 31, 2018, 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, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.12% as the average daily net assets of the Fund increase.

Administration fees

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

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

24 Wells Fargo Low Volatility U.S. Equity 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, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.83% for Class A shares, 1.58% for Class C shares, 0.40% for Class R6 shares, 0.75% for Administrator Class shares, and 0.50% for Institutional Class shares. 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. For the six months ended January 31, 2018, Funds Distributor received $60 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the six months ended January 31, 2018.

Interfund transactions

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

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, 2018 were $15,229,733 and $13,069,167, respectively.

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.

Other information (unaudited) Wells Fargo Low Volatility U.S. Equity 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 Low Volatility U.S. Equity Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 153 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté 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.	Asset Allocation Trust
Jane A. Freeman** (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Low Volatility U.S. Equity 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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

28 Wells Fargo Low Volatility U.S. Equity Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
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 H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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.

This page is intentionally left blank.

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309120 03-18 SA270/SAR270 01-18

Semi-Annual Report

January 31, 2018

Wells Fargo Omega 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	19
Other information	24
List of abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2018, 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

While investing in stocks and bonds generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Omega Growth Fund for the six-month period that ended January 31, 2018. While investing in stocks generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend. U.S. and international stocks delivered similar results, with returns of 15.43% and 13.50%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays Global Aggregate ex-USD Index³ earned 4.50%. In the U.S., fixed-income investments, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index⁴, fell 0.35% and the Bloomberg Barclays Municipal Bond Index⁵ declined 0.19%.

As global growth improved in the third quarter of 2017, investment markets advanced.

Globally, stocks moved higher during the late summer of 2017 as they were subject to the same positive economic conditions that influenced their advances during first half of the year: moderately accelerating global economic growth supported by improving corporate earnings as well as low inflation and interest rates. Brief episodes of geopolitical tensions, primarily associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding the new U.S. administration’s trade policies, did not discourage investing activity. In the U.S., economic data released during the quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate.

Outside the U.S., stocks in international developed and emerging markets were supported by improved economic growth. Advances in emerging markets equity valuations slowed compared with the pace of the first half of 2017 but continued an upward path. Central banks in Europe, Asia, and Japan maintained low-interest-rate policies that supported business growth and equity investing.

In the U.S., Federal Reserve (Fed) officials announced in October plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued an upward trajectory. Synchronous economic expansion worldwide continued with mild inflation and low volatility. Data released during the quarter reflected a healthy U.S. economy.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

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

Third-quarter economic output grew at a 3.2% annual rate. Increased hiring pushed the unemployment rate down to a 17-year low of 4.1%. Tax reform in the U.S. that passed as the year ended also encouraged increased spending among businesses and individuals. Signs of long-awaited wage growth appeared to emerge.

Outside the U.S., economies continued to strengthen. In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy has been expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies have benefited from catalysts such as economic stimulus, improving employment, increased investment, accelerated trade growth, and the firming of prices for some of the commodities that are essential exports of many international economies.

October 2017 marked one year since regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for the short-term investment opportunities afforded them by money market funds.

In December 2017, the Fed raised the federal funds rate target to a range of 1.25% to 1.50%. The Fed also began reducing its bond portfolio. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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.

4 Wells Fargo Omega Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®

Christopher J. Warner, CFA^®

Average annual total returns (%) as of January 31, 2018¹

		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		31.41		14.06		11.45		39.43		15.42		12.11		1.28		1.28
Class C (EKOCX)	8-2-1993		37.40		14.56		11.28		38.40		14.56		11.28		2.03		2.03
Class R (EKORX)	10-10-2003		–		–		–		39.08		15.13		11.84		1.53		1.53
Administrator Class (EOMYX)	1-13-1997		–		–		–		39.69		15.67		12.38		1.20		1.10
Institutional Class (EKONX)	7-30-2010		–		–		–		40.04		15.96		12.59		0.95		0.85
Russell 3000® Growth Index4	–		–		–		–		34.11		17.69		11.58		–		–

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.

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Omega Growth Fund 5

Ten largest holdings (%) as of January 31, 20185
Amazon.com Incorporated	6.14
Microsoft Corporation	5.50
Alphabet Incorporated Class A	3.93
Visa Incorporated Class A	3.71
UnitedHealth Group Incorporated	3.62
The Home Depot Incorporated	2.29
Waste Connections Incorporated	2.19
Take-Two Interactive Software Incorporated	2.07
salesforce.com Incorporated	2.00
Intercontinental Exchange Incorporated	1.62

Sector distribution as of January 31, 2018⁶

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 for Institutional Class shares 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, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 1.30% for Class A, 2.05% for Class C, 1.55% for Class R, 1.10% for Administrator Class, and 0.85% for Institutional Class. 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. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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, 2017 to January 31, 2018.

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 8-1-2017		Ending account value 1-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,211.19	$	7.13		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.75	$	6.51		1.28	%
Class C
Actual	$	1,000.00	$	1,206.48	$	11.29		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.97	$	10.31		2.03	%
Class R
Actual	$	1,000.00	$	1,209.69	$	8.47		1.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.54	$	7.73		1.52	%
Administrator Class
Actual	$	1,000.00	$	1,212.33	$	6.13		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,213.88	$	4.74		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33		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, 2018 (unaudited) Wells Fargo Omega Growth Fund 7

Security name	Shares		Value
Common Stocks: 99.59%
Consumer Discretionary: 16.72%
Auto Components: 1.14%
Aptiv plc		99,400	$	9,431,072
Automobiles: 0.76%
Ferrari NV		52,300		6,249,850
Diversified Consumer Services: 2.99%
Adtalem Global Education Incorporated †		269,300		12,387,800
Bright Horizons Family Solutions Incorporated †		125,957		12,368,977
				24,756,777
Hotels, Restaurants & Leisure: 1.23%
Vail Resorts Incorporated		27,502		6,010,837
Wingstop Incorporated «		85,845		4,151,464
				10,162,301
Internet & Direct Marketing Retail: 7.64%
Amazon.com Incorporated †		35,000		50,781,150
Netflix Incorporated †		46,000		12,433,800
				63,214,950
Media: 0.67%
Cinemark Holdings Incorporated «		151,656		5,580,941
Specialty Retail: 2.29%
The Home Depot Incorporated		94,200		18,924,780
Consumer Staples: 1.65%
Beverages: 0.93%
Monster Beverage Corporation †		112,300		7,662,229
Food Products: 0.72%
Lamb Weston Holdings Incorporated		101,500		5,947,900
Energy: 0.69%
Oil, Gas & Consumable Fuels: 0.69%
Pioneer Natural Resources Company		31,400		5,743,374
Financials: 4.51%
Capital Markets: 3.14%
Intercontinental Exchange Incorporated		181,800		13,424,112
Raymond James Financial Incorporated		130,302		12,559,810
				25,983,922
Consumer Finance: 1.37%
SLM Corporation †		990,300		11,329,032

