SEC Info - Wells Fargo Funds Trust - ‘N-CSR’ for 7/31/17

Wells Fargo Capital Growth Fund

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Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

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

Report of independent registered public accounting firm			26

Other information			27

List of abbreviations			34

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

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Funds

In bond markets, interest rates rose but remained at historically low levels amid subdued global growth and modest inflation.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Capital Growth Fund for the 12-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 16.04% and 19.01%, for the 12-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 U.S. Aggregate Bond Index³ returned -1.28% and the Bloomberg Barclays Municipal Bond Index⁴ returned 0.26% as interest rates rose from low levels.

Globally, stock results moderated in the third quarter of 2016; bond interest rates remained low.

Stock returns tended to moderate during July and August. During much of the past decade, markets worldwide have been supported to varying degrees by accommodative policies from leading central banks, including the U.S. Federal Reserve (Fed), European Central Bank (ECB), Bank of England, and Bank of Japan. Investors have watched for signs that global central banks might shift away from accommodative policies, including low interest rates and bond purchases that tended to make riskier assets such as stocks and high-yield bonds more attractive. In the U.S., early-September comments by Fed officials suggested an interest-rate increase might occur, sending stock and bond prices down. Following the Fed’s September decision to delay a rate increase to later in 2016, stocks surged. In bond markets, interest rates rose but remained at historically low levels amid subdued global growth and modest inflation. It appeared that fixed-income investors concluded that yields had overshot the real risks of the U.K.’s vote to exit the European Union as economic activity strengthened.

During the fourth quarter of 2016, investors awaited election results and central-bank actions.

Entering the fourth quarter, anticipation of an interest-rate increase and the approaching general election tended to increase investor concerns. Following Donald Trump’s election victory, U.S. stocks rallied. Investors appeared optimistic that the new administration would pursue progrowth policies. Favorable economic news supported stocks, and interest rates moved higher. At its mid-December meeting, Fed officials raised the target interest rate by a quarter percentage point to a range from 0.50% to 0.75%. The fourth quarter also saw the implementation of the U.S. Securities and Exchange Commission’s new rules for money market funds, which included floating net asset values (NAVs) for institutional prime and municipal money market funds as well as the possibility of liquidity fees and redemption gates. In the year leading up to money market fund reform implementation, nearly $1 trillion in assets moved from these types of money market funds into government money market funds, which continued to transact at a stable $1.00 NAV. Outside of the U.S., the prospects for faster U.S. growth appeared to trigger some acceleration in Europe.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released

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.

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

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.

⁴	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.

⁵	The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.


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

during the quarter reflected a healthy economy. Hiring remained strong, and business and consumer sentiment improved. In March, Fed officials raised their target interest rate by a quarter percentage point to a range from 0.75% to 1.00%. With the Fed’s target interest rate increase, short-term bond yields rose during the quarter. Meanwhile, longer-term Treasury yields were little changed, leading to positive performance. Investment-grade and high-yield bonds benefited from strong demand. Municipal bond returns were positive in the quarter, helped by strong demand and constrained new-issue supply. Outside of the U.S., stocks in emerging markets generally outperformed stocks in the U.S. and international developed markets because they benefited from both global economic growth and recent weakening in the U.S. dollar. Stocks in Asia, Europe, and Latin America also outperformed the U.S. market during the quarter.

Steady advancement in many markets marked the first seven months of 2017.

During the second quarter, most equity markets in the U.S. and abroad advanced. Steady, albeit modest, economic growth both in the U.S. and abroad and generally favorable corporate earnings announcements after the second quarter supported higher valuations. Within the economy, U.S. inflation trended lower despite the unemployment rate continuing to decline. Ten-year U.S. Treasury yields declined, resulting in stronger prices for long-term bonds. As was widely expected, in June, the Fed raised the target interest rate by a quarter percentage point to a range from 1.00% to 1.25%. In addition, the Fed indicated that it would begin to sell bonds accumulated on its balance sheet during quantitative easing programs conducted since 2008, likely beginning later this year. Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.⁵ Although economic momentum increased in Europe, the ECB held its rates steady at low levels because underlying inflation remained subdued. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar.

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

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

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

Sincerely,

LOGO

President

Wells Fargo Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.

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


4		Wells Fargo Capital Growth Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Michael T. Smith, CFA^®

Christopher J. Warner, CFA^®

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


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (WFCGX)	7-31-2007		12.66		12.64		6.09		19.52		13.98		6.73		1.24		1.11
Class C (WFCCX)	7-31-2007		17.65		13.13		5.94		18.65		13.13		5.94		1.99		1.86
Class R4 (WCGRX)	11-30-2012		–		–		–		19.99		14.38		7.17		0.96		0.75
Class R6 (WFCRX)	11-30-2012		–		–		–		20.18		14.55		7.25		0.81		0.60
Administrator Class (WFCDX)	6-30-2003		–		–		–		19.68		14.19		6.96		1.16		0.94
Institutional Class (WWCIX)	4-8-2005		–		–		–		20.00		14.49		7.22		0.91		0.70
Russell 1000^® Growth Index⁴	–		–		–		–		18.05		15.60		9.36		–		–

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

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

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

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Capital Growth Fund			5

Growth of $10,000 investment as of July 31, 2017⁵

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.

The manager has contractually committed through November 30, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee 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 Index companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁵	The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	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.

⁷	Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.


6		Wells Fargo Capital Growth Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund outperformed its benchmark, the Russell 1000^® Growth Index, for the 12-month period that ended July 31, 2017.

∎

Stock selection in the information technology (IT) sector was a key contributor to performance.

∎

Stock selection within the industrials sector detracted from performance.

The Russell 1000^® Growth Index advanced 18.05% in the 12-month period that ended July 31, 2017. Within the index, industrial sector and consumer cyclical stocks outperformed stocks in other sectors following the November 2016 presidential election due to investor optimism regarding progrowth initiatives and a potential tax overhaul. The election also led many investors to sell bond holdings, which drove the yield on 10-year Treasuries higher; it also triggered a rally in bank shares while causing many investors to sell higher-yielding stock holdings. However, the cyclical rally and higher yields on 10-year Treasuries proved short-lived; in early 2017, shares in higher-growth sectors, such as health care and IT, took over market leadership through the end of the reporting period.


Ten largest holdings (%) as of July 31, 2017⁶
Amazon.com Incorporated			6.53
Alphabet Incorporated Class A			6.40
Microsoft Corporation			4.41
UnitedHealth Group Incorporated			4.25
Visa Incorporated Class A			4.07
Facebook Incorporated Class A			3.61
The Home Depot Incorporated			3.58
Celgene Corporation			2.99
Waste Connections Incorporated			2.94
Salesforce.com Incorporated			2.46

The Fund’s IT holdings contributed to performance relative to the Russell 1000^® Growth Index.

Within the IT sector, software-related holdings contributed to performance. Activision Blizzard, Incorporated, and Electronic Arts Incorporated, video game developers and publishers, benefited from the transition of their business models toward digital delivery of video games and a greater mix of recurring revenues. The business-model change drove improved operating margins, which led investors to place higher valuations on the companies’ shares. At the end of the reporting period, we retained positions in these companies but continued to carefully monitor valuations. Stock selection among internet-related holdings also contributed to

returns within the IT sector. Tencent Holdings Limited, a Chinese provider of a popular messaging app and mobile games, continued to post high sales growth as the company monetized its large user base by selling more advertising. The shares followed positive sales and earnings revisions higher throughout the period.

Sector distribution as of July 31, 2017⁷

Stock selection in the industrials sector detracted from performance.

Among the Fund’s industrials holdings, Spirit Airlines, Incorporated, detracted from Fund performance. Our thesis for holding a position in Spirit—an airline that serves customers by offering low base fares—was predicated on our expectation that the company would add capacity in markets it did not already serve. We also thought that Spirit could raise prices due to the pricing umbrella that resulted from industry consolidation and network rationalization. The airline successfully raised ticket prices and improved the amount of revenue generated per passenger; however, the industry’s pricing backdrop recently became more competitive. We

remained committed to Spirit as of the end of the reporting period but will continue to closely monitor the company’s fundamentals. The Fund’s position in Acuity Brands, Incorporated, also detracted from performance within the industrials sector. Acuity Brands provides lighting and building management solutions and has a strong position in commercial LED solutions. However, weak demand in short-cycle lighting projects caused the company to report disappointing results that led to a reduction in the share price. After evaluating our original investment thesis, we exited the position in favor of potential opportunities in which we had higher conviction.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Capital Growth Fund			7

While we are cautious in terms of macroeconomic conditions, we remain confident in the Fund’s positioning.

Looking toward the remainder of 2017, the market backdrop in our view remains mostly constructive, but we have a modestly higher level of caution. For the time being, inflation expectations have overcome deflationary fears. Credit markets have been calm, and capital has tended to flow freely at a low cost. Domestic industries such as housing, travel and leisure, e-commerce, and digital advertising have maintained relatively strong positions, offsetting weakness in areas such as automobiles and mall-based retailers. We believe economic indicators likely may point to an elongated business cycle marked by steady, if unspectacular, earnings growth and modestly higher interest rates. The U.S. economy appears poised to continue expanding but at a more sluggish rate than many would like to see.

Scarcity remains a key theme and, despite our increased caution, may help drive continued positive returns. In this tepid macro environment, there are fewer companies capable of producing strong organic growth. As the business cycle matures, the market tends to look past companies whose growth may have been engineered or may have been helped by a short-lived market trend toward favoring assets likely to benefit from rising growth and inflation. Therefore, it seems rational to us that companies with truly innovative products and secular growth opportunities—companies that can grow in spite of cyclical conditions—likely could command a scarcity premium.

Please see footnotes on page 5.


8		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 February 1, 2017 to July 31, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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


	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,171.45	$	5.71		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.54	$	5.31		1.06	%
Class C
Actual	$	1,000.00	$	1,167.04	$	9.73		1.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.82	$	9.05		1.81	%
Class R4
Actual	$	1,000.00	$	1,173.94	$	4.05		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.07	$	3.76		0.75	%
Class R6
Actual	$	1,000.00	$	1,174.49	$	3.23		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,172.05	$	5.06		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.13	$	4.71		0.94	%
Institutional Class
Actual	$	1,000.00	$	1,173.91	$	3.77		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		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 invest ments—July 31, 2017		Wells Fargo Capital Growth Fund			9


Security name	Shares		Value

Common Stocks: 97.57%

Consumer Discretionary: 18.50%

Automobiles: 1.05%
Ferrari NV		28,000	$	2,945,314


Hotels, Restaurants & Leisure: 2.13%
Royal Caribbean Cruises Limited		24,500		2,770,215
Starbucks Corporation		59,641		3,219,421

				5,989,636


Internet & Direct Marketing Retail: 7.58%
Amazon.com Incorporated †		18,555		18,328,258
Ctrip.com International Limited ADR †		49,200		2,938,716

				21,266,974


Media: 2.17%
Charter Communications Incorporated Class A †		15,500		6,074,605


Specialty Retail: 5.57%
The Home Depot Incorporated		67,233		10,058,057
The TJX Companies Incorporated		79,460		5,586,833

				15,644,890


Consumer Staples: 0.99%

Beverages: 0.99%
Monster Beverage Corporation †		52,750		2,782,563


Energy: 1.01%

Oil, Gas & Consumable Fuels: 1.01%
Pioneer Natural Resources Company		17,400		2,837,940


Financials: 6.93%

Capital Markets: 5.45%
Intercontinental Exchange Incorporated		90,325		6,025,581
Raymond James Financial Incorporated		53,750		4,471,463
S&P Global Incorporated		31,263		4,801,684

				15,298,728


Consumer Finance: 1.48%
SLM Corporation †		375,000		4,155,000


Health Care: 15.67%

Biotechnology: 4.70%
Celgene Corporation †		61,950		8,388,650
Gilead Sciences Incorporated		29,700		2,259,873
Regeneron Pharmaceuticals Incorporated †		5,150		2,531,843

				13,180,366

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


10		Wells Fargo Capital Growth Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Health Care Equipment & Supplies: 6.72%
Baxter International Incorporated		72,750	$	4,399,920
Boston Scientific Corporation †		129,600		3,449,952
Edwards Lifesciences Corporation †		37,950		4,371,081
Hologic Incorporated †		68,850		3,043,859
Intuitive Surgical Incorporated †		3,850		3,612,301

				18,877,113


Health Care Providers & Services: 4.25%
UnitedHealth Group Incorporated		62,200		11,930,582


Industrials: 9.20%

Aerospace & Defense: 1.88%
Northrop Grumman Corporation		20,100		5,288,913


Airlines: 1.09%
Spirit Airlines Incorporated †		79,150		3,074,978


Commercial Services & Supplies: 2.94%
Waste Connections Incorporated		126,830		8,241,413


Electrical Equipment: 1.23%
Rockwell Automation Incorporated		20,900		3,449,127


Professional Services: 2.06%
TransUnion †		126,123		5,780,217


Information Technology: 39.27%

Communications Equipment: 1.01%
Harris Corporation		24,650		2,821,686


Internet Software & Services: 13.15%
Alphabet Incorporated Class A †		19,008		17,972,064
Facebook Incorporated Class A †		59,874		10,133,675
MercadoLibre Incorporated		10,050		2,898,621
Tencent Holdings Limited ADR		147,350		5,912,758

				36,917,118


IT Services: 10.07%
Fidelity National Information Services Incorporated		68,150		6,216,643
PayPal Holdings Incorporated †		77,100		4,514,205
Total System Services Incorporated		96,300		6,111,198
Visa Incorporated Class A		114,733		11,422,817

				28,264,863


Semiconductors & Semiconductor Equipment: 2.03%
Broadcom Limited		23,100		5,697,846


Software: 13.01%
Activision Blizzard Incorporated		59,500		3,675,910
Electronic Arts Incorporated †		30,650		3,578,081

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


Portfolio of investments—July 31, 2017		Wells Fargo Capital Growth Fund			11


Security name				Shares		Value

Software (continued)
Microsoft Corporation					170,150	$	12,369,905
Nintendo Company Limited					97,550		4,136,130
Salesforce.com Incorporated †					76,130		6,912,604
ServiceNow Incorporated †					25,580		2,825,311
Ultimate Software Group Incorporated †«					13,350		3,013,229

							36,511,170


Materials: 4.19%

Chemicals: 2.17%
The Sherwin-Williams Company					18,050		6,087,724


Construction Materials: 2.02%
Vulcan Materials Company					45,950		5,657,364


Real Estate: 1.81%

Equity REITs: 1.81%
SBA Communications Corporation †					36,850		5,068,718


Total Common Stocks (Cost $186,843,806)							273,844,848


	Yield
Short-Term Investments: 1.59%

Investment Companies: 1.59%
Securities Lending Cash Investment LLC (l)(r)(u)		1.25	%		695,935		696,005
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.89			3,766,873		3,766,873

Total Short-Term Investments (Cost $4,462,878)							4,462,878


Total investments in securities (Cost $191,306,684) *	99.16	%		278,307,726
Other assets and liabilities, net	0.84			2,369,998

Total net assets	100.00	%	$	280,677,724

†	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.

*	Cost for federal income tax purposes is $191,683,351 and unrealized gains (losses) consists of:


Gross unrealized gains	$	88,204,544
Gross unrealized losses		(1,580,169	)

Net unrealized gains	$	86,624,375

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


12		Wells Fargo Capital Growth Fund		Statement of assets and liabilities—July 31, 2017




Assets
Investments
In unaffiliated securities (including $677,130 of securities loaned), at value (cost $186,843,806)	$	273,844,848
In affiliated securities, at value (cost $4,462,878)		4,462,878

Total investments, at value (cost $191,306,684)		278,307,726
Receivable for investments sold		4,063,754
Receivable for Fund shares sold		390,225
Receivable for dividends		10,968
Receivable for securities lending income		971
Prepaid expenses and other assets		75,433

Total assets		282,849,077


Liabilities
Payable for investments purchased		1,122,409
Payable for Fund shares redeemed		167,869
Payable upon receipt of securities loaned		696,000
Management fee payable		118,631
Distribution fee payable		1,846
Administration fees payable		22,571
Accrued expenses and other liabilities		42,027

Total liabilities		2,171,353

Total net assets	$	280,677,724


NET ASSETS CONSIST OF
Paid-in capital	$	171,028,524
Overdistributed net investment income		(90,944	)
Accumulated net realized gains on investments		22,739,102
Net unrealized gains on investments		87,001,042

Total net assets	$	280,677,724


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	72,511,209
Shares outstanding – Class A¹		4,128,287
Net asset value per share – Class A		$17.56
Maximum offering price per share – Class A²		$18.63
Net assets – Class C	$	2,888,007
Shares outstanding – Class C¹		185,331
Net asset value per share – Class C		$15.58
Net assets – Class R4	$	18,862
Share outstanding – Class R4¹		974
Net asset value per share – Class R4		$19.37
Net assets – Class R6	$	157,462,209
Shares outstanding – Class R6¹		8,068,037
Net asset value per share – Class R6		$19.52
Net assets – Administrator Class	$	23,144,270
Shares outstanding – Administrator Class¹		1,226,302
Net asset value per share – Administrator Class		$18.87
Net assets – Institutional Class	$	24,653,167
Shares outstanding – Institutional Class¹		1,267,862
Net asset value per share – Institutional Class		$19.44

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—year ended July 31, 2017		Wells Fargo Capital Growth Fund			13




Investment income
Dividends (net of foreign withholding taxes of $16,663)	$	2,186,229
Income from affiliated securities		27,873
Securities lending income, net		12,257

Total investment income		2,226,359


Expenses
Management fee		1,846,769
Administration fees
Class A		151,487
Class C		6,669
Class R4		13
Class R6		41,797
Administrator Class		32,110
Institutional Class		31,813
Shareholder servicing fees
Class A		180,342
Class C		7,940
Class R4		16
Administrator Class		61,751
Distribution fee
Class C		23,818
Custody and accounting fees		13,605
Professional fees		50,435
Registration fees		82,575
Shareholder report expenses		32,100
Trustees’ fees and expenses		21,012
Other fees and expenses		7,830

Total expenses		2,592,082
Less: Fee waivers and/or expense reimbursements		(530,404	)

Net expenses		2,061,678

Net investment income		164,681


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		31,756,445
Affiliated securities		264

Net realized gains on investments		31,756,709
Net change in unrealized gains (losses) on investments		15,387,708

Net realized and unrealized gains (losses) on investments		47,144,417

Net increase in net assets resulting from operations	$	47,309,098

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


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


	Year ended July 31, 2017						Year ended July 31, 2016

Operations
Net investment income				$	164,681					$	89,510
Net realized gains (losses) on investments					31,756,709						(424,974	)
Net change in unrealized gains (losses) on investments					15,387,708						701,484

Net increase in net assets resulting from operations					47,309,098						366,020


Distributions to shareholders from
Net investment income
Class A					(97,914	)					0
Class R4					(38	)					0
Class R6					(412,002	)					0
Administrator Class					(39,091	)					0
Institutional Class					(65,942	)					0
Net realized gains
Class A					(1,953,165	)					(12,289,754	)
Class C					(101,375	)					(556,329	)
Class R4					(384	)					(1,876	)
Class R6					(3,243,150	)					(18,521,143	)
Administrator Class					(611,585	)					(4,001,022	)
Institutional Class					(616,477	)					(3,150,712	)

Total distributions to shareholders					(7,141,123	)					(38,520,836	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		198,409			3,094,087			4,787,904			79,683,106
Class C		32,238			431,568			37,860			527,959
Class R6		877,107			15,875,391			958,376			15,871,334
Administrator Class		166,111			2,827,992			179,863			2,841,546
Institutional Class		929,940			16,102,051			571,120			9,788,878
Investor Class		N/A			N/A			45,169	¹		724,606	¹

					38,331,089						109,437,429

Reinvestment of distributions
Class A		137,411			2,007,306			842,773			12,076,915
Class C		6,718			87,332			37,294			480,716
Class R4		26			422			120			1,876
Class R6		225,598			3,655,152			1,172,966			18,521,143
Administrator Class		41,308			647,990			259,809			3,985,470
Institutional Class		41,696			673,156			188,296			2,965,655

					7,071,358						38,031,775

Payment for shares redeemed
Class A		(1,344,184	)		(20,771,420	)		(1,479,556	)		(21,274,728	)
Class C		(105,879	)		(1,470,006	)		(87,529	)		(1,218,466	)
Class R6		(1,450,824	)		(24,773,295	)		(1,823,127	)		(29,216,949	)
Administrator Class		(898,996	)		(14,559,948	)		(415,047	)		(6,710,672	)
Institutional Class		(1,125,342	)		(19,712,480	)		(536,405	)		(8,726,371	)
Investor Class		N/A			N/A			(4,836,074	)¹		(80,008,660	)¹

					(81,287,149	)					(147,155,846	)

Net increase (decrease) in net assets resulting from capital share transactions					(35,884,702	)					313,358

Total increase (decrease) in net assets					4,283,273						(37,841,458	)


Net assets
Beginning of period					276,394,451						314,235,909

End of period				$	280,677,724					$	276,394,451

Overdistributed net investment income				$	(90,944	)				$	0

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

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


Financial highlights		Wells Fargo Capital Growth Fund			15

(For a share outstanding throughout each period)


	Year ended July 31
CLASS A	2017			2016			2015			2014			2013
Net asset value, beginning of period		$15.12			$17.38			$21.31			$19.87			$16.74
Net investment income (loss)		(0.03	)¹		(0.03	)¹		(0.07	)¹		(0.10	)¹		0.00	^1,2
Net realized and unrealized gains (losses) on investments		2.90			0.04			2.09			3.79			3.43

Total from investment operations		2.87			0.01			2.02			3.69			3.43
Distributions to shareholders from
Net investment income		(0.02	)		0.00			0.00			(0.02	)		0.00
Net realized gains		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)

Total distributions to shareholders		(0.43	)		(2.27	)		(5.95	)		(2.25	)		(0.30	)
Net asset value, end of period		$17.56			$15.12			$17.38			$21.31			$19.87
Total return³		19.52	%		0.75	%		11.00	%		19.09	%		20.85	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.24	%		1.27	%		1.26	%		1.26	%
Net expenses		1.06	%		1.06	%		1.11	%		1.11	%		1.14	%
Net investment income (loss)		(0.21	)%		(0.18	)%		(0.39	)%		(0.46	)%		0.01	%
Supplemental data
Portfolio turnover rate		59	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS C	2017			2016			2015			2014			2013
Net asset value, beginning of period		$13.54			$15.92			$20.12			$18.98			$16.12
Net investment loss		(0.13	)¹		(0.13	)¹		(0.20	)¹		(0.24	)¹		(0.13	)¹
Net realized and unrealized gains (losses) on investments		2.58			0.02			1.95			3.61			3.29

Total from investment operations		2.45			(0.11	)		1.75			3.37			3.16
Distributions to shareholders from
Net realized gains		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)
Net asset value, end of period		$15.58			$13.54			$15.92			$20.12			$18.98
Total return²		18.65	%		0.00	%		10.15	%		18.21	%		19.97	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		1.99	%		2.02	%		2.01	%		2.01	%
Net expenses		1.81	%		1.81	%		1.86	%		1.86	%		1.89	%
Net investment loss		(0.95	)%		(0.98	)%		(1.14	)%		(1.20	)%		(0.73	)%
Supplemental data
Portfolio turnover rate		59	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS R4	2017			2016			2015			2014			2013¹
Net asset value, beginning of period		$16.59			$18.79			$22.52			$20.83			$18.22
Net investment income (loss)		0.01	²		0.01	²		(0.01	)²		(0.02	)		0.05
Net realized and unrealized gains (losses) on investments		3.22			0.06			2.23			3.99			2.95

Total from investment operations		3.23			0.07			2.22			3.97			3.00
Distributions to shareholders from
Net investment income		(0.04	)		0.00			0.00			(0.05	)		(0.09	)
Net realized gains		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)

Total distributions to shareholders		(0.45	)		(2.27	)		(5.95	)		(2.28	)		(0.39	)
Net asset value, end of period		$19.37			$16.59			$18.79			$22.52			$20.83
Total return³		19.99	%		1.03	%		11.35	%		19.56	%		16.86	%
Ratios to average net assets (annualized)
Gross expenses		0.95	%		0.93	%		0.91	%		0.91	%		0.90	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss)		0.07	%		0.08	%		(0.04	)%		(0.10	)%		0.37	%
Supplemental data
Portfolio turnover rate		59	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$19			$16			$16			$14			$12

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

²	Calculated based upon average shares outstanding

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

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


18		Wells Fargo Capital Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R6	2017			2016			2015			2014			2013¹
Net asset value, beginning of period		$16.70			$18.87			$22.56			$20.85			$18.22
Net investment income		0.04			0.04	²		0.02			0.00	^2,3		0.07
Net realized and unrealized gains (losses) on investments		3.24			0.06			2.24			4.00			2.95

Total from investment operations		3.28			0.10			2.26			4.00			3.02
Distributions to shareholders from
Net investment income		(0.05	)		0.00			0.00			(0.06	)		(0.09	)
Net realized gains		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)

Total distributions to shareholders		(0.46	)		(2.27	)		(5.95	)		(2.29	)		(0.39	)
Net asset value, end of period		$19.52			$16.70			$18.87			$22.56			$20.85
Total return⁴		20.18	%		1.20	%		11.54	%		19.71	%		16.99	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.81	%		0.79	%		0.78	%		0.79	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		0.23	%		0.23	%		0.11	%		0.01	%		0.52	%
Supplemental data
Portfolio turnover rate		59	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$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.


Financial highlights		Wells Fargo Capital Growth Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$16.20			$18.43			$22.22			$20.61			$17.32
Net investment income (loss)		(0.01	)¹		(0.01	)¹		(0.03	)¹		(0.05	)¹		0.04	¹
Net realized and unrealized gains (losses) on investments		3.12			0.05			2.19			3.93			3.55

Total from investment operations		3.11			0.04			2.16			3.88			3.59
Distributions to shareholders from
Net investment income		(0.03	)		0.00			0.00			(0.04	)		0.00
Net realized gains		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)

Total distributions to shareholders		(0.44	)		(2.27	)		(5.95	)		(2.27	)		(0.30	)
Net asset value, end of period		$18.87			$16.20			$18.43			$22.22			$20.61
Total return		19.68	%		0.88	%		11.22	%		19.35	%		21.15	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.16	%		1.11	%		1.09	%		1.09	%
Net expenses		0.94	%		0.93	%		0.90	%		0.90	%		0.91	%
Net investment income (loss)		(0.04	)%		(0.09	)%		(0.16	)%		(0.24	)%		0.24	%
Supplemental data
Portfolio turnover rate		59	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$23,144			$31,064			$34,886			$67,830			$63,786

¹	Calculated based upon average shares outstanding

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


20		Wells Fargo Capital Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$16.65			$18.84			$22.54			$20.84			$17.56
Net investment income		0.02	¹		0.03	¹		0.02	¹		0.01	¹		0.09	¹
Net realized and unrealized gains (losses) on investments		3.22			0.05			2.23			4.00			3.58

Total from investment operations		3.24			0.08			2.25			4.01			3.67
Distributions to shareholders from
Net investment income		(0.04	)		0.00			0.00			(0.08	)		(0.09	)
Net realized gains		(0.41	)		(2.27	)		(5.95	)		(2.23	)		(0.30	)

Total distributions to shareholders		(0.45	)		(2.27	)		(5.95	)		(2.31	)		(0.39	)
Net asset value, end of period		$19.44			$16.65			$18.84			$22.54			$20.84
Total return		20.00	%		1.09	%		11.50	%		19.76	%		21.42	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.91	%		0.84	%		0.82	%		0.82	%
Net expenses		0.70	%		0.68	%		0.65	%		0.65	%		0.67	%
Net investment income		0.13	%		0.16	%		0.09	%		0.05	%		0.46	%
Supplemental data
Portfolio turnover rate		59	%		85	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$24,653			$23,670			$22,578			$49,816			$331,310

¹	Calculated based upon average shares outstanding

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


Notes to financial statements		Wells Fargo Capital 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 Capital Growth Fund (the “Fund”) which is a diversified series of the Trust.

Effective at the close of business on October 23, 2015, Investor Class shares were converted to Class A shares and are no longer offered by the Fund. Information for Investor Class shares reflected in the financial statements represents activity through October 23, 2015.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Investments in registered open-end investment companies are valued at net asset value. Interests in non-registered investment 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 Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

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

Security loans

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


22		Wells Fargo Capital Growth Fund		Notes to financial statements

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income 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.

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassifications is due to corporate actions. At July 31, 2017, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Overdistributed net

investment income

Accumulated net

realized gains

on investments

$359,362

$(359,362)

As of July 31, 2017, the Fund had a qualified late-year ordinary loss of $90,944 which will be recognized on the first day of the following 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.


Notes to financial statements		Wells Fargo Capital Growth Fund			23

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 July 31, 2017:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	51,921,419	$	0	$	0	$	51,921,419
Consumer staples		2,782,563		0		0		2,782,563
Energy		2,837,940		0		0		2,837,940
Financials		19,453,728		0		0		19,453,728
Health care		43,988,061		0		0		43,988,061
Industrials		25,834,648		0		0		25,834,648
Information technology		110,212,683		0		0		110,212,683
Materials		11,745,088		0		0		11,745,088
Telecommunication services		5,068,718		0		0		5,068,718

Short-term investments
Investment companies		3,766,873		0		0		3,766,873
Investments measured at net asset value*								696,005
Total assets	$	277,611,721	$	0	$	0	$	278,307,726

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 $696,005 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 July 31, 2017, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

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


24		Wells Fargo Capital Growth Fund		Notes to financial statements

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

Administration fees

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


	Class-level administration fee
Class A, Class C		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class, Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 0.75% for Class R4 shares, 0.60% for R6 shares, 0.94% for Administrator Class shares, and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

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

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2017, Funds Distributor received $908 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended July 31, 2017.

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 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 year ended July 31, 2017 were $154,531,948 and $202,969,036, respectively.

6. BANK BORROWINGS


Notes to financial statements		Wells Fargo Capital Growth Fund			25

on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

For the year ended July 31, 2017, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2017 and July 31, 2016 were as follows:


	Year ended July 31
	2017		2016
Ordinary income	$	614,987	$	0
Long-term capital gain		6,526,136		38,520,836

As of July 31, 2017, the components of distributable earnings on a tax basis were as follows:

Undistributed

ordinary

income

Undistributed

long-term

gain

Unrealized

gains

Late-year

ordinary losses

deferred

$3,316,331

$19,799,438

$86,624,375

$(90,944)

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. REGULATORY CHANGES

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

11. SUBSEQUENT DISTRIBUTIONS

On September 25, 2017, the Fund declared distributions from short-term capital gains and long-term capital gains to shareholders of record on September 22, 2017. The per share amounts payable on September 26, 2017 were as follows:


	Short-term capital gains		Long-term capital gains
Class A		$0.22752		$1.35834
Class C		0.22752		1.35834
Class R4		0.22752		1.35834
Class R6		0.22752		1.35834
Administrator Class		0.22752		1.35834
Institutional Class		0.22752		1.35834

These distributions are not reflected in the accompanying financial statements.


26		Wells Fargo Capital Growth Fund		Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Capital Growth Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2017, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Capital Growth Fund as of July 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts


Other information (unaudited)		Wells Fargo Capital Growth Fund			27

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 46.96% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2017.

Pursuant to Section 852 of the Internal Revenue Code, $6,526,136 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2017.

Pursuant to Section 854 of the Internal Revenue Code, $333,810 of income dividends paid during the fiscal year ended July 31, 2017 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2017, $6,396 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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


28		Wells Fargo 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 145 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	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 an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Capital Growth Fund			29


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

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

Advisory Board Members


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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	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.	None


30		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 in the Fund Complex and Assistant Treasurer of 69 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.


Other information (unaudited)		Wells Fargo Capital Growth Fund			31

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Capital Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2017, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2017. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Funds Management, a summary of certain organizational and personnel changes involving Funds Management and the Sub-Adviser, and a description of Funds Management’s and the Sub-Adviser’s business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses


32		Wells Fargo Capital Growth Fund		Other information (unaudited)

considered these results in comparison to the performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was in range of the average performance of the Universe for the one-year period ended December 31, 2016, but lower than the average performance of the Universe for the three-, five- and ten-year periods ended December 31, 2016. The Board noted that the performance ranking of the Fund in the Universe had improved from the prior quarter-end for the one- and three-year periods ended March 31, 2017. The Board also noted that the performance of the Fund was lower than its benchmark, the Russell 1000^® Growth Index, for all periods under review ended December 31, 2016.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for all share classes.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

The Board reviewed and considered the contractual fee rates payable by the Fund to Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services.

The Board also received and considered information about the portion of the total management fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.

The Board also received and considered information about the nature and extent of services offered and fee rates charged by Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as institutional separate accounts.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.


Other information (unaudited)		Wells Fargo Capital Growth Fund			33

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also received and considered information concerning the profitability of the Sub-Adviser from providing services to the fund family as a whole, noting that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Wells Fargo and Funds Management profitability analysis.

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. Based on its review, the Board did not deem the profits reported by Funds Management or Wells Fargo from its services to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements are means of sharing potential economies of scale with shareholders of the Fund. The Board considered Funds Management’s view, which Funds Management indicated was supported by independent third-party industry studies which were summarized for the Board, that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

The Board concluded that the Fund’s fee and expense arrangements, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that various affiliates of Funds Management may receive distribution-related fees, shareholder servicing payments and sub-transfer agency fees in respect of shares sold or held through them and services provided.

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management and the Sub-Adviser from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for a one-year term and determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.


34		Wells Fargo Capital 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

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 Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

305351 09-17

A200/AR200 07-17

Annual Report

Wells Fargo Disciplined U.S. Core Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

Financial statements
Statement of assets and liabilities			16
Statement of operations			17
Statement of changes in net assets			18
Financial highlights			19

Notes to financial statements			25

Report of independent registered public accounting firm			30

Other information			31

List of abbreviations			38

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Funds

In bond markets, interest rates rose but remained at historically low levels amid subdued global growth and modest inflation.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Disciplined U.S. Core Fund for the 12-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 16.04% and 19.01%, for the 12-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 U.S. Aggregate Bond Index³ returned -1.28% and the Bloomberg Barclays Municipal Bond Index⁴ returned 0.26%as interest rates rose from low levels.

Globally, stock results moderated in the third quarter of 2016; bond interest rates remained low.

During the fourth quarter of 2016, investors awaited election results and central-bank actions.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released

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.

⁴	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.

⁵	The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.


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

Steady advancement in many markets marked the first seven months of 2017.

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

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

Sincerely,

LOGO

President

Wells Fargo Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.


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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Golden Capital Management, LLC

Portfolio managers

Justin Carr, CFA^®^‡

Greg Golden, CFA^®

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


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (EVSAX)	2-28-1990		8.54		13.64		6.98		15.12		14.99		7.62		0.87		0.87
Class C (EVSTX)	6-30-1999		13.27		14.12		6.82		14.27		14.12		6.82		1.62		1.62
Class R (EVSHX)	9-30-2015		–		–		–		14.86		14.69		7.33		1.12		1.12
Class R6 (EVSRX)	9-30-2015		–		–		–		15.56		15.48		8.03		0.44		0.43
Administrator Class (EVSYX)	2-21-1995		–		–		–		15.24		15.14		7.81		0.79		0.74
Institutional Class (EVSIX)	7-30-2010		–		–		–		15.51		15.46		8.01		0.54		0.48
S&P 500 Index⁴	–		–		–		–		16.04		14.78		7.74		–		–

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

Growth of $10,000 investment as of July 31, 2017⁵

^‡	Mr. Carr became a portfolio manager of the Fund on June 14, 2017.

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.

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 chart compares the performance of Class A shares for the most recent ten years with the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	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.

⁷	Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

^*	This security was not held in the Fund at the end of the reporting period.


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

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund underperformed its benchmark, the S&P 500 Index, for the 12-month period that ended July 31, 2017.

∎

Several sector-weighting decisions detracted from the Fund’s relative performance; stock selection in the consumer staples, health care, and information technology (IT) sectors also detracted.

∎

The Fund benefited from strong stock selection within the industrials, financials, and energy sectors.

A profit recovery for U.S. corporations began at the start of the reporting period. While the overall U.S. economy was not in recession up to that point, corporate profits were. The third and fourth quarters of 2016 were the first consecutive quarters of year-over-year profit growth for S&P 500 companies since the fourth quarter of 2014 and the first quarter of 2015. The blended S&P 500 Index earnings-growth rate of 14% for the first quarter of 2017 exceeded the consensus expectation of 9% and was the index’s highest year-over-year earnings-growth rate since the third quarter of 2011. As this commentary was being written, second-quarter 2017 earnings-reporting season was underway; it likely may mark the fourth-consecutive quarter of year-over-year profit growth. During the reporting period, the market rewarded the impressive recovery in profits.


Ten largest holdings(%) as of July 31, 2017⁶
Apple Incorporated			3.59%
Microsoft Corporation			3.19%
Berkshire Hathaway Incorporated Class B			2.34%
Johnson & Johnson			2.29%
Exxon Mobil Corporation			2.04%
Facebook Incorporated Class A			2.03%
Alphabet Incorporated Class C			1.98%
Bank of America Corporation			1.84%
Alphabet Incorporated Class A			1.79%
AT&T Incorporated			1.78%

Weakness in sector-weighting decisions and stock selection in several sectors detracted from Fund performance.

In terms of sector-weighting decisions, the most notable detractors included an underweight to the financials sector and overweights to the real estate, telecommunication services, and health care sectors. Regarding unfavorable stock selection, the Fund was negatively affected by underweights to Visa Incorporated in the IT sector and The Goldman Sachs Group, Incorporated,^* in the financials sector. Lack of exposure to Netflix, Incorporated, in the consumer discretionary sector and Broadcom Limited in the IT sector detracted as well. Overweights to the following companies also negatively affected performance:

The Kroger Company in the consumer staples sector and Simon Property Group, Incorporated,^* and GGP Incorporated in the real estate sector.

Sector distribution as of July 31, 2017⁷

LOGO

Overall, strong stock selection boosted the Fund’s relative performance.

Among the Fund’s IT holdings, an overweight to NVIDIA Corporation was the largest contributor to performance. Also, the Fund benefited from overweights to The Boeing Company in the industrials sector; Best Buy Company, Incorporated, in the consumer discretionary sector; and Bank of America Corporation and Regions Financial Corporation in the financials sector.

Our market outlook

After a steady, upward move, U.S. markets were trading at or near all-time highs at the end of the reporting period, propelled by better-than-anticipated corporate earnings.

We maintain a moderately positive outlook on the U.S. economy and believe monetary and fiscal policies likely may have a neutral impact on the markets over the short term. We expect the Trump administration to face continued challenges in implementing its policy agenda; however, we believe progrowth tax cuts and regulatory reform are likely to come to fruition eventually.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Disciplined U.S. Core Fund			7

Although investors have not been preoccupied with valuations in recent months, the S&P 500 Index’s 12-month forward-looking price/earnings ratio remained well above its 10-year average during the reporting period. Elevated valuations could leave the markets susceptible to negative shocks. Higher interest rates and reduced economic stimulus (use of monetary or fiscal policy changes to stimulate economic growth) make it unlikely that investors will be willing to pay even higher multiples for the same earnings; therefore, better-than-expected earnings likely will be required to propel markets higher.

We continue to believe the combination of lofty growth expectations and elevated valuations warrant caution when evaluating the risk/reward trade-off in stock markets. We also believe that a disciplined investment process with a sound basis for growth expectations and the proper perspective on valuation provides the best opportunity for consistent, successful stock investing over the long term.

We strive to deliver for shareholders.

Within the Fund, we strive to add value relative to the benchmark through a full market cycle, independent of overall market direction or movements by style (growth or value) or size (large or small). Our investment process will continue to focus on building a stock portfolio that emphasizes attractive valuations, earnings growth, earnings and sales momentum, earnings quality, and trading momentum. Based on our research and experience, we believe the Fund may provide shareholders with meaningful capital appreciation over time.

Please see footnotes on page 5.


8		Wells Fargo Disciplined U.S. Core Fund		Fund expenses (unaudited)

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 February 1, 2017 to July 31, 2017.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,087.39	$	4.38		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.60	$	4.24		0.85	%
Class C
Actual	$	1,000.00	$	1,083.57	$	8.25		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.88	$	7.98		1.60	%
Class R
Actual	$	1,000.00	$	1,086.18	$	5.67		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.49		1.10	%
Class R6
Actual	$	1,000.00	$	1,090.02	$	2.15		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.73	$	2.08		0.42	%
Administrator Class
Actual	$	1,000.00	$	1,087.89	$	3.83		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.12	$	3.71		0.74	%
Institutional Class
Actual	$	1,000.00	$	1,089.53	$	2.49		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.41	$	2.41		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—July 31, 2017		Wells Fargo Disciplined U.S. Core Fund			9


Security name	Shares		Value

Common Stocks: 99.42%

Consumer Discretionary: 11.89%

Automobiles: 1.63%
Ford Motor Company		753,597	$	8,455,358
General Motors Company		222,664		8,011,451

				16,466,809


Hotels, Restaurants & Leisure: 1.59%
Carnival Corporation		135,409		9,042,613
Starbucks Corporation		130,856		7,063,607

				16,106,220


Internet & Direct Marketing Retail: 1.78%
Amazon.com Incorporated †		13,431		13,266,873
Nutrisystem Incorporated		36,690		2,045,468
Wayfair Incorporated Class A †«		35,596		2,717,755

				18,030,096


Media: 3.29%
Comcast Corporation Class A		366,493		14,824,642
The Walt Disney Company		100,123		11,006,521
Time Warner Incorporated		39,540		4,049,687
Twenty-First Century Fox Incorporated Class A		120,357		3,502,389

				33,383,239


Multiline Retail: 0.52%
Big Lots Stores Incorporated «		61,265		3,043,033
Macy’s Incorporated		95,020		2,256,725

				5,299,758


Specialty Retail: 3.08%
Best Buy Company Incorporated		139,144		8,117,661
Staples Incorporated		461,471		4,683,931
The Home Depot Incorporated		105,223		15,741,361
The TJX Companies Incorporated		37,685		2,649,632

				31,192,585


Consumer Staples: 8.09%

Beverages: 0.82%
PepsiCo Incorporated		20,246		2,360,886
The Coca-Cola Company		129,070		5,916,569

				8,277,455


Food & Staples Retailing: 3.15%
CVS Health Corporation		129,825		10,376,912
The Kroger Company		233,036		5,714,043
Wal-Mart Stores Incorporated		161,685		12,933,183
Walgreens Boots Alliance Incorporated		35,899		2,895,972

				31,920,110

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


10		Wells Fargo Disciplined U.S. Core Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Food Products: 1.82%
Sanderson Farms Incorporated «		59,018	$	7,716,604
The Hershey Company		24,940		2,626,431
Tyson Foods Incorporated Class A		126,898		8,040,257

				18,383,292


Household Products: 0.76%
Kimberly-Clark Corporation		25,190		3,102,400
The Procter & Gamble Company		51,110		4,641,810

				7,744,210


Tobacco: 1.54%
Altria Group Incorporated		177,904		11,558,423
Philip Morris International		34,820		4,063,842

				15,622,265


Energy: 5.61%

Energy Equipment & Services: 0.46%
Schlumberger Limited		68,104		4,671,934


Oil, Gas & Consumable Fuels: 5.15%
Cabot Oil & Gas Corporation		91,793		2,282,892
Chevron Corporation		163,713		17,875,822
Exxon Mobil Corporation		257,662		20,623,266
Kinder Morgan Incorporated		103,555		2,115,629
ONEOK Incorporated		43,772		2,476,182
The Williams Companies Incorporated		70,817		2,250,564
Valero Energy Corporation		65,427		4,512,500

				52,136,855


Financials: 14.78%

Banks: 5.64%
Bank of America Corporation		773,107		18,647,341
Citigroup Incorporated		241,104		16,503,569
Citizens Financial Group Incorporated		58,626		2,056,600
JPMorgan Chase & Company		186,443		17,115,467
Regions Financial Corporation		192,973		2,817,406

				57,140,383


Capital Markets: 1.71%
Bank of New York Mellon Corporation		42,510		2,254,305
BGC Partners Incorporated		156,373		1,971,864
Eaton Vance Corporation		88,140		4,326,793
Lazard Limited Class A		70,001		3,269,747
Morgan Stanley		6,715		314,934
Northern Trust Corporation		20,624		1,804,806
State Street Corporation		36,262		3,380,706

				17,323,155

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


Portfolio of investments—July 31, 2017		Wells Fargo Disciplined U.S. Core Fund			11


Security name	Shares		Value

Consumer Finance: 1.03%
Discover Financial Services		33,030	$	2,012,848
Synchrony Financial		277,985		8,428,505

				10,441,353


Diversified Financial Services: 2.34%
Berkshire Hathaway Incorporated Class B †		135,518		23,711,584


Insurance: 4.06%
AFLAC Incorporated		98,742		7,874,675
Assured Guaranty Limited		170,862		7,690,499
Everest Reinsurance Group Limited		18,029		4,730,629
MetLife Incorporated		179,164		9,854,020
Prudential Financial Incorporated		78,098		8,843,037
The Allstate Corporation		23,859		2,171,169

				41,164,029


Health Care: 15.31%

Biotechnology: 2.42%
AbbVie Incorporated		80,263		5,611,186
Amgen Incorporated		67,971		11,861,619
Gilead Sciences Incorporated		91,753		6,981,486

				24,454,291


Health Care Equipment & Supplies: 2.41%
Abbott Laboratories		188,238		9,257,545
Baxter International Incorporated		123,799		7,487,364
Medtronic plc		91,383		7,673,431

				24,418,340


Health Care Providers & Services: 4.03%
Anthem Incorporated		11,558		2,152,215
Cardinal Health Incorporated		76,421		5,904,286
Express Scripts Holding Company †		43,960		2,753,654
Humana Incorporated		24,967		5,772,370
McKesson Corporation		41,677		6,746,256
UnitedHealth Group Incorporated		79,033		15,159,320
WellCare Health Plans Incorporated †		13,327		2,358,746

				40,846,847


Life Sciences Tools & Services: 0.52%
PRA Health Sciences Incorporated †		71,079		5,288,278


Pharmaceuticals: 5.93%
Bristol-Myers Squibb Company		113,740		6,471,806
Eli Lilly & Company		40,781		3,370,957
Johnson & Johnson		174,725		23,189,502
Merck & Company Incorporated		208,570		13,323,452
Pfizer Incorporated		414,617		13,748,700

				60,104,417

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


12		Wells Fargo Disciplined U.S. Core Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Industrials: 9.76%

Aerospace & Defense: 2.01%
L-3 Technologies Incorporated		14,695	$	2,571,184
The Boeing Company		62,108		15,058,706
United Technologies Corporation		22,955		2,721,774

				20,351,664


Air Freight & Logistics: 0.95%
FedEx Corporation		9,237		1,921,573
United Parcel Service Incorporated Class B		70,202		7,742,579

				9,664,152


Airlines: 1.67%
Delta Air Lines Incorporated		139,473		6,884,387
Hawaiian Holdings Incorporated †		113,873		4,714,342
United Continental Holdings Incorporated †		78,556		5,316,670

				16,915,399


Commercial Services & Supplies: 0.71%
Waste Management Incorporated		95,356		7,166,003


Construction & Engineering: 0.46%
MasTec Incorporated †		44,277		2,045,597
Quanta Services Incorporated †		76,847		2,592,049

				4,637,646


Electrical Equipment: 1.05%
Eaton Corporation plc		70,285		5,499,801
Emerson Electric Company		50,435		3,006,430
Rockwell Automation Incorporated		12,697		2,095,386

				10,601,617


Industrial Conglomerates: 1.49%
3M Company		23,887		4,805,348
General Electric Company		317,344		8,127,180
Honeywell International Incorporated		15,641		2,129,053

				15,061,581


Machinery: 1.04%
Cummins Incorporated		31,720		5,325,788
Illinois Tool Works Incorporated		23,609		3,322,022
Ingersoll-Rand plc		21,797		1,915,520

				10,563,330


Professional Services: 0.19%
Manpower Incorporated		18,087		1,938,022


Trading Companies & Distributors: 0.19%
Applied Industrial Technologies Incorporated		34,856		1,969,364

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


Portfolio of investments—July 31, 2017		Wells Fargo Disciplined U.S. Core Fund			13


Security name	Shares		Value

Information Technology: 23.33%

Communications Equipment: 1.62%
ARRIS International plc †		73,181	$	2,046,141
Cisco Systems Incorporated		457,241		14,380,229

				16,426,370


Electronic Equipment, Instruments & Components: 0.34%
Corning Incorporated		117,226		3,415,966


Internet Software & Services: 5.80%
Alphabet Incorporated Class A †		19,160		18,115,780
Alphabet Incorporated Class C †		21,589		20,088,565
Facebook Incorporated Class A †		121,431		20,552,197

				58,756,542


IT Services: 3.27%
Accenture plc Class A		67,076		8,640,730
International Business Machines Corporation		61,003		8,825,304
NeuStar Incorporated Class A †		90,142		3,010,743
The Western Union Company		212,771		4,202,227
Total System Services Incorporated		98,671		6,261,662
Visa Incorporated Class A		21,919		2,182,256

				33,122,922


Semiconductors & Semiconductor Equipment: 3.57%
Applied Materials Incorporated		129,426		5,734,866
Intel Corporation		350,078		12,417,267
Micron Technology Incorporated †		286,428		8,054,355
NVIDIA Corporation		36,801		5,980,531
Texas Instruments Incorporated		49,353		4,016,347

				36,203,366


Software: 4.39%
Microsoft Corporation		444,836		32,339,577
Oracle Corporation		242,125		12,089,301

				44,428,878


Technology Hardware, Storage & Peripherals: 4.34%
Apple Incorporated		244,378		36,346,340
HP Incorporated		400,955		7,658,241

				44,004,581


Materials: 3.67%

Chemicals: 1.79%
Huntsman Corporation		75,054		1,997,937
LyondellBasell Industries NV Class A		82,474		7,430,083
The Dow Chemical Company		135,935		8,732,464

				18,160,484

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


14		Wells Fargo Disciplined U.S. Core Fund		Portfolio of investments—July 31, 2017


Security name				Shares		Value

Containers & Packaging: 0.49%
Avery Dennison Corporation					53,804	$	5,000,006


Metals & Mining: 0.78%
Newmont Mining Corporation					212,674		7,905,093


Paper & Forest Products: 0.61%
Louisiana-Pacific Corporation †					244,741		6,145,447


Real Estate: 2.79%

Equity REITs: 2.79%
American Tower Corporation					69,164		9,429,128
Equinix Incorporated					20,341		9,168,299
GGP Incorporated					295,926		6,690,887
Prologis Incorporated					48,775		2,966,008

							28,254,322


Telecommunication Services: 2.00%

Diversified Telecommunication Services: 2.00%
AT&T Incorporated					462,663		18,043,857
Verizon Communications Incorporated					46,452		2,248,277

							20,292,134


Utilities: 2.19%

Electric Utilities: 1.79%
American Electric Power Company Incorporated					53,428		3,768,811
Exelon Corporation					238,482		9,143,400
PG&E Corporation					77,767		5,264,048

							18,176,259


Multi-Utilities: 0.40%
DTE Energy Company					37,439		4,008,218


Total Common Stocks (Cost $761,897,278)							1,007,296,871


	Yield
Short-Term Investments: 1.78%

Investment Companies: 1.78%
Securities Lending Cash Investment LLC (l)(r)(u)		1.25	%		13,021,998		13,023,300
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.89			5,020,581		5,020,581

Total Short-Term Investments (Cost $18,043,881)							18,043,881


Total investments in securities (Cost $779,941,159) *	101.20	%		1,025,340,752
Other assets and liabilities, net	(1.20	)		(12,158,580	)

Total net assets	100.00	%	$	1,013,182,172

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


Portfolio of investments—July 31, 2017		Wells Fargo Disciplined U.S. Core Fund			15

†	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.

*	Cost for federal income tax purposes is $784,065,347 and unrealized gains (losses) consists of:


Gross unrealized gains	$	255,331,708
Gross unrealized losses		(14,056,303	)

Net unrealized gains	$	241,275,405

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


16		Wells Fargo Disciplined U.S. Core Fund		Statement of assets and liabilities—July 31, 2017




Assets
Investments
In unaffiliated securities (including $12,754,026 of securities loaned), at value (cost $761,897,278)	$	1,007,296,871
In affiliated securities, at value (cost $18,043,881)		18,043,881

Total investments, at value (cost $779,941,159)		1,025,340,752
Receivable for Fund shares sold		1,118,094
Receivable for dividends		927,504
Receivable for securities lending income		1,642
Prepaid expenses and other assets		144,404

Total assets		1,027,532,396


Liabilities
Payable for Fund shares redeemed		702,264
Payable upon receipt of securities loaned		13,022,950
Management fee payable		286,221
Distribution fees payable		33,161
Administration fees payable		142,445
Accrued expenses and other liabilities		163,183

Total liabilities		14,350,224

Total net assets	$	1,013,182,172


NET ASSETS CONSIST OF
Paid-in capital	$	716,029,814
Undistributed net investment income		13,265,795
Accumulated net realized gains on investments		38,486,970
Net unrealized gains on investments		245,399,593

Total net assets	$	1,013,182,172


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	467,490,810
Shares outstanding – Class A¹		28,682,855
Net asset value per share – Class A		$16.30
Maximum offering price per share – Class A²		$17.29
Net assets – Class C	$	54,053,789
Shares outstanding – Class C¹		3,593,665
Net asset value per share – Class C		$15.04
Net assets – Class R	$	2,001,291
Shares outstanding – Class R¹		121,245
Net asset value per share – Class R		$16.51
Net assets – Class R6	$	41,769,659
Shares outstanding – Class R6¹		2,499,515
Net asset value per share – Class R6		$16.71
Net assets – Administrator Class	$	94,293,669
Shares outstanding – Administrator Class¹		5,641,707
Net asset value per share – Administrator Class		$16.71
Net assets – Institutional Class	$	353,572,954
Shares outstanding – Institutional Class¹		21,369,802
Net asset value per share – Institutional Class		$16.55

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—year ended July 31, 2017		Wells Fargo Disciplined U.S. Core Fund			17




Investment income
Dividends	$	20,074,616
Income from affiliated securities		53,758
Securities lending income, net		7,851

Total investment income		20,136,225


Expenses
Management fee		3,089,418
Administration fees
Class A		902,789
Class C		109,259
Class R		2,221
Class R6		8,025
Administrator Class		126,676
Institutional Class		358,226
Shareholder servicing fees
Class A		1,074,748
Class C		130,070
Class R		2,644
Administrator Class		243,220
Distribution fees
Class C		390,210
Class R		2,644
Custody and accounting fees		45,519
Professional fees		53,516
Registration fees		139,247
Shareholder report expenses		66,156
Trustees’ fees and expenses		21,493
Other fees and expenses		24,450

Total expenses		6,790,531
Less: Fee waivers and/or expense reimbursements		(137,479	)

Net expenses		6,653,052

Net investment income		13,483,173


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		40,249,528
Net change in unrealized gains (losses) on investments		73,326,880

Net realized and unrealized gains (losses) on investments		113,576,408

Net increase in net assets resulting from operations	$	127,059,581

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


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


	Year ended July 31, 2017						Year ended July 31, 2016

Operations
Net investment income				$	13,483,173					$	9,531,603
Net realized gains on investments					40,249,528						10,319,714
Net change in unrealized gains (losses) on investments					73,326,880						22,567,499

Net increase in net assets resulting from operations					127,059,581						42,418,816


Distributions to shareholders from
Net investment income
Class A					(4,241,326	)					(4,528,287	)
Class C					(349,824	)					(257,661	)
Class R					(11,093	)					(495	)¹
Class R6					(347,445	)					(1,177	)¹
Administrator Class					(881,706	)					(1,187,160	)
Institutional Class					(3,455,983	)					(1,510,103	)
Net realized gains
Class A					(5,786,410	)					(31,556,159	)
Class C					(762,481	)					(2,500,322	)
Class R					(10,965	)					(2,461	)¹
Class R6					(335,630	)					(5,847	)¹
Administrator Class					(1,132,641	)					(6,952,701	)
Institutional Class					(3,458,102	)					(8,572,495	)

Total distributions to shareholders					(20,773,606	)					(57,074,868	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		7,395,158			112,884,775			9,125,390			126,350,368
Class C		944,833			13,103,182			2,429,480			31,365,592
Class R		123,340			1,889,259			13,383	¹		196,826	¹
Class R6		2,649,029			41,071,466			289,003	¹		4,094,576	¹
Administrator Class		2,626,510			40,190,122			5,692,270			79,570,117
Institutional Class		17,067,003			262,837,225			8,264,426			115,262,034

					471,976,029						356,839,513

Reinvestment of distributions
Class A		632,192			9,490,471			2,569,607			34,920,049
Class C		67,906			944,467			155,194			1,959,119
Class R		1,447			22,058			212	¹		2,956	¹
Class R6		44,450			683,075			504	¹		7,024	¹
Administrator Class		122,191			1,880,016			553,449			7,715,022
Institutional Class		358,107			5,452,012			369,132			5,097,050

					18,472,099						49,701,220

Payment for shares redeemed
Class A		(7,798,736	)		(119,001,666	)		(4,670,412	)		(64,993,916	)
Class C		(897,430	)		(12,701,056	)		(532,257	)		(7,048,689	)
Class R		(17,137	)		(260,936	)		0	¹		0	¹
Class R6		(464,804	)		(7,429,067	)		(18,667	)¹		(273,006	)¹
Administrator Class		(4,970,876	)		(75,703,203	)		(2,402,412	)		(34,276,688	)
Institutional Class		(7,177,876	)		(112,590,745	)		(4,530,382	)		(66,406,281	)

					(327,686,673	)					(172,998,580	)

Net increase in net assets resulting from capital share transactions					162,761,455						233,542,153

Total increase in net assets					269,047,430						218,886,101


Net assets
Beginning of period					744,134,742						525,248,641

End of period				$	1,013,182,172					$	744,134,742

Undistributed net investment income				$	13,265,795					$	9,238,630

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

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


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

(For a share outstanding throughout each period)


	Year ended July 31
CLASS A	2017			2016			2015			2014			2013
Net asset value, beginning of period		$14.50			$15.45			$16.29			$16.27			$14.65
Net investment income		0.22			0.21			0.21			0.19			0.24
Net realized and unrealized gains (losses) on investments		1.94			0.47			1.60			2.35			3.25

Total from investment operations		2.16			0.68			1.81			2.54			3.49
Distributions to shareholders from
Net investment income		(0.15	)		(0.19	)		(0.16	)		(0.24	)		(0.24	)
Net realized gains		(0.21	)		(1.44	)		(2.49	)		(2.28	)		(1.63	)

Total distributions to shareholders		(0.36	)		(1.63	)		(2.65	)		(2.52	)		(1.87	)
Net asset value, end of period		$16.30			$14.50			$15.45			$16.29			$16.27
Total return¹		15.12	%		5.22	%		12.01	%		17.00	%		26.62	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.87	%		0.89	%		0.93	%		0.94	%
Net expenses		0.85	%		0.87	%		0.89	%		0.92	%		0.92	%
Net investment income		1.45	%		1.60	%		1.43	%		1.27	%		1.66	%
Supplemental data
Portfolio turnover rate		60	%		52	%		53	%		71	%		64	%
Net assets, end of period (000s omitted)		$467,491			$412,629			$331,123			$305,577			$285,780

¹	Total return calculations do not include any sales charges.

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)


	Year ended July 31
CLASS C	2017			2016			2015			2014			2013
Net asset value, beginning of period		$13.45			$14.50			$15.47			$15.58			$14.10
Net investment income		0.10			0.14			0.13			0.08			0.12
Net realized and unrealized gains (losses) on investments		1.79			0.38			1.48			2.23			3.12

Total from investment operations		1.89			0.52			1.61			2.31			3.24
Distributions to shareholders from
Net investment income		(0.09	)		(0.13	)		(0.09	)		(0.14	)		(0.13	)
Net realized gains		(0.21	)		(1.44	)		(2.49	)		(2.28	)		(1.63	)

Total distributions to shareholders		(0.30	)		(1.57	)		(2.58	)		(2.42	)		(1.76	)
Net asset value, end of period		$15.04			$13.45			$14.50			$15.47			$15.58
Total return¹		14.27	%		4.43	%		11.18	%		16.10	%		25.65	%
Ratios to average net assets (annualized)
Gross expenses		1.60	%		1.62	%		1.64	%		1.68	%		1.69	%
Net expenses		1.60	%		1.62	%		1.64	%		1.67	%		1.67	%
Net investment income		0.69	%		0.82	%		0.66	%		0.51	%		0.92	%
Supplemental data
Portfolio turnover rate		60	%		52	%		53	%		71	%		64	%
Net assets, end of period (000s omitted)		$54,054			$46,801			$20,680			$10,913			$9,544

¹	Total return calculations do not include any sales charges.

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)


	Year ended July 31
CLASS R	2017			2016¹
Net asset value, beginning of period		$14.77			$14.62
Net investment income		0.17	²		0.13	²
Net realized and unrealized gains (losses) on investments		1.99			1.72

Total from investment operations		2.16			1.85
Distributions to shareholders from
Net investment income		(0.21	)		(0.26	)
Net realized gains		(0.21	)		(1.44	)

Total distributions to shareholders		(0.42	)		(1.70	)
Net asset value, end of period		$16.51			$14.77
Total return³		14.86	%		13.56	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.12	%
Net expenses		1.10	%		1.12	%
Net investment income		1.10	%		1.12	%
Supplemental data
Portfolio turnover rate		60	%		52	%
Net assets, end of period (000s omitted)		$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.


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

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R6	2017			2016¹
Net asset value, beginning of period		$14.86			$14.62
Net investment income		0.28	²		0.22	²
Net realized and unrealized gains (losses) on investments		1.99			1.72

Total from investment operations		2.27			1.94
Distributions to shareholders from
Net investment income		(0.21	)		(0.26	)
Net realized gains		(0.21	)		(1.44	)

Total distributions to shareholders		(0.42	)		(1.70	)
Net asset value, end of period		$16.71			$14.86
Total return³		15.56	%		14.24	%
Ratios to average net assets (annualized)
Gross expenses		0.42	%		0.44	%
Net expenses		0.42	%		0.43	%
Net investment income		1.77	%		1.88	%
Supplemental data
Portfolio turnover rate		60	%		52	%
Net assets, end of period (000s omitted)		$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			23

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$14.85			$15.80			$16.60			$16.47			$14.79
Net investment income		0.25	¹		0.24	¹		0.25	¹		0.25	¹		0.28	¹
Net realized and unrealized gains (losses) on investments		1.98			0.48			1.63			2.35			3.27

Total from investment operations		2.23			0.72			1.88			2.60			3.55
Distributions to shareholders from
Net investment income		(0.16	)		(0.23	)		(0.19	)		(0.19	)		(0.24	)
Net realized gains		(0.21	)		(1.44	)		(2.49	)		(2.28	)		(1.63	)

Total distributions to shareholders		(0.37	)		(1.67	)		(2.68	)		(2.47	)		(1.87	)
Net asset value, end of period		$16.71			$14.85			$15.80			$16.60			$16.47
Total return		15.24	%		5.36	%		12.20	%		17.12	%		26.82	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.78	%		0.74	%		0.76	%		0.78	%
Net expenses		0.74	%		0.74	%		0.73	%		0.74	%		0.74	%
Net investment income		1.60	%		1.71	%		1.58	%		1.56	%		1.87	%
Supplemental data
Portfolio turnover rate		60	%		52	%		53	%		71	%		64	%
Net assets, end of period (000s omitted)		$94,294			$116,807			$63,544			$50,498			$127,384

¹	Calculated based upon average shares outstanding

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


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

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$14.72			$15.66			$16.47			$16.43			$14.78
Net investment income		0.27	¹		0.28	¹		0.30			0.26	¹		0.35
Net realized and unrealized gains (losses) on investments		1.98			0.47			1.61			2.37			3.23

Total from investment operations		2.25			0.75			1.91			2.63			3.58
Distributions to shareholders from
Net investment income		(0.21	)		(0.25	)		(0.23	)		(0.31	)		(0.30	)
Net realized gains		(0.21	)		(1.44	)		(2.49	)		(2.28	)		(1.63	)

Total distributions to shareholders		(0.42	)		(1.69	)		(2.72	)		(2.59	)		(1.93	)
Net asset value, end of period		$16.55			$14.72			$15.66			$16.47			$16.43
Total return		15.51	%		5.64	%		12.55	%		17.48	%		27.16	%
Ratios to average net assets (annualized)
Gross expenses		0.52	%		0.54	%		0.47	%		0.50	%		0.51	%
Net expenses		0.48	%		0.48	%		0.47	%		0.48	%		0.48	%
Net investment income		1.76	%		1.96	%		1.86	%		1.63	%		2.08	%
Supplemental data
Portfolio turnover rate		60	%		52	%		53	%		71	%		64	%
Net assets, end of period (000s omitted)		$353,573			$163,674			$109,901			$91,144			$1,875

¹	Calculated based upon average shares outstanding

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


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

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

Securities valuation

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

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

Security loans


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

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

Federal and other taxes

Undistributed net

investment income

Accumulated net

realized gains

on investments

$(168,631)

$168,631

Class allocations

3. FAIR VALUATION MEASUREMENTS


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

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 July 31, 2017:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	120,478,707	$	0	$	0	$	120,478,707
Consumer staples		81,947,332		0		0		81,947,332
Energy		56,808,789		0		0		56,808,789
Financials		149,780,504		0		0		149,780,504
Health care		155,112,173		0		0		155,112,173
Industrials		98,868,778		0		0		98,868,778
Information technology		236,358,625		0		0		236,358,625
Materials		37,211,030		0		0		37,211,030
Real estate		28,254,322		0		0		28,254,322
Telecommunications		20,292,134		0		0		20,292,134
Utilities		22,184,477		0		0		22,184,477

Short-term investments
Investment companies		5,020,581		0		0		5,020,581
Investments measured at net asset value*								13,023,300
Total assets	$	1,012,317,452	$	0	$	0	$	1,025,340,752

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 $13,023,300 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

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


28		Wells Fargo Disciplined U.S. Core Fund		Notes to financial statements

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

Administration fees


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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.87% for Class A shares, 1.62% for Class C shares, 1.12% for Class R shares, 0.43% for Class R6 shares, 0.74% for Administrator Class shares, and 0.48% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

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

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2017, Funds Distributor received $62,747 from the sale of Class A shares and $524 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended July 31, 2017.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2017 were $682,759,499 and $517,645,198, respectively.