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

8 Wells Fargo Omega Growth Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name	Shares		Value
Health Care: 9.93%
Biotechnology: 2.66%
Celgene Corporation †		98,775	$	9,992,079
Exelixis Incorporated †		231,000		7,001,610
Incyte Corporation †		27,400		2,473,946
Puma Biotechnology Incorporated †		37,600		2,513,560
				21,981,195
Health Care Equipment & Supplies: 3.20%
Baxter International Incorporated		89,300		6,432,279
Edwards Lifesciences Corporation †		60,000		7,594,800
Hologic Incorporated †		292,400		12,485,480
				26,512,559
Health Care Providers & Services: 4.07%
Amedisys Incorporated †		69,089		3,704,552
UnitedHealth Group Incorporated		126,600		29,976,348
				33,680,900
Industrials: 13.27%
Aerospace & Defense: 2.80%
BWX Technologies Incorporated		194,000		12,307,360
Mercury Computer Systems Incorporated †		225,700		10,838,114
				23,145,474
Airlines: 0.66%
Spirit Airlines Incorporated †		130,100		5,479,812
Commercial Services & Supplies: 3.76%
Cintas Corporation		77,400		13,038,030
Waste Connections Incorporated		251,922		18,093,038
				31,131,068
Electrical Equipment: 0.85%
Rockwell Automation Incorporated		35,700		7,043,253
Machinery: 1.69%
John Bean Technologies Corporation		48,500		5,516,875
Nordson Corporation		58,600		8,421,992
				13,938,867
Professional Services: 0.79%
TransUnion †		110,235		6,543,550
Trading Companies & Distributors: 2.72%
Siteone Landscape Supply Incorporated †		139,600		10,631,936
Univar Incorporated †		396,228		11,831,368
				22,463,304

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Omega Growth Fund 9

Security name	Shares		Value
Information Technology: 45.02%
Electronic Equipment, Instruments & Components: 0.78%
Littelfuse Incorporated		29,600	$	6,433,264
Internet Software & Services: 12.37%
Alphabet Incorporated Class A †		27,500		32,511,050
Alphabet Incorporated Class C †		9,785		11,447,863
Box Incorporated Class A †		549,200		12,214,208
Facebook Incorporated Class A †		68,700		12,839,343
MercadoLibre Incorporated		34,300		13,277,530
Tencent Holdings Limited ADR		220,800		13,064,736
Yandex NV Class A †		180,000		6,971,400
				102,326,130
IT Services: 13.24%
Black Knight Incorporated †		168,900		8,360,550
EPAM Systems Incorporated †		109,541		12,868,877
Euronet Worldwide Incorporated †		125,600		11,790,072
Fidelity National Information Services Incorporated		70,700		7,236,852
First Data Corporation Class A †		364,200		6,446,340
FleetCor Technologies Incorporated †		34,000		7,225,000
PayPal Holdings Incorporated †		55,800		4,760,856
Total System Services Incorporated		82,300		7,313,178
Visa Incorporated Class A		247,204		30,710,153
WEX Incorporated †		82,602		12,787,616
				109,499,494
Semiconductors & Semiconductor Equipment: 3.47%
Broadcom Limited		43,100		10,690,093
Infineon Technologies AG ADR		194,400		5,669,287
Teradyne Incorporated		269,000		12,330,960
				28,690,340
Software: 13.83%
Activision Blizzard Incorporated		116,200		8,613,906
Microsoft Corporation		478,700		45,481,287
Nintendo Company Limited		234,438		13,381,721
salesforce.com Incorporated †		145,100		16,528,341
ServiceNow Incorporated †		51,500		7,666,805
Take-Two Interactive Software Incorporated †		135,300		17,138,451
Ultimate Software Group Incorporated †		24,000		5,589,360
				114,399,871
Technology Hardware, Storage & Peripherals: 1.33%
NCR Corporation †		294,800		11,057,948
Materials: 6.64%
Chemicals: 3.77%
Air Products & Chemicals Incorporated		71,900		12,105,803
Albemarle Corporation		53,300		5,947,747

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

10 Wells Fargo Omega Growth Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name				Shares		Value
Chemicals (continued)
The Sherwin-Williams Company					31,500	$	13,138,965
							31,192,515
Construction Materials: 1.57%
Vulcan Materials Company					95,900		12,984,860
Containers & Packaging: 1.30%
Berry Global Group Incorporated †					181,800		10,760,742
Real Estate: 0.43%
Equity REITs: 0.43%
SBA Communications Corporation †					20,500		3,577,250
Utilities: 0.73%
Water Utilities: 0.73%
Evoqua Water Technologies Company †					262,356		5,997,458
Total Common Stocks (Cost $535,713,271)							823,826,982
	Yield
Short-Term Investments: 0.94%
Investment Companies: 0.94%
Securities Lending Cash Investment LLC (l)(r)(u)		1.60	%		3,297,606		3,297,935
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.24			4,490,615		4,490,615
Total Short-Term Investments (Cost $7,788,550)							7,788,550

Total investments in securities (Cost $543,501,821)	100.53	%		831,615,532
Other assets and liabilities, net	(0.53	)		(4,422,179	)
Total net assets	100.00	%	$	827,193,353

† Non-income-earning security

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

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

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

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

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		3,211,364		126,573,050		126,486,808		3,297,606	$	0	$	0	$	21,214	$	3,297,935
Wells Fargo Government Money Market Fund Select Class		370,082		103,565,957		99,445,424		4,490,615		0		0		28,174		4,490,615
									$	0	$	0	$	49,388	$	7,788,550		0.94	%

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

Statement of assets and liabilities—January 31, 2018 (unaudited) Wells Fargo Omega Growth Fund 11

Assets
Investments in unaffiliated securities (including $3,230,051 of securities loaned), at value (cost $535,713,271)	$	823,826,982
Investments in affiliated securities, at value (cost $7,788,550)		7,788,550
Receivable for Fund shares sold		153,584
Receivable for dividends		14,146
Receivable for securities lending income		1,342
Prepaid expenses and other assets		73,383
Total assets		831,857,987
Liabilities
Payable upon receipt of securities loaned		3,297,900
Management fee payable		524,122
Payable for Fund shares redeemed		495,894
Administration fees payable		136,995
Distribution fees payable		43,827
Trustees’ fees and expenses payable		1,896
Accrued expenses and other liabilities		164,000
Total liabilities		4,664,634
Total net assets	$	827,193,353
NET ASSETS CONSIST OF
Paid-in capital	$	498,293,027
Accumulated net investment loss		(5,375,988	)
Accumulated net realized gains on investments		46,162,603
Net unrealized gains on investments		288,113,711
Total net assets	$	827,193,353
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	663,405,122
Shares outstanding – Class A1		12,686,296
Net asset value per share – Class A		$52.29
Maximum offering price per share – Class A2		$55.48
Net assets – Class C	$	66,914,605
Shares outstanding – Class C1		1,836,270
Net asset value per share – Class C		$36.44
Net assets – Class R	$	8,095,971
Shares outstanding – Class R1		163,102
Net asset value per share – Class R		$49.64
Net assets – Administrator Class	$	23,156,337
Shares outstanding – Administrator Class1		408,668
Net asset value per share – Administrator Class		$56.66
Net assets – Institutional Class	$	65,621,318
Shares outstanding – Institutional Class1		1,127,164
Net asset value per share – Institutional Class		$58.22