Notes to financial statements		Wells Fargo Disciplined U.S. Core Fund			29

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) and Wells Fargo Variable Trust are parties to a $250,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.25% of the unused balance is allocated to each participating fund. Prior to August 30, 2016, the revolving credit agreement amount was $200,000,000 and the annual commitment fee was equal to 0.20% of the unused balance which was allocated to each participating fund.

For the year ended July 31, 2017, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2017 and July 31, 2016 were as follows:


	Year ended July 31
	2017		2016
Ordinary income	$	9,287,377	$	14,963,940
Long-term capital gain		11,486,229		42,110,928

As of July 31, 2017, the components of distributable earnings on a tax basis were as follows:

Undistributed

ordinary

income

Undistributed

long-term

gain

Unrealized

gains

$27,351,459

$28,572,795

$241,275,405

8. INDEMNIFICATION

9. REGULATORY CHANGES


30		Wells Fargo Disciplined U.S. Core Fund		Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Disciplined U.S. Core Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Disciplined U.S. Core Fund as of July 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts


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

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July, 31, 2017.

Pursuant to Section 852 of the Internal Revenue Code, $11,486,229 was designated as a 20% rate gain distribution for the fiscal year ended July, 31, 2017.

Pursuant to Section 854 of the Internal Revenue Code, $9,287,216 of income dividends paid during the fiscal year ended July, 31, 2017 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

SPECIAL MEETING OF SHAREHOLDERS

On May 26, 2017, a Special Meeting of Shareholders for the Fund was held to consider the following proposal. The results of the proposal are indicated below.

Proposal – To consider and act upon a new investment sub-advisory agreement with Golden Capital Management, LLC:


Shares Voted “For”			22,172,899
Shares Voted “Against”			763,286
Shares Voted “Abstain”			8,049,524

PORTFOLIO HOLDINGS INFORMATION


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

BOARD OF TRUSTEES AND OFFICERS

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	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 an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Disciplined U.S. Core Fund			33


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

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

Advisory Board Members


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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	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.	None


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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
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 in the Fund Complex and Assistant Treasurer of 69 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.


Other information (unaudited)		Wells Fargo Disciplined U.S. Core Fund			35

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Disciplined U.S. Core Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Golden Capital Management, LLC (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

The Board noted that the Board approved a new Sub-Advisory Agreement with the Sub-Adviser (the “New Sub-Advisory Agreement”) for the Fund at a previous Board meeting held on February 28-March 1, 2017 due to an impending transaction that will result in a “change of control” (as defined in the 1940 Act) of the Sub-Adviser that is expected to occur on or about July 1, 2017. The Board further noted that the current Sub-Advisory Agreement with the Sub-Adviser (the “Current Sub-Advisory Agreement”) for the Fund will only continue in effect until the Golden Transaction occurs, at which time the Current Sub-Advisory Agreement will automatically terminate and the New Sub-Advisory Agreement will become effective.


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

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended December 31, 2016. The Board considered these results in comparison to the performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the average performance of the Universe for all the periods under review. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, the S&P 500 Index, for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups for all share classes.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

Profitability


Other information (unaudited)		Wells Fargo Disciplined U.S. Core Fund			37

received and considered information concerning the profitability of the Sub-Adviser from providing services to the fund family as a whole, noting that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Wells Fargo and Funds Management profitability analysis.

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser, fees earned by Funds Management from managing a private investment vehicle for the fund family’s securities lending collateral and commissions earned by an affiliated broker from portfolio transactions.

Conclusion


38		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

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 Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals:
1-866-765-0778

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

305352 09-17

A203/AR203 07-17

Annual Report

Wells Fargo Endeavor Select Fund

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Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

Financial statements
Statement of assets and liabilities			12
Statement of operations			13
Statement of changes in net assets			14
Financial highlights			15

Notes to financial statements			19

Report of independent registered public accounting firm			24

Other information			25

List of abbreviations			32

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Funds

In bond markets, interest rates rose but remained at historically low levels amid subdued global growth and modest inflation.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Endeavor Select Fund for the 12-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 16.04% and 19.01%, for the 12-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 U.S. Aggregate Bond Index³ returned -1.28% and the Bloomberg Barclays Municipal Bond Index⁴ returned 0.26% as interest rates rose from low levels.

Globally, stock results moderated in the third quarter of 2016; bond interest rates remained low.

During the fourth quarter of 2016, investors awaited election results and central-bank actions.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released

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.

⁴	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.

⁵	The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.


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

Steady advancement in many markets marked the first seven months of 2017.

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

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

Sincerely,

LOGO

President

Wells Fargo Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.


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 July 31, 2017


		Including sales charge						Excluding sales charge						Expense ratios¹ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net²
Class A (STAEX)	12-29-2000		12.48		12.33		6.12		19.39		13.67		6.75		1.28		1.20
Class C (WECCX)	12-29-2000		17.46		12.83		5.96		18.46		12.83		5.96		2.03		1.95
Administrator Class (WECDX)	4-8-2005		–		–		–		19.71		13.97		7.02		1.20		1.00
Institutional Class (WFCIX)	4-8-2005		–		–		–		19.87		14.16		7.21		0.95		0.80
Russell 1000^® Growth Index³	–		–		–		–		18.05		15.60		9.36		–		–

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

Growth of $10,000 investment as of July 31, 2017⁴

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.

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 chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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 Endeavor Select Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund outperformed its benchmark, the Russell 1000^® Growth Index, for the 12-month period that ended July 31, 2017.

∎

Stock selection in the information technology (IT) sector contributed to performance.

∎

Stock selection within the industrials and consumer discretionary sectors detracted from performance.


Ten largest holdings (%) as of July 31, 2017⁵
Amazon.com Incorporated			6.70
Alphabet Incorporated Class A			5.23
Visa Incorporated Class A			4.94
UnitedHealth Group Incorporated			4.93
Microsoft Corporation			4.29
The Home Depot Incorporated			4.12
Facebook Incorporated Class A			3.50
Waste Connections Incorporated			3.42
Celgene Corporation			3.24
Salesforce.com Incorporated			2.91

The Fund’s IT holdings contributed to relative performance.

Within the IT sector, stock selection in the internet and software industries contributed to returns. Tencent Holdings Limited, a Chinese provider of a popular messaging app and mobile games, continued to post high sales growth as the company monetized its large user base by selling more advertising. The shares followed positive sales and earnings revisions higher throughout the period. Software-related holdings also contributed to performance within the IT sector. Electronic Arts Incorporated added to results after reporting a significant and growing percentage of revenue from digital sales, which carry a more favorable

margin profile than hard-copy game units. The higher-margin sales helped drive sales and earnings that exceeded the consensus expectations, leading the company’s stock to appreciate sharply over the reporting period. The Fund’s position in PayPal Holdings, Incorporated, contributed notably as well within the IT sector. PayPal experienced strong growth in active accounts and mobile-transaction volumes across global geographies, and its shares appreciated after the company reported results that exceeded analysts’ expectations and increased its guidance.

Sector distribution as of July 31, 2017⁶

Stock selection in the industrials and consumer discretionary sectors detracted from results.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Endeavor Select Fund			7

Within the Fund’s consumer discretionary holdings, The TJX Companies, Incorporated, was a notable detractor. The operator of off-price retailers TJ Maxx, Marshalls, and HomeGoods was not immune to a weak retail environment. TJX Companies reported sales results that fell below analysts’ expectations due to disappointing results for same-store sales. The company also lowered its future guidance. We viewed the weakness as partly due to transitory events, such as delayed tax refunds and inclement weather. Therefore, we maintained a position in TJX at the end of the reporting period given the company’s leadership position in off-price retail, a category which may continue to take market share from traditional full-price retail.

While we are cautious in terms of macroeconomic conditions, we remain confident in the Fund’s positioning.

Please see footnotes on page 5.


8		Wells Fargo Endeavor Select Fund		Fund expenses (unaudited)

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 February 1, 2017 to July 31, 2017.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,168.38	$	6.45		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.84	$	6.01		1.20	%
Class C
Actual	$	1,000.00	$	1,164.38	$	10.46		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.12	$	9.74		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,170.32	$	5.38		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,170.59	$	4.31		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		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—July 31, 2017		Wells Fargo Endeavor Select Fund			9


Security name	Shares		Value

Common Stocks: 96.60%

Consumer Discretionary: 18.09%

Hotels, Restaurants & Leisure: 1.16%
Starbucks Corporation		35,200	$	1,900,096


Internet & Direct Marketing Retail: 8.30%
Amazon.com Incorporated †		11,153		11,016,711
Ctrip.com International Limited ADR †		44,300		2,646,039

				13,662,750


Media: 2.19%
Charter Communications Incorporated Class A †		9,200		3,605,572


Specialty Retail: 6.44%
The Home Depot Incorporated		45,283		6,774,337
The TJX Companies Incorporated		54,417		3,826,059

				10,600,396


Financials: 7.59%

Capital Markets: 6.12%
Intercontinental Exchange Incorporated		64,415		4,297,125
Raymond James Financial Incorporated		31,700		2,637,123
S&P Global Incorporated		20,378		3,129,857

				10,064,105


Consumer Finance: 1.47%
SLM Corporation †		219,300		2,429,844


Health Care: 15.47%

Biotechnology: 4.03%
Celgene Corporation †		39,379		5,332,310
Gilead Sciences Incorporated		17,000		1,293,530

				6,625,840


Health Care Equipment & Supplies: 6.51%
Baxter International Incorporated		40,300		2,437,344
Boston Scientific Corporation †		106,500		2,835,030
Edwards Lifesciences Corporation †		24,700		2,844,946
Hologic Incorporated †		58,500		2,586,285

				10,703,605


Health Care Providers & Services: 4.93%
UnitedHealth Group Incorporated		42,300		8,113,563


Industrials: 8.97%

Aerospace & Defense: 1.87%
Northrop Grumman Corporation		11,700		3,078,621

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


10		Wells Fargo Endeavor Select Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Airlines: 1.11%
Spirit Airlines Incorporated †		46,900	$	1,822,065


Commercial Services & Supplies: 3.42%
Waste Connections Incorporated		86,660		5,631,167


Professional Services: 2.57%
TransUnion †		92,192		4,225,159


Information Technology: 39.78%

Communications Equipment: 1.50%
Harris Corporation		21,600		2,472,552


Internet Software & Services: 12.82%
Alphabet Incorporated Class A †		9,099		8,603,105
Alphabet Incorporated Class C †		2,450		2,279,725
Facebook Incorporated Class A †		34,049		5,762,793
Tencent Holdings Limited ADR		110,700		4,442,092

				21,087,715


IT Services: 12.43%
Fidelity National Information Services Incorporated		49,200		4,488,024
PayPal Holdings Incorporated †		57,800		3,384,190
Total System Services Incorporated		70,300		4,461,238
Visa Incorporated Class A		81,558		8,119,914

				20,453,366


Semiconductors & Semiconductor Equipment: 2.23%
Broadcom Limited		14,900		3,675,234


Software: 10.80%
Activision Blizzard Incorporated		48,400		2,990,152
Electronic Arts Incorporated †		25,100		2,930,174
Microsoft Corporation		97,100		7,059,170
Salesforce.com Incorporated †		52,700		4,785,160

				17,764,656


Materials: 5.05%

Chemicals: 2.59%
The Sherwin-Williams Company		12,600		4,249,602


Construction Materials: 2.46%
Vulcan Materials Company		32,900		4,050,648


Real Estate: 1.65%

Equity REITs: 1.65%
SBA Communications Corporation †		19,700		2,709,735


Total Common Stocks (Cost $107,604,117)				158,926,291

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


Portfolio of investments—July 31, 2017		Wells Fargo Endeavor Select Fund			11


Security name	Yield			Shares		Value

Short-Term Investments: 2.73%

Investment Companies: 2.73%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.89	%		4,487,680	$	4,487,680


Total Short-Term Investments (Cost $4,487,680)							4,487,680


Total investments in securities (Cost $112,091,797) *	99.33	%		163,413,971
Other assets and liabilities, net	0.67			1,108,012

Total net assets	100.00	%	$	164,521,983

†	Non-income-earning security

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

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

*	Cost for federal income tax purposes is $112,525,218 and unrealized gains (losses) consists of:


Gross unrealized gains	$	52,489,429
Gross unrealized losses		(1,600,676	)

Net unrealized gains	$	50,888,753

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


12		Wells Fargo Endeavor Select Fund		Statement of assets and liabilities—July 31, 2017




Assets
Investments
In unaffiliated securities, at value (cost $107,604,117)	$	158,926,291
In affiliated securities, at value (cost $4,487,680)		4,487,680

Total investments, at value (cost $112,091,797)		163,413,971
Receivable for investments sold		1,331,195
Receivable for Fund shares sold		36,591
Receivable for dividends		4,642
Receivable for securities lending income		939
Prepaid expenses and other assets		118,181

Total assets		164,905,519


Liabilities
Payable for investments purchased		100,758
Payable for Fund shares redeemed		96,240
Management fee payable		86,654
Distribution fees payable		2,326
Administration fees payable		19,367
Shareholder report expenses payable		58,672
Accrued expenses and other liabilities		19,519

Total liabilities		383,536

Total net assets	$	164,521,983


NET ASSETS CONSIST OF
Paid-in capital	$	90,543,368
Undistributed net investment income		159,330
Accumulated net realized gains on investments		22,497,111
Net unrealized gains on investments		51,322,174

Total net assets	$	164,521,983


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	12,952,747
Shares outstanding – Class A¹		1,425,016
Net asset value per share – Class A		$9.09
Maximum offering price per share – Class A²		$9.64
Net assets – Class C	$	3,675,837
Shares outstanding – Class C¹		540,554
Net asset value per share – Class C		$6.80
Net assets – Administrator Class	$	3,694,765
Shares outstanding – Administrator Class¹		384,238
Net asset value per share – Administrator Class		$9.62
Net assets – Institutional Class	$	144,198,634
Shares outstanding – Institutional Class¹		14,485,787
Net asset value per share – Institutional Class		$9.95

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—year ended July 31, 2017		Wells Fargo Endeavor Select Fund			13




Investment income
Dividends (net of foreign withholding taxes of $28,864)	$	1,444,421
Income from affiliated securities		8,529
Securities lending income, net		1,705

Total investment income		1,454,655


Expenses
Management fee		1,198,172
Administration fees
Class A		30,787
Class B		5	¹
Class C		8,361
Administrator Class		5,256
Institutional Class		193,024
Shareholder servicing fees
Class A		36,652
Class B		6	¹
Class C		9,953
Administrator Class		10,108
Distribution fees
Class B		18	¹
Class C		29,859
Custody and accounting fees		13,912
Professional fees		45,394
Registration fees		2,070
Shareholder report expenses		2,307
Trustees’ fees and expenses		21,296
Other fees and expenses		12,402

Total expenses		1,619,582
Less: Fee waivers and/or expense reimbursements		(137,704	)

Net expenses		1,481,878

Net investment loss		(27,223	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		31,650,789
Net change in unrealized gains (losses) on investments		(1,943,395	)

Net realized and unrealized gains (losses) on investments		29,707,394

Net increase in net assets resulting from operations	$	29,680,171

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.


14		Wells Fargo Endeavor Select Fund		Statement of changes in net assets


	Year ended July 31, 2017						Year ended July 31, 2016

Operations
Net investment loss				$	(27,223	)				$	(51,395	)
Net realized gains on investments					31,650,789						23,772,212
Net change in unrealized gains (losses) on investments					(1,943,395	)					(28,678,764	)

Net increase (decrease) in net assets resulting from operations					29,680,171						(4,957,947	)


Distributions to shareholders from
Net investment income
Institutional Class					(104,471	)					0
Net realized gains
Class A					(2,338,187	)					(8,268,795	)
Class B					0	¹					(16,431	)
Class C					(802,158	)					(2,442,837	)
Administrator Class					(612,919	)					(2,258,097	)
Institutional Class					(20,446,180	)					(70,034,159	)

Total distributions to shareholders					(24,303,915	)					(83,020,319	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		223,513			1,869,031			272,747			2,727,507
Class C		16,419			100,249			32,097			275,581
Administrator Class		43,507			395,396			48,161			477,125
Institutional Class		926,362			8,245,314			3,567,469			43,696,914

					10,609,990						47,177,127

Reinvestment of distributions
Class A		285,522			2,141,414			899,011			7,758,473
Class B		0	¹		0	¹		2,395			16,431
Class C		141,389			797,434			348,974			2,393,965
Administrator Class		74,930			594,196			241,051			2,176,690
Institutional Class		2,494,029			20,451,160			7,234,603			67,137,120

					23,984,204						79,482,679

Payment for shares redeemed
Class A		(1,149,400	)		(9,511,750	)		(1,012,779	)		(9,431,420	)
Class B		(3,203	)¹		(22,604	)¹		(7,902	)		(76,962	)
Class C		(301,126	)		(1,863,589	)		(276,572	)		(2,145,911	)
Administrator Class		(294,386	)		(2,594,416	)		(2,756,526	)		(35,152,614	)
Institutional Class		(5,816,960	)		(53,011,376	)		(9,332,927	)		(98,111,368	)

					(67,003,735	)					(144,918,275	)

Net decrease in net assets resulting from capital share transactions					(32,409,541	)					(18,258,469	)

Total decrease in net assets					(27,033,285	)					(106,236,735	)


Net assets
Beginning of period					191,555,268						297,792,003

End of period				$	164,521,983					$	191,555,268

Undistributed net investment income				$	159,330					$	0

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

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


Financial highlights		Wells Fargo Endeavor Select Fund			15

(For a share outstanding throughout each period)


	Year ended July 31
CLASS A	2017			2016			2015			2014			2013
Net asset value, beginning of period		$8.96			$13.74			$14.13			$12.52			$10.45
Net investment income (loss)		(0.03	)¹		(0.04	)¹		(0.08	)¹		(0.09	)¹		0.00	^1,2
Net realized and unrealized gains (losses) on investments		1.49			(0.14	)		1.65			2.37			2.07

Total from investment operations		1.46			(0.18	)		1.57			2.28			2.07
Distributions to shareholders from
Net realized gains		(1.33	)		(4.60	)		(1.96	)		(0.67	)		0.00
Net asset value, end of period		$9.09			$8.96			$13.74			$14.13			$12.52
Total return³		19.39	%		(0.07	)%		12.14	%		18.40	%		19.81	%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.28	%		1.24	%		1.25	%		1.26	%
Net expenses		1.20	%		1.20	%		1.23	%		1.24	%		1.25	%
Net investment income (loss)		(0.33	)%		(0.36	)%		(0.55	)%		(0.66	)%		0.03	%
Supplemental data
Portfolio turnover rate		59	%		79	%		126	%		100	%		97	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS C	2017			2016			2015			2014			2013
Net asset value, beginning of period		$7.09			$11.93			$12.61			$11.32			$9.51
Net investment loss		(0.07	)¹		(0.09	)¹		(0.16	)¹		(0.17	)¹		(0.07	)¹
Net realized and unrealized gains (losses) on investments		1.11			(0.15	)		1.44			2.13			1.88

Total from investment operations		1.04			(0.24	)		1.28			1.96			1.81
Distributions to shareholders from
Net realized gains		(1.33	)		(4.60	)		(1.96	)		(0.67	)		0.00
Net asset value, end of period		$6.80			$7.09			$11.93			$12.61			$11.32
Total return²		18.46	%		(0.76	)%		11.21	%		17.60	%		18.93	%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		2.03	%		1.99	%		2.00	%		2.01	%
Net expenses		1.95	%		1.95	%		1.99	%		1.99	%		2.00	%
Net investment loss		(1.08	)%		(1.11	)%		(1.32	)%		(1.41	)%		(0.72	)%
Supplemental data
Portfolio turnover rate		59	%		79	%		126	%		100	%		97	%
Net assets, end of period (000s omitted)		$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.

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


Financial highlights		Wells Fargo Endeavor Select Fund			17

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$9.38			$14.13			$14.45			$12.78			$10.63
Net investment income (loss)		(0.01	)¹		0.01	¹		(0.05	)¹		(0.06	)¹		0.03	¹
Net realized and unrealized gains (losses) on investments		1.58			(0.16	)		1.69			2.42			2.12

Total from investment operations		1.57			(0.15	)		1.64			2.36			2.15
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.02	)		0.00
Net realized gains		(1.33	)		(4.60	)		(1.96	)		(0.67	)		0.00

Total distributions to shareholders		(1.33	)		(4.60	)		(1.96	)		(0.69	)		0.00
Net asset value, end of period		$9.62			$9.38			$14.13			$14.45			$12.78
Total return		19.71	%		0.16	%		12.38	%		18.77	%		20.13	%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.14	%		1.05	%		1.06	%		1.08	%
Net expenses		1.00	%		1.00	%		0.99	%		1.00	%		1.00	%
Net investment income (loss)		(0.12	)%		0.06	%		(0.32	)%		(0.42	)%		0.23	%
Supplemental data
Portfolio turnover rate		59	%		79	%		126	%		100	%		97	%
Net assets, end of period (000s omitted)		$3,695			$5,254			$42,776			$48,560			$68,611

¹	Calculated based upon average shares outstanding

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


18		Wells Fargo Endeavor Select Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$9.65			$14.39			$14.65			$12.95			$10.75
Net investment income (loss)		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		1.64			(0.14	)		1.71			2.45			2.14

Total from investment operations		1.64			(0.14	)		1.70			2.42			2.20
Distributions to shareholders from
Net investment income		(0.01	)		0.00			0.00			(0.05	)		0.00
Net realized gains		(1.33	)		(4.60	)		(1.96	)		(0.67	)		0.00

Total distributions to shareholders		(1.34	)		(4.60	)		(1.96	)		(0.72	)		0.00
Net asset value, end of period		$9.95			$9.65			$14.39			$14.65			$12.95
Total return		19.87	%		0.27	%		12.63	%		18.98	%		20.37	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.95	%		0.81	%		0.82	%		0.83	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.05	%		0.04	%		(0.09	)%		(0.22	)%		0.50	%
Supplemental data
Portfolio turnover rate		59	%		79	%		126	%		100	%		97	%
Net assets, end of period (000s omitted)		$144,199			$162,935			$221,801			$618,502			$508,685

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

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


Notes to financial statements		Wells Fargo Endeavor Select 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 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

Securities valuation

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

Security loans


20		Wells Fargo Endeavor Select Fund		Notes to financial statements

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.

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

Federal and other taxes

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. In addition, the Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to corporate actions and equalization payments. At July 31, 2017, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital

Undistributed net

investment income

Accumulated net
realized gains
on investments

$1,090,000

$291,024

$(1,381,024)

Class allocations


Notes to financial statements		Wells Fargo Endeavor Select Fund			21

3. FAIR VALUATION MEASUREMENTS

∎

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 July 31, 2017:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	29,768,814	$	0	$	0	$	29,768,814
Financials		12,493,949		0		0		12,493,949
Health care		25,443,008		0		0		25,443,008
Industrials		14,757,012		0		0		14,757,012
Information technology		65,453,523		0		0		65,453,523
Materials		8,300,250		0		0		8,300,250
Real estate		2,709,735		0		0		2,709,735

Short-term investments
Investment companies		4,487,680		0		0		4,487,680
Total assets	$	163,413,971	$	0	$	0	$	163,413,971

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee


22		Wells Fargo Endeavor Select Fund		Notes to financial statements

Administration fees


	Class-level administration fee
Class A, Class B, 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, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class C shares, 1.00% for Administrator Class shares, and 0.80% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

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

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended July 31, 2017, Funds Distributor received $2,257 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A, Class B, and Class C shares for the year ended July 31, 2017.

Shareholder servicing fees

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

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

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2017 were $100,575,181 and $163,590,903, respectively.

6. BANK BORROWINGS


Notes to financial statements		Wells Fargo Endeavor Select Fund			23

For the year ended July 31, 2017, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2017 and July 31, 2016 were as follows:


	Year ended July 31
	2017		2016
Ordinary income	$	104,471	$	7,366,840
Long-term capital gain		24,199,444		75,653,479

As of July 31, 2017, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$2,393,518	$20,696,344	$50,888,753

8. CONCENTRATION RISK

9. INDEMNIFICATION

10. REGULATORY CHANGES


24		Wells Fargo Endeavor Select Fund		Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Endeavor Select Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Endeavor Select Fund as of July 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts


Other information (unaudited)		Wells Fargo Endeavor Select Fund			25

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 50.83% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2017.

Pursuant to Section 852 of the Internal Revenue Code, $25,289,444 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2017. Long-term capital gains in the amount of $1,090,000 were distributed in connection with Fund share redemptions.

Pursuant to Section 854 of the Internal Revenue Code, $60,647 of income dividends paid during the fiscal year ended July 31, 2017 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


26		Wells Fargo Endeavor Select Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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	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 an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Endeavor Select Fund			27


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

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

Advisory Board Members


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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	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.	None


28		Wells Fargo Endeavor Select 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 in the Fund Complex and Assistant Treasurer of 69 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.


Other information (unaudited)		Wells Fargo Endeavor Select Fund			29

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Endeavor Select Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


30		Wells Fargo Endeavor Select Fund		Other information (unaudited)

(“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was lower than the average performance of the Universe for all periods under review ended December 31, 2016, but the Board noted that the performance ranking of the Fund in the Universe had improved from the prior quarter-end for the one- and three-year periods ended March 31, 2017. The Board also noted that the performance of the Fund was lower than its benchmark, the Russell 1000^® Growth Index, for all periods under review ended December 31, 2016.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups for all share classes.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates


Other information (unaudited)		Wells Fargo Endeavor Select Fund			31

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


32		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

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 Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

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

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals:
1-866-765-0778

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

305353 09-17

A205/AR205 07-17

Annual Report

Wells Fargo Growth Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

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			22

Report of independent registered public accounting firm			28

Other information			29

List of abbreviations			36

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Growth Fund		Letter to shareholders (unaudited)

LOGO

President

Wells Fargo Funds

In bond markets, interest rates rose but remained at historically low levels amid subdued global growth and modest inflation.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Growth Fund for the 12-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 16.04% and 19.01%, for the 12-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 U.S. Aggregate Bond Index³ returned -1.28% and the Bloomberg Barclays Municipal Bond Index⁴ returned 0.26% as interest rates rose from low levels.

Globally, stock results moderated in the third quarter of 2016; bond interest rates remained low.

During the fourth quarter of 2016, investors awaited election results and central-bank actions.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released

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.

⁴	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.

⁵	The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Growth Fund			3

Steady advancement in many markets marked the first seven months of 2017.

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

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

Sincerely,

LOGO

President

Wells Fargo Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.

For further information about your Fund, contact your investment professional, visit our website at

wellsfargofunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.


4		Wells Fargo Growth Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®, CPA

Thomas C. Ognar, CFA^®

Bruce C. Olson, CFA^®

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


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (SGRAX)	2-24-2000		9.28		11.07		9.42		15.95		12.39		10.07		1.15		1.15
Class C (WGFCX)	12-26-2002		14.05		11.55		9.25		15.05		11.55		9.25		1.90		1.90
Class R6 (SGRHX)	9-30-2015		–		–		–		16.49		12.89		10.57		0.72		0.70
Administrator Class (SGRKX)	8-30-2002		–		–		–		16.20		12.63		10.35		1.07		0.96
Institutional Class (SGRNX)	2-24-2000		–		–		–		16.44		12.87		10.56		0.82		0.75
Russell 3000^®Growth Index⁴	–		–		–		–		18.02		15.52		9.29		–		–

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

Growth of $10,000 investment as of July 31, 2017⁵

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.

The manager has contractually committed through November 30, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waivers at 1.16% for Class A, 1.91% for Class C, 0.70% for Class R6, 0.96% for Administrator Class, and 0.75% for Institutional Class. 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 chart compares the performance of Class A shares for the most recent ten years with the Russell 3000^®Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	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.

⁷	Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

^*	This security was not held in the Fund at the end of the reporting period.


6		Wells Fargo Growth Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund underperformed its benchmark, the Russell 3000^® Growth Index, for the 12-month period that ended July 31, 2017.

∎

Stock selection within the consumer discretionary and information technology (IT) sectors detracted from the Fund’s performance for the period.

∎

The Fund’s performance benefited from an underweight to stocks in the consumer staples sector and strong stock selection in the health care sector.

Challenges the Fund faced in the first five months of the period faded in 2017, and performance rebounded.

During the last five months of 2016 historically low interest rates drove investors to continue to seek alternative sources of income via dividend-paying stocks. As a result, stocks paying dividend yields greater than 2% contributed disproportionately to the total return of the Russell 3000^® Growth Index during the last five months of 2016; also, the market environment often was influenced by investor sentiment rather than by fundamentals during these months. The six-week period following the U.S. presidential election in November 2016 further challenged the Fund as investors—anticipating infrastructure spending under the new administration—rotated out of IT and health care stocks in favor of more cyclical companies. All of these dynamics combined drove the majority of the Fund’s underperformance through the end of 2016; navigating through these events was difficult given our emphasis on adding value through bottom-up selection of faster-growing stocks. However, the Fund’s performance improved dramatically in 2017 as investors shifted their focus away from dividends and back to fundamentals. From January 2017 through the end of the reporting period, the markets were driven by faster-growing IT and health care stocks with strong fundamentals. Also, investors cheered earnings growth, which had largely stagnated in recent years. Strong employment figures, slow-but-steady U.S. economic growth, and economic improvement in Europe further contributed to the positive sentiment that buoyed the market during the first seven months of 2017.


Ten largest holdings(%) as of July 31, 2017⁶
Facebook Incorporated Class A			6.71
Alphabet Incorporated Class A			6.11
Amazon.com Incorporated			5.42
Visa Incorporated Class A			3.25
Microchip Technology Incorporated			3.18
Apple Incorporated			2.65
MasterCard Incorporated Class A			2.53
Market Axess Holdings Incorporated			2.49
Microsoft Corporation			2.35
Veeva Systems Incorporated Class A			2.29

Stock selection in the consumer discretionary and IT sectors detracted from performance.

Stocks in the consumer discretionary sector struggled for most of the period. Changing consumer-spending patterns and the onslaught of e-commerce have disrupted the traditional retail model. As a result, store traffic and year-over-year sales generally were disappointing for companies such as Dollar Tree, Incorporated; Tractor Supply Company*; and Five Below, Incorporated.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Growth Fund			7

Sector distribution as of July 31, 2017⁷

Within the IT sector, the single-largest detractor from performance for the reporting period was the Fund’s underweight to Apple Incorporated. While we appreciate the value of the Apple ecosystem, we continued to maintain an underweight to the stock as we do not understand what could drive future growth for the company beyond a widely telegraphed, potential supercycle (a period following the upcoming launch of the iPhone 8 that some analysts believe may be marked by significant acceleration in iPhone sales, triggered by a major fundamental change to the phones). Performance also was negatively affected by Splunk Incorporated, a provider of operational intelligence that enables clients to gather valuable machine data with the purpose of

improving efficiencies. Although Splunk had been growing revenue by more than 25% annually, its stock declined after reported weakness in Europe and slowing growth in revenue from new licenses.

The Fund benefited from an underweight to stocks in the consumer staples sector and from holdings within the health care sector.

The consumer staples sector contains many of the higher-dividend-yielding stocks within the index. The sector underperformed during the last five months of 2016, especially postelection as investors pursued more cyclical opportunities; the sector also lagged in 2017 through the end of the reporting period as faster-growing stocks regained favor with investors. Due to our focus on faster-growing companies, the Fund generally remains underweight stocks in this slower-growing sector.

The health care sector, which struggled in recent periods in response to negative rhetoric during political campaigns, experienced a recovery during the reporting period. As a result, Veeva Systems Incorporated, Vertex Pharmaceuticals Incorporated, and Incyte Corporation were among Fund holdings that contributed to performance.

We continue to focus on consistently implementing our process.

Over the course of the 12-month period, we made modest adjustments to the Fund to potentially capitalize on opportunities and position for the future. Using our bottom-up research process, we added companies in the IT sector that met our criteria for robust, sustainable growth that appears underappreciated by the market. We funded these purchases primarily with the proceeds from sales of holdings in the consumer staples and consumer discretionary sectors. We remain committed to our process of identifying stocks with robust, sustainable growth that is underappreciated by the market.

Please see footnotes on page 5.


8		Wells Fargo Growth Fund		Fund expenses (unaudited)

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 February 1, 2017 to July 31, 2017.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,146.18	$	6.17		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.04	$	5.81		1.16	%
Class C
Actual	$	1,000.00	$	1,141.85	$	10.14		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.32	$	9.54		1.91	%
Class R6
Actual	$	1,000.00	$	1,148.95	$	3.73		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Administrator Class
Actual	$	1,000.00	$	1,147.58	$	5.11		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.03	$	4.81		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,148.61	$	4.00		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		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—July 31, 2017		Wells Fargo Growth Fund			9


Security name	Shares		Value

Common Stocks: 99.19%

Consumer Discretionary: 12.74%

Diversified Consumer Services: 0.36%
Bright Horizons Family Solutions Incorporated †		111,000	$	8,770,110
Grand Canyon Education Incorporated †		99,300		7,305,501

				16,075,611


Hotels, Restaurants & Leisure: 0.87%
Starbucks Corporation		193,300		10,434,334
The Habit Restaurants Incorporated Class A †«(l)		1,735,600		28,550,620

				38,984,954


Internet & Direct Marketing Retail: 5.65%
Amazon.com Incorporated †		246,900		243,882,882
Netflix Incorporated †		56,000		10,172,960

				254,055,842


Multiline Retail: 1.16%
Dollar Tree Incorporated †		726,960		52,399,277


Specialty Retail: 4.70%
Burlington Stores Incorporated †		1,172,600		102,051,378
Five Below Incorporated †		642,300		31,029,513
The Home Depot Incorporated		369,900		55,337,040
ULTA Beauty Incorporated †		92,500		23,236,925

				211,654,856


Consumer Staples: 3.59%

Beverages: 1.36%
Constellation Brands Incorporated Class A		316,600		61,214,610


Food & Staples Retailing: 1.06%
Costco Wholesale Corporation		301,500		47,790,765


Food Products: 0.41%
Blue Buffalo Pet Products Incorporated †		834,400		18,665,528


Personal Products: 0.76%
The Estee Lauder Companies Incorporated Class A		343,700		34,022,863


Energy: 1.21%

Oil, Gas & Consumable Fuels: 1.21%
Concho Resources Incorporated †		416,000		54,188,160


Financials: 7.45%

Capital Markets: 7.30%
Charles Schwab Corporation		652,900		28,009,410
CME Group Incorporated		586,400		71,904,368
Market Axess Holdings Incorporated		553,100		112,218,459
Morgan Stanley		1,280,970		60,077,493
Raymond James Financial Incorporated		387,100		32,202,849

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


10		Wells Fargo Growth Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Capital Markets (continued)
TD Ameritrade Holding Corporation		532,080	$	24,332,018

				328,744,597


Thrifts & Mortgage Finance: 0.15%
LendingTree Incorporated †		30,000		6,618,000


Health Care: 13.13%

Biotechnology: 5.58%
Alexion Pharmaceuticals Incorporated †		35,000		4,806,900
BioMarin Pharmaceutical Incorporated †		309,200		27,126,116
Celgene Corporation †		567,800		76,885,798
Incyte Corporation †		288,500		38,454,165
Neurocrine Biosciences Incorporated †		298,000		14,312,940
Regeneron Pharmaceuticals Incorporated †		42,100		20,697,202
Spark Therapeutics Incorporated †«		190,300		13,511,300
Ultragenyx Pharmaceutical Incorporated †«		21,300		1,412,616
Vertex Pharmaceuticals Incorporated †		354,500		53,820,190

				251,027,227


Health Care Equipment & Supplies: 3.19%
Boston Scientific Corporation †		805,300		21,437,086
Danaher Corporation		31,200		2,542,488
Edwards Lifesciences Corporation †		362,060		41,702,071
ICU Medical Incorporated †		55,900		9,609,210
Intuitive Surgical Incorporated †		5,900		5,535,734
Nevro Corporation †«		412,900		35,534,174
NuVasive Incorporated †		415,000		27,302,850

				143,663,613


Health Care Providers & Services: 1.49%
Acadia Healthcare Company Incorporated †«		1,270,800		67,263,444


Health Care Technology: 2.29%
Veeva Systems Incorporated Class A †		1,614,600		102,946,896


Pharmaceuticals: 0.58%
Zoetis Incorporated		416,000		26,008,320


Industrials: 9.57%

Aerospace & Defense: 1.13%
The Boeing Company		208,900		50,649,894


Air Freight & Logistics: 0.41%
XPO Logistics Incorporated †		304,612		18,310,227


Building Products: 0.25%
JELD-WEN Holding Incorporated †		346,998		11,329,485

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


Portfolio of investments—July 31, 2017		Wells Fargo Growth Fund			11


Security name	Shares		Value

Commercial Services & Supplies: 3.19%
Copart Incorporated †		420,000	$	13,225,800
KAR Auction Services Incorporated		1,255,400		52,777,016
Waste Connections Incorporated		1,193,215		77,535,111

				143,537,927


Construction & Engineering: 0.10%
Dycom Industries Incorporated †		51,000		4,620,600


Machinery: 0.84%
Fortive Corporation		138,100		8,940,594
Milacron Holdings Corporation †		688,196		12,373,764
Nordson Corporation		61,000		7,747,000
REV Group Incorporated		333,100		8,910,425

				37,971,783


Road & Rail: 3.65%
CSX Corporation		624,200		30,798,028
Norfolk Southern Corporation		454,000		51,111,320
Union Pacific Corporation		798,100		82,172,376

				164,081,724


Information Technology: 47.88%

Internet Software & Services: 17.29%
2U Incorporated †		83,000		4,295,250
Alibaba Group Holding Limited ADR †«		297,800		46,144,110
Alphabet Incorporated Class A †		290,685		274,842,668
Alphabet Incorporated Class C †		24,700		22,983,350
CoStar Group Incorporated †		28,000		7,715,400
Envestnet Incorporated †		1,599,300		62,452,665
Facebook Incorporated Class A †		1,784,200		301,975,850
LogMeIn Incorporated		389,281		45,331,772
MercadoLibre Incorporated		25,900		7,470,078
Wix.com Limited †		76,000		4,689,200

				777,900,343


IT Services: 10.91%
Euronet Worldwide Incorporated †		817,900		79,017,319
Global Payments Incorporated		629,000		59,358,730
MasterCard Incorporated Class A		889,700		113,703,660
PayPal Holdings Incorporated †		1,164,100		68,158,055
Square Incorporated Class A †		926,200		24,405,370
Visa Incorporated Class A		1,469,100		146,263,596

				490,906,730


Semiconductors & Semiconductor Equipment: 6.36%
Broadcom Limited		61,800		15,243,588
Microchip Technology Incorporated «		1,786,940		143,026,678
Monolithic Power Systems Incorporated		571,100		58,434,952

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


12		Wells Fargo Growth Fund		Portfolio of investments—July 31, 2017


Security name				Shares		Value

Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corporation					119,700	$	19,452,447
Texas Instruments Incorporated					617,100		50,219,598

							286,377,263


Software: 10.67%
Activision Blizzard Incorporated					84,200		5,201,876
Adobe Systems Incorporated †					267,100		39,127,479
BlackLine Incorporated †					181,000		7,017,370
Electronic Arts Incorporated †					49,100		5,731,934
Microsoft Corporation					1,454,400		105,734,880
Paycom Software Incorporated †					205,600		14,410,504
Paylocity Holding Corporation †					1,107,200		50,344,384
Proofpoint Incorporated †					941,900		80,287,556
Salesforce.com Incorporated †					465,700		42,285,560
ServiceNow Incorporated †					144,400		15,948,980
Splunk Incorporated †					829,000		49,748,290
Ultimate Software Group Incorporated †					283,750		64,045,213

							479,884,026


Technology Hardware, Storage & Peripherals: 2.65%
Apple Incorporated					801,700		119,236,841


Materials: 3.32%

Chemicals: 3.32%
Ecolab Incorporated					255,600		33,654,852
PolyOne Corporation					890,000		32,556,200
Praxair Incorporated					636,900		82,898,904

							149,109,956


Real Estate: 0.30%

Equity REITs: 0.30%
Equinix Incorporated					17,600		7,932,848
SBA Communications Corporation †					41,100		5,653,304

							13,586,152


Total Common Stocks (Cost $2,375,169,515)							4,462,827,514


	Yield
Short-Term Investments: 2.86%

Investment Companies: 2.86%
Securities Lending Cash Investment LLC (l)(r)(u)		1.25	%		92,492,281		92,501,530
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.89			36,046,917		36,046,917

Total Short-Term Investments (Cost $128,542,306)							128,548,447


Total investments in securities (Cost $2,503,711,821) *	102.05	%		4,591,375,961
Other assets and liabilities, net	(2.05	)		(92,053,164	)

Total net assets	100.00	%	$	4,499,322,797

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


Portfolio of investments—July 31, 2017		Wells Fargo Growth Fund			13

†	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.

*	Cost for federal income tax purposes is $2,521,421,358 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,098,005,155
Gross unrealized losses		(28,050,552	)

Net unrealized gains	$	2,069,954,603

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


14		Wells Fargo Growth Fund		Statement of assets and liabilities—July 31, 2017




Assets
Investments
In unaffiliated securities (including $90,119,225 of securities loaned), at value (cost $2,342,408,381)	$	4,434,276,894
In affiliated securities, at value (cost $161,303,440)		157,099,067

Total investments, at value (cost $2,503,711,821)		4,591,375,961
Receivable for investments sold		26,820,691
Receivable for Fund shares sold		3,043,619
Receivable for dividends		982,950
Receivable for securities lending income		28,476
Prepaid expenses and other assets		45,883

Total assets		4,622,297,580


Liabilities
Payable for investments purchased		18,412,610
Payable for Fund shares redeemed		7,747,688
Payable upon receipt of securities loaned		92,490,975
Management fee payable		2,419,438
Distribution fee payable		132,937
Administration fees payable		638,539
Accrued expenses and other liabilities		1,132,596

Total liabilities		122,974,783

Total net assets	$	4,499,322,797


NET ASSETS CONSIST OF
Paid-in capital	$	1,507,783,168
Accumulated net realized gains on investments		903,875,489
Net unrealized gains on investments		2,087,664,140

Total net assets	$	4,499,322,797


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,950,551,088
Shares outstanding – Class A¹		48,301,876
Net asset value per share – Class A		$40.38
Maximum offering price per share – Class A²		$42.84
Net assets – Class C	$	205,606,528
Shares outstanding – Class C¹		6,037,733
Net asset value per share – Class C		$34.05
Net assets – Class R6	$	49,454,401
Shares outstanding – Class R6¹		1,049,217
Net asset value per share – Class R6		$47.13
Net assets – Administrator Class	$	637,986,864
Shares outstanding – Administrator Class¹		14,369,567
Net asset value per share – Administrator Class		$44.40
Net assets – Institutional Class	$	1,655,723,916
Shares outstanding – Institutional Class¹		35,173,182
Net asset value per share – Institutional Class		$47.07

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—year ended July 31, 2017		Wells Fargo Growth Fund			15




Investment income
Dividends (net of foreign withholding taxes of $89,541)	$	34,170,087
Securities lending income, net		757,590
Income from affiliated securities		148,321

Total investment income		35,075,998


Expenses
Management fee		35,996,141
Administration fees
Class A		4,475,063
Class C		516,215
Class R6		10,217
Administrator Class		1,146,552
Institutional Class		2,476,327
Shareholder servicing fees
Class A		5,327,456
Class C		614,541
Administrator Class		2,199,078
Distribution fee
Class C		1,843,624
Custody and accounting fees		161,472
Professional fees		50,941
Registration fees		183,664
Shareholder report expenses		311,521
Trustees’ fees and expenses		21,509
Other fees and expenses		153,761

Total expenses		55,488,082
Less: Fee waivers and/or expense reimbursements		(3,105,176	)

Net expenses		52,382,906

Net investment loss		(17,306,908	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		1,287,736,328
Affiliated securities		(10,631,937	)

Net realized gains on investments		1,277,104,391


Net change in unrealized gains (losses) on:
Unaffiliated securities		(602,559,271	)
Affiiliated securities		6,698,899

Net change in unrealized gains (losses) on investments		(595,860,372	)

Net realized and unrealized gains (losses) on investments		681,244,019

Net increase in net assets resulting from operations	$	663,937,111

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


16		Wells Fargo Growth Fund		Statement of changes in net assets


	Year ended July 31, 2017						Year ended July 31, 2016

Operations
Net investment loss				$	(17,306,908	)				$	(27,814,936	)
Net realized gains on investments					1,277,104,391						876,195,475
Net change in unrealized gains (losses) on investments					(595,860,372	)					(1,291,061,745	)

Net increase (decrease) in net assets resulting from operations					663,937,111						(442,681,206	)


Distributions to shareholders from
Net realized gains
Class A					(385,155,921	)					(399,298,978	)
Class C					(51,825,133	)					(58,938,406	)
Class R6					(3,453,520	)					(3,078	)¹
Administrator Class					(132,054,015	)					(246,890,849	)
Institutional Class					(317,034,333	)					(415,951,081	)

Total distributions to shareholders					(889,522,922	)					(1,121,082,392	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,480,636			94,368,185			43,995,297			2,023,515,239
Class C		652,761			19,766,572			581,792			20,816,141
Class R6		1,123,887			49,275,787			809,874	¹		36,393,640	¹
Administrator Class		2,602,562			109,976,524			7,124,750			320,564,136
Institutional Class		12,846,486			573,284,219			13,079,635			610,815,781
Investor Class		N/A			N/A			481,943	²		22,113,995	²

					846,671,287						3,034,218,932

Reinvestment of distributions
Class A		10,734,969			367,135,939			9,441,799			377,011,011
Class C		1,346,264			39,028,199			1,219,230			42,892,540
Class R6		86,772			3,453,520			68	¹		3,078	¹
Administrator Class		3,489,159			131,017,902			5,707,643			245,828,196
Institutional Class		7,686,540			305,616,849			8,792,866			396,558,261

					846,252,409						1,062,293,086

Payment for shares redeemed
Class A		(26,011,523	)		(994,860,639	)		(21,946,636	)		(888,004,129	)
Class C		(4,621,153	)		(150,552,988	)		(3,607,488	)		(128,227,500	)
Class R6		(806,700	)		(36,722,935	)		(164,684	)¹		(7,572,255	)¹
Administrator Class		(25,194,674	)		(1,090,486,678	)		(23,808,569	)		(1,051,831,735	)
Institutional Class		(35,457,129	)		(1,556,706,417	)		(42,021,779	)		(1,850,525,284	)
Investor Class		N/A			N/A			(43,198,360	)²		(1,994,219,513	)²

					(3,829,329,657	)					(5,920,380,416	)

Net decrease in net assets resulting from capital share transactions					(2,136,405,961	)					(1,823,868,398	)

Total decrease in net assets					(2,361,991,772	)					(3,387,631,996	)


Net assets
Beginning of period					6,861,314,569						10,248,946,565

End of period				$	4,499,322,797					$	6,861,314,569

Accumulated net investment loss				$	0					$	(15,954,981	)

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

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

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


Financial highlights		Wells Fargo Growth Fund			17

(For a share outstanding throughout each period)


	Year ended July 31
CLASS A	2017			2016			2015			2014			2013
Net asset value, beginning of period		$42.28			$49.50			$49.99			$46.74			$37.85
Net investment loss		(0.19	)¹		(0.20	)¹		(0.29	)¹		(0.32	)¹		(0.17	)¹
Net realized and unrealized gains (losses) on investments		5.61			(0.99	)		7.03			5.34			9.06

Total from investment operations		5.42			(1.19	)		6.74			5.02			8.89
Distributions to shareholders from
Net realized gains		(7.32	)		(6.03	)		(7.23	)		(1.77	)		0.00
Net asset value, end of period		$40.38			$42.28			$49.50			$49.99			$46.74
Total return²		15.95	%		(1.69	)%		15.01	%		10.77	%		23.49	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.15	%		1.18	%		1.18	%		1.19	%
Net expenses		1.16	%		1.14	%		1.18	%		1.18	%		1.19	%
Net investment loss		(0.49	)%		(0.49	)%		(0.59	)%		(0.64	)%		(0.41	)%
Supplemental data
Portfolio turnover rate		42	%		38	%		35	%		42	%		38	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS C	2017			2016			2015			2014			2013
Net asset value, beginning of period		$37.07			$44.51			$45.95			$43.41			$35.42
Net investment loss		(0.41	)¹		(0.46	)¹		(0.60	)¹		(0.64	)¹		(0.45	)¹
Net realized and unrealized gains (losses) on investments		4.71			(0.95	)		6.39			4.95			8.44

Total from investment operations		4.30			(1.41	)		5.79			4.31			7.99
Distributions to shareholders from
Net realized gains		(7.32	)		(6.03	)		(7.23	)		(1.77	)		0.00
Net asset value, end of period		$34.05			$37.07			$44.51			$45.95			$43.41
Total return²		15.05	%		(2.44	)%		14.16	%		9.96	%		22.56	%
Ratios to average net assets (annualized)
Gross expenses		1.92	%		1.90	%		1.93	%		1.93	%		1.94	%
Net expenses		1.91	%		1.89	%		1.93	%		1.93	%		1.94	%
Net investment loss		(1.23	)%		(1.24	)%		(1.34	)%		(1.39	)%		(1.16	)%
Supplemental data
Portfolio turnover rate		42	%		38	%		35	%		42	%		38	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS R6	2017			2016¹
Net asset value, beginning of period		$47.90			$48.97
Net investment loss		(0.02	)²		(0.02	)
Net realized and unrealized gains (losses) on investments		6.57			4.98

Total from investment operations		6.55			4.96
Distributions to shareholders from
Net realized gains		(7.32	)		(6.03	)
Net asset value, end of period		$47.13			$47.90
Total return³		16.49	%		10.89	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.74	%
Net expenses		0.70	%		0.70	%
Net investment loss		(0.05	)%		(0.23	)%
Supplemental data
Portfolio turnover rate		42	%		38	%
Net assets, end of period (000s omitted)		$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.


20		Wells Fargo Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$45.66			$52.86			$52.80			$49.16			$39.72
Net investment loss		(0.11	)¹		(0.14	)¹		(0.20	)¹		(0.23	)		(0.08	)¹
Net realized and unrealized gains (losses) on investments		6.17			(1.03	)		7.49			5.64			9.52

Total from investment operations		6.06			(1.17	)		7.29			5.41			9.44
Distributions to shareholders from
Net realized gains		(7.32	)		(6.03	)		(7.23	)		(1.77	)		0.00
Net asset value, end of period		$44.40			$45.66			$52.86			$52.80			$49.16
Total return		16.20	%		(1.53	)%		15.28	%		11.04	%		23.77	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.07	%		1.02	%		1.02	%		1.03	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.27	)%		(0.31	)%		(0.37	)%		(0.42	)%		(0.18	)%
Supplemental data
Portfolio turnover rate		42	%		38	%		35	%		42	%		38	%
Net assets, end of period (000s omitted)		$637,987			$1,528,288			$2,349,359			$3,359,480			$3,309,683

¹	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Growth Fund			21

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$47.87			$54.99			$54.54			$50.63			$40.83
Net investment income (loss)		(0.04	)¹		(0.05	)¹		(0.09	)¹		(0.13	)		0.01	¹
Net realized and unrealized gains (losses) on investments		6.56			(1.04	)		7.77			5.81			9.79

Total from investment operations		6.52			(1.09	)		7.68			5.68			9.80
Distributions to shareholders from
Net realized gains		(7.32	)		(6.03	)		(7.23	)		(1.77	)		0.00
Net asset value, end of period		$47.07			$47.87			$54.99			$54.54			$50.63
Total return		16.44	%		(1.31	)%		15.53	%		11.26	%		24.03	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.82	%		0.76	%		0.75	%		0.76	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss)		(0.08	)%		(0.10	)%		(0.17	)%		(0.21	)%		0.02	%
Supplemental data
Portfolio turnover rate		42	%		38	%		35	%		42	%		38	%
Net assets, end of period (000s omitted)		$1,655,724			$2,398,134			$3,863,196			$2,975,721			$2,649,095

¹	Calculated based upon average shares outstanding

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


22		Wells Fargo Growth Fund		Notes to financial statements

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board 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

Securities valuation

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

Security loans


Notes to financial statements		Wells Fargo Growth Fund			23

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to net operating losses. At July 31, 2017, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:


Accumulated net investment loss		Accumulated net realized gains on investments
$33,261,889		$(33,261,889)

Class allocations


24		Wells Fargo Growth Fund		Notes to financial statements

3. FAIR VALUATION MEASUREMENTS

∎

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 July 31, 2017:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	573,170,540	$	0	$	0	$	573,170,540
Consumer staples		161,693,766		0		0		161,693,766
Energy		54,188,160		0		0		54,188,160
Financials		335,362,597		0		0		335,362,597
Health care		590,909,500		0		0		590,909,500
Industrials		430,501,640		0		0		430,501,640
Information technology		2,154,305,203		0		0		2,154,305,203
Materials		149,109,956		0		0		149,109,956
Real estate		13,586,152		0		0		13,586,152

Short-term investments
Investment companies		36,046,917		0		0		36,046,917
Investments measured at net asset value*								92,501,530
Total assets	$	4,498,874,431	$	0	$	0	$	4,591,375,961

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 $92,501,530 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee


Notes to financial statements		Wells Fargo Growth Fund			25

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 year ended July 31, 2017, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees


	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, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.16% for Class A shares, 1.91% for Class C shares, 0.70% for Class R6 shares, 0.96% for Administrator Class shares, and 0.75% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to December 1, 2016, the Fund’s expenses were capped at 1.21% for Class A shares and 1.96% for Class C shares.

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

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2017, Funds Distributor received $14,701 from the sale of Class A shares and $2,338 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A shares for the year ended July 31, 2017.

Shareholder servicing fees

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

Interfund transactions


26		Wells Fargo Growth Fund		Notes to financial statements

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2017 were $2,157,216,091 and $5,215,488,975, respectively.

6. INVESTMENTS IN AFFILIATES

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


	Shares, beginning of period		Shares purchased		Shares sold			Shares, end of period		Value, end of period		Income from affiliated securities		Realized losses
Envestnet Incorporated*		2,909,831		0		(1,310,531	)		1,599,300	$	62,452,665	$	0	$	(8,934,333	)
The Habit Restaurants Incorporated Class A		1,299,600		690,000		(254,000	)		1,735,600		28,550,620		0		(1,702,018	)
												$	0	$	(10,636,351	)

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

7. BANK BORROWINGS

For the year ended July 31, 2017, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2017 and July 31, 2016 were as follows:


	Year ended July 31
	2017		2016
Ordinary income	$	14,498,099	$	22,940,734
Long-term capital gain		875,024,823		1,098,141,658

As of July 31, 2017, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$15,880,008	$905,705,018	$2,069,954,603

9. CONCENTRATION RISK

10. INDEMNIFICATION


Notes to financial statements		Wells Fargo Growth Fund			27

11. REGULATORY CHANGES


28		Wells Fargo Growth Fund		Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Growth Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Growth Fund as of July 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts


Other information (unaudited)		Wells Fargo Growth Fund			29

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $875,024,823 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2017.

Pursuant to Section 854 of the Internal Revenue Code, $14,498,099 of income dividends paid during the fiscal year ended July 31, 2017 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2017, $14,498,099 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


30		Wells Fargo Growth Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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	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 an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Growth Fund			31


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

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

Advisory Board Members


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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	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.	None


32		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 in the Fund Complex and Assistant Treasurer of 69 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.


Other information (unaudited)		Wells Fargo Growth Fund			33

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


34		Wells Fargo Growth Fund		Other information (unaudited)

March 31, 2017. The Board considered these results in comparison to the performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the average performance of the Universe for the ten-year period ended December 31, 2016, but lower than the average performance of the Universe for the one-, three- and five-year periods ended December 31, 2016. The Board noted that the performance ranking of the Fund in the Universe had improved from the prior quarter-end for the one- and three-year periods ended March 31, 2017. The Board also noted that the performance of the Fund was higher than its benchmark, the Russell 3000^® Growth Index, for the ten-year period ended December 31, 2016, but lower than its benchmark for the one-, three- and five-year periods ended December 31, 2016.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all share classes.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates


Other information (unaudited)		Wells Fargo Growth Fund			35

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


36		Wells Fargo Growth Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

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

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 Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

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

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

305354 09-17

A206/AR206 07-17

Annual Report

Wells Fargo Intrinsic Value Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

Financial statements
Statement of assets and liabilities			12
Statement of operations			13
Statement of changes in net assets			14
Financial highlights			15

Notes to financial statements			22

Report of independent registered public accounting firm			27

Other information			28

List of abbreviations			35

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Funds

In bond markets, interest rates rose but remained at historically low levels amid subdued global growth and modest inflation.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Intrinsic Value Fund for the 12-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 16.04% and 19.01%, for the 12-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 U.S. Aggregate Bond Index³ returned -1.28% and the Bloomberg Barclays Municipal Bond Index⁴ returned 0.26% as interest rates rose from low levels.

Globally, stock results moderated in the third quarter of 2016; bond interest rates remained low.

During the fourth quarter of 2016, investors awaited election results and central-bank actions.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released

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.

⁴	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.

⁵	The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.


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

Steady advancement in many markets marked the first seven months of 2017.

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

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

Sincerely,

LOGO

President

Wells Fargo Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.


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 July 31, 2017¹


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (EIVAX)	8-1-2006		6.98		10.78		6.41		13.50		12.10		7.04		1.18		1.11
Class C (EIVCX)	8-1-2006		11.58		11.24		6.23		12.58		11.24		6.23		1.93		1.86
Class R (EIVTX)	3-1-2013		–		–		–		13.22		11.85		6.79		1.43		1.36
Class R4 (EIVRX)	11-30-2012		–		–		–		13.77		12.46		7.36		0.90		0.80
Class R6 (EIVFX)	11-30-2012		–		–		–		14.03		12.53		7.39		0.75		0.65
Administrator Class (EIVDX)	7-30-2010		–		–		–		13.66		12.31		7.24		1.10		0.95
Institutional Class (EIVIX)	8-1-2006		–		–		–		13.88		12.57		7.42		0.85		0.70
Russell 1000^® Value Index⁴	–		–		–		–		13.76		14.00		6.21		–		–

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 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

Growth of $10,000 investment as of July 31, 2017⁵

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

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

⁵	The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	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.

⁷	Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.


6		Wells Fargo Intrinsic Value Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund (Class A, excluding sales charges) underperformed its benchmark, the Russell 1000^® Value Index, for the 12-month period that ended July 31, 2017.

∎

The Fund’s underweight to financials and stock selection in the consumer discretionary sector detracted from the Fund’s relative performance.

∎

Stock selection in the energy, health care, information technology (IT), and real estate sectors was the primary contributor to relative performance; an underweight to real estate proved beneficial as well.

Strong market performance from the Russell 1000^® Value Index during the reporting period was driven mainly by investors’ expectations for normalization of interest rates and optimism that progrowth fiscal policies supported by the new U.S. president would be implemented. We continued to adhere to our disciplined investment process that relies predominantly on discounted free cash flow. We also continued our focus on individual companies rather than on broad, top-down economic or sector forecasts. To manage risk, we maintained the Fund’s broad diversification by sector, industry, and position.


Ten largest holdings (%) as of July 31, 2017⁶
The Allstate Corporation			3.40%
Alphabet Incorporated Class C			3.29%
Vulcan Materials Company			3.09%
US Bancorp			3.08%
EOG Resources Incorporated			3.04%
AerCap Holdings NV			2.96%
Microsoft Corporation			2.94%
Honeywell International Incorporated			2.90%
Cigna Corporation			2.86%
Verizon Communications Incorporated			2.82%

An underweight to the financials sector was the Fund’s main detractor from relative performance.

The underweight to financials was the primary detractor because financials was the top-performing sector within the index for the reporting period. Stock selection in the consumer discretionary sector also detracted from relative returns—especially Advance Auto Parts, Incorporated, a retailer/distributor of aftermarket automotive parts, and off-price apparel and home-fashion retailer The TJX Companies, Incorporated.

Sector distribution as of July 31, 2017⁷

LOGO

Stock selection in multiple sectors contributed to Fund performance.

Within the energy sector, the top performer was EOG Resources, Incorporated, an exploration and production company focused on producing oil from shale in the U.S. In the health care sector, Cigna Corporation—a managed-care organization offering health insurance benefits—was the Fund’s best performer. Within the IT sector, computer-software giant Microsoft Corporation; specialty wireless-communication provider Motorola Solutions, Incorporated; and consumer electronics innovator Apple Incorporated added value. The Fund’s sole holding within the real estate sector, wireless-tower operator Crown Castle International Corporation, also contributed to the Fund’s performance.

During the period, we made changes to the Fund’s portfolio based on our fundamental research.

As a result of trades, stock-price movements, and the annual reconstitution of the Russell family of indexes, the Fund’s positioning relative to its benchmark shifted noticeably during the period; however, much of this shift was due to changes in the benchmark’s positioning after its reconstitution. The most notable sector-weighting change within the Fund was an increase in the consumer discretionary sector’s weighting; we added positions in three consumer discretionary companies to the Fund: media conglomerate Comcast Corporation; aftermarket auto-parts retailer Advance

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Intrinsic Value Fund			7

Auto Parts; and global sportswear producer NIKE, Incorporated. In all cases, trades within the Fund were made based on fundamental, bottom-up research and were not top-down, sector-allocation decisions.

We continued to focus on our investment strategy and process.

Expectations for potentially improving economic and earnings growth may bode well for the Fund’s positioning. With improved growth, rising inflation, and increasing wages in the U.S., higher interest rates in our view are a more likely outcome, and investor expectations appear to lean in this direction. The high-quality companies with strong free cash flow that the team has identified likely may be better able than their lower-quality counterparts to self-finance strategic decisions in a rising-rate environment. As such, we believe investors may be well served by committing to the investment team’s intrinsic-value approach.

Despite some of the potential risks in the market, such as renewed deflationary pressures or faster-than-expected inflation, geopolitical events, protectionism, and trade barriers, the Fund may be well positioned to benefit from normalization of interest rates, acceleration in global economic growth, expansion in valuation multiples, improvement within the energy sector, and an increase in market volatility.

We continue to believe that our long-term focus on company fundamentals, our determination to seek out mispricing opportunities in the marketplace, and our ability to identify catalysts that create or unlock value over our investment time horizon should return value for shareholders over a complete market cycle.

Please see footnotes on page 5.