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, 2018 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $10,914)	$	2,213,223
Income from affiliated securities		49,388
Total investment income		2,262,611
Expenses
Management fee		2,972,992
Administration fees
Class A		638,689
Class C		66,844
Class R		7,079
Administrator Class		12,769
Institutional Class		39,564
Shareholder servicing fees
Class A		760,344
Class C		79,576
Class R		8,224
Administrator Class		24,557
Distribution fees
Class C		238,728
Class R		8,428
Custody and accounting fees		21,383
Professional fees		26,303
Registration fees		42,636
Shareholder report expenses		19,912
Trustees’ fees and expenses		14,873
Other fees and expenses		7,038
Total expenses		4,989,939
Less: Fee waivers and/or expense reimbursements		(39,406	)
Net expenses		4,950,533
Net investment loss		(2,687,922	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		66,859,128
Net change in unrealized gains (losses) on investments		82,723,625
Net realized and unrealized gains (losses) on investments		149,582,753
Net increase in net assets resulting from operations	$	146,894,831

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, 2018 (unaudited)						Year ended July 31, 2017
Operations
Net investment loss				$	(2,687,922	)				$	(3,775,501	)
Net realized gains on investments					66,859,128						105,143,718
Net change in unrealized gains (losses) on investments					82,723,625						20,481,932
Net increase in net assets resulting from operations					146,894,831						121,850,149
Distributions to shareholders from
Net realized gains
Class A					(78,031,972	)					(14,517,010	)
Class B					N/A						(74,045	)1
Class C					(10,985,719	)					(2,315,756	)
Class R					(974,995	)					(182,366	)
Administrator Class					(2,304,666	)					(492,743	)
Institutional Class					(6,956,178	)					(1,888,610	)
Total distributions to shareholders					(99,253,530	)					(19,470,530	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		227,325			11,449,147			386,109			17,173,940
Class B		N/A			N/A			11	1		310	1
Class C		37,282			1,335,425			78,754			2,557,877
Class R		36,791			1,779,354			32,485			1,390,762
Administrator Class		43,399			2,404,258			29,254			1,389,488
Institutional Class		88,957			5,044,912			660,341			31,392,598
					22,013,096						53,904,975
Reinvestment of distributions
Class A		1,554,465			74,101,364			328,215			13,634,032
Class B		N/A			N/A			2,395	1		73,511	1
Class C		318,920			10,604,105			68,889			2,121,773
Class R		11,375			514,829			1,939			77,183
Administrator Class		39,989			2,065,019			10,178			452,700
Institutional Class		123,732			6,562,759			40,190			1,825,826
					93,848,076						18,185,025
Payment for shares redeemed
Class A		(868,772	)		(44,077,019	)		(2,356,992	)		(103,241,366	)
Class B		N/A			N/A			(111,214	)1		(3,587,613	)1
Class C		(234,610	)		(8,599,170	)		(751,077	)		(24,503,753	)
Class R		(18,234	)		(864,679	)		(147,893	)		(6,089,364	)
Administrator Class		(47,487	)		(2,569,202	)		(500,001	)		(22,798,416	)
Institutional Class		(247,437	)		(13,748,926	)		(1,192,233	)		(56,958,674	)
					(69,858,996	)					(217,179,186	)
Net increase (decrease) in net assets resulting from capital share transactions					46,002,176						(145,089,186	)
Total increase (decrease) in net assets					93,643,477						(42,709,567	)
Net assets
Beginning of period					733,549,876						776,259,443
End of period				$	827,193,353					$	733,549,876
Accumulated net investment loss				$	(5,375,988	)				$	(2,688,066	)

¹  For the period from August 1, 2016 to May 5, 2017. Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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

14 Wells Fargo Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$49.43			$42.73			$48.29			$49.99			$47.97			$39.09
Net investment loss		(0.17	)1		(0.22	)1		(0.19	)1		(0.28	)1		(0.49	)		(0.02	)
Net realized and unrealized gains (losses) on investments		9.94			8.07			(1.44	)		5.12			8.28			10.31
Total from investment operations		9.77			7.85			(1.63	)		4.84			7.79			10.29
Distributions to shareholders from
Net realized gains		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)
Net asset value, end of period		$52.29			$49.43			$42.73			$48.29			$49.99			$47.97
Total return2		21.12	%		18.88	%		(3.07	)%		10.65	%		16.58	%		27.07	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.28	%		1.28	%		1.32	%		1.32	%		1.34	%
Net expenses		1.28	%		1.28	%		1.28	%		1.30	%		1.30	%		1.30	%
Net investment loss		(0.68	)%		(0.50	)%		(0.47	)%		(0.58	)%		(0.84	)%		(0.08	)%
Supplemental data
Portfolio turnover rate		30	%		76	%		84	%		94	%		101	%		88	%
Net assets, end of period (000s omitted)		$663,405			$581,967			$573,304			$685,005			$724,071			$668,992

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, 2018 (unaudited)			Year ended July 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$36.47			$32.07			$37.55			$40.56			$40.15			$33.18
Net investment loss		(0.27	)1		(0.41	)1		(0.39	)1		(0.51	)1		(0.65	)1		(0.31	)1
Net realized and unrealized gains (losses) on investments		7.15			5.96			(1.16	)		4.04			6.83			8.69
Total from investment operations		6.88			5.55			(1.55	)		3.53			6.18			8.38
Distributions to shareholders from
Net realized gains		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)
Net asset value, end of period		$36.44			$36.47			$32.07			$37.55			$40.56			$40.15
Total return2		20.65	%		18.00	%		(3.75	)%		9.79	%		15.73	%		26.11	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.03	%		2.03	%		2.07	%		2.07	%		2.09	%
Net expenses		2.03	%		2.03	%		2.03	%		2.05	%		2.05	%		2.05	%
Net investment loss		(1.43	)%		(1.24	)%		(1.22	)%		(1.33	)%		(1.59	)%		(0.85	)%
Supplemental data
Portfolio turnover rate		30	%		76	%		84	%		94	%		101	%		88	%
Net assets, end of period (000s omitted)		$66,915			$62,543			$74,337			$99,100			$108,073			$83,206

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, 2018 (unaudited)			Year ended July 31
CLASS R				2017			2016			2015			2014			2013
Net asset value, beginning of period		$47.30			$41.04			$46.66			$48.62			$46.90			$38.35
Net investment loss		(0.23	)1		(0.30	)1		(0.29	)1		(0.39	)1		(0.53	)1		(0.09	)
Net realized and unrealized gains (losses) on investments		9.48			7.71			(1.40	)		4.97			8.02			10.05
Total from investment operations		9.25			7.41			(1.69	)		4.58			7.49			9.96
Distributions to shareholders from
Net realized gains		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)
Net asset value, end of period		$49.64			$47.30			$41.04			$46.66			$48.62			$46.90
Total return2		20.97	%		18.58	%		(3.30	)%		10.38	%		16.30	%		26.73	%
Ratios to average net assets (annualized)
Gross expenses		1.52	%		1.53	%		1.53	%		1.57	%		1.57	%		1.59	%
Net expenses		1.52	%		1.53	%		1.53	%		1.55	%		1.55	%		1.55	%
Net investment loss		(0.94	)%		(0.72	)%		(0.71	)%		(0.83	)%		(1.09	)%		(0.38	)%
Supplemental data
Portfolio turnover rate		30	%		76	%		84	%		94	%		101	%		88	%
Net assets, end of period (000s omitted)		$8,096			$6,298			$10,122			$17,199			$20,095			$23,745