8		Wells Fargo Intrinsic Value Fund		Fund expenses (unaudited)

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 February 1, 2017 to July 31, 2017.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,071.37	$	5.65		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Class C
Actual	$	1,000.00	$	1,066.72	$	9.53		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.57	$	9.30		1.86	%
Class R
Actual	$	1,000.00	$	1,069.92	$	6.98		1.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.05	$	6.80		1.36	%
Class R4
Actual	$	1,000.00	$	1,072.88	$	4.11		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.00		0.80	%
Class R6
Actual	$	1,000.00	$	1,073.95	$	3.34		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,072.48	$	4.88		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,073.67	$	3.60		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		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—July 31, 2017		Wells Fargo Intrinsic Value Fund			9


Security name	Shares		Value

Common Stocks: 98.98%

Consumer Discretionary: 10.88%

Media: 3.72%
Comcast Corporation Class A		644,900	$	26,086,205
The Walt Disney Company		80,500		8,849,365

				34,935,570


Specialty Retail: 4.68%
Advance Auto Parts Incorporated		201,000		22,514,010
The TJX Companies Incorporated		306,000		21,514,860

				44,028,870


Textiles, Apparel & Luxury Goods: 2.48%
Nike Incorporated Class B		395,400		23,348,370


Consumer Staples: 9.44%

Beverages: 2.35%
Anheuser-Busch InBev NV ADR		183,400		22,129,044


Food Products: 7.09%
Mondelez International Incorporated Class A		532,300		23,431,846
Nestle SA ADR		216,000		18,206,640
TreeHouse Foods Incorporated †		294,200		24,956,986

				66,595,472


Energy: 9.79%

Energy Equipment & Services: 2.87%
Schlumberger Limited		240,300		16,484,580
TechnipFMC plc †		368,400		10,514,136

				26,998,716


Oil, Gas & Consumable Fuels: 6.92%
Chevron Corporation		151,900		16,585,961
Concho Resources Incorporated †		99,761		12,994,868
EOG Resources Incorporated		300,500		28,589,570
Royal Dutch Shell plc ADR Class A «		121,000		6,840,130

				65,010,529


Financials: 15.41%

Banks: 8.11%
BB&T Corporation		550,372		26,043,603
CIT Group Incorporated		445,600		21,232,840
US Bancorp		547,800		28,912,884

				76,189,327


Capital Markets: 1.41%
UBS Group AG «		759,700		13,241,571

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


10		Wells Fargo Intrinsic Value Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Consumer Finance: 2.50%
Synchrony Financial		775,100	$	23,501,032


Insurance: 3.39%
The Allstate Corporation		350,700		31,913,700


Health Care: 10.55%

Biotechnology: 2.08%
Gilead Sciences Incorporated		257,500		19,593,175


Health Care Equipment & Supplies: 1.95%
Abbott Laboratories		372,200		18,304,796


Health Care Providers & Services: 2.86%
Cigna Corporation		154,800		26,867,088


Pharmaceuticals: 3.66%
Eli Lilly & Company		154,900		12,804,034
Merck & Company Incorporated		338,800		21,642,544

				34,446,578


Industrials: 12.47%

Aerospace & Defense: 2.90%
General Dynamics Corporation		76,000		14,921,080
Lockheed Martin Corporation		42,200		12,327,886

				27,248,966


Air Freight & Logistics: 1.97%
United Parcel Service Incorporated Class B		167,978		18,526,294


Electrical Equipment: 1.74%
Sensata Technologies Holding NV †		363,270		16,390,742


Industrial Conglomerates: 2.90%
Honeywell International Incorporated		200,000		27,224,000


Trading Companies & Distributors: 2.96%
AerCap Holdings NV †		566,200		27,800,420


Information Technology: 18.48%

Communications Equipment: 5.15%
Cisco Systems Incorporated		718,700		22,603,115
Motorola Solutions Incorporated		284,200		25,771,256

				48,374,371


Internet Software & Services: 3.29%
Alphabet Incorporated Class C †		33,200		30,892,600


IT Services: 3.71%
Accenture plc Class A		202,900		26,137,578
The Western Union Company		443,400		8,757,150

				34,894,728

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


Portfolio of investments—July 31, 2017		Wells Fargo Intrinsic Value Fund			11


Security name				Shares		Value

Software: 4.10%
Microsoft Corporation					380,700	$	27,676,890
Oracle Corporation					218,700		10,919,691

							38,596,581


Technology Hardware, Storage & Peripherals: 2.23%
Apple Incorporated					140,800		20,941,184


Materials: 3.09%

Construction Materials: 3.09%
Vulcan Materials Company					235,600		29,007,072


Real Estate: 1.44%

Equity REITs: 1.44%
Crown Castle International Corporation					134,500		13,528,010


Telecommunication Services: 2.82%

Diversified Telecommunication Services: 2.82%
Verizon Communications Incorporated					547,700		26,508,680


Utilities: 4.61%

Electric Utilities: 2.71%
NextEra Energy Incorporated					174,300		25,463,487


Multi-Utilities: 1.90%
WEC Energy Group Incorporated					283,200		17,833,103


Total Common Stocks (Cost $748,264,638)							930,334,076


	Yield
Short-Term Investments: 2.80%

Investment Companies: 2.80%
Securities Lending Cash Investment LLC (l)(r)(u)		1.25	%		17,030,618		17,032,322
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.89			9,318,825		9,318,825

Total Short-Term Investments (Cost $26,351,118)							26,351,147


Total investments in securities (Cost $774,615,756) *	101.78	%		956,685,223
Other assets and liabilities, net	(1.78	)		(16,767,054	)

Total net assets	100.00	%	$	939,918,169

†	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.

*	Cost for federal income tax purposes is $775,143,530 and unrealized gains (losses) consists of:


Gross unrealized gains	$	197,458,634
Gross unrealized losses		(15,916,941	)

Net unrealized gains	$	181,541,693

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


12		Wells Fargo Intrinsic Value Fund		Statement of assets and liabilities—July 31, 2017




Assets
Investments
In unaffiliated securities (including $16,625,185 of securities on loan), at value (cost $748,264,638)	$	930,334,076
In affiliated securities, at value (cost $26,351,118)		26,351,147

Total investments, at value (cost $774,615,756)		956,685,223
Receivable for investments sold		3,065,342
Receivable for Fund shares sold		37,952
Receivable for dividends		779,712
Receivable for securities lending income		4,503
Prepaid expenses and other assets		102,754

Total assets		960,675,486


Liabilities
Payable for investments purchased		1,629,272
Payable for Fund shares redeemed		1,171,337
Payable upon receipt of securities loaned		17,031,000
Management fee payable		442,430
Distribution fees payable		13,772
Administration fees payable		123,462
Accrued expenses and other liabilities		346,044

Total liabilities		20,757,317

Total net assets	$	939,918,169


NET ASSETS CONSIST OF
Paid-in capital	$	710,494,467
Undistributed net investment income		4,695,630
Accumulated net realized gains on investments		42,658,605
Net unrealized gains on investments		182,069,467

Total net assets	$	939,918,169


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	293,599,239
Shares outstanding – Class A¹		23,287,569
Net asset value per share – Class A		$12.61
Maximum offering price per share – Class A²		$13.38
Net assets – Class C	$	21,726,932
Shares outstanding – Class C¹		1,764,369
Net asset value per share – Class C		$12.31
Net assets – Class R	$	48,059
Shares outstanding – Class R¹		3,784
Net asset value per share – Class R		$12.70
Net assets – Class R4	$	16,989
Share outstanding – Class R4¹		1,342
Net asset value per share – Class R4		$12.66
Net assets – Class R6	$	2,397,461
Shares outstanding – Class R6¹		191,985
Net asset value per share – Class R6		$12.49
Net assets – Administrator Class	$	459,649,585
Shares outstanding – Administrator Class¹		34,896,534
Net asset value per share – Administrator Class		$13.17
Net assets – Institutional Class	$	162,479,904
Shares outstanding – Institutional Class¹		12,809,707
Net asset value per share – Institutional Class		$12.68

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—year ended July 31, 2017		Wells Fargo Intrinsic Value Fund			13




Investment income
Dividends (net of foreign withholding taxes of $262,299)	$	19,313,809
Securities lending income, net		263,722
Income from affiliated securities		102,789

Total investment income		19,680,320


Expenses
Management fee		6,587,292
Administration fees
Class A		631,012
Class B		473	¹
Class C		52,698
Class R		88
Class R4		13
Class R6		821
Administrator Class		593,955
Institutional Class		223,568
Shareholder servicing fees
Class A		725,921
Class B		564	¹
Class C		62,736
Class R		106
Class R4		15
Administrator Class		1,140,820
Distribution fees
Class B		1,691	¹
Class C		188,207
Class R		106
Custody and accounting fees		45,221
Professional fees		44,763
Registration fees		100,045
Shareholder report expenses		89,957
Trustees’ fees and expenses		21,453
Other fees and expenses		25,749

Total expenses		10,537,274
Less: Fee waivers and/or expense reimbursements		(1,198,258	)

Net expenses		9,339,016

Net investment income		10,341,304


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		70,123,059
Affiliated securities		1,293

Net realized gains on investments		70,124,352


Net change in unrealized gains (losses) on:
Unaffiliated securities		41,233,547
Affiiliated securities		29

Net change in unrealized gains (losses) on investments		41,233,576

Net realized and unrealized gains (losses) on investments		111,357,928

Net increase in net assets resulting from operations	$	121,699,232

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 Intrinsic Value Fund		Statement of changes in net assets


	Year ended July 31, 2017						Year ended July 31, 2016

Operations
Net investment income				$	10,341,304					$	13,328,103
Net realized gains on investments					70,124,352						65,259,600
Net change in unrealized gains (losses) on investments					41,233,576						(102,914,738	)

Net increase (decrease) in net assets resulting from operations					121,699,232						(24,327,035	)


Distributions to shareholders from
Net investment income
Class A					(3,621,237	)					(3,169,347	)
Class C					(86,648	)					(37,447	)
Class R					(354	)					(201	)
Class R4					(231	)					(186	)
Class R6					(49,302	)					(38,287	)
Administrator Class					(6,085,411	)					(5,583,834	)
Institutional Class					(2,733,344	)					(3,324,787	)
Net realized gains
Class A					(19,813,428	)					(34,464,666	)
Class B					(17,948	)¹					(132,772	)
Class C					(1,747,106	)					(3,405,696	)
Class R					(2,423	)					(3,205	)
Class R4					(1,001	)					(1,451	)
Class R6					(195,458	)					(277,898	)
Administrator Class					(28,268,900	)					(47,759,263	)
Institutional Class					(11,235,310	)					(24,324,139	)

Total distributions to shareholders					(73,858,101	)					(122,523,179	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		305,954			3,691,813			642,824			7,569,378
Class B		1	¹		13	¹		538			6,161
Class C		51,575			603,442			196,351			2,323,822
Class R		719			8,721			1,207			14,440
Class R6		11,205			133,634			217,137			2,885,275
Administrator Class		221,167			2,768,721			505,633			6,457,967
Institutional Class		2,650,238			32,333,431			2,739,487			33,654,265

					39,539,775						52,911,308

Reinvestment of distributions
Class A		1,877,183			22,194,613			3,054,047			35,698,868
Class B		1,535	¹		17,865	¹		11,006			126,021
Class C		138,250			1,593,565			256,273			2,914,692
Class R		233			2,777			290			3,406
Class R4		104			1,232			139			1,637
Class R6		20,897			244,760			27,254			316,184
Administrator Class		2,623,161			32,407,128			4,139,213			50,467,672
Institutional Class		949,096			11,290,466			2,026,547			23,875,792

					67,752,406						113,404,273

Payment for shares redeemed
Class A		(5,420,473	)		(65,302,884	)		(4,303,060	)		(51,494,497	)
Class B		(47,468	)¹		(566,965	)¹		(109,356	)		(1,315,058	)
Class C		(875,054	)		(10,310,692	)		(687,305	)		(8,016,477	)
Class R		(698	)		(8,357	)		(938	)		(12,248	)
Class R6		(78,948	)		(936,987	)		(17,996	)		(211,641	)
Administrator Class		(5,523,798	)		(69,697,862	)		(4,210,029	)		(52,406,894	)
Institutional Class		(8,606,311	)		(104,462,351	)		(5,462,371	)		(65,509,014	)

					(251,286,098	)					(178,965,829	)

Net decrease in net assets resulting from capital share transactions					(143,993,917	)					(12,650,248	)

Total decrease in net assets					(96,152,786	)					(159,500,462	)


Net assets
Beginning of period					1,036,070,955						1,195,571,417

End of period				$	939,918,169					$	1,036,070,955

Undistributed net investment income				$	4,695,630					$	7,090,465

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 Intrinsic Value Fund			15

(For a share outstanding throughout each period)


	Year ended July 31
CLASS A	2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.01			$13.73			$13.60			$12.52			$10.44
Net investment income		0.12	¹		0.13			0.10			0.07			0.07	¹
Net realized and unrealized gains (losses) on investments		1.43			(0.42	)		1.09			1.53			2.75

Total from investment operations		1.55			(0.29	)		1.19			1.60			2.82
Distributions to shareholders from
Net investment income		(0.14	)		(0.11	)		(0.07	)		(0.06	)		(0.10	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)

Total distributions to shareholders		(0.95	)		(1.43	)		(1.06	)		(1.52	)		(0.74	)
Net asset value, end of period		$12.61			$12.01			$13.73			$13.60			$12.52
Total return²		13.50	%		(1.73	)%		9.19	%		13.09	%		28.53	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.17	%		1.20	%		1.21	%		1.20	%
Net expenses		1.10	%		1.10	%		1.16	%		1.16	%		1.16	%
Net investment income		0.95	%		1.12	%		0.75	%		0.53	%		0.57	%
Supplemental data
Portfolio turnover rate		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS C	2017			2016			2015			2014			2013
Net asset value, beginning of period		$11.74			$13.45			$13.36			$12.35			$10.30
Net investment income (loss)		0.02	¹		0.03			0.00	²		(0.03	)		(0.01	)¹
Net realized and unrealized gains (losses) on investments		1.40			(0.41	)		1.08			1.50			2.72

Total from investment operations		1.42			(0.38	)		1.08			1.47			2.71
Distributions to shareholders from
Net investment income		(0.04	)		(0.01	)		0.00			0.00			(0.02	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)

Total distributions to shareholders		(0.85	)		(1.33	)		(0.99	)		(0.46	)		(0.66	)
Net asset value, end of period		$12.31			$11.74			$13.45			$13.36			$12.35
Total return³		12.58	%		(2.47	)%		8.42	%		12.24	%		27.50	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.93	%		1.96	%		1.97	%		1.97	%
Net expenses		1.86	%		1.86	%		1.91	%		1.91	%		1.91	%
Net investment income (loss)		0.20	%		0.37	%		0.00	%		(0.22	)%		(0.05	)%
Supplemental data
Portfolio turnover rate		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS R	2017			2016			2015			2014			2013¹
Net asset value, beginning of period		$12.09			$13.81			$13.66			$12.55			$11.20
Net investment income		0.08	²		0.10			0.05			0.03			0.00	³
Net realized and unrealized gains (losses) on investments		1.45			(0.43	)		1.12			1.54			1.35

Total from investment operations		1.53			(0.33	)		1.17			1.57			1.35
Distributions to shareholders from
Net investment income		(0.11	)		(0.07	)		(0.03	)		0.00			0.00
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		0.00

Total distributions to shareholders		(0.92	)		(1.39	)		(1.02	)		(0.46	)		0.00
Net asset value, end of period		$12.70			$12.09			$13.81			$13.66			$12.55
Total return⁴		13.22	%		(1.99	)%		8.96	%		12.77	%		12.05	%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.44	%		1.47	%		1.49	%		1.46	%
Net expenses		1.36	%		1.36	%		1.40	%		1.41	%		1.41	%
Net investment income		0.69	%		0.86	%		0.50	%		0.26	%		0.01	%
Supplemental data
Portfolio turnover rate		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$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)


	Year ended July 31
CLASS R4	2017			2016			2015			2014			2013¹
Net asset value, beginning of period		$12.06			$13.78			$13.65			$12.55			$11.10
Net investment income		0.15			0.17			0.15			0.12			0.09
Net realized and unrealized gains (losses) on investments		1.43			(0.42	)		1.09			1.54			2.15

Total from investment operations		1.58			(0.25	)		1.24			1.66			2.24
Distributions to shareholders from
Net investment income		(0.17	)		(0.15	)		(0.12	)		(0.10	)		(0.15	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)

Total distributions to shareholders		(0.98	)		(1.47	)		(1.11	)		(0.56	)		(0.79	)
Net asset value, end of period		$12.66			$12.06			$13.78			$13.65			$12.55
Total return²		13.77	%		(1.39	)%		9.53	%		13.55	%		21.73	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.88	%		0.86	%		0.87	%		0.88	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income		1.25	%		1.41	%		1.11	%		0.88	%		0.99	%
Supplemental data
Portfolio turnover rate		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$17			$15			$15			$15			$14

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

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

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


Financial highlights		Wells Fargo Intrinsic Value Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R6	2017			2016			2015			2014			2013¹
Net asset value, beginning of period		$11.90			$13.62			$13.60			$12.56			$11.10
Net investment income		0.17	²		0.17			0.17	²		0.14	²		0.19
Net realized and unrealized gains (losses) on investments		1.42			(0.40	)		1.08			1.47			2.06

Total from investment operations		1.59			(0.23	)		1.25			1.61			2.25
Distributions to shareholders from
Net investment income		(0.19	)		(0.17	)		(0.24	)		(0.11	)		(0.15	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)

Total distributions to shareholders		(1.00	)		(1.49	)		(1.23	)		(0.57	)		(0.79	)
Net asset value, end of period		$12.49			$11.90			$13.62			$13.60			$12.56
Total return³		14.03	%		(1.30	)%		9.74	%		13.19	%		21.84	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		0.74	%		0.74	%		0.73	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.40	%		1.47	%		1.25	%		1.10	%		0.85	%
Supplemental data
Portfolio turnover rate		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$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.


20		Wells Fargo Intrinsic Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.51			$14.25			$14.08			$12.95			$10.78
Net investment income		0.14	¹		0.15			0.13			0.10			0.08	¹
Net realized and unrealized gains (losses) on investments		1.49			(0.43	)		1.14			1.58			2.87

Total from investment operations		1.63			(0.28	)		1.27			1.68			2.95
Distributions to shareholders from
Net investment income		(0.16	)		(0.14	)		(0.11	)		(0.09	)		(0.14	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)

Total distributions to shareholders		(0.97	)		(1.46	)		(1.10	)		(0.55	)		(0.78	)
Net asset value, end of period		$13.17			$12.51			$14.25			$14.08			$12.95
Total return		13.66	%		(1.58	)%		9.42	%		13.36	%		28.77	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.06	%		1.06	%		1.05	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.10	%		1.27	%		0.95	%		0.74	%		0.68	%
Supplemental data
Portfolio turnover rate		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$459,650			$470,152			$529,293			$534,641			$515,012

¹	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Intrinsic Value Fund			21

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.08			$13.80			$13.67			$12.58			$10.48
Net investment income		0.17	¹		0.18			0.15			0.13			0.16
Net realized and unrealized gains (losses) on investments		1.43			(0.41	)		1.11			1.53			2.73

Total from investment operations		1.60			(0.23	)		1.26			1.66			2.89
Distributions to shareholders from
Net investment income		(0.19	)		(0.17	)		(0.14	)		(1.11	)		(0.15	)
Net realized gains		(0.81	)		(1.32	)		(0.99	)		(0.46	)		(0.64	)

Total distributions to shareholders		(1.00	)		(1.49	)		(1.13	)		(0.57	)		(0.79	)
Net asset value, end of period		$12.68			$12.08			$13.80			$13.67			$12.58
Total return		13.88	%		(1.27	)%		9.66	%		13.64	%		29.04	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.79	%		0.79	%		0.79	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.73	%
Net investment income		1.36	%		1.52	%		1.20	%		0.99	%		1.21	%
Supplemental data
Portfolio turnover rate		27	%		34	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$162,480			$215,175			$255,565			$244,378			$221,128

¹	Calculated based upon average shares outstanding.

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


22		Wells Fargo Intrinsic Value Fund		Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Security loans


Notes to financial statements		Wells Fargo Intrinsic Value Fund			23

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

Federal and other taxes


Paid-in capital	Undistributed net investment income	Accumulated net realized gains on investments
$(217)	$(159,612)	$159,829

Class allocations

3. FAIR VALUATION MEASUREMENTS


24		Wells Fargo Intrinsic Value Fund		Notes to financial statements

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 July 31, 2017:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	102,312,810	$	0	$	0	$	102,312,810
Consumer staples		88,724,516		0		0		88,724,516
Energy		92,009,245		0		0		92,009,245
Financials		144,845,630		0		0		144,845,630
Health care		99,211,637		0		0		99,211,637
Industrials		117,190,422		0		0		117,190,422
Information technology		173,699,464		0		0		173,699,464
Materials		29,007,072		0		0		29,007,072
Real estate		13,528,010		0		0		13,528,010
Telecommunication services		26,508,680		0		0		26,508,680
Utilities		43,296,590		0		0		43,296,590

Short-term investments
Investment companies		9,318,825		0		0		9,318,825
Investments measured at net asset value*								17,032,322
Total assets	$	939,652,901	$	0	$	0	$	956,685,223

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 $17,032,322 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee


Notes to financial statements		Wells Fargo Intrinsic Value Fund			25

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


	Class-level administration fee
Class A, Class, B, Class C, Class R		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class, Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 1.36% for Class R shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

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

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended July 31, 2017, Funds Distributor received $5,498 from the sale of Class A shares and $34 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A and Class B shares for the year ended July 31, 2017.

Shareholder servicing fees

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

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

Interfund transactions


26		Wells Fargo Intrinsic Value Fund		Notes to financial statements

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2017 were $256,271,358 and $435,437,576, respectively.

6. BANK BORROWINGS

For the year ended July 31, 2017, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2017 and July 31, 2016 were as follows:


	Year ended July 31
	2017		2016
Ordinary income	$	12,576,527	$	12,154,089
Long-term capital gain		61,281,574		110,369,090

As of July 31, 2017, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$4,815,147	$43,186,381	$181,541,693

8. INDEMNIFICATION

9. REGULATORY CHANGES


Report of independent registered public accounting firm		Wells Fargo Intrinsic Value Fund			27

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Intrinsic Value Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Intrinsic Value Fund as of July 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts


28		Wells Fargo Intrinsic Value Fund		Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $61,281,574 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2017.

Pursuant to Section 854 of the Internal Revenue Code, $12,576,527 of income dividends paid during the fiscal year ended July 31, 2017 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Intrinsic Value Fund			29

BOARD OF TRUSTEES AND OFFICERS

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	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 an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust


30		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	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: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

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

Advisory Board Members


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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	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.	None


Other information (unaudited)		Wells Fargo Intrinsic Value 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 in the Fund Complex and Assistant Treasurer of 69 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.


32		Wells Fargo Intrinsic Value Fund		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Intrinsic Value Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


Other information (unaudited)		Wells Fargo Intrinsic Value Fund			33

Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than the average performance of the Universe for the ten-year period under review, but lower than the average performance of the Universe for the one-, three- and five-year periods under review. The Board also noted that the performance of the Fund was higher than its benchmark, the Russell 1000^® Value Index, for the ten-year period under review, but lower than its benchmark for the one-, three- and five-year periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than, equal to, or in range of the median net operating expense ratios of the expense Groups for all share classes.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also received and considered information concerning the profitability of the Sub-Adviser from providing services to the fund


34		Wells Fargo Intrinsic Value Fund		Other information (unaudited)

family as a whole, noting that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Wells Fargo and Funds Management profitability analysis.

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


List of abbreviations		Wells Fargo Intrinsic Value Fund			35

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

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 Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

305355 09-17

A207/AR207 07-17

Annual Report

Wells Fargo Large Cap Core Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

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

Report of independent registered public accounting firm			27

Other information			28

List of abbreviations			35

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Funds

In bond markets, interest rates rose but remained at historically low levels amid subdued global growth and modest inflation.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Large Cap Core Fund for the 12-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 16.04% and 19.01%, for the 12-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 U.S. Aggregate Bond Index³ returned -1.28% and the Bloomberg Barclays Municipal Bond Index⁴ returned 0.26% as interest rates rose from low levels.

Globally, stock results moderated in the third quarter of 2016; bond interest rates remained low.

During the fourth quarter of 2016, investors awaited election results and central-bank actions.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released

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.

⁴	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.

⁵	The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.


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

Steady advancement in many markets marked the first seven months of 2017.

During the second quarter, most equity markets in the U.S. and abroad advanced. Steady, albeit modest, economic growth both in the U.S. and abroad and generally favorable corporate earnings announcements after the second quarter supported higher valuations. Within the economy, U.S. inflation trended lower despite the unemployment rate continuing to decline. Ten-year U.S. Treasury yields declined, resulting in stronger prices for long-term bonds. As was widely expected, in June, the Fed raised the target interest rate by a quarter percentage point to a range from 1.00% to 1.25%. In addition, the Fed indicated that it would begin to sell bonds accumulated on its balance sheet during quantitative easing programs conducted since 2008, likely beginning in later this year. Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.⁵ Although economic momentum increased in Europe, the ECB held its rates steady at low levels because underlying inflation remained subdued. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar.

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

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

Sincerely,

LOGO

President

Wells Fargo Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.


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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Golden Capital Management, LLC

Portfolio managers

John R. Campbell, CFA^®

Jeff C. Moser, CFA^®

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


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		Since inception		1 year		5 year		Since inception		Gross		Net³
Class A (EGOAX)	12-17-2007		13.06		13.15		6.45		19.94		14.50		7.11		1.20		1.14
Class C (EGOCX)	12-17-2007		18.03		13.65		6.33		19.03		13.65		6.33		1.95		1.89
Class R (EGOHX)	9-30-2015		–		–		–		19.64		14.21		6.85		1.45		1.39
Class R6 (EGORX)	9-30-2015		–		–		–		24.01		15.70		7.89		0.77		0.68
Administrator Class (WFLLX)	7-16-2010		–		–		–		19.99		14.73		7.30		1.12		1.00
Institutional Class (EGOIX)	12-17-2007		–		–		–		20.43		15.03		7.56		0.87		0.70
S&P 500 Index⁴	–		–		–		–		16.04		14.78		8.04		–		–

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

Growth of $10,000 investment as of July 31, 2017⁵

Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect higher expenses applicable to Class R shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and adjusted to reflect higher expenses applicable to Class R6 shares. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Golden Large Cap Core Fund.

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

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 chart compares the performance of Class A shares since inception with the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	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.

⁷	Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.


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

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund outperformed its benchmark, the S&P 500 Index, for the 12-month period that ended July 31, 2017.

∎

Stock selection and sector positioning were additive to performance relative to the benchmark index.

∎

Investments within the consumer discretionary sector detracted from performance—especially Foot Locker, Incorporated, which was negatively affected by the strengthening trend toward online shopping.

We experienced an earnings-driven market during the period.

A profit recovery for U.S. corporations began at the start of the reporting period. While the overall U.S. economy was not in recession up to that point, corporate profits were. The third and fourth quarters of 2016 were the first consecutive quarters of year-over-year profit growth for S&P 500 companies since the fourth quarter of 2014 and the first quarter of 2015. The blended S&P 500 earnings-growth rate of 14% for the first quarter of 2017 exceeded the consensus expectation of 9% and was the index’s highest year-over-year earnings-growth rate since the third quarter of 2011. As this commentary was being written, the second-quarter 2017 earnings-reporting season was underway; it likely may mark the fourth consecutive quarter of year-over-year profit growth. During the reporting period, the market rewarded the impressive recovery in profits.


Ten largest holdings(%) as of July 31, 2017⁶
NVIDIA Corporation			3.13
Microsoft Corporation			2.60
Apple Incorporated			2.54
Electronic Arts Incorporated			2.52
Aetna Incorporated			2.49
CDW Corporation of Delaware			2.47
JPMorgan Chase & Company			2.34
Comcast Corporation Class A			2.24
UnitedHealth Group Incorporated			2.21
NetApp Incorporated			2.18

Sector distribution as of July 31, 2017⁷

The Fund was well positioned to participate in the earnings recovery.

The two top-performing sectors in the S&P 500 Index over the reporting period, financials and information technology (IT), significantly outperformed the S&P 500 Index. The Fund benefited from overweights to these sectors and from favorable stock selection in each. The bottom-performing sectors in the S&P 500 Index—telecommunication services, real estate, and energy—generally lagged in terms of profit growth; the Fund maintained underweights to all three.

Investments in the consumer discretionary sector detracted, largely due to weakness in the specialty retail segment.

Although wary of traditional retail businesses, we have maintained exposure to the sports and athleisure category through the Fund’s position in Foot Locker. However, recent earnings at Foot Locker came in below expectations, and the stock declined, similar to the shares of many other retailers seen as vulnerable to the retail strength of Amazon.com, Incorporated.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Large Cap Core Fund			7

Our market outlook.

After a steady, upward move, U.S. markets were trading at or near all-time highs at the end of the reporting period, propelled by better-than-anticipated corporate earnings. We maintain a moderately positive outlook on the U.S. economy and believe monetary and fiscal policies likely may have a neutral impact on the markets over the short term. We expect the Trump administration to face continued challenges implementing its policy agenda; however, we believe progrowth tax cuts and regulatory reform are likely to come to fruition eventually.

Although investors have not been preoccupied with valuations in recent months, the S&P 500 Index’s 12-month forward-looking price-to-earnings ratio remained well above its 10-year average during the reporting period. Elevated valuations could leave the markets susceptible to negative shocks. Higher interest rates and reduced economic stimulus (use of monetary or fiscal policy changes to stimulate economic growth) make it unlikely that investors will be willing to pay even higher multiples for the same earnings. Therefore, better-than-expected earnings likely will be required to propel markets higher.

Please see footnotes on page 5.


8		Wells Fargo Large Cap Core Fund		Fund expenses (unaudited)

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 February 1, 2017 to July 31, 2017.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,092.84	$	5.92		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.14	$	5.71		1.14	%
Class C
Actual	$	1,000.00	$	1,089.23	$	9.79		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.42	$	9.44		1.89	%
Class R
Actual	$	1,000.00	$	1,091.35	$	7.21		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	6.95		1.39	%
Class R6
Actual	$	1,000.00	$	1,095.70	$	3.53		0.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.41		0.68	%
Administrator Class
Actual	$	1,000.00	$	1,093.69	$	5.19		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,094.86	$	3.64		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		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—July 31, 2017		Wells Fargo Large Cap Core Fund			9


Security name	Shares		Value

Common Stocks: 98.98%

Consumer Discretionary: 13.38%

Auto Components: 2.14%
Lear Corporation		151,043	$	22,383,062


Automobiles: 1.84%
General Motors Company		533,781		19,205,440


Media: 2.24%
Comcast Corporation Class A		580,390		23,476,776


Specialty Retail: 7.16%
Foot Locker Incorporated		348,268		16,434,767
Lowe’s Companies Incorporated		265,880		20,579,112
The Home Depot Incorporated		148,392		22,199,443
The TJX Companies Incorporated		223,812		15,736,222

				74,949,544


Consumer Staples: 6.98%

Food & Staples Retailing: 5.04%
CVS Health Corporation		197,245		15,765,793
Sysco Corporation		333,618		17,554,979
Wal-Mart Stores Incorporated		243,116		19,446,849

				52,767,621


Food Products: 1.94%
Pinnacle Foods Incorporated		341,639		20,286,524


Energy: 4.94%

Oil, Gas & Consumable Fuels: 4.94%
Chevron Corporation		161,322		17,614,749
Exxon Mobil Corporation		202,775		16,230,111
Valero Energy Corporation		258,276		17,813,296

				51,658,156


Financials: 13.98%

Banks: 9.79%
Bank of America Corporation		819,952		19,777,242
Citizens Financial Group Incorporated		518,216		18,179,017
Huntington Bancshares Incorporated		1,478,547		19,590,748
JPMorgan Chase & Company		266,723		24,485,171
SunTrust Banks Incorporated		356,665		20,433,338

				102,465,516


Insurance: 4.19%
Lincoln National Corporation		301,021		21,992,594
Prudential Financial Incorporated		192,560		21,803,569

				43,796,163

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


10		Wells Fargo Large Cap Core Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Health Care: 13.93%

Biotechnology: 3.49%
Amgen Incorporated		106,034	$	18,503,993
Gilead Sciences Incorporated		236,465		17,992,622

				36,496,615


Health Care Providers & Services: 6.80%
Aetna Incorporated		168,548		26,008,642
Centene Corporation †		276,754		21,979,803
UnitedHealth Group Incorporated		120,620		23,136,122

				71,124,567


Pharmaceuticals: 3.64%
Johnson & Johnson		156,164		20,726,086
Merck & Company Incorporated		271,427		17,338,757

				38,064,843


Industrials: 9.31%

Aerospace & Defense: 2.14%
Northrop Grumman Corporation		85,093		22,390,521


Airlines: 1.73%
Delta Air Lines Incorporated		366,299		18,080,519


Construction & Engineering: 1.64%
EMCOR Group Incorporated		254,355		17,168,963


Machinery: 3.80%
Stanley Black & Decker Incorporated		138,991		19,554,644
The Toro Company		283,328		20,141,788

				39,696,432


Information Technology: 26.64%

Electronic Equipment, Instruments & Components: 4.54%
CDW Corporation of Delaware		407,238		25,831,106
Jabil Circuit Incorporated		710,102		21,658,111

				47,489,217


Internet Software & Services: 1.92%
Alphabet Incorporated Class C †		21,552		20,054,136


Semiconductors & Semiconductor Equipment: 6.49%
Analog Devices Incorporated		237,850		18,792,529
Intel Corporation		463,060		16,424,738
NVIDIA Corporation		201,305		32,714,076

				67,931,343

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


Portfolio of investments—July 31, 2017		Wells Fargo Large Cap Core Fund			11


Security name				Shares		Value

Software: 7.08%
Electronic Arts Incorporated †					225,895	$	26,370,982
Microsoft Corporation					373,451		27,149,888
VMware Incorporated Class A †«					221,739		20,557,423

							74,078,293


Technology Hardware, Storage & Peripherals: 6.61%
Apple Incorporated					178,693		26,577,010
HP Incorporated					1,036,102		19,789,548
NetApp Incorporated					524,836		22,788,377

							69,154,935


Materials: 5.95%

Chemicals: 2.06%
The Dow Chemical Company					335,442		21,548,794


Containers & Packaging: 2.14%
Avery Dennison Corporation					240,751		22,372,990


Metals & Mining: 1.75%
Nucor Corporation					317,493		18,309,821


Real Estate: 3.87%

Equity REITs: 3.87%
American Tower Corporation					151,972		20,718,343
Prologis Incorporated					325,155		19,772,676

							40,491,019


Total Common Stocks (Cost $795,796,857)							1,035,441,810


	Yield
Short-Term Investments: 2.66%

Investment Companies: 2.66%
Securities Lending Cash Investment LLC (l)(r)(u)		1.25	%		19,847,049		19,849,034
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.89			7,987,308		7,987,308

Total Short-Term Investments (Cost $27,836,342)							27,836,342


Total investments in securities (Cost $823,633,199) *	101.64	%		1,063,278,152
Other assets and liabilities, net	(1.64	)		(17,161,310	)

Total net assets	100.00	%	$	1,046,116,842

†	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.

*	Cost for federal income tax purposes is $826,977,433 and unrealized gains (losses) consists of:


Gross unrealized gains	$	250,218,070
Gross unrealized losses		(13,917,351	)

Net unrealized gains	$	236,300,719

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


12		Wells Fargo Large Cap Core Fund		Statement of assets and liabilities—July 31, 2017




Assets
Investments
In unaffiliated securities (including $19,524,726 of securities loaned), at value (cost $795,796,857)	$	1,035,441,810
In affiliated securities, at value (cost $27,836,342)		27,836,342

Total investments, at value (cost $823,633,199)		1,063,278,152
Receivable for investments sold		23,611,597
Receivable for Fund shares sold		1,299,051
Receivable for dividends		673,883
Receivable for securities lending income		11,796
Prepaid expenses and other assets		74,727

Total assets		1,088,949,206


Liabilities
Payable for investments purchased		20,526,961
Payable for Fund shares redeemed		1,696,260
Payable upon receipt of securities loaned		19,849,050
Management fee payable		507,477
Distribution fees payable		38,791
Administration fees payable		141,437
Accrued expenses and other liabilities		72,388

Total liabilities		42,832,364

Total net assets	$	1,046,116,842


NET ASSETS CONSIST OF
Paid-in capital	$	801,311,554
Undistributed net investment income		5,135,039
Accumulated net realized gains on investments		25,296
Net unrealized gains on investments		239,644,953

Total net assets	$	1,046,116,842


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	329,974,000
Shares outstanding – Class A¹		18,323,341
Net asset value per share – Class A		$18.01
Maximum offering price per share – Class A²		$19.11
Net assets – Class C	$	60,697,190
Shares outstanding – Class C¹		3,429,880
Net asset value per share – Class C		$17.70
Net assets – Class R	$	1,369,483
Shares outstanding – Class R¹		75,904
Net asset value per share – Class R		$18.04
Net assets – Class R6	$	121,843
Shares outstanding – Class R6¹		6,737
Net asset value per share – Class R6		$18.09
Net assets – Administrator Class	$	32,090,820
Shares outstanding – Administrator Class¹		1,762,285
Net asset value per share – Administrator Class		$18.21
Net assets – Institutional Class	$	621,863,506
Shares outstanding – Institutional Class¹		34,316,397
Net asset value per share – Institutional Class		$18.12

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.


Statement of operations—year ended July 31, 2017		Wells Fargo Large Cap Core Fund			13




Investment income
Dividends	$	19,820,682
Securities lending income, net		87,127
Income from affiliated securities		50,528

Total investment income		19,958,337


Expenses
Management fee		7,043,946
Administration fees
Class A		697,529
Class C		132,380
Class R		661
Class R6		130
Administrator Class		43,343
Institutional Class		776,056
Shareholder servicing fees
Class A		830,392
Class C		157,595
Class R		787
Administrator Class		82,839
Distribution fees
Class C		472,784
Class R		787
Custody and accounting fees		38,597
Professional fees		46,596
Registration fees		152,174
Shareholder report expenses		120,558
Trustees’ fees and expenses		21,303
Other fees and expenses		22,324

Total expenses		10,640,781
Less: Fee waivers and/or expense reimbursements		(1,143,291	)

Net expenses		9,497,490

Net investment income		10,460,847


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		51,027,018
Affiliated securities		(16	)

Net realized gains on investments		51,027,002

Net change in unrealized gains (losses) on investments		125,930,322

Net realized and unrealized gains (losses) on investments		176,957,324

Net increase in net assets resulting from operations	$	187,418,171

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


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


	Year ended July 31, 2017						Year ended July 31, 2016

Operations
Net investment income				$	10,460,847					$	6,674,384
Net realized gains (losses) on investments					51,027,002						(46,422,704	)
Net change in unrealized gains (losses) on investments					125,930,322						27,105,014

Net increase (decrease) in net assets resulting from operations					187,418,171						(12,643,306	)


Distributions to shareholders from
Net investment income
Class A					(2,565,745	)					(1,280,167	)
Class R					(172	)					(136	)¹
Class R6					(1,269	)					(184	)¹
Administrator Class					(3,812	)					(617,773	)
Institutional Class					(7,464,521	)					(732,443	)
Net realized gains
Class A					0						(3,571,260	)
Class C					0						(613,350	)
Class R					0						(222	)¹
Class R6					0						(222	)¹
Administrator Class					0						(908,858	)
Institutional Class					0						(831,664	)

Total distributions to shareholders					(10,035,519	)					(8,556,279	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,356,533			22,414,439			25,918,673			399,364,361
Class C		498,889			8,120,255			2,898,348			42,984,877
Class R		75,652			1,314,056			1,706	¹		25,000	¹
Class R6		7,956			134,824			171,642	¹		2,413,783	¹
Administrator Class		1,481,988			25,548,238			4,428,450			66,283,791
Institutional Class		23,412,722			371,792,237			25,684,762			381,059,292
Investor Class		N/A			N/A			508,724	²		7,701,975	²

					429,324,049						899,833,079

Reinvestment of distributions
Class A		149,877			2,451,983			311,622			4,725,942
Class C		0			0			32,452			481,595
Class R		10			172			23	¹		358	¹
Class R6		77			1,269			27	¹		406	¹
Administrator Class		230			3,794			99,938			1,525,664
Institutional Class		405,841			6,663,907			63,053			966,052

					9,121,125						7,700,017

Payment for shares redeemed
Class A		(6,971,518	)		(112,765,238	)		(8,578,334	)		(125,072,291	)
Class C		(1,878,343	)		(29,564,534	)		(1,521,640	)		(21,894,194	)
Class R		(1,487	)		(25,647	)		0	¹		0	¹
Class R6		(162,028	)		(2,459,889	)		(10,937	)¹		(158,688	)¹
Administrator Class		(3,533,468	)		(56,128,061	)		(5,987,164	)		(87,751,181	)
Institutional Class		(16,596,815	)		(273,283,736	)		(9,789,487	)		(144,146,531	)
Investor Class		N/A			N/A			(18,604,700	)²		(290,535,816	)²

					(474,227,105	)					(669,558,701	)

Net asset value of shares issued in acquisition
Institutional Class		0			0			7,161,519			103,887,609

Net increase (decrease) in net assets resulting from capital share transactions					(35,781,931	)					341,862,004

Total increase in net assets					141,600,721						320,662,419


Net assets
Beginning of period					904,516,121						583,853,702

End of period				$	1,046,116,842					$	904,516,121

Undistributed net investment income				$	5,135,039					$	5,083,557

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

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

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


Financial highlights		Wells Fargo Large Cap Core Fund			15

(For a share outstanding throughout each period)


	Year ended July 31
CLASS A	2017			2016			2015			2014			2013
Net asset value, beginning of period		$15.13			$15.81			$14.30			$12.13			$9.50
Net investment income		0.15			0.10			0.06			0.06	¹		0.07
Net realized and unrealized gains (losses) on investments		2.85			(0.60	)		1.50			2.20			2.64

Total from investment operations		3.00			(0.50	)		1.56			2.26			2.71
Distributions to shareholders from
Net investment income		(0.12	)		(0.05	)		(0.05	)		(0.09	)		(0.08	)
Net realized gains		0.00			(0.13	)		0.00			0.00			0.00

Total distributions to shareholders		(0.12	)		(0.18	)		(0.05	)		(0.09	)		(0.08	)
Net asset value, end of period		$18.01			$15.13			$15.81			$14.30			$12.13
Total return²		19.94	%		(3.18	)%		10.99	%		18.58	%		28.76	%
Ratios to average net assets (annualized)
Gross expenses		1.19	%		1.20	%		1.26	%		1.29	%		1.33	%
Net expenses		1.14	%		1.14	%		1.14	%		1.14	%		1.14	%
Net investment income		0.82	%		0.80	%		0.35	%		0.47	%		0.75	%
Supplemental data
Portfolio turnover rate		50	%		51	%		44	%		61	%		67	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS C	2017			2016			2015			2014			2013
Net asset value, beginning of period		$14.87			$15.61			$14.17			$12.05			$9.45
Net investment income (loss)		0.00	¹		0.00	^1,2		(0.06	)²		(0.01	)		(0.00	)¹
Net realized and unrealized gains (losses) on investments		2.83			(0.61	)		1.50			2.15			2.62

Total from investment operations		2.83			(0.61	)		1.44			2.14			2.62
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.02	)		(0.02	)
Net realized gains		0.00			(0.13	)		0.00			0.00			0.00

Total distributions to shareholders		0.00			(0.13	)		0.00			(0.02	)		(0.02	)
Net asset value, end of period		$17.70			$14.87			$15.61			$14.17			$12.05
Total return³		19.03	%		(3.90	)%		10.16	%		17.73	%		27.82	%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.95	%		2.01	%		2.04	%		2.08	%
Net expenses		1.89	%		1.89	%		1.89	%		1.89	%		1.89	%
Net investment income (loss)		0.07	%		0.02	%		(0.38	)%		(0.30	)%		(0.01	)%
Supplemental data
Portfolio turnover rate		50	%		51	%		44	%		61	%		67	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS R	2017			2016¹
Net asset value, beginning of period		$15.17			$14.66
Net investment income		0.13			0.06
Net realized and unrealized gains (losses) on investments		2.84			0.66

Total from investment operations		2.97			0.72
Distributions to shareholders from
Net investment income		(0.10	)		(0.08	)
Net realized gains		0.00			(0.13	)

Total distributions to shareholders		(0.10	)		(0.21	)
Net asset value, end of period		$18.04			$15.17
Total return²		19.64	%		4.90	%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.46	%
Net expenses		1.39	%		1.39	%
Net investment income		0.51	%		0.52	%
Supplemental data
Portfolio turnover rate		50	%		51	%
Net assets, end of period (000s omitted)		$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.


18		Wells Fargo Large Cap Core Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R6	2017			2016¹
Net asset value, beginning of period		$15.24			$14.66
Net investment income		0.25	²		0.20
Net realized and unrealized gains (losses) on investments		3.33			0.62

Total from investment operations		3.58			0.82
Distributions to shareholders from
Net investment income		(0.73	)		(0.11	)
Net realized gains		0.00			(0.13	)

Total distributions to shareholders		(0.73	)		(0.24	)
Net asset value, end of period		$18.09			$15.24
Total return³		24.01	%		5.57	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.77	%
Net expenses		0.68	%		0.68	%
Net investment income		1.62	%		1.31	%
Supplemental data
Portfolio turnover rate		50	%		51	%
Net assets, end of period (000s omitted)		$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.


Financial highlights		Wells Fargo Large Cap Core Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$15.18			$15.87			$14.34			$12.16			$9.52
Net investment income		0.16	¹		0.15			0.10			0.09			0.10
Net realized and unrealized gains (losses) on investments		2.87			(0.62	)		1.50			2.20			2.64

Total from investment operations		3.03			(0.47	)		1.60			2.29			2.74
Distributions to shareholders from
Net investment income		(0.00	)²		(0.09	)		(0.07	)		(0.11	)		(0.10	)
Net realized gains		0.00			(0.13	)		0.00			0.00			0.00

Total distributions to shareholders		(0.00	)²		(0.22	)		(0.07	)		(0.11	)		(0.10	)
Net asset value, end of period		$18.21			$15.18			$15.87			$14.34			$12.16
Total return		19.99	%		(2.98	)%		11.28	%		18.83	%		29.12	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.12	%		1.11	%		1.11	%		1.14	%
Net expenses		1.00	%		0.96	%		0.90	%		0.90	%		0.89	%
Net investment income		1.00	%		0.95	%		0.61	%		0.63	%		1.00	%
Supplemental data
Portfolio turnover rate		50	%		51	%		44	%		61	%		67	%
Net assets, end of period (000s omitted)		$32,091			$57,879			$83,692			$6,849			$1,192

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

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


20		Wells Fargo Large Cap Core Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$15.23			$15.91			$14.35			$12.16			$9.52
Net investment income		0.18			0.18	¹		0.14	¹		0.11	¹		0.13	¹
Net realized and unrealized gains (losses) on investments		2.91			(0.62	)		1.50			2.21			2.63

Total from investment operations		3.09			(0.44	)		1.64			2.32			2.76
Distributions to shareholders from
Net investment income		(0.20	)		(0.11	)		(0.08	)		(0.13	)		(0.12	)
Net realized gains		0.00			(0.13	)		0.00			0.00			0.00

Total distributions to shareholders		(0.20	)		(0.24	)		(0.08	)		(0.13	)		(0.12	)
Net asset value, end of period		$18.12			$15.23			$15.91			$14.35			$12.16
Total return		20.43	%		(2.75	)%		11.51	%		19.21	%		29.38	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.87	%		0.84	%		0.85	%		0.90	%
Net expenses		0.70	%		0.70	%		0.66	%		0.66	%		0.66	%
Net investment income		1.23	%		1.22	%		0.86	%		0.83	%		1.24	%
Supplemental data
Portfolio turnover rate		50	%		51	%		44	%		61	%		67	%
Net assets, end of period (000s omitted)		$621,864			$412,678			$63,235			$5,775			$537

¹	Calculated based upon average shares outstanding

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


Notes to financial statements		Wells Fargo Large Cap Core 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 Core Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Security loans


22		Wells Fargo Large Cap Core Fund		Notes to financial statements

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

Federal and other taxes

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassifications is due to dividends from certain securities. At July 31, 2017, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Undistributed net

investment income

Accumulated net

realized gains

on investments

$(373,846)

$373,846

Class allocations


Notes to financial statements		Wells Fargo Large Cap Core Fund			23

3. FAIR VALUATION MEASUREMENTS

∎

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 July 31, 2017:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	140,014,822	$	0	$	0	$	140,014,822
Consumer staples		73,054,145		0		0		73,054,145
Energy		51,658,156		0		0		51,658,156
Financials		146,261,679		0		0		146,261,679
Health care		145,686,025		0		0		145,686,025
Industrials		97,336,435		0		0		97,336,435
Information technology		278,707,924		0		0		278,707,924
Materials		62,231,605		0		0		62,231,605
Real estate		40,491,019		0		0		40,491,019

Short-term investments
Investment companies		7,987,308		0		0		7,987,308
Investments measured at net asset value*								19,849,034
	$	1,043,429,118	$	0	$	0	$	1,063,278,152

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 $19,849,034 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee


24		Wells Fargo Large Cap Core Fund		Notes to financial statements

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

Administration fees


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

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

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

Distribution fees

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 year ended July 31, 2017, Funds Distributor received $12,712 from the sale of Class A shares and $1,168 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the year ended July 31, 2017.

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


Notes to financial statements		Wells Fargo Large Cap Core Fund			25

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2017 were $501,535,905 and $528,725,333, respectively.

6. ACQUISITION

After the close of business on May 20, 2016, the Fund acquired the net assets of Golden Large Cap Core Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Institutional Class shares of Golden Large Cap Core Fund received Institutional Class shares of the Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the Institutional Class shares of Golden Large Cap Core Fund for 7,161,519 Institutional Class shares of the Fund valued at $103,887,609 at an exchange ratio of 0.90. The investment portfolio of Golden Large Cap Core Fund with a fair value of $101,587,245, identified cost of $91,037,630 and unrealized gains of $10,549,615 at May 20, 2016 were the principal assets acquired by the Fund. The aggregate net assets of Golden Large Cap Core Fund and the Fund immediately prior to the acquisition were $103,887,609 and $865,210,261, respectively. The aggregate net assets of the Fund immediately after the acquisition were $969,097,870. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from Golden Large Cap Core Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed August 1, 2015, the beginning of the annual reporting period for the Fund, the pro forma results of operations for the year ended July 31, 2016 would have been:


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

7. BANK BORROWINGS

For the year ended July 31, 2017, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2017 and July 31, 2016 were as follows:


	Year ended July 31
	2017		2016
Ordinary income	$	10,035,519	$	2,630,814
Long-term capital gain		0		5,925,465

As of July 31, 2017, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$5,135,073	$3,369,530	$236,300,719


26		Wells Fargo Large Cap Core Fund		Notes to financial statements

9. CONCENTRATION RISK

10. INDEMNIFICATION

11. REGULATORY CHANGES


Report of independent registered public accounting firm		Wells Fargo Large Cap Core Fund			27

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Large Cap Core Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Large Cap Core Fund as of July 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts


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

TAX INFORMATION

Pursuant to Section 854 of the Internal Revenue Code, $10,035,519 of income dividends paid during the fiscal year ended July 31, 2017 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

SPECIAL MEETING OF SHAREHOLDERS

On March 6, 2017, a Special Meeting of Shareholders for the Fund was held to consider the following proposal. The results of the proposal are indicated below.

Proposal – To consider and act upon a new investment sub-advisory agreement with Golden Capital Management, LLC:

PORTFOLIO HOLDINGS INFORMATION


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

BOARD OF TRUSTEES AND OFFICERS

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	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 an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust


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


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

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

Advisory Board Members


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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	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.	None


Other information (unaudited)		Wells Fargo Large Cap 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 in the Fund Complex and Assistant Treasurer of 69 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.


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

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Large Cap Core Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Golden Capital Management, LLC (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services


Other information (unaudited)		Wells Fargo Large Cap Core Fund			33

Fund performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2016. In certain cases, the Board also considered more current results for various time periods ended March 31, 2017. The Board considered these results in comparison to the performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than the average performance of the Universe for the three- and five-year periods ended December 31, 2016, but lower than the average performance of the Universe for the one-year period ended December 31, 2016. However, the Board noted that the performance ranking of the Fund in the Universe had improved from the prior quarter-end for the one--year period ended March 31, 2017. The Board also noted that the performance of the Fund was higher than its benchmark, the S&P 500 Index, for the five-year period ended December 31, 2016, but lower than its benchmark for the one- and three-year periods ended December 31, 2016.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all share classes. The Board discussed and accepted Funds Management’s proposal to reduce the net operating expense ratio caps for all share classes of the Fund.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than, equal to, or in range of the sum of these average rates for the expense Groups for all of the Fund’s share classes except Administrator Class. The Board however noted that net operating expense ratios of the Fund’s Administrator Class were lower than the median net operating expense ratio of the Administrator Class’ expense Group.


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

Profitability

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements are means of sharing potential economies of scale with shareholders of the Fund. The Board discussed and accepted Funds Management’s proposal to reduce the net operating expense ratio caps for all share classes of the Fund. The Board considered Funds Management’s view, which Funds Management indicated was supported by independent third-party industry studies which were summarized for the Board, that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

Other benefits to Funds Management and the Sub-Adviser

Conclusion


List of abbreviations		Wells Fargo Large Cap Core Fund			35

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

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 Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

305356 09-17

A208/AR208 07-17

Annual Report

Wells Fargo Large Cap Growth Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

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			23

Report of independent registered public accounting firm			28

Other information			29

List of abbreviations			36

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Funds

In bond markets, interest rates rose but remained at historically low levels amid subdued global growth and modest inflation.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Large Cap Growth Fund for the 12-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 16.04% and 19.01%, for the 12-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 U.S. Aggregate Bond Index³ returned -1.28% and the Bloomberg Barclays Municipal Bond Index⁴ returned 0.26% as interest rates rose from low levels.

Globally, stock results moderated in the third quarter of 2016; bond interest rates remained low.

During the fourth quarter of 2016, investors awaited election results and central-bank actions.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released

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.

⁴	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.

⁵	The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.


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

Steady advancement in many markets marked the first seven months of 2017.

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

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

Sincerely,

LOGO

President

Wells Fargo Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.


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. Ebherhardy, CFA^®, CPA

Thomas C. Ognar, CFA^®

Bruce C. Olson, CFA^®

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


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (STAFX)	7-30-2010		8.01		11.51		7.65		14.60		12.84		8.29		1.16		1.07
Class C (STOFX)	7-30-2010		12.74		12.00		7.50		13.74		12.00		7.50		1.91		1.82
Class R (STMFX)	6-15-2012		–		–		–		14.30		12.55		8.06		1.41		1.32
Class R4 (SLGRX)	11-30-2012		–		–		–		14.96		13.20		8.54		0.88		0.80
Class R6 (STFFX)	11-30-2012		–		–		–		15.09		13.35		8.61		0.73		0.65
Administrator Class (STDFX)	7-30-2010		–		–		–		14.75		12.98		8.39		1.08		0.95
Institutional Class (STNFX)	7-30-2010		–		–		–		14.98		13.27		8.57		0.83		0.75
Russell 1000^® Growth Index⁴	–		–		–		–		18.05		15.60		9.36		–		–

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.

Please see footnotes on page 5.


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

Growth of $10,000 investment as of July 31, 2017⁵

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.

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

⁵	The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	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.

⁷	Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

*	This security was not held in the Fund at the end of the reporting period.


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

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund underperformed its benchmark, the Russell 1000^® Growth Index, for the 12-month period that ended July 31, 2017.

∎

Holdings within the consumer discretionary and energy sectors detracted from the Fund’s performance for the period.

∎

The Fund’s performance benefited from an underweight to stocks in the consumer staples sector and from select holdings in the health care and information technology (IT) sectors.

Challenges the Fund faced in the first five months of the period faded in 2017, and performance rebounded.

During the last five months of 2016 historically low interest rates drove investors to continue to seek alternative sources of income via dividend-paying stocks. As a result, stocks paying dividend yields greater than 2% contributed disproportionately to the total return of the Russell 1000^® Growth Index during the last five months of 2016; also, the market environment often was influenced by investor sentiment rather than by fundamentals during these months. The six-week period following the U.S. presidential election in November 2016 further challenged the Fund as investors—anticipating infrastructure spending under the new administration—rotated out of IT and health care stocks in favor of more cyclical companies. All of these dynamics combined drove the majority of the Fund’s underperformance through the end of 2016; navigating through these events was difficult given our emphasis on adding value through bottom-up selection of faster-growing stocks. However, the Fund’s performance improved dramatically in 2017 as investors shifted their focus away from dividends and back to fundamentals. From January 2017 through the end of the reporting period, the markets were driven by faster-growing IT and health care stocks with strong fundamentals. Also, investors cheered earnings growth, which had largely stagnated in recent years. Strong employment figures, slow-but-steady U.S. economic growth, and economic improvement in Europe further contributed to the positive sentiment that buoyed the market during the first seven months of 2017.


Ten largest holdings (%) as of July 31, 2017⁶
Facebook Incorporated Class A			7.03
Amazon.com Incorporated			6.22
Microsoft Corporation			5.37
Alphabet Incorporated Class A			4.44
Visa Incorporated Class A			3.35
Alphabet Incorporated Class C			3.26
MasterCard Incorporated Class A			3.25
Celgene Corporation			2.84
Broadcom Limited			2.49
Microchip Technology Incorporated			2.32

Results from the Fund’s holdings in the consumer discretionary and energy sectors detracted from performance.

Energy stocks were extremely volatile during the period. Holdings such as Concho Resources Incorporated and Pioneer Natural Resources Company generated

respectable fundamentals and issued positive guidance regarding future production. Unfortunately, intraperiod declines in oil prices and service cost issues negatively affected the stocks.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Large Cap Growth Fund			7

Sector distribution as of July 31, 2017⁷

The Fund benefited from an underweight to stocks in the consumer staples sector and from select holdings in the health care and IT sectors.

The health care sector, which struggled in recent periods in response to negative rhetoric during political campaigns,

experienced a recovery during the reporting period. As a result, Vertex Pharmaceuticals Incorporated, Incyte Corporation, and Edwards Lifesciences Corporation were among Fund holdings that contributed to performance. In the IT sector, Fund holdings Microchip Technology Incorporated; Broadcom Limited; and Facebook, Incorporated, contributed positively to performance. Each company generated better-than-expected earnings and revenue growth and provided positive forward guidance.

We continue to focus on consistently implementing our process.

Please see footnotes on page 5.


8		Wells Fargo Large Cap Growth Fund		Fund expenses (unaudited)

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 February 1, 2017 to July 31, 2017.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,131.69	$	5.66		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.49	$	5.36		1.07	%
Class C
Actual	$	1,000.00	$	1,127.42	$	9.60		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.77	$	9.10		1.82	%
Class R
Actual	$	1,000.00	$	1,130.35	$	6.97		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.25	$	6.61		1.32	%
Class R4
Actual	$	1,000.00	$	1,133.76	$	4.23		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class R6
Actual	$	1,000.00	$	1,134.24	$	3.44		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,132.66	$	5.02		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,133.59	$	3.97		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		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—July 31, 2017		Wells Fargo Large Cap Growth Fund			9


Security name	Shares		Value

Common Stocks: 100.63%

Consumer Discretionary: 16.85%

Hotels, Restaurants & Leisure: 1.82%
Marriott International Incorporated Class A		100,790	$	10,501,310
Starbucks Corporation		174,000		9,392,520

				19,893,830


Internet & Direct Marketing Retail: 9.08%
Amazon.com Incorporated †		69,000		68,156,820
Netflix Incorporated †		50,000		9,083,000
The Priceline Group Incorporated †		10,940		22,191,790

				99,431,610


Multiline Retail: 2.20%
Dollar Tree Incorporated †		335,000		24,146,800


Specialty Retail: 2.93%
The Home Depot Incorporated		161,000		24,085,600
ULTA Beauty Incorporated †		32,080		8,058,817

				32,144,417


Textiles, Apparel & Luxury Goods: 0.82%
Nike Incorporated Class B		151,840		8,966,152


Consumer Staples: 3.21%

Beverages: 0.77%
Dr Pepper Snapple Group Incorporated		92,320		8,415,891


Food & Staples Retailing: 1.03%
Costco Wholesale Corporation		71,350		11,309,689


Personal Products: 1.41%
The Estee Lauder Companies Incorporated Class A		156,000		15,442,440


Energy: 1.93%

Oil, Gas & Consumable Fuels: 1.93%
Concho Resources Incorporated †		121,460		15,821,380
Pioneer Natural Resources Company		32,740		5,339,894

				21,161,274


Financials: 4.72%

Capital Markets: 4.72%
Charles Schwab Corporation		429,150		18,410,535
CME Group Incorporated		131,360		16,107,363
Morgan Stanley		366,640		17,195,416

				51,713,314

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


10		Wells Fargo Large Cap Growth Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Health Care: 12.23%

Biotechnology: 7.36%
Alexion Pharmaceuticals Incorporated †		16,000	$	2,197,440
BioMarin Pharmaceutical Incorporated †		95,420		8,371,197
Celgene Corporation †		230,000		31,144,300
Incyte Corporation †		76,110		10,144,702
Regeneron Pharmaceuticals Incorporated †		21,590		10,614,076
Vertex Pharmaceuticals Incorporated †		119,580		18,154,636

				80,626,351


Health Care Equipment & Supplies: 3.13%
Boston Scientific Corporation †		383,190		10,200,518
Danaher Corporation		122,290		9,965,412
Edwards Lifesciences Corporation †		122,580		14,118,764

				34,284,694


Pharmaceuticals: 1.74%
Zoetis Incorporated		305,000		19,068,600


Industrials: 11.81%

Aerospace & Defense: 1.59%
The Boeing Company		72,000		17,457,120


Air Freight & Logistics: 1.32%
FedEx Corporation		69,650		14,489,290


Airlines: 0.88%
Southwest Airlines Company		173,113		9,609,503


Commercial Services & Supplies: 1.50%
KAR Auction Services Incorporated		67,550		2,839,802
Waste Connections Incorporated		208,960		13,578,221

				16,418,023


Electrical Equipment: 1.08%
Rockwell Automation Incorporated		72,140		11,905,264


Industrial Conglomerates: 1.38%
3M Company		75,000		15,087,750


Machinery: 0.74%
Fortive Corporation		125,000		8,092,500


Road & Rail: 3.32%
CSX Corporation		108,198		5,338,489
Norfolk Southern Corporation		66,110		7,442,664
Union Pacific Corporation		229,000		23,577,840

				36,358,993

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


Portfolio of investments—July 31, 2017		Wells Fargo Large Cap Growth Fund			11


Security name	Shares		Value

Information Technology: 45.16%

Internet Software & Services: 14.73%
Alphabet Incorporated Class A †		51,440	$	$48,636,520
Alphabet Incorporated Class C †		38,440		35,768,420
Facebook Incorporated Class A †		455,000		77,008,750

				161,413,690


IT Services: 9.18%
MasterCard Incorporated Class A		278,610		35,606,358
PayPal Holdings Incorporated †		360,000		21,078,000
Square Incorporated Class A †		273,640		7,210,414
Visa Incorporated Class A		368,140		36,652,018

				100,546,790


Semiconductors & Semiconductor Equipment: 7.93%
Broadcom Limited		110,440		27,241,130
Microchip Technology Incorporated		318,180		25,467,127
NVIDIA Corporation		60,140		9,773,351
Texas Instruments Incorporated		300,530		24,457,131

				86,938,739


Software: 11.59%
Activision Blizzard Incorporated		120,530		7,446,343
Adobe Systems Incorporated †		128,000		18,750,720
Microsoft Corporation		810,000		58,887,000
Salesforce.com Incorporated †		180,000		16,344,000
ServiceNow Incorporated †		138,730		15,322,729
Splunk Incorporated †		103,310		6,199,633
VMware Incorporated Class A †«		43,000		3,986,530

				126,936,955


Technology Hardware, Storage & Peripherals: 1.73%
Apple Incorporated		127,360		18,942,253


Materials: 4.07%

Chemicals: 4.07%
Ecolab Incorporated		169,150		22,271,981
Praxair Incorporated		171,410		22,310,726

				44,582,707


Telecommunication Services: 0.65%

Wireless Telecommunication Services: 0.65%
T-Mobile USA Incorporated †		115,420		7,116,797


Total Common Stocks (Cost $584,843,019)				1,102,501,436

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


12		Wells Fargo Large Cap Growth Fund		Portfolio of investments—July 31, 2017


Security name	Yield			Shares		Value

Short-Term Investments: 1.69%

Investment Companies: 1.69%
Securities Lending Cash Investment LLC (l)(r)(u)		1.25	%		3,647,110	$	3,647,475
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.89			14,826,435		14,826,435

Total Short-Term Investments (Cost $18,473,910)							18,473,910


Total investments in securities (Cost $603,316,929) *	102.32	%		1,120,975,346
Other assets and liabilities, net	(2.32	)		(25,381,828	)

Total net assets	100.00	%	$	1,095,593,518

†	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.