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 Omega Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$52.99			$45.65			$51.20			$52.50			$50.00			$40.60
Net investment income (loss)		(0.14	)1		(0.12	)1		(0.12	)1		(0.17	)1		(0.31	)1		0.07	1
Net realized and unrealized gains (losses) on investments		10.72			8.61			(1.50	)		5.41			8.58			10.74
Total from investment operations		10.58			8.49			(1.62	)		5.24			8.27			10.81
Distributions to shareholders from
Net realized gains		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)
Net asset value, end of period		$56.66			$52.99			$45.65			$51.20			$52.50			$50.00
Total return2		21.23	%		19.08	%		(2.84	)%		10.91	%		16.89	%		27.35	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.20	%		1.19	%		1.15	%		1.15	%		1.17	%
Net expenses		1.10	%		1.10	%		1.08	%		1.05	%		1.05	%		1.05	%
Net investment income (loss)		(0.50	)%		(0.25	)%		(0.27	)%		(0.33	)%		(0.59	)%		0.16	%
Supplemental data
Portfolio turnover rate		30	%		76	%		84	%		94	%		101	%		88	%
Net assets, end of period (000s omitted)		$23,156			$19,754			$38,039			$86,756			$115,281			$69,264

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, 2018 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$54.21			$46.55			$52.01			$53.10			$50.40			$40.81
Net investment income (loss)		(0.07	)1		(0.03	)1		(0.00	)2		(0.04	)1		(0.24	)		0.11	1
Net realized and unrealized gains (losses) on investments		10.99			8.84			(1.53	)		5.49			8.71			10.89
Total from investment operations		10.92			8.81			(1.53	)		5.45			8.47			11.00
Distributions to shareholders from
Net realized gains		(6.91	)		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)
Net asset value, end of period		$58.22			$54.21			$46.55			$52.01			$53.10			$50.40
Total return3		21.39	%		19.40	%		(2.61	)%		11.20	%		17.17	%		27.68	%
Ratios to average net assets (annualized)
Gross expenses		0.95	%		0.95	%		0.95	%		0.90	%		0.89	%		0.91	%
Net expenses		0.85	%		0.85	%		0.83	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.25	)%		(0.06	)%		(0.01	)%		(0.09	)%		(0.36	)%		0.24	%
Supplemental data
Portfolio turnover rate		30	%		76	%		84	%		94	%		101	%		88	%
Net assets, end of period (000s omitted)		$65,621			$62,987			$76,980			$87,085			$49,960			$3,507

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 Omega 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 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.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of January 31, 2018, the aggregate cost of all investments for federal income tax purposes was $543,417,698 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	294,724,616
Gross unrealized losses		(6,526,782	)
Net unrealized gains	$	288,197,834

As of July 31, 2017, the Fund had a qualified late-year ordinary loss of $2,664,388 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

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	138,320,671	$	0	$	0	$	138,320,671
Consumer staples		13,610,129		0		0		13,610,129
Energy		5,743,374		0		0		5,743,374
Financials		37,312,954		0		0		37,312,954
Health care		82,174,654		0		0		82,174,654
Industrials		109,745,328		0		0		109,745,328
Information technology		372,407,047		0		0		372,407,047
Materials		54,938,117		0		0		54,938,117
Real estate		3,577,250		0		0		3,577,250
Utilities		5,997,458		0		0		5,997,458
Short-term investments
Investment companies		4,490,615		0		0		4,490,615
Investments measured at net asset value*								3,297,935
Total assets	$	828,317,597	$	0	$	0	$	831,615,532

* 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 $3,297,935 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, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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, 2018, the management fee was equivalent to an annual rate of 0.78% of the Fund’s average daily net assets.

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

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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, 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, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.30% for Class A shares, 2.05% for Class C shares, 1.55% for Class R shares, 1.10% for Administrator Class shares, and 0.85% for Institutional Class shares. 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. For the six months ended January 31, 2018, Funds Distributor received $8,000 from the sale of Class A shares and $58 in contingent deferred sales charges from redemptions of Class C shares, respectively. No contingent deferred sales charges were incurred by Class A for the six months ended January 31, 2018.

Shareholder servicing fees

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

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2018 were $223,178,007 and $284,733,908, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or

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

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 29, 2017, the revolving credit agreement amount was $250,000,000.

For the six months ended January 31, 2018, 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.

24 Wells Fargo Omega 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 Omega 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 153 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté 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.	Asset Allocation Trust
Jane A. Freeman** (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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 Omega Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell*** (Born 1953)	Trustee, since 2006; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Other information (unaudited) Wells Fargo Omega Growth Fund 27

Officers

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

¹ Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309121 03-18 SA211/SAR211 01-18

Semi-Annual Report

January 31, 2018

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	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Other information	26
List of abbreviations	30

The views expressed and any forward-looking statements are as of January 31, 2018, 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

While investing in stocks and bonds generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Premier Large Company Growth Fund for the six-month period that ended January 31, 2018. While investing in stocks generally delivered favorable returns during the past six months, fixed-income investments in the U.S. diverged from the global trend. U.S. and international stocks delivered similar results, with returns of 15.43% and 13.50%, respectively, for the six-month period, as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays Global Aggregate ex-USD Index³ earned 4.50%. In the U.S., fixed-income investments, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index⁴, fell 0.35% and the Bloomberg Barclays Municipal Bond Index⁵ declined 0.19%.

As global growth improved in the third quarter of 2017, investment markets advanced.

Globally, stocks moved higher during the late summer of 2017 as they were subject to the same positive economic conditions that influenced their advances during first half of the year: moderately accelerating global economic growth supported by improving corporate earnings as well as low inflation and interest rates. Brief episodes of geopolitical tensions, primarily associated with North Korea’s advancing nuclear missile program, flaring conflicts in the Middle East, and uncertainty surrounding the new U.S. administration’s trade policies, did not discourage investing activity. In the U.S., economic data released during the quarter reflected a generally healthy economy. Second-quarter economic output grew at a 3.1% annual rate.

Outside the U.S., stocks in international developed and emerging markets were supported by improved economic growth. Advances in emerging markets equity valuations slowed compared with the pace of the first half of 2017 but continued an upward path. Central banks in Europe, Asia, and Japan maintained low-interest-rate policies that supported business growth and equity investing.

In the U.S., Federal Reserve (Fed) officials announced in October plans to begin the process of unwinding its $4.5 trillion portfolio of bonds and other assets accumulated during rounds of quantitative easing conducted since the 2008–2009 recession. Still, restrained inflation kept long-term bond rates steady and the flattening of the yield curve persisted.

Positive economic and market news continued as 2017 closed and 2018 began.

During the fourth quarter of 2017, stock markets continued an upward trajectory. Synchronous economic expansion worldwide continued with mild inflation and low volatility. Data released during the quarter reflected a healthy U.S. economy.

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

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.