*	Cost for federal income tax purposes is $604,884,272 and unrealized gains (losses) consists of:


Gross unrealized gains	$	519,212,262
Gross unrealized losses		(3,121,188	)

Net unrealized gains	$	516,091,074

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


Statement of assets and liabilities—July 31, 2017		Wells Fargo Large Cap Growth Fund			13




Assets
Investments
In unaffiliated securities (including $3,587,877 of securities loaned), at value (cost $584,843,019)	$	1,102,501,436
In affiliated securities, at value (cost $18,473,910)		18,473,910

Total investments, at value (cost $603,316,929)		1,120,975,346
Receivable for investments sold		1,489,980
Receivable for Fund shares sold		544,991
Receivable for dividends		342,934
Receivable for securities lending income		1,954
Prepaid expenses and other assets		66,847

Total assets		1,123,422,052


Liabilities
Payable for investments purchased		6,657,689
Payable for Fund shares redeemed		16,641,283
Payable upon receipt of securities loaned		3,647,475
Management fee payable		552,858
Distribution fees payable		10,819
Administration fees payable		133,544
Accrued expenses and other liabilities		184,866

Total liabilities		27,828,534

Total net assets	$	1,095,593,518


NET ASSETS CONSIST OF
Paid-in capital	$	446,826,929
Undistributed net investment income		420,504
Accumulated net realized gains on investments		130,687,668
Net unrealized gains on investments		517,658,417

Total net assets	$	1,095,593,518


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	516,409,503
Shares outstanding – Class A¹		10,307,015
Net asset value per share – Class A		$50.10
Maximum offering price per share – Class A²		$53.16
Net assets – Class C	$	14,640,060
Shares outstanding – Class C¹		309,813
Net asset value per share – Class C		$47.25
Net assets – Class R	$	6,386,588
Shares outstanding – Class R¹		129,448
Net asset value per share – Class R		$49.34
Net assets – Class R4	$	336,771
Share outstanding – Class R4¹		6,611
Net asset value per share – Class R4		$50.94
Net assets – Class R6	$	307,047,673
Shares outstanding – Class R6¹		6,006,611
Net asset value per share – Class R6		$51.12
Net assets – Administrator Class	$	80,936,636
Shares outstanding – Administrator Class¹		1,603,917
Net asset value per share – Administrator Class		$50.46
Net assets – Institutional Class	$	169,836,287
Shares outstanding – Institutional Class¹		3,330,130
Net asset value per share – Institutional Class		$51.00

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.


14		Wells Fargo Large Cap Growth Fund		Statement of operations—year ended July 31, 2017




Investment income
Dividends (net of foreign withholding taxes of $2,871)	$	12,496,680
Securities lending income, net		105,749
Income from affiliated securities		59,459

Total investment income		12,661,888


Expenses
Management fee		8,497,394
Administration fees
Class A		1,114,001
Class C		33,591
Class R		14,451
Class R4		5,250
Class R6		87,108
Administrator Class		223,300
Institutional Class		295,820
Shareholder servicing fees
Class A		1,326,191
Class C		39,989
Class R		17,204
Class R4		6,563
Administrator Class		428,356
Distribution fees
Class C		119,968
Class R		17,204
Custody and accounting fees		43,626
Professional fees		42,761
Registration fees		99,037
Shareholder report expenses		78,329
Trustees’ fees and expenses		21,586
Other fees and expenses		26,466

Total expenses		12,538,195
Less: Fee waivers and/or expense reimbursements		(1,201,837	)

Net expenses		11,336,358

Net investment income		1,325,530


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		162,162,388
Affiliated securities		1,447

Net realized gains on investments		162,163,835
Net change in unrealized gains (losses) on investments		387,141

Net realized and unrealized gains (losses) on investments		162,550,976

Net increase in net assets resulting from operations	$	163,876,506

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


Statement of changes in net assets		Wells Fargo Large Cap Growth Fund			15


	Year ended July 31, 2017						Year ended July 31, 2016

Operations
Net investment income				$	1,325,530					$	2,363,745
Net realized gains on investments					162,163,835						44,634,435
Net change in unrealized gains (losses) on investments					387,141						(80,144,617	)

Net increase (decrease) in net assets resulting from operations					163,876,506						(33,146,437	)


Distributions to shareholders from
Net investment income
Class A					0						(8,533	)
Class R4					(9,195	)					(26,255	)
Class R6					(472,646	)					(542,444	)
Administrator Class					(63,610	)					(399,214	)
Institutional Class					(294,392	)					(2,359,767	)
Net realized gains
Class A					(26,874,841	)					(33,357,991	)
Class C					(872,051	)					(1,130,136	)
Class R					(365,902	)					(642,814	)
Class R4					(424,319	)					(366,120	)
Class R6					(13,853,634	)					(5,970,675	)
Administrator Class					(10,174,259	)					(12,858,667	)
Institutional Class					(11,729,550	)					(26,507,074	)

Total distributions to shareholders					(65,134,399	)					(84,169,690	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		426,944			19,594,139			10,423,557			507,133,935
Class C		29,111			1,256,023			94,075			4,156,298
Class R		59,408			2,657,278			93,883			4,246,909
Class R4		32,423			1,499,183			47,194			2,095,908
Class R6		2,266,868			106,883,116			2,853,291			127,876,221
Administrator Class		538,207			24,604,747			871,378			39,477,413
Institutional Class		757,332			35,288,511			1,620,978			73,346,308
Investor Class		N/A			N/A			88,699	¹		4,159,389	¹

					191,782,997						762,492,381

Reinvestment of distributions
Class A		579,132			25,111,167			689,341			31,248,057
Class C		17,868			734,193			21,233			921,496
Class R		934			39,944			5,901			264,733
Class R4		9,844			433,514			8,508			392,375
Class R6		324,173			14,326,280			140,783			6,513,119
Administrator Class		234,472			10,234,532			290,191			13,252,210
Institutional Class		204,593			9,023,692			541,392			25,023,933

					59,903,322						77,615,923

Payment for shares redeemed
Class A		(3,218,869	)		(147,540,890	)		(2,316,847	)		(103,461,789	)
Class C		(167,349	)		(7,261,013	)		(164,112	)		(7,122,729	)
Class R		(111,516	)		(5,013,319	)		(165,274	)		(7,268,281	)
Class R4		(215,577	)		(10,318,581	)		(19,211	)		(894,912	)
Class R6		(1,407,477	)		(66,431,975	)		(509,940	)		(23,062,787	)
Administrator Class		(4,298,307	)		(200,619,787	)		(1,299,777	)		(59,103,069	)
Institutional Class		(4,398,813	)		(209,337,854	)		(6,030,432	)		(274,102,744	)
Investor Class		N/A			N/A			(9,823,525	)¹		(479,180,351	)¹

					(646,523,419	)					(954,196,662	)

Net decrease in net assets resulting from capital share transactions					(394,837,100	)					(114,088,358	)

Total decrease in net assets					(296,094,993	)					(231,404,485	)


Net assets
Beginning of period					1,391,688,511						1,623,092,996

End of period				$	1,095,593,518					$	1,391,688,511

Undistributed (overdistributed) net investment income				$	420,504					$	(25,370	)

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

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


16		Wells Fargo Large Cap Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS A	2017			2016			2015			2014			2013
Net asset value, beginning of period		$46.05			$49.55			$45.30			$39.73			$32.92
Net investment income (loss)		(0.03	)¹		(0.03	)¹		(0.01	)¹		(0.06	)		0.04
Net realized and unrealized gains (losses) on investments		6.39			(0.92	)		6.33			7.01			6.81

Total from investment operations		6.36			(0.95	)		6.32			6.95			6.85
Distributions to shareholders from
Net investment income		0.00			(0.00	)²		0.00			0.00			(0.04	)
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00

Total distributions to shareholders		(2.31	)		(2.55	)		(2.07	)		(1.38	)		(0.04	)
Net asset value, end of period		$50.10			$46.05			$49.55			$45.30			$39.73
Total return³		14.60	%		(1.83	)%		14.35	%		17.69	%		20.84	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.16	%		1.20	%		1.22	%		1.23	%
Net expenses		1.07	%		1.07	%		1.07	%		1.07	%		1.07	%
Net investment income (loss)		(0.06	)%		(0.06	)%		(0.02	)%		(0.17	)%		0.09	%
Supplemental data
Portfolio turnover rate		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS C	2017			2016			2015			2014			2013
Net asset value, beginning of period		$43.88			$47.68			$43.99			$38.90			$32.43
Net investment loss		(0.35	)¹		(0.32	)¹		(0.42	)		(0.33	)		(0.20	)
Net realized and unrealized gains (losses) on investments		6.03			(0.93	)		6.18			6.80			6.67

Total from investment operations		5.68			(1.25	)		5.76			6.47			6.47
Distributions to shareholders from
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00
Net asset value, end of period		$47.25			$43.88			$47.68			$43.99			$38.90
Total return²		13.74	%		(2.56	)%		13.47	%		16.81	%		19.95	%
Ratios to average net assets (annualized)
Gross expenses		1.91	%		1.91	%		1.95	%		1.97	%		1.98	%
Net expenses		1.82	%		1.82	%		1.82	%		1.82	%		1.82	%
Net investment loss		(0.81	)%		(0.75	)%		(0.77	)%		(0.89	)%		(0.65	)%
Supplemental data
Portfolio turnover rate		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS R	2017			2016			2015			2014			2013
Net asset value, beginning of period		$45.50			$49.11			$45.03			$39.59			$32.86
Net investment loss		(0.14	)¹		(0.10	)¹		(0.16	)		(0.15	)		(0.06	)¹
Net realized and unrealized gains (losses) on investments		6.29			(0.96	)		6.31			6.97			6.80

Total from investment operations		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			(0.01	)
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00

Total distributions to shareholders		(2.31	)		(2.55	)		(2.07	)		(1.38	)		(0.01	)
Net asset value, end of period		$49.34			$45.50			$49.11			$45.03			$39.59
Total return		14.30	%		(2.08	)%		14.05	%		17.42	%		20.53	%
Ratios to average net assets (annualized)
Gross expenses		1.41	%		1.41	%		1.45	%		1.47	%		1.47	%
Net expenses		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%
Net investment loss		(0.31	)%		(0.23	)%		(0.28	)%		(0.41	)%		(0.16	)%
Supplemental data
Portfolio turnover rate		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$6,387			$8,218			$12,086			$12,295			$8,149

¹	Calculated based upon average shares outstanding

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)


	Year ended July 31
CLASS R4	2017			2016			2015			2014			2013¹
Net asset value, beginning of period		$46.69			$50.23			$45.76			$40.05			$34.26
Net investment income		0.11	²		0.13			0.07			0.08			0.09
Net realized and unrealized gains (losses) on investments		6.50			(0.95	)		6.47			7.11			5.81

Total from investment operations		6.61			(0.82	)		6.54			7.19			5.90
Distributions to shareholders from
Net investment income		(0.05	)		(0.17	)		0.00			(0.10	)		(0.11	)
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00

Total distributions to shareholders		(2.36	)		(2.72	)		(2.07	)		(1.48	)		(0.11	)
Net asset value, end of period		$50.94			$46.69			$50.23			$45.76			$40.05
Total return³		14.96	%		(1.54	)%		14.69	%		18.07	%		17.37	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.88	%		0.87	%		0.89	%		0.87	%
Net expenses		0.80	%		0.78	%		0.75	%		0.75	%		0.75	%
Net investment income		0.25	%		0.27	%		0.17	%		0.17	%		0.39	%
Supplemental data
Portfolio turnover rate		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$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.


20		Wells Fargo Large Cap Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R6	2017			2016			2015			2014			2013¹
Net asset value, beginning of period		$46.82			$50.34			$45.82			$40.11			$34.26
Net investment income		0.17			0.22			0.07	²		0.12			0.15
Net realized and unrealized gains (losses) on investments		6.52			(0.97	)		6.56			7.11			5.82

Total from investment operations		6.69			(0.75	)		6.63			7.23			5.97
Distributions to shareholders from
Net investment income		(0.08	)		(0.22	)		(0.04	)		(0.14	)		(0.12	)
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00

Total distributions to shareholders		(2.39	)		(2.77	)		(2.11	)		(1.52	)		(0.12	)
Net asset value, end of period		$51.12			$46.82			$50.34			$45.82			$40.11
Total return³		15.09	%		(1.39	)%		14.88	%		18.25	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.73	%		0.72	%		0.74	%		0.75	%
Net expenses		0.65	%		0.64	%		0.60	%		0.60	%		0.60	%
Net investment income		0.36	%		0.39	%		0.13	%		0.29	%		0.26	%
Supplemental data
Portfolio turnover rate		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$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			21

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$46.32			$49.84			$45.50			$39.86			$33.02
Net investment income (loss)		0.05			0.05			0.05			(0.01	)		0.09	¹
Net realized and unrealized gains (losses) on investments		6.41			(0.94	)		6.36			7.04			6.83

Total from investment operations		6.46			(0.89	)		6.41			7.03			6.92
Distributions to shareholders from
Net investment income		(0.01	)		(0.08	)		0.00			(0.01	)		(0.08	)
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00

Total distributions to shareholders		(2.32	)		(2.63	)		(2.07	)		(1.39	)		(0.08	)
Net asset value, end of period		$50.46			$46.32			$49.84			$45.50			$39.86
Total return		14.75	%		(1.71	)%		14.48	%		17.84	%		21.00	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.08	%		1.05	%		1.06	%		1.07	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		0.06	%		0.12	%		0.10	%		(0.02	)%		0.24	%
Supplemental data
Portfolio turnover rate		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$80,937			$237,577			$262,535			$245,364			$208,053

¹	Calculated based upon average shares outstanding

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


22		Wells Fargo Large Cap Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$46.74			$50.30			$45.80			$40.11			$33.16
Net investment income		0.12	¹		0.17	¹		0.19	¹		0.11			0.20
Net realized and unrealized gains (losses) on investments		6.51			(0.96	)		6.41			7.09			6.86

Total from investment operations		6.63			(0.79	)		6.60			7.20			7.06
Distributions to shareholders from
Net investment income		(0.06	)		(0.22	)		(0.03	)		(0.13	)		(0.11	)
Net realized gains		(2.31	)		(2.55	)		(2.07	)		(1.38	)		0.00

Total distributions to shareholders		(2.37	)		(2.77	)		(2.10	)		(1.51	)		(0.11	)
Net asset value, end of period		$51.00			$46.74			$50.30			$45.80			$40.11
Total return		14.98	%		(1.49	)%		14.82	%		18.16	%		21.34	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.83	%		0.78	%		0.79	%		0.79	%
Net expenses		0.75	%		0.71	%		0.65	%		0.65	%		0.69	%
Net investment income		0.27	%		0.37	%		0.40	%		0.28	%		0.53	%
Supplemental data
Portfolio turnover rate		40	%		31	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$169,836			$316,310			$534,975			$596,006			$508,853

¹	Calculated based upon average shares outstanding

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


Notes to financial statements		Wells Fargo Large Cap Growth 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 Large Cap Growth Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Security loans


24		Wells Fargo Large Cap Growth Fund		Notes to financial statements

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

Federal and other taxes

Paid-in capital

Undistributed net

investment income

Accumulated net
realized gains
on investments

$(11)

$(39,813)

$39,824

Class allocations


Notes to financial statements		Wells Fargo Large Cap Growth Fund			25

3. FAIR VALUATION MEASUREMENTS

∎

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 July 31, 2017:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	184,582,809	$	0	$	0	$	184,582,809
Consumer staples		35,168,020		0		0		35,168,020
Energy		21,161,274		0		0		21,161,274
Financials		51,713,314		0		0		51,713,314
Health care		133,979,645		0		0		133,979,645
Industrials		129,418,443		0		0		129,418,443
Information technology		494,778,427		0		0		494,778,427
Materials		44,582,707		0		0		44,582,707
Telecommunication services		7,116,797		0		0		7,116,797

Short-term investments
Investment companies		14,826,435		0		0		14,826,435
Investments measured at net asset value*								3,647,475
Total assets	$	1,117,327,871	$	0	$	0	$	1,120,975,346

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 $3,647,475 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee


26		Wells Fargo Large Cap Growth Fund		Notes to financial statements

Administration fees


	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, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.07% for Class A shares, 1.82% for Class C shares, 1.32% for Class R shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, and 0.75% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

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

Distribution fees

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 year ended July 31, 2017, Funds Distributor received $4,620 from the sale of Class A shares and $72 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A for the year ended July 31, 2017.

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


Notes to financial statements		Wells Fargo Large Cap Growth Fund			27

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2017 were $489,670,016 and $922,731,716, respectively.

6. BANK BORROWINGS

For the year ended July 31, 2017, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2017 and July 31, 2016 were as follows:


	Year ended July 31
	2017		2016
Ordinary income	$	839,843	$	3,172,894
Long-term capital gain		64,294,556		80,996,796

As of July 31, 2017, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$445,378	$132,255,011	$516,091,074

8. CONCENTRATION RISK

9. INDEMNIFICATION

10. REGULATORY CHANGES


28		Wells Fargo Large Cap Growth Fund		Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Large Cap Growth Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Large Cap Growth Fund as of July 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts


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

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $64,294,556 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2017.

Pursuant to Section 854 of the Internal Revenue Code, $839,843 of income dividends paid during the fiscal year ended July 31, 2017 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


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

BOARD OF TRUSTEES AND OFFICERS

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	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 an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Large Cap Growth Fund			31


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

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

Advisory Board Members


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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	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.	None


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

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma¹ (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
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 in the Fund Complex and Assistant Treasurer of 69 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.


Other information (unaudited)		Wells Fargo Large Cap Growth Fund			33

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Large Cap Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


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

index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the average performance of the Universe for the ten-year period under review, but lower than the average performance of the Universe for the one-, three- and five-year periods under review. The Board also noted that the performance of the Fund was lower than its benchmark, the Russell 1000^® Growth Index, for all periods under review.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

Profitability


Other information (unaudited)		Wells Fargo Large Cap Growth Fund			35

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


36		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

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 Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

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

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

305357 09-17

A209/AR209 07-17

Annual Report

Wells Fargo Large Company Value Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

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			22

Report of independent registered public accounting firm			27

Other information			28

List of abbreviations			35

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Funds

In bond markets, interest rates rose but remained at historically low levels amid subdued global growth and modest inflation.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Large Company Value Fund for the 12-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 16.04% and 19.01%, for the 12-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 U.S. Aggregate Bond Index³ returned -1.28% and the Bloomberg Barclays Municipal Bond Index⁴ returned 0.26%as interest rates rose from low levels.

Globally, stock results moderated in the third quarter of 2016; bond interest rates remained low.

During the fourth quarter of 2016, investors awaited election results and central-bank actions.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released

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.

⁴	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.

⁵	The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.


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

Steady advancement in many markets marked the first seven months of 2017.

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

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

Sincerely,

LOGO

President

Wells Fargo Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.


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^®

Haraiandra de Silva, Ph.D., CFA^®

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


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (WLCAX)	3-31-2008		7.67		10.43		4.87		14.24		11.75		5.50		0.94		0.83
Class C (WFLVX)	3-31-2008		12.40		10.91		4.73		13.40		10.91		4.73		1.69		1.58
Class R6 (WTLVX)	4-7-2017		–		–		–		14.68		12.25		5.98		0.51		0.40
Administrator Class (WWIDX)	12-31-2001		–		–		–		14.35		11.97		5.77		0.86		0.75
Institutional Class (WLCIX)	3-31-2008		–		–		–		14.61		12.24		5.98		0.61		0.50
Russell 1000^® Value Index⁴	–		–		–		–		13.76		14.00		6.21		–		–

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.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Large Company Value Fund			5

Growth of $10,000 investment as of July 31, 2017⁵

^‡	The subadviser and portfolio managers began management of the Fund effective February 1, 2017.

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 shown 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.

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 amount 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-to-book ratios and lower forecasted growth values. You cannot invest directly in an index.

⁵	The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	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.

⁷	Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

^*	This security was not held in the Fund at the end of the reporting period.


6		Wells Fargo Large Company Value Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund (Class A, excluding sales charges) outperformed its benchmark, the Russell 1000^® Value Index, for the 12-month period that ended July 31, 2017. (Analytic Investors, LLC began managing the Fund on February 1, 2017.)

∎

The Fund’s outperformance was primarily due to strong selection within mega-cap stocks and to holdings in the information technology (IT) sector.

∎

Stock selection within the consumer staples, consumer discretionary, and health care sectors detracted from relative performance. The Fund’s underweight to the financials sector detracted as well.

U.S. stocks delivered strong results during the reporting period.

One of the most substantial pieces of news in the last five months of 2016 was the unexpected election of Donald Trump as U.S. president in November. Just one day before the election, nearly all published sell-side research—research focused on the sale of stocks, bonds, and other financial instruments—viewed a win by Mr. Trump as a negative catalyst for stock markets. Although the futures market initially moved lower, it quickly recovered, and stocks generally rallied through the end of 2016. The Federal Reserve (Fed) raised interest rates by 0.25% in December 2016, the first increase in a year. It was widely expected by investors and did not meaningfully affect markets aside from providing a boost to the financials sector, which performed particularly well in anticipation of the perceived benefits of higher interest margins.


Ten largest holdings(%) as of July 31, 2017⁶
Berkshire Hathaway Incorporated Class B			4.88%
Johnson & Johnson			4.56%
JPMorgan Chase & Company			4.54%
Bank of America Corporation			3.95%
Merck & Company Incorporated			3.41%
Cisco Systems Incorporated			3.14%
Intel Corporation			2.82%
Time Warner Incorporated			2.48%
Bank of New York Mellon Corporation			2.48%
Exelon Corporation			2.43%

U.S. stocks continued to move higher in both the first and second quarters of 2017. Economic news released during the first quarter was mostly positive. For example, consumer confidence—which started to climb following the presidential election—topped economic forecasts in March 2017 and soared to its highest level in more than 16 years, spurred by the prospects of potentially lower taxes and increased infrastructure spending. Also in March, the Fed again raised interest rates. Similar to December, the market shrugged off the impact as the move was widely expected and viewed as a sign that the economy was strong enough to support rising interest rates. In the second quarter, stocks climbed despite a changing political landscape in the U.S. and another rate increase by the Fed. Improving fundamentals appeared

to help move stocks higher as the average earnings growth was just shy of 14%. In addition, investors focused on the potential benefits of potential tax reform and continued economic growth. A bull market in U.S. stocks continued to thrive through the end of the reporting period.

Sector distribution as of July 31, 2017⁷

LOGO

Selection within mega-cap and IT stocks contributed to the Fund’s performance.

The Fund benefited from strong selection among mega-cap stocks and from underweights to these mega-cap holdings. From a sector standpoint, an underweight to the consumer staples sector and stock selection within the IT sector contributed to relative performance. Within IT, the top two individual contributors were NCR Corporation^* and Skyworks Solutions, Incorporated^*. Also, an allocation to risk factors helped overall performance, especially an overweight to higher-beta stocks. (Beta is a measure of a stock’s volatility relative to general market movements; higher-beta stocks tend to deliver higher return variation compared with the overall market.)

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Large Company Value Fund			7

Main detractors included stock selection in the consumer staples, consumer discretionary, and health care sectors and an average underweight to the financials sector.

CVS Health Corporation^* was the largest detractor in the consumer staples sector; shares were pressured amid disappointing sales in the second half of 2016. In the consumer discretionary sector, shares of select brick-and-mortar retailers declined as investors became more concerned about increased competition from e-commerce giant Amazon.com, Incorporated. Within the health care sector, shares of select pharmaceutical manufacturers tumbled; these companies were negatively affected by discussions about pharmaceutical pricing stemming from candidate debates that took place in the months preceding the November 2016 U.S. presidential election. The Fund’s average underweight to the financials sector also detracted as it was the best-performing sector in the index during the reporting period.

Going forward, our investment philosophy and process remain the same.

The investment philosophy employed in our value strategy is that we believe stock returns may be predictable based on common fundamental factors and that market inefficiencies caused by patterns of investor behavior and economic change may be exploited to earn an excess return. Our stock selection model uses over 70 fundamental, technical, and proprietary factors to build a well-diversified portfolio that we believe is well positioned to potentially generate excess returns over a three- to five-year market cycle.

Our process is based on the fundamental belief that there is persistency in the types of characteristics investors prefer. If this holds true going forward, we expect the Fund may benefit from being properly positioned toward stocks with characteristics favored by investors. We continue to emphasize stocks with certain attractive valuation characteristics—such as stocks with above-average cash flow-to-price ratios, earnings-to-price ratios, and dividend yields. In addition, we will continue to focus on companies with strong quality metrics, such as stocks with above-average asset utilization and return on assets. Finally, we will continue to deemphasize risk as investors avoid companies with above-average risk characteristics, such as high volatility in sales and cash flow per share.

Please see footnotes on page 5.


8		Wells Fargo Large Company Value Fund		Fund expenses (unaudited)

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 February 1, 2017 to July 31, 2017.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,056.75	$	4.23		0.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.68	$	4.16		0.83	%
Class C
Actual	$	1,000.00	$	1,052.68	$	8.04		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.96	$	7.90		1.58	%
Class R6
Actual	$	1,000.00	$	1,058.38	$	2.04		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.00		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,057.19	$	3.83		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Institutional Class
Actual	$	1,000.00	$	1,057.74	$	2.55		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51		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—July 31, 2017		Wells Fargo Large Company Value Fund			9


Security name	Shares		Value

Common Stocks: 97.03%

Consumer Discretionary: 5.93%

Hotels, Restaurants & Leisure: 1.37%
Yum China Holdings Incorporated †		99,467	$	3,559,924


Media: 3.81%
Discovery Communications Incorporated Class A †		21,751		535,075
Discovery Communications Incorporated Class C †		125,604		2,905,221
Time Warner Incorporated		62,819		6,433,922

				9,874,218


Specialty Retail: 0.75%
Burlington Stores Incorporated †		4,155		361,610
Office Depot Incorporated		269,555		1,582,288

				1,943,898


Consumer Staples: 8.24%

Beverages: 2.21%
PepsiCo Incorporated		49,130		5,729,049


Food & Staples Retailing: 2.32%
US Foods Incorporated †		81,289		2,288,285
Wal-Mart Stores Incorporated		25,378		2,029,986
Walgreens Boots Alliance Incorporated		21,207		1,710,769

				6,029,040


Food Products: 1.22%
Archer Daniels Midland Company		22,197		936,269
Bunge Limited		28,302		2,218,594

				3,154,863


Household Products: 0.69%
The Procter & Gamble Company		19,768		1,795,330


Tobacco: 1.80%
Altria Group Incorporated		25,759		1,673,562
Philip Morris International		25,551		2,982,057

				4,655,619


Energy: 8.99%

Oil, Gas & Consumable Fuels: 8.99%
Anadarko Petroleum Corporation		26,389		1,205,186
Chevron Corporation		9,074		990,790
ConocoPhillips		34,757		1,576,925
Devon Energy Corporation		29,057		967,889
EOG Resources Incorporated		39,203		3,729,773
Exxon Mobil Corporation		60,868		4,871,875
Marathon Petroleum Corporation		94,260		5,277,617

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


10		Wells Fargo Large Company Value Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
RSP Permian Incorporated †		29,081	$	999,223
Ultra Petroleum Corporation †		273,932		2,818,760
Valero Energy Corporation		10,975		756,946
World Fuel Services Corporation		3,094		100,060

				23,295,044


Financials: 25.99%

Banks: 12.83%
Bank of America Corporation		424,430		10,237,252
BB&T Corporation		40,329		1,908,368
Citigroup Incorporated		78,616		5,381,265
JPMorgan Chase & Company		128,185		11,767,383
US Bancorp		75,274		3,972,962

				33,267,230


Capital Markets: 2.48%
Bank of New York Mellon Corporation		121,287		6,431,850


Consumer Finance: 2.07%
Discover Financial Services		47,807		2,913,359
Santander Consumer USA Holdings Incorporated †		3,300		42,273
Synchrony Financial		79,359		2,406,165

				5,361,797


Diversified Financial Services: 4.88%
Berkshire Hathaway Incorporated Class B †		72,264		12,644,032


Insurance: 0.80%
CNO Financial Group Incorporated		50,740		1,160,931
Unum Group		18,159		910,311

				2,071,242


Thrifts & Mortgage Finance: 2.93%
MGIC Investment Corporation †		314,973		3,675,735
Radian Group Incorporated		224,155		3,904,780

				7,580,515


Health Care: 15.82%

Biotechnology: 4.16%
Amgen Incorporated		16,861		2,942,413
Biogen Incorporated †		18,902		5,473,830
Gilead Sciences Incorporated		31,123		2,368,149

				10,784,392


Health Care Equipment & Supplies: 1.79%
Baxter International Incorporated		76,690		4,638,211

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


Portfolio of investments—July 31, 2017		Wells Fargo Large Company Value Fund			11


Security name	Shares		Value

Health Care Providers & Services: 0.38%
Express Scripts Holding Company †		14,949	$	936,405
Magellan Health Services Incorporated †		715		53,303

				989,708


Life Sciences Tools & Services: 0.09%
Thermo Fisher Scientific Incorporated		1,350		236,966


Pharmaceuticals: 9.40%
Johnson & Johnson		89,035		11,816,725
Merck & Company Incorporated		138,480		8,846,102
Pfizer Incorporated		111,846		3,708,813

				24,371,640


Industrials: 6.65%

Aerospace & Defense: 2.51%
Spirit AeroSystems Holdings Incorporated Class A		65,314		3,946,925
United Technologies Corporation		21,457		2,544,156

				6,491,081


Air Freight & Logistics: 0.80%
FedEx Corporation		9,979		2,075,931


Airlines: 1.85%
Delta Air Lines Incorporated		31,293		1,544,622
Southwest Airlines Company		31,762		1,763,109
United Continental Holdings Incorporated †		21,973		1,487,133

				4,794,864


Industrial Conglomerates: 1.17%
Honeywell International Incorporated		22,303		3,035,884


Machinery: 0.32%
Kennametal Incorporated		22,721		838,405


Information Technology: 8.78%

Communications Equipment: 3.15%
Cisco Systems Incorporated		259,141		8,149,984


Electronic Equipment, Instruments & Components: 1.41%
Arrow Electronics Incorporated †		15,244		1,239,185
Insight Enterprises Incorporated †		22,813		924,383
Keysight Technologies Incorporated †		2,254		93,744
Sanmina Corporation †		35,144		1,259,912
Tech Data Corporation †		1,333		136,499

				3,653,723


Semiconductors & Semiconductor Equipment: 4.22%
Intel Corporation		206,181		7,313,240
Texas Instruments Incorporated		44,672		3,635,407

				10,948,647

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


12		Wells Fargo Large Company Value Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Materials: 1.63%

Containers & Packaging: 0.64%
WestRock Company		28,864	$	1,657,371


Metals & Mining: 0.42%
Southern Copper Corporation		27,582		1,085,045

				1,085,045


Paper & Forest Products: 0.57%
Louisiana-Pacific Corporation †		58,829		1,477,196


Real Estate: 6.06%

Equity REITs: 3.46%
Park Hotels & Resorts Incorporated		35,202		947,990
Quality Care Properties Incorporated †		99,906		1,680,419
Rayonier Incorporated		165,137		4,800,533
Xenia Hotels & Resorts Incorporated		75,434		1,532,819

				8,961,761


Real Estate Management & Development: 2.60%
CBRE Group Incorporated Class A †		143,670		5,458,023
Realogy Holdings Corporation		38,535		1,279,362

				6,737,385


Telecommunication Services: 2.04%

Diversified Telecommunication Services: 0.73%
Verizon Communications Incorporated		39,191		1,896,844


Wireless Telecommunication Services: 1.31%
Sprint Corporation †		379,242		3,026,351
T-Mobile USA Incorporated †		5,702		351,585
Telephone & Data Systems Incorporated		879		24,990

				3,402,926


Utilities: 6.90%

Electric Utilities: 6.30%
American Electric Power Company Incorporated		39,274		2,770,388
Exelon Corporation		164,237		6,296,847
PG&E Corporation		25,763		1,743,897
PPL Corporation		143,804		5,512,007

				16,323,139


Gas Utilities: 0.36%
UGI Corporation		18,508		934,099


Multi-Utilities: 0.24%
MDU Resources Group Incorporated		23,417		617,040


Total Common Stocks (Cost $225,248,098)				251,495,893

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


Portfolio of investments—July 31, 2017		Wells Fargo Large Company Value Fund			13


Security name	Yield			Shares		Value

Short-Term Investments: 3.01%

Investment Companies: 3.01%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.89	%		7,807,982	$	7,807,982


Total Short-Term Investments (Cost $7,807,982)							7,807,982


Total investments in securities (Cost $233,056,080) *	100.04	%		259,303,875
Other assets and liabilities, net	(0.04	)		(98,011	)

Total net assets	100.00	%	$	259,205,864

†	Non-income-earning security

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

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

*	Cost for federal income tax purposes is $233,863,723 and unrealized gains (losses) consists of:


Gross unrealized gains	$	28,938,879
Gross unrealized losses		(3,498,727	)

Net unrealized gains	$	25,440,152

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


14		Wells Fargo Large Company Value Fund		Statement of assets and liabilities—July 31, 2017




Assets
Investments
In unaffiliated securities, at value (cost $225,248,098)	$	251,495,893
In affiliated securities, at value (cost $7,807,982)		7,807,982

Total investments, at value (cost $233,056,080)		259,303,875
Receivable for Fund shares sold		53,305
Receivable for dividends		173,043
Prepaid expenses and other assets		102,153

Total assets		259,632,376


Liabilities
Payable for Fund shares redeemed		261,416
Management fee payable		64,930
Distribution fee payable		2,221
Administration fees payable		43,797
Accrued expenses and other liabilities		54,148

Total liabilities		426,512

Total net assets	$	259,205,864


NET ASSETS CONSIST OF
Paid-in capital	$	186,446,463
Undistributed net investment income		533,429
Accumulated net realized gains on investments		45,978,177
Net unrealized gains on investments		26,247,795

Total net assets	$	259,205,864


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	221,206,854
Shares outstanding – Class A¹		13,374,399
Net asset value per share – Class A		$16.54
Maximum offering price per share – Class A²		$17.55
Net assets – Class C	$	3,356,301
Shares outstanding – Class C¹		199,125
Net asset value per share – Class C		$16.86
Net assets – Class R6	$	25,811
Shares outstanding – Class R6¹		1,549
Net asset value per share – Class R6		$16.66
Net assets – Administrator Class	$	18,295,799
Shares outstanding – Administrator Class¹		1,098,324
Net asset value per share – Administrator Class		$16.66
Net assets – Institutional Class	$	16,321,099
Shares outstanding – Institutional Class¹		980,059
Net asset value per share – Institutional Class		$16.65

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—year ended July 31, 2017		Wells Fargo Large Company Value Fund			15




Investment income
Dividends (net of foreign withholding taxes of $357)	$	4,733,874
Securities lending income, net		23,513
Income from affiliated securities		23,202

Total investment income		4,780,589


Expenses
Management fee		1,405,613
Administration fees
Class A		460,258
Class C		7,407
Class R6		2	¹
Administrator Class		27,735
Institutional Class		15,223
Shareholder servicing fees
Class A		547,926
Class C		8,818
Administrator Class		53,128
Distribution fee
Class C		26,453
Custody and accounting fees		12,588
Professional fees		40,420
Registration fees		72,849
Shareholder report expenses		41,398
Trustees’ fees and expenses		15,751
Other fees and expenses		9,630

Total expenses		2,745,199
Less: Fee waivers and/or expense reimbursements		(312,967	)

Net expenses		2,432,232

Net investment income		2,348,357


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		53,375,591
Affiliated securities		388

Net realized gains on investments		53,375,979

Net change in unrealized gains (losses) on investments		(21,739,472	)

Net realized and unrealized gains (losses) on investments		31,636,507

Net increase in net assets resulting from operations	$	33,984,864

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.