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

⁵  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

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

Third-quarter economic output grew at a 3.2% annual rate. Increased hiring pushed the unemployment rate down to a 17-year low of 4.1%. Tax reform in the U.S. that passed as the year ended also encouraged increased spending among businesses and individuals. Signs of long-awaited wage growth appeared to emerge.

Outside the U.S., economies continued to strengthen. In December, the Organisation for Economic Co-operation and Development (OECD) reported that the global economy has been expanding at its fastest rate since 2010; all 35 countries the OECD follows were on track to expand for 2017. International economies have benefited from catalysts such as economic stimulus, improving employment, increased investment, accelerated trade growth, and the firming of prices for some of the commodities that are essential exports of many international economies.

October 2017 marked one year since regulatory reform of money market investing in the U.S. By December 2017, money market fund asset levels exceeded their December 2016 levels, reflecting continued investor demand for the short-term investment opportunities afforded them by money market funds.

In December 2017, the Fed raised the federal funds rate target to a range of 1.25% to 1.50%. The Fed also began reducing its bond portfolio. Long-term interest rates in the U.S. trended higher as the yield curve steepened—the 10-year Treasury rate moved from 2.46% to 2.84% and the 30-year rate moved from 2.81% to 3.08% during January 2018.

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

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

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

Sincerely,

Andrew Owen

President

Wells Fargo Funds

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.

4 Wells Fargo Premier Large Company Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®, CPA

Bob Gruendyke, CFA^®‡

Thomas C. Ognar, CFA^®

Bruce C. Olson, CFA^®*

Average annual total returns (%) as of January 31, 2018¹

		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		31.01		13.32		11.02		38.99		14.68		11.67		1.14		1.11
Class C (EKJCX)	1-22-1998		36.86		13.80		10.84		37.86		13.80		10.84		1.89		1.86
Class R4 (EKJRX)	11-30-2012		–		–		–		39.41		15.01		12.02		0.86		0.80
Class R6 (EKJFX)	11-30-2012		–		–		–		39.58		15.19		12.11		0.71		0.65
Administrator Class (WFPDX)	7-16-2010		–		–		–		39.15		14.84		11.81		1.06		1.00
Institutional Class (EKJYX)	6-30-1999		–		–		–		39.58		15.16		12.09		0.81		0.70
Russell 1000® Growth Index4	–		–		–		–		34.89		17.95		11.65		–		–

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.

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Premier Large Company Growth Fund 5

Ten largest holdings (%) as of January 31, 20185
Amazon.com Incorporated	6.93
Facebook Incorporated Class A	5.38
Alphabet Incorporated Class A	5.21
Microsoft Corporation	4.41
Visa Incorporated Class A	3.38
Microchip Technology Incorporated	2.94
MasterCard Incorporated Class A	2.37
PayPal Holdings Incorporated	2.24
Praxair Incorporated	1.91
Texas Instruments Incorporated	1.91

Sector distribution as of January 31, 2018⁶

^‡  Mr. Gruendyke became a portfolio manager of the Fund on December 1, 2017.

* Mr. Olson has announced his intention to retire from Wells Capital Management on April 30, 2018.

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 for Class R6 shares 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, 2018, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 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. The expense ratio paid by an investor is the net expense ratio or the Fund’s Total Annual Fund Operating Expenses After Fee Waivers, as stated in the prospectuses.

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

⁵  The ten largest holdings, excluding cash 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, 2017 to January 31, 2018.

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 8-1-2017		Ending account value 1-31-2018		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,205.94	$	6.17		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class C
Actual	$	1,000.00	$	1,201.75	$	10.32		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class R4
Actual	$	1,000.00	$	1,208.26	$	4.45		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class R6
Actual	$	1,000.00	$	1,209.32	$	3.62		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,206.77	$	5.56		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,208.96	$	3.90		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		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, 2018 (unaudited) Wells Fargo Premier Large Company Growth Fund 7

Security name	Shares		Value
Common Stocks: 99.91%
Consumer Discretionary: 14.64%
Hotels, Restaurants & Leisure: 0.97%
Royal Caribbean Cruises Limited		187,540	$	25,045,967
Household Durables: 0.94%
Mohawk Industries Incorporated †		86,630		24,348,228
Internet & Direct Marketing Retail: 8.05%
Amazon.com Incorporated †		123,550		179,257,460
Netflix Incorporated †		106,280		28,727,484
				207,984,944
Media: 0.85%
Live Nation Incorporated †		486,450		21,919,437
Multiline Retail: 1.04%
Dollar Tree Incorporated †		233,790		26,885,850
Specialty Retail: 2.79%
Burlington Stores Incorporated †		182,520		22,214,509
O’Reilly Automotive Incorporated †		58,400		15,457,896
The Home Depot Incorporated		172,200		34,594,980
				72,267,385
Consumer Staples: 3.10%
Beverages: 1.54%
Constellation Brands Incorporated Class A		181,450		39,822,832
Food & Staples Retailing: 0.48%
Costco Wholesale Corporation		63,560		12,385,937
Personal Products: 1.08%
The Estee Lauder Companies Incorporated Class A		206,710		27,897,582
Energy: 1.34%
Oil, Gas & Consumable Fuels: 1.34%
Concho Resources Incorporated †		155,500		24,481,920
RSP Permian Incorporated †		254,200		10,086,656
				34,568,576
Financials: 6.37%
Banks: 0.25%
Webster Financial Corporation		113,550		6,429,201
Capital Markets: 6.12%
CME Group Incorporated		241,230		37,023,980
MarketAxess Holdings Incorporated		160,930		31,576,075
Morgan Stanley		493,890		27,929,480

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

8 Wells Fargo Premier Large Company Growth Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name	Shares		Value
Capital Markets (continued)
Raymond James Financial Incorporated		212,326	$	20,466,103
TD Ameritrade Holding Corporation		237,540		13,252,357
The Charles Schwab Corporation		523,350		27,915,489
				158,163,484
Health Care: 12.85%
Biotechnology: 4.02%
BioMarin Pharmaceutical Incorporated †		211,890		19,118,835
Exelixis Incorporated †		532,340		16,135,225
Incyte Corporation †		19,410		1,752,529
Neurocrine Biosciences Incorporated †		199,610		17,060,667
Sage Therapeutics Incorporated †		33,900		6,456,170
Vertex Pharmaceuticals Incorporated †		260,520		43,472,972
				103,996,398
Health Care Equipment & Supplies: 3.56%
Boston Scientific Corporation †		1,040,910		29,103,844
Edwards Lifesciences Corporation †		257,020		32,533,592
Intuitive Surgical Incorporated †		31,290		13,506,954
West Pharmaceutical Services Incorporated		168,780		16,911,756
				92,056,146
Health Care Technology: 0.62%
Veeva Systems Incorporated Class A †		255,470		16,058,844
Life Sciences Tools & Services: 1.80%
Agilent Technologies Incorporated		284,550		20,894,507
PRA Health Sciences Incorporated †		281,350		25,619,731
				46,514,238
Pharmaceuticals: 2.85%
Bristol-Myers Squibb Company		333,960		20,905,896
Catalent Incorporated †		227,000		10,564,580
Zoetis Incorporated		549,438		42,158,378
				73,628,854
Industrials: 11.03%
Aerospace & Defense: 1.66%
Raytheon Company		158,110		33,035,503
The Boeing Company		27,960		9,908,185
				42,943,688
Air Freight & Logistics: 1.53%
FedEx Corporation		126,300		33,151,224
XPO Logistics Incorporated †		66,520		6,282,149
				39,433,373

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Premier Large Company Growth Fund 9

Security name	Shares		Value
Commercial Services & Supplies: 2.28%
KAR Auction Services Incorporated		449,907	$	24,537,928
Waste Connections Incorporated		480,595		34,516,333
				59,054,261
Industrial Conglomerates: 1.22%
Honeywell International Incorporated		197,860		31,592,306
Machinery: 1.15%
Fortive Corporation		311,435		23,675,289
Nordson Corporation		42,490		6,106,663
				29,781,952
Professional Services: 0.43%
TransUnion †		184,970		10,979,819
Road & Rail: 2.76%
CSX Corporation		92,780		5,267,121
Norfolk Southern Corporation		159,590		24,078,939
Union Pacific Corporation		314,220		41,948,370
				71,294,430
Information Technology: 46.82%
Electronic Equipment, Instruments & Components: 0.62%
TE Connectivity Limited		155,400		15,933,162
Internet Software & Services: 16.32%
Alibaba Group Holding Limited ADR †«		43,420		8,870,272
Alphabet Incorporated Class A †		113,820		134,560,280
Alphabet Incorporated Class C †		21,978		25,712,941
CoStar Group Incorporated †		69,480		24,047,723
eBay Incorporated †		642,750		26,082,795
Facebook Incorporated Class A †		743,470		138,947,108
LogMeIn Incorporated		213,080		26,805,464
MercadoLibre Incorporated		59,870		23,175,677
Shopify Incorporated Class A †		106,230		13,588,942
				421,791,202
IT Services: 10.66%
Euronet Worldwide Incorporated †		257,596		24,180,537
Global Payments Incorporated		145,610		16,276,286
MasterCard Incorporated Class A		362,700		61,296,300
PayPal Holdings Incorporated †		679,650		57,987,738
Square Incorporated Class A †«		444,790		20,865,099
Switch Incorporated Class A		474,848		7,702,035
Visa Incorporated Class A		703,130		87,349,840
				275,657,835

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

10 Wells Fargo Premier Large Company Growth Fund Portfolio of investments—January 31, 2018 (unaudited)

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 6.35%
Broadcom Limited					156,683	$	38,862,084
Microchip Technology Incorporated					799,230		76,102,681
Texas Instruments Incorporated					449,960		49,347,113
							164,311,878
Software: 12.17%
Activision Blizzard Incorporated					245,940		18,231,532
Adobe Systems Incorporated †					195,439		39,040,895
Microsoft Corporation					1,199,110		113,927,441
Proofpoint Incorporated †					193,580		19,749,032
salesforce.com Incorporated †					324,430		36,955,821
ServiceNow Incorporated †					257,810		38,380,175
Splunk Incorporated †					66,965		6,185,557
Take-Two Interactive Software Incorporated †					132,620		16,798,975
Ultimate Software Group Incorporated †					108,802		25,338,898
							314,608,326
Technology Hardware, Storage & Peripherals: 0.70%
Apple Incorporated					108,510		18,167,829
Materials: 2.91%
Chemicals: 2.91%
Ecolab Incorporated					186,660		25,699,349
Praxair Incorporated					306,200		49,448,238
							75,147,587
Real Estate: 0.85%
Equity REITs: 0.85%
American Tower Corporation					149,970		22,150,566
Total Common Stocks (Cost $1,328,997,478)							2,582,822,117
	Yield
Short-Term Investments: 1.07%
Investment Companies: 1.07%
Securities Lending Cash Investment LLC (l)(r)(u)		1.60	%		13,804,031		13,805,411
Wells Fargo Government Money Market Fund Select Class (l)(u)		1.24			13,810,798		13,810,798
Total Short-Term Investments (Cost $27,616,209)							27,616,209

Total investments in securities (Cost $1,356,613,687)	100.98	%		2,610,438,326
Other assets and liabilities, net	(0.98	)		(25,459,981	)
Total net assets	100.00	%	$	2,584,978,345

† Non-income-earning security

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

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

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

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

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

Portfolio of investments—January 31, 2018 (unaudited) Wells Fargo Premier Large Company Growth Fund 11

Investments in Affiliates

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)			Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Securities Lending Cash Investment LLC		46,026,258		199,910,746		232,132,973		13,804,031	$	1,723	$	(1,715	)	$	43,290	$	13,805,411
Wells Fargo Government Money Market Fund Select Class		9,162,823		357,474,711		352,826,736		13,810,798		0		0			67,024		13,810,798
									$	1,723	$	(1,715	)	$	110,314	$	27,616,209		1.07	%

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

12 Wells Fargo Premier Large Company Growth Fund Statement of assets and liabilities—January 31, 2018 (unaudited)

Assets
Investments in unaffiliated securities (including $13,519,968 of securities loaned), at value (cost $1,328,997,478)	$	2,582,822,117
Investments in affiliated securities, at value (cost $27,616,209)		27,616,209
Receivable for investments sold		2,783,690
Receivable for Fund shares sold		1,619,535
Receivable for dividends		859,673
Receivable for securities lending income		5,347
Prepaid expenses and other assets		166,931
Total assets		2,615,873,502
Liabilities
Payable upon receipt of securities loaned		13,802,450
Payable for investments purchased		9,385,664
Payable for Fund shares redeemed		5,418,113
Management fee payable		1,263,784
Administration fees payable		348,747
Distribution fee payable		132,239
Trustees’ fees and expenses payable		1,868
Accrued expenses and other liabilities		542,292
Total liabilities		30,895,157
Total net assets	$	2,584,978,345
NET ASSETS CONSIST OF
Paid-in capital	$	1,229,735,101
Accumulated net investment loss		(3,810,290	)
Accumulated net realized gains on investments		105,228,895
Net unrealized gains on investments		1,253,824,639
Total net assets	$	2,584,978,345
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,081,226,624
Shares outstanding – Class A1		75,128,519
Net asset value per share – Class A		$14.39
Maximum offering price per share – Class A2		$15.27
Net assets – Class C	$	212,272,762
Shares outstanding – Class C1		18,698,145
Net asset value per share – Class C		$11.35
Net assets – Class R4	$	3,800,814
Share outstanding – Class R41		254,682
Net asset value per share – Class R4		$14.92
Net assets – Class R6	$	190,542,394
Shares outstanding – Class R61		12,634,125
Net asset value per share – Class R6		$15.08
Net assets – Administrator Class	$	83,229,552
Shares outstanding – Administrator Class1		5,692,692
Net asset value per share – Administrator Class		$14.62
Net assets – Institutional Class	$	1,013,906,199
Shares outstanding – Institutional Class1		67,406,138
Net asset value per share – Institutional Class		$15.04

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, 2018 (unaudited) Wells Fargo Premier Large Company Growth Fund 13

Investment income
Dividends (net of foreign withholding taxes of $18,244)	$	9,887,000
Income from affiliated securities		110,314
Total investment income		9,997,314
Expenses
Management fee		8,118,874
Administration fees
Class A		1,070,803
Class C		216,445
Class R4		1,430
Class R6		25,839
Administrator Class		53,982
Institutional Class		631,834
Shareholder servicing fees
Class A		1,274,765
Class C		257,673
Class R4		1,787
Administrator Class		103,812
Distribution fee
Class C		773,019
Custody and accounting fees		85,786
Professional fees		27,197
Registration fees		65,662
Shareholder report expenses		106,418
Trustees’ fees and expenses		14,356
Other fees and expenses		39,937
Total expenses		12,869,619
Less: Fee waivers and/or expense reimbursements		(900,994	)
Net expenses		11,968,625
Net investment loss		(1,971,311	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		197,774,208
Affiliated securities		1,723
Net realized gains on investments		197,775,931
Net change in unrealized gains (losses) on:
Unaffiliated securities		267,538,546
Affiliated securities		(1,715	)
Net change in unrealized gains (losses) on investments		267,536,831
Net realized and unrealized gains (losses) on investments		465,312,762
Net increase in net assets resulting from operations	$	463,341,451

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

14 Wells Fargo Premier Large Company Growth Fund Statement of changes in net assets

	Six months ended January 31, 2018 (unaudited)						Year ended July 31, 2017
Operations
Net investment loss				$	(1,971,311	)				$	(2,578,112	)
Net realized gains on investments					197,775,931						573,282,638
Net change in unrealized gains (losses) on investments					267,536,831						(214,116,686	)
Net increase in net assets resulting from operations					463,341,451						356,587,840
Distributions to shareholders from
Net realized gains
Class A					(227,679,727	)					(141,609,478	)
Class B					N/A						(64,503	)1
Class C					(54,543,209	)					(28,218,921	)
Class R4					(746,155	)					(356,581	)
Class R6					(37,680,602	)					(14,601,788	)
Administrator Class					(18,099,486	)					(11,817,935	)
Institutional Class					(222,234,431	)					(94,245,557	)
Total distributions to shareholders					(560,983,610	)					(290,914,763	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,912,792			27,389,485			6,001,464			83,780,770
Class B		N/A			N/A			657	1		7,221	1
Class C		1,112,398			12,193,247			1,164,251			13,390,566
Class R4		51,735			803,859			67,177			939,076
Class R6		838,391			13,734,759			1,591,648			23,787,894
Administrator Class		248,551			3,833,815			991,894			14,305,839
Institutional Class		7,688,342			125,373,032			28,960,656			420,855,765
					183,328,197						557,067,131
Reinvestment of distributions
Class A		15,972,127			209,554,313			10,164,417			132,137,425
Class B		N/A			N/A			4,868	1		53,503	1
Class C		4,459,739			46,202,895			2,029,580			22,223,900
Class R4		54,558			741,983			26,770			356,581
Class R6		2,631,345			36,154,683			1,045,350			14,018,149
Administrator Class		1,320,910			17,607,730			870,110			11,433,242
Institutional Class		14,695,688			201,477,896			5,849,310			78,322,263
					511,739,500						258,545,063
Payment for shares redeemed
Class A		(7,099,702	)		(106,618,015	)		(67,446,125	)		(941,219,557	)
Class B		N/A			N/A			(74,169	)1		(895,170	)1
Class C		(2,892,046	)		(35,267,685	)		(10,665,863	)		(126,947,986	)
Class R4		(77,517	)		(1,243,585	)		(133,927	)		(1,970,170	)
Class R6		(1,586,717	)		(25,296,891	)		(3,768,974	)		(55,499,096	)
Administrator Class		(1,225,555	)		(18,640,507	)		(16,274,337	)		(233,767,928	)
Institutional Class		(14,898,468	)		(224,755,144	)		(47,785,920	)		(691,184,624	)
					(411,821,827	)					(2,051,484,531	)
Net increase (decrease) in net assets resulting from capital share transactions					283,245,870						(1,235,872,337	)
Total increase (decrease) in net assets					185,603,711						(1,170,199,260	)
Net assets
Beginning of period					2,399,374,634						3,569,573,894
End of period				$	2,584,978,345					$	2,399,374,634
Accumulated net investment loss				$	(3,810,290	)				$	(1,838,979	)

¹  For the period from August 1, 2016 to May 5, 2017. Effective at the close of business on May 5, 2017, Class B shares were converted to Class A shares and are no longer offered by the Fund.

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

Financial highlights Wells Fargo Premier Large Company Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
CLASS A				2017			2016			2015			2014			2013
Net asset value, beginning of period		$15.34			$14.68			$16.28			$14.55			$12.57			$10.21
Net investment loss		(0.02	)		(0.03	)1		(0.03	)		(0.03	)		(0.05	)		(0.02	)
Net realized and unrealized gains (losses) on investments		2.82			2.12			(0.52	)		1.97			2.03			2.38
Total from investment operations		2.80			2.09			(0.55	)		1.94			1.98			2.36
Distributions to shareholders from
Net realized gains		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$14.39			$15.34			$14.68			$16.28			$14.55			$12.57
Total return2		20.59	%		16.01	%		(3.22	)%		13.46	%		15.75	%		23.11	%
Ratios to average net assets (annualized)
Gross expenses		1.15	%		1.14	%		1.13	%		1.16	%		1.17	%		1.19	%
Net expenses		1.11	%		1.11	%		1.11	%		1.12	%		1.12	%		1.12	%
Net investment loss		(0.30	)%		(0.20	)%		(0.17	)%		(0.18	)%		(0.36	)%		(0.15	)%
Supplemental data
Portfolio turnover rate		18	%		65	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$1,081,227			$986,791			$1,697,746			$2,280,107			$1,908,455			$1,515,862

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, 2018 (unaudited)			Year ended July 31
CLASS C				2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.86			$12.64			$14.27			$12.87			$11.20			$9.17
Net investment loss		(0.07	)1		(0.12	)1		(0.12	)1		(0.13	)1		(0.14	)1		(0.09	)1
Net realized and unrealized gains (losses) on investments		2.31			1.77			(0.46	)		1.74			1.81			2.12
Total from investment operations		2.24			1.65			(0.58	)		1.61			1.67			2.03
Distributions to shareholders from
Net realized gains		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$11.35			$12.86			$12.64			$14.27			$12.87			$11.20
Total return2		20.17	%		15.05	%		(3.92	)%		12.65	%		14.91	%		22.14	%
Ratios to average net assets (annualized)
Gross expenses		1.90	%		1.89	%		1.88	%		1.91	%		1.92	%		1.94	%
Net expenses		1.86	%		1.86	%		1.86	%		1.87	%		1.87	%		1.87	%
Net investment loss		(1.05	)%		(0.95	)%		(0.92	)%		(0.93	)%		(1.11	)%		(0.91	)%
Supplemental data
Portfolio turnover rate		18	%		65	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$212,273			$206,026			$296,896			$388,290			$374,136			$279,203

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, 2018 (unaudited)			Year ended July 31
CLASS R4				2017			2016			2015			2014			20131
Net asset value, beginning of period		$15.75			$15.00			$16.56			$14.75			$12.70			$10.81
Net investment income (loss)		0.00	2,3		0.01	2		0.02	2		0.02			(0.01	)		0.00	3
Net realized and unrealized gains (losses) on investments		2.92			2.17			(0.53	)		2.00			2.06			1.89
Total from investment operations		2.92			2.18			(0.51	)		2.02			2.05			1.89
Distributions to shareholders from
Net realized gains		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$14.92			$15.75			$15.00			$16.56			$14.75			$12.70
Total return4		20.83	%		16.30	%		(2.91	)%		13.82	%		16.14	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.86	%		0.85	%		0.83	%		0.84	%		0.85	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.02	%		0.09	%		0.13	%		0.13	%		(0.11	)%		0.06	%
Supplemental data
Portfolio turnover rate		18	%		65	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$3,801			$3,559			$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, 2018 (unaudited)			Year ended July 31
CLASS R6				2017			2016			2015			2014			20131
Net asset value, beginning of period		$15.87			$15.08			$16.62			$14.77			$12.71			$10.81
Net investment income		0.01	2		0.03	2		0.04	2		0.05			0.01			0.00	3
Net realized and unrealized gains (losses) on investments		2.95			2.19			(0.53	)		2.01			2.05			1.90
Total from investment operations		2.96			2.22			(0.49	)		2.06			2.06			1.90
Distributions to shareholders from
Net realized gains		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$15.08			$15.87			$15.08			$16.62			$14.77			$12.71
Total return4		20.93	%		16.48	%		(2.78	)%		14.00	%		16.29	%		17.58	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.71	%		0.70	%		0.68	%		0.69	%		0.71	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		0.17	%		0.25	%		0.28	%		0.29	%		0.09	%		0.05	%
Supplemental data
Portfolio turnover rate		18	%		65	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$190,542			$170,657			$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, 2018 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$15.52			$14.82			$16.41			$14.63			$12.62			$10.24
Net investment loss		(0.01	)1		(0.01	)1		(0.00	)1,2		(0.00	)2		(0.02	)		(0.00	)2
Net realized and unrealized gains (losses) on investments		2.86			2.14			(0.54	)		1.99			2.03			2.38
Total from investment operations		2.85			2.13			(0.54	)		1.99			2.01			2.38
Distributions to shareholders from
Net realized gains		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$14.62			$15.52			$14.82			$16.41			$14.63			$12.62
Total return3		20.68	%		16.14	%		(3.13	)%		13.73	%		15.93	%		23.24	%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.06	%		1.04	%		1.00	%		1.00	%		1.04	%
Net expenses		1.00	%		1.00	%		0.98	%		0.95	%		0.95	%		0.95	%
Net investment loss		(0.19	)%		(0.06	)%		(0.02	)%		(0.01	)%		(0.19	)%		(0.01	)%
Supplemental data
Portfolio turnover rate		18	%		65	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$83,230			$82,998			$292,900			$1,129,970			$1,325,864			$640,494

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

20 Wells Fargo Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2018 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2017			2016			2015			2014			2013
Net asset value, beginning of period		$15.84			$15.06			$16.61			$14.77			$12.71			$10.28
Net investment income		0.01	1		0.02	1		0.03	1		0.03			0.01	1		0.00	2
Net realized and unrealized gains (losses) on investments		2.94			2.19			(0.53	)		2.02			2.05			2.43
Total from investment operations		2.95			2.21			(0.50	)		2.05			2.06			2.43
Distributions to shareholders from
Net realized gains		(3.75	)		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$15.04			$15.84			$15.06			$16.61			$14.77			$12.71
Total return3		20.90	%		16.44	%		(2.85	)%		14.01	%		16.21	%		23.64	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.81	%		0.80	%		0.74	%		0.74	%		0.76	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.71	%
Net investment income		0.12	%		0.19	%		0.23	%		0.23	%		0.07	%		0.16	%
Supplemental data
Portfolio turnover rate		18	%		65	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$1,013,906			$949,344			$1,097,976			$1,313,281			$1,031,979			$1,328,994

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

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 and income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

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

As of January 31, 2018, the aggregate cost of all investments for federal income tax purposes was $1,358,182,936 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	1,257,677,623
Gross unrealized losses		(5,422,233	)
Net unrealized gains	$	1,252,255,390

As of July 31, 2017, the Fund had a qualified late-year ordinary loss of $1,820,726 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

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

lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2018:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	378,451,811	$	0	$	0	$	378,451,811
Consumer staples		80,106,351		0		0		80,106,351
Energy		34,568,576		0		0		34,568,576
Financials		164,592,685		0		0		164,592,685
Health care		332,254,480		0		0		332,254,480
Industrials		285,079,829		0		0		285,079,829
Information technology		1,210,470,232		0		0		1,210,470,232
Materials		75,147,587		0		0		75,147,587
Real estate		22,150,566		0		0		22,150,566
Short-term investments
Investment companies		13,810,798		0		0		13,810,798
Investments measured at net asset value*								13,805,411
Total assets	$	2,596,632,915	$	0	$	0	$	2,610,438,326

* 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 $13,805,411 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, 2018, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, 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, 2018, the management fee was equivalent to an annual rate of 0.66% of the Fund’s average daily net assets.

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

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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.

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

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, 2018 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 1.00% for Administrator Class shares, and 0.70% for Institutional Class shares. 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 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, 2018, Funds Distributor received $15,400 from the sale of Class A shares and $140 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the six months ended January 31, 2018.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 is charged a fee at an annual rate of 0.10% of its average daily net assets.

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

Interfund transactions

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2018 were $442,977,852 and $731,765,677 respectively.

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 $280,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 29, 2017, the revolving credit agreement amount was $250,000,000.

For the six months ended January 31, 2018, 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.

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

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Forté 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.	Asset Allocation Trust
Jane A. Freeman** (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and the Glimmerglass Festival. She is also an inactive Chartered Financial Analyst.	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; Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny**** (Born 1951)	Trustee since 1996; Chairman, since 2018; Vice Chairman, from 2017 to 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
James G. Polisson***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	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. Trustee of the Evergreen Fund 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
Pamela Wheelock***** (Born 1959)	Trustee, since 2018; Advisory Board Member, from 2017 to 2018	Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair of the Minnesota Wild Foundation since 2010.	Asset Allocation Trust

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

** Jane Freeman became Chair Liaison effective January 1, 2018.

*** Olivia Mitchell became Chairman of the Governance Committee effective January 1, 2018.

**** Timothy Penny became Chairman effective January 1, 2018.

***** James Polisson and Pamela Wheelock each became a Trustee effective January 1, 2018.

Other information (unaudited) Wells Fargo Premier Large Company Growth Fund 29

Officers

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

¹  Jeremy DePalma acts as Treasurer of 76 funds and Assistant Treasurer of 77 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 Premier Large Company 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

CLO —  Collateralized loan obligation

CLP —  Chilean peso

COP —  Colombian 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

INR —  Indian rupee

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

PJSC —  Public Joint Stock Company

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 Agency

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

SIFMA —  Securities Industry and Financial Markets Association

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.

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 Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2018 Wells Fargo Funds Management, LLC. All rights reserved.

309122 03-18 SA212/SAR212 01-18

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 29, 2018

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 29, 2018

By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer

Date: March 29, 2018