16		Wells Fargo Large Company Value Fund		Statement of changes in net assets


	Year ended July 31, 2017						Year ended July 31, 2016

Operations
Net investment income				$	2,348,357					$	3,028,994
Net realized gains (losses) on investments					53,375,979						(969,698	)
Net change in unrealized gains (losses) on investments					(21,739,472	)					(5,958,734	)

Net increase (decrease) in net assets resulting from operations					33,984,864						(3,899,438	)


Distributions to shareholders from
Net investment income
Class A					(1,529,974	)					(2,264,793	)
Class C					(7,593	)					(13,093	)
Administrator Class					(164,278	)					(337,098	)
Institutional Class					(101,228	)					(111,852	)
Investor Class					N/A						(248,226	)¹
Net realized gains
Class A					0						(16,632,476	)
Class C					0						(275,850	)
Administrator Class					0						(1,889,643	)
Institutional Class					0						(642,971	)

Total distributions to shareholders					(1,803,073	)					(22,416,002	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		184,685			2,859,171			8,907,108			138,160,256
Class C		9,920			159,103			31,550			457,515
Class R6		1,549	²		25,000	²		N/A			N/A
Administrator Class		52,078			837,524			71,607			1,041,380
Institutional Class		466,653			7,476,610			547,916			8,310,962
Investor Class		N/A			N/A			32,361	¹		501,302	¹

					11,357,408						148,471,415

Reinvestment of distributions
Class A		96,773			1,482,398			1,321,571			18,357,171
Class C		431			6,671			18,165			257,417
Administrator Class		9,395			144,443			143,421			2,009,265
Institutional Class		6,282			97,208			50,313			702,990
Investor Class		N/A			N/A			15,819	¹		239,184	¹

					1,730,720						21,566,027

Payment for shares redeemed
Class A		(1,924,557	)		(29,716,601	)		(1,699,975	)		(24,158,609	)
Class C		(57,893	)		(914,888	)		(76,521	)		(1,132,943	)
Administrator Class		(609,704	)		(9,486,019	)		(431,324	)		(6,314,039	)
Institutional Class		(130,275	)		(2,050,549	)		(52,523	)		(756,449	)
Investor Class		N/A			N/A			(8,624,994	)¹		(137,936,039	)¹

					(42,168,057	)					(170,298,079	)

Net decrease in net assets resulting from capital share transactions					(29,079,929	)					(260,637	)

Total increase (decrease) in net assets					3,101,862						(26,576,077	)


Net assets
Beginning of period					256,104,002						282,680,079

End of period				$	259,205,864					$	256,104,002

Undistributed (overdistributed) net investment income				$	533,429					$	(11,855	)

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

²	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			17

(For a share outstanding throughout each period)


	Year ended July 31
CLASS A	2017			2016			2015			2014			2013
Net asset value, beginning of period		$14.58			$16.10			$16.82			$16.39			$12.96
Net investment income		0.14			0.17			0.13	¹		0.10			0.14
Net realized and unrealized gains (losses) on investments		1.93			(0.41	)		0.78			2.04			3.48

Total from investment operations		2.07			(0.24	)		0.91			2.14			3.62
Distributions to shareholders from
Net investment income		(0.11	)		(0.16	)		(0.13	)		(0.09	)		(0.19	)
Net realized gains		0.00			(1.12	)		(1.50	)		(1.62	)		0.00

Total distributions to shareholders		(0.11	)		(1.28	)		(1.63	)		(1.71	)		(0.19	)
Net asset value, end of period		$16.54			$14.58			$16.10			$16.82			$16.39
Total return²		14.24	%		(0.98	)%		5.72	%		13.68	%		28.16	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.24	%		1.27	%		1.28	%		1.28	%
Net expenses		0.96	%		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income		0.91	%		1.19	%		0.76	%		0.61	%		1.00	%
Supplemental data
Portfolio turnover rate		221	%		50	%		71	%		59	%		78	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS C	2017			2016			2015			2014			2013
Net asset value, beginning of period		$14.90			$16.41			$17.12			$16.70			$13.21
Net investment income (loss)		0.03	¹		0.06			0.00	²		(0.02	)		0.04
Net realized and unrealized gains (losses) on investments		1.96			(0.40	)		0.80			2.07			3.54

Total from investment operations		1.99			(0.34	)		0.80			2.05			3.58
Distributions to shareholders from
Net investment income		(0.03	)		(0.05	)		(0.01	)		(0.01	)		(0.09	)
Net realized gains		0.00			(1.12	)		(1.50	)		(1.62	)		0.00

Total distributions to shareholders		(0.03	)		(1.17	)		(1.51	)		(1.63	)		(0.09	)
Net asset value, end of period		$16.86			$14.90			$16.41			$17.12			$16.70
Total return³		13.40	%		(1.68	)%		4.92	%		12.83	%		27.17	%
Ratios to average net assets (annualized)
Gross expenses		1.84	%		1.99	%		2.02	%		2.03	%		2.03	%
Net expenses		1.72	%		1.85	%		1.85	%		1.85	%		1.85	%
Net investment income (loss)		0.16	%		0.44	%		0.01	%		(0.14	)%		0.25	%
Supplemental data
Portfolio turnover rate		221	%		50	%		71	%		59	%		78	%
Net assets, end of period (000s omitted)		$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.

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 the period)


CLASS R6	Year ended July 31, 2017¹
Net asset value, beginning of period		$16.14
Net investment income		0.03	²
Net realized and unrealized gains on investments		0.49
Net asset value, end of period		$16.66
Total return³		3.22	%
Ratios to average net assets (annualized)
Gross expenses		0.49	%
Net expenses		0.40	%
Net investment income		0.52	%
Supplemental data
Portfolio turnover rate		221	%
Net assets, end of period (000s omitted)		$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.


20		Wells Fargo Large Company Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$14.68			$16.20			$16.93			$16.47			$13.02
Net investment income		0.16	¹		0.20			0.17			0.15			0.21
Net realized and unrealized gains (losses) on investments		1.94			(0.41	)		0.78			2.05			3.46

Total from investment operations		2.10			(0.21	)		0.95			2.20			3.67
Distributions to shareholders from
Net investment income		(0.12	)		(0.19	)		(0.18	)		(0.12	)		(0.22	)
Net realized gains		0.00			(1.12	)		(1.50	)		(1.62	)		0.00

Total distributions to shareholders		(0.12	)		(1.31	)		(1.68	)		(1.74	)		(0.22	)
Net asset value, end of period		$16.66			$14.68			$16.20			$16.93			$16.47
Total return		14.35	%		(0.79	)%		5.95	%		13.94	%		28.52	%
Ratios to average net assets (annualized)
Gross expenses		1.01	%		1.16	%		1.12	%		1.12	%		1.10	%
Net expenses		0.87	%		0.93	%		0.85	%		0.85	%		0.85	%
Net investment income		1.01	%		1.35	%		1.01	%		0.86	%		1.28	%
Supplemental data
Portfolio turnover rate		221	%		50	%		71	%		59	%		78	%
Net assets, end of period (000s omitted)		$18,296			$24,164			$30,177			$36,002			$38,798

¹	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Large Company Value Fund			21

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$14.66			$16.17			$16.91			$16.44			$13.00
Net investment income		0.19	¹		0.21	¹		0.20	¹		0.18	¹		0.26	¹
Net realized and unrealized gains (losses) on investments		1.94			(0.38	)		0.78			2.05			3.45

Total from investment operations		2.13			(0.17	)		0.98			2.23			3.71
Distributions to shareholders from
Net investment income		(0.14	)		(0.22	)		(0.22	)		(0.14	)		(0.27	)
Net realized gains		0.00			(1.12	)		(1.50	)		(1.62	)		0.00

Total distributions to shareholders		(0.14	)		(1.34	)		(1.72	)		(1.76	)		(0.27	)
Net asset value, end of period		$16.65			$14.66			$16.17			$16.91			$16.44
Total return		14.61	%		(0.54	)%		6.14	%		14.16	%		28.93	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.91	%		0.85	%		0.85	%		0.84	%
Net expenses		0.61	%		0.74	%		0.65	%		0.65	%		0.65	%
Net investment income		1.21	%		1.52	%		1.23	%		1.10	%		1.83	%
Supplemental data
Portfolio turnover rate		221	%		50	%		71	%		59	%		78	%
Net assets, end of period (000s omitted)		$16,321			$9,343			$1,483			$863			$3,299

¹	Calculated based upon average shares outstanding

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


22		Wells Fargo Large Company Value Fund		Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Security loans


Notes to financial statements		Wells Fargo Large Company Value Fund			23

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

Federal and other taxes

Class allocations

3. FAIR VALUATION MEASUREMENTS

∎

Level 1 – quoted prices in active markets for identical securities

∎

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

∎

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


24		Wells Fargo Large Company Value Fund		Notes to financial statements

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 July 31, 2017:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	15,378,040	$	0	$	0	$	15,378,040
Consumer staples		21,363,901		0		0		21,363,901
Energy		23,295,044		0		0		23,295,044
Financials		67,356,666		0		0		67,356,666
Health care		41,020,917		0		0		41,020,917
Industrials		17,236,165		0		0		17,236,165
Information technology		22,752,354		0		0		22,752,354
Materials		4,219,612		0		0		4,219,612
Real estate		15,699,146		0		0		15,699,146
Telecommunication services		5,299,770		0		0		5,299,770
Utilities		17,874,278		0		0		17,874,278

Short-term investments
Investment companies		7,807,982		0		0		7,807,982
Total assets	$	259,303,875	$	0	$	0	$	259,303,875

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.40% and declining to 0.33% as the average daily net assets of the Fund increase. Prior to February 1, 2017, Funds Management received an annual management fee which started at 0.70% and declined to 0.505% as the average daily net assets of the Fund increased. For the year ended July 31, 2017, the management fee was equivalent to an annual rate of 0.55% 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. Prior to February 1, 2017, Phocas Financial Corporation, which is not an affiliate of Funds Management, was the subadviser to the Fund and received an annual fee which started at 0.29% and declined to 0.20% as the average daily net assets of the Fund increased.

Administration fees


Notes to financial statements		Wells Fargo Large Company Value Fund			25

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		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. Prior to February 1, 2017, the Fund’s expenses were capped at 1.10% for Class A shares, 1.85% for Class C shares, 0.98% for Administrator Class shares, and 0.75% for Institutional Class shares.

During the year ended July 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $5,985 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $26,900 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

Distribution fee

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 year ended July 31, 2017, Funds Distributor received $1,839 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended July 31, 2017.

Shareholder servicing fees

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

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2017 were $554,799,601 and $582,444,640, respectively.

6. BANK BORROWINGS


26		Wells Fargo Large Company Value Fund		Notes to financial statements

For the year ended July 31, 2017, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2017 and July 31, 2016 were as follows:


	Year ended July 31
	2017		2016
Ordinary income	$	1,803,073	$	2,975,062
Long-term capital gain		0		19,440,940

As of July 31, 2017, the components of distributable earnings on a tax basis were as follows:

Undistributed

ordinary

income

Undistributed

long-term

gain

Unrealized

gains

$3,178,334

$44,152,189

$25,440,152

8. CONCENTRATION RISK

9. INDEMNIFICATION

10. REGULATORY CHANGES

11. SUBSEQUENT DISTRIBUTIONS

On September 25, 2017, the Fund declared distributions from net investment income to shareholders of record on September 22, 2017. The per share amounts payable on September 26, 2017 were as follows:


	Net investment income
Class A		$0.07693
Class C		0.00669
Class R6		0.11610
Administrator Class		0.08114
Institutional Class		0.10687

These distributions are not reflected in the accompanying financial statements.


Report of independent registered public accounting firm		Wells Fargo Large Company Value Fund			27

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Large Company Value Fund (the “Fund), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Large Company Value Fund as of July 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts


28		Wells Fargo Large Company Value Fund		Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 83.46% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2017.

Pursuant to Section 854 of the Internal Revenue Code, $1,555,572 of income dividends paid during the fiscal year ended July 31, 2017 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Large Company Value Fund			29

BOARD OF TRUSTEES AND OFFICERS

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	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 an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust


30		Wells Fargo Large Company Value Fund		Other information (unaudited)


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

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

Advisory Board Members


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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	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.	None


Other information (unaudited)		Wells Fargo Large Company Value 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 in the Fund Complex and Assistant Treasurer of 69 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.


32		Wells Fargo Large Company Value Fund		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Large Company Value Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Analytic Investors, LLC (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


Other information (unaudited)		Wells Fargo Large Company Value Fund			33

received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the average performance of the Universe for the ten-year period ended December 31, 2016, but lower than the average performance of the Universe for the one-, three-, and five-year periods ended December 31, 2016. However, the Board noted that the performance ranking of the Fund in the Universe improved for the three- and five-year periods ended March 31, 2017. The Board also noted that the performance of the Fund was lower than its benchmark, the Russell 1000^® Value Index, for all periods under review ended December 31, 2016.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s performance. The Board noted that the Subadviser began serving as sub-adviser to the Fund as of February 1, 2017, and that investment performance information for the Fund for periods prior to February 1, 2017 does not reflect the investment performance of the Sub-Adviser or changes to the Fund’s investment strategy that became effective on February 1, 2017.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates


34		Wells Fargo Large Company Value Fund		Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also noted that the Sub-Adviser became a wholly-owned subsidiary of Wells Capital Management Incorporated on October 1, 2016, but that the Sub-Adviser’s profitability information with respect to subadvising the Fund was not subsumed in the Wells Fargo and Funds Management profitability analysis because the Sub-Adviser did not begin subadvising the Fund until after December 31, 2016.

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


List of abbreviations		Wells Fargo Large Company Value Fund			35

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

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 Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

305358 09-17

A210/AR210 07-17

Annual Report

Wells Fargo Low Volatility U.S. Equity Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

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

Report of independent registered public accounting firm			27

Other information			28

List of abbreviations			35

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


2		Wells Fargo Low Volatility U.S. Equity Fund		Letter to shareholders (unaudited)

LOGO

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to provide you with the first annual report for the Wells Fargo Low Volatility U.S. Equity Fund from the Fund’s inception on October 31, 2016 through July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 18.01% and 18.52%, for the period since the Fund’s inception through July 31, 2017 as measured by the S&P 500 Index¹ and the MSCI ACWI ex USA Index (Net)², respectively. Within fixed income, the Bloomberg Barclays U.S. Aggregate Bond Index³ returned 0.43% and the Bloomberg Barclays Municipal Bond Index⁴ returned 1.69% as interest rates rose from low levels.

During the fourth quarter of 2016, investors awaited election results and central-bank actions.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released during the quarter reflected a healthy economy. Hiring remained strong, and business and consumer sentiment improved. In March, Fed officials raised their target interest rate by a quarter percentage point to a range from 0.75% to 1.00%. With the Fed’s target interest rate increase, short-term bond yields rose during the quarter. Meanwhile, longer-term Treasury yields were little changed, leading to positive performance. Investment-grade and high-yield bonds benefited from strong demand. Municipal bond returns were positive in the quarter, helped by strong demand and constrained new-issue supply. Outside of the U.S., stocks in emerging markets generally outperformed stocks in the U.S. and international

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.

⁴	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.

⁵	The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Low Volatility U.S. Equity Fund			3

developed markets because they benefited from both global economic growth and recent weakening in the U.S. dollar. Stocks in Asia, Europe, and Latin America also outperformed the U.S. market during the quarter.

Steady advancement in many markets marked the first seven months of 2017.

During the second quarter, most equity markets in the U.S. and abroad advanced. Steady, albeit modest, economic growth both in the U.S. and abroad and generally favorable corporate earnings announcements after the second quarter supported higher valuations. Within the economy, U.S. inflation trended lower despite the unemployment rate continuing to decline. Ten-year U.S. Treasury yields declined, resulting in stronger prices for long-term bonds. As was widely expected, in June, the Fed raised the target interest rate by a quarter percentage point to a range from 1.00% to 1.25%. In addition, the Fed indicated that it would begin to sell bonds accumulated on its balance sheet during quantitative easing programs conducted since 2008, likely beginning later this year. Early in July, volatility expectations increased and then receded, as measured by the CBOE VIX.⁵ Although economic momentum increased in Europe, the European Central Bank held its rates steady at low levels because underlying inflation remained subdued. In emerging markets, many countries benefited from stronger currencies versus the U.S. dollar.

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

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

Sincerely,

LOGO

President

Wells Fargo Funds

During the second quarter, most equity markets in the U.S. and abroad advanced.

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.


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 July 31, 2017


		Including sales charge		Excluding sales charge		Expense ratios¹ (%)
	Inception date	Since inception		Since inception		Gross		Net²
Class A (WLVLX)	10-31-2016		6.06		12.53		1.03		0.83
Class C (WLVKX)	10-31-2016		10.91		11.91		1.78		1.58
Class R (WLVMX)	10-31-2016		–		12.31		1.28		1.08
Class R6 (WLVJX)	10-31-2016		–		12.94		0.60		0.40
Administrator Class (WLVDX)	10-31-2016		–		12.57		0.95		0.75
Institutional Class (WLVOX)	10-31-2016		–		12.82		0.70		0.50
Russell 1000^® Index³	–		–		18.01		–		–

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

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

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Low Volatility U.S. Equity Fund			5

Growth of $10,000 investment as of July 31, 2017⁴

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.

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 chart compares the performance of Class A shares since inception with the Russell 1000^® Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

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 Low Volatility U.S. Equity Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund underperformed its benchmark, the Russell 1000^® Index, for the nine-month period that ended July 31, 2017. (The Fund’s inception date was October 31, 2016.)

∎

Primary detractors from Fund performance during the reporting period included an underweight to the information technology (IT) sector, an overweight to the consumer staples sector, and our focus on lower-risk/lower-beta stocks, which underperformed in the rapidly rising market environment. (Beta is a measure of a stock’s volatility relative to general market movements; lower-beta stocks tend to deliver lower variation in returns compared with the overall market.)

∎

Our risk management and emphasis on high-quality stocks led to lack of exposure to the struggling energy sector and favorable stock selection in the health care sector.

U.S. stocks delivered very strong results during the nine-month reporting period.

U.S. stocks, as represented by the Russell 1000^® Index, returned 18.01% for the nine-month period. The most substantial news during the period was the unexpected election of Donald Trump as U.S. president in November 2016. Just one day before the election, nearly all published sell-side research—research focused on the sale of stocks, bonds, and other financial instruments—viewed a win by Mr. Trump as a negative catalyst for stock markets. Although the futures market initially moved lower, it quickly recovered, and stocks generally rallied through the end of 2016.


Ten largest holdings (%) as of July 31, 2017⁵
Exelon Corporation			2.65
Wal-Mart Stores Incorporated			2.53
Merck & Company Incorporated			2.49
PepsiCo Incorporated			2.48
CBOE Holdings Incorporated			2.48
PPL Corporation			2.48
The Procter & Gamble Company			2.46
Baxter International Incorporated			2.45
Johnson & Johnson			2.42
Sysco Corporation			2.38

The U.S. Federal Reserve raised interest rates by 0.25% in December 2016, March 2017, and June 2017. In each instance, stock markets shrugged off the impact; the moves were widely expected and seen as a sign that the economy was strong enough to support rising interest rates. Economic news released during the period was mostly positive. For example, consumer confidence topped economic forecasts in March 2017 and soared to its highest level in more than 16 years. Consumer confidence has taken off since the election of President Trump on the prospects of potentially lower taxes and increased infrastructure spending.

The Fund seeks to have less volatility than the overall stock market.

Our investment process focuses primarily on volatility reduction; we seek to maintain a standard deviation (variation between highest and lowest returns) that is 20% to 30% less than that of the index while delivering a similar or higher level of return over a full market cycle. Using our fundamental and statistical risk models, we construct the portfolio by quantitatively identifying companies that possess lower forecasted risks. Due to the Fund’s focus on low-beta stocks, which tend to be more defensive in nature, we were not surprised by the Fund’s recent underperformance given that the stock market climbed nearly 20% over the nine-month period.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Low Volatility U.S. Equity Fund			7

Sector distribution as of July 31, 2017⁶

LOGO

The Fund’s focus on low volatility can lead to sector weights and Fund holdings that result in Fund underperformance during a rapidly rising market; this was the case during the reporting period.

Due to our low-volatility emphasis, sector weights within the Fund tend to deviate meaningfully from those of the benchmark. During the period, the Fund held underweights to sectors that generally exhibited higher betas, such as IT, and a substantial overweight to consumer staples, a sector that is considered defensive in nature. IT was one of the better-performing sectors in the index for the period; therefore, the Fund’s sizable underweight to IT hampered relative results. The consumer staples sector posted a relatively weak return

and underperformed the benchmark, which caused the Fund’s large overweight to the sector to detract from Fund performance. During the period, the announcement by e-commerce giant Amazon.com, Incorporated, that it planned to purchase Whole Foods Market, Incorporated, caused the shares of many food and staples retailers within this sector to decline as investors became concerned about the potential competition from the merger. Shares of some of the Fund’s most defensive investments—Costco Wholesale Corporation and The Kroger Company—were negatively affected and thus detracted from the Fund’s performance for the period.

Our emphases on risk management and high-quality stocks proved favorable during the reporting period.

Lack of exposure to the energy sector was a top contributor to the Fund’s relative performance. The Fund lacks energy exposure primarily because this sector has exhibited considerably high volatility in recent years. During the reporting period, oil prices continued to decline due to increased oil production and inventory buildup. As a result, energy was one of the worst-performing sectors in the index and posted a 0.5% loss for the period.

Stock selection within the health care sector also contributed to performance due primarily to the Fund’s investment in Teleflex Incorporated. This company possesses high-quality characteristics favored by our quantitative models, such as strong earnings quality and favorable valuation. We expect these high-quality factors may aid the Fund’s goal of providing lower volatility while retaining the Fund’s potential for appreciation.

Going forward, we will continue to favor low-beta stocks as they serve the Fund’s goal: to reduce volatility.

Using our fundamental and statistical risk models, we will quantitatively identify companies with lower forecasted risks. In addition, we will use our comprehensive alpha-prediction model when selecting lower-risk stocks. (Alpha measures the excess return of an investment vehicle, such as a mutual fund, relative to the return of its index.) Our process quantitatively forecasts returns using over 70 fundamental, technical, and proprietary factors, also known as alpha signals. As a result, our process not only assesses investment opportunities from a risk perspective but also from an alpha standpoint. We believe this increases the likelihood that over a full market cycle, the Fund may provide investors with lower overall portfolio risk relative to the index while delivering a similar or higher level of return.

Please see footnotes on page 5.


8		Wells Fargo Low Volatility U.S. Equity Fund		Fund expenses (unaudited)

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 February 1, 2017 to July 31, 2017.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,063.57	$	4.21		0.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.71	$	4.13		0.82	%
Class C
Actual	$	1,000.00	$	1,060.84	$	8.07		1.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.96	$	7.90		1.58	%
Class R
Actual	$	1,000.00	$	1,062.68	$	5.52		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.44	$	5.41		1.08	%
Class R6
Actual	$	1,000.00	$	1,067.43	$	2.05		0.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.01		0.40	%
Administrator Class
Actual	$	1,000.00	$	1,064.58	$	3.84		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.07	$	3.76		0.75	%
Institutional Class
Actual	$	1,000.00	$	1,066.48	$	2.56		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.32	$	2.51		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—July 31, 2017		Wells Fargo Low Volatility U.S. Equity Fund			9


Security name	Shares		Value

Common Stocks: 96.60%

Consumer Discretionary: 7.92%

Diversified Consumer Services: 0.44%
H&R Block Incorporated		5,128	$	156,404


Hotels, Restaurants & Leisure: 4.26%
Aramark		13,611		542,534
Darden Restaurants Incorporated		5,270		442,048
Hilton Grand Vacations Incorporated †		2,037		74,880
McDonald’s Corporation		444		68,882
Six Flags Entertainment Corporation		1,524		86,670
Yum China Holdings Incorporated †		8,609		308,116

				1,523,130


Media: 0.59%
Cable One Incorporated		11		8,359
Regal Entertainment Group Class A		5,104		97,078
The Walt Disney Company		955		104,983

				210,420


Multiline Retail: 0.16%
Dollar General Corporation		755		56,746


Specialty Retail: 2.42%
Murphy USA Incorporated †		437		33,094
The Gap Incorporated		4,454		106,139
ULTA Beauty Incorporated †		2,275		571,503
Urban Outfitters Incorporated †		7,821		153,213

				863,949


Textiles, Apparel & Luxury Goods: 0.05%
Michael Kors Holdings Limited †		456		16,617


Consumer Staples: 27.42%

Beverages: 4.77%
Dr Pepper Snapple Group Incorporated		6,787		618,703
PepsiCo Incorporated		7,608		887,169
The Coca-Cola Company		4,347		199,266

				1,705,138


Food & Staples Retailing: 7.90%
Costco Wholesale Corporation		4,903		777,175
Sysco Corporation		16,139		849,234
The Kroger Company		11,875		291,175
Wal-Mart Stores Incorporated		11,302		904,047

				2,821,631


Food Products: 3.83%
Blue Buffalo Pet Products Incorporated †		1,218		27,247
Bunge Limited		3,366		263,861

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


10		Wells Fargo Low Volatility U.S. Equity Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Food Products (continued)
Flowers Foods Incorporated		12,847	$	225,979
General Mills Incorporated		187		10,408
Lamb Weston Holdings Incorporated		5,782		254,292
McCormick & Company Incorporated		5,273		502,517
The Hershey Company		313		32,962
Tyson Foods Incorporated Class A		818		51,828

				1,369,094


Household Products: 6.75%
Colgate-Palmolive Company		7,821		564,676
Kimberly-Clark Corporation		6,401		788,347
The Clorox Company		1,354		180,745
The Procter & Gamble Company		9,668		878,048

				2,411,816


Tobacco: 4.17%
Altria Group Incorporated		11,604		753,912
Philip Morris International		6,311		736,557

				1,490,469


Financials: 19.35%

Banks: 1.52%
BankUnited Incorporated		7,907		272,159
US Bancorp		5,095		268,914

				541,073


Capital Markets: 4.53%
CBOE Holdings Incorporated		9,382		886,880
CME Group Incorporated		3,719		456,024
Intercontinental Exchange Incorporated		4,127		275,312

				1,618,216


Insurance: 11.42%
American Financial Group Incorporated		6,364		645,310
American National Insurance Company		202		24,038
Aon plc		1,358		187,635
Aspen Insurance Holdings Limited		4,170		203,496
Assurant Incorporated		544		57,267
Axis Capital Holdings Limited		9,918		640,504
Everest Reinsurance Group Limited		2,796		733,642
ProAssurance Corporation		324		20,023
RenaissanceRe Holdings Limited		4,738		696,060
The Progressive Corporation		2,740		129,136
Validus Holdings Limited		11,510		619,123
White Mountain Insurance Group Limited		145		125,367

				4,081,601

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


Portfolio of investments—July 31, 2017		Wells Fargo Low Volatility U.S. Equity Fund			11


Security name	Shares		Value

Mortgage REITs: 1.88%
Chimera Investment Corporation		16,726	$	314,783
MFA Financial Incorporated		42,071		357,183

				671,966


Health Care: 11.79%

Health Care Equipment & Supplies: 3.18%
Baxter International Incorporated		14,473		875,327
Dentsply Sirona Incorporated		1,386		85,974
IDEXX Laboratories Incorporated †		550		91,553
Teleflex Incorporated		397		82,266

				1,135,120


Health Care Providers & Services: 1.66%
AmerisourceBergen Corporation		4,041		379,127
Cigna Corporation		104		18,050
Humana Incorporated		321		74,215
Laboratory Corporation of America Holdings †		230		36,549
McKesson Corporation		529		85,629

				593,570


Life Sciences Tools & Services: 0.52%
Bio-Rad Laboratories Incorporated Class A †		787		185,441


Pharmaceuticals: 6.43%
Eli Lilly & Company		470		38,850
Johnson & Johnson		6,523		865,733
Merck & Company Incorporated		13,914		888,826
Pfizer Incorporated		15,232		505,093

				2,298,502


Industrials: 8.05%

Aerospace & Defense: 1.07%
Lockheed Martin Corporation		1,308		382,106


Air Freight & Logistics: 2.90%
Expeditors International of Washington Incorporated		6,883		405,271
United Parcel Service Incorporated Class B		5,712		629,976

				1,035,247


Commercial Services & Supplies: 3.06%
Republic Services Incorporated		5,506		353,595
Waste Management Incorporated		9,817		737,748

				1,091,343


Industrial Conglomerates: 0.28%
3M Company		505		101,591


Road & Rail: 0.54%
Landstar System Incorporated		2,336		194,238

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


12		Wells Fargo Low Volatility U.S. Equity Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Trading Companies & Distributors: 0.20%
MSC Industrial Direct Company Class A		1,019	$	72,563


Information Technology: 6.15%

Communications Equipment: 0.22%
Motorola Solutions Incorporated		853		77,350


Internet Software & Services: 0.13%
eBay Incorporated †		1,323		47,271


IT Services: 3.34%
Amdocs Limited		10,291		691,246
Booz Allen Hamilton Holding Corporation		6,302		216,159
Broadridge Financial Solutions Incorporated		569		43,164
Square Incorporated Class A †		9,300		245,055

				1,195,624


Software: 2.46%
Atlassian Corporation plc Class A †		2,944		105,454
Dell Technologies Incorporated Class V †		6,394		410,942
Symantec Corporation		11,664		361,467

				877,863


Real Estate: 4.04%

Equity REITs: 4.04%
Apple Hospitality REIT Incorporated		25,360		468,146
Columbia Property Trust Incorporated		3,886		84,521
Equity Commonwealth †		11,457		361,812
Outfront Media Incorporated		2,272		51,961
Park Hotels & Resorts Incorporated		9,518		256,320
Rayonier Incorporated		7,587		220,554

				1,443,314


Telecommunication Services: 1.94%

Diversified Telecommunication Services: 1.94%
Verizon Communications Incorporated		14,330		693,572


Utilities: 9.94%

Electric Utilities: 9.14%
American Electric Power Company Incorporated		1,413		99,673
Exelon Corporation		24,699		946,960
Hawaiian Electric Industries Incorporated		23,066		760,947
PG&E Corporation		908		61,463
Pinnacle West Capital Corporation		3,661		317,519
PPL Corporation		23,083		884,771
Xcel Energy Incorporated		4,132		195,485

				3,266,818

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


Portfolio of investments—July 31, 2017		Wells Fargo Low Volatility U.S. Equity Fund			13


Security name				Shares		Value

Gas Utilities: 0.39%
UGI Corporation					2,748	$	138,692


Independent Power & Renewable Electricity Producers: 0.41%
Vistra Energy Corporation					8,920		146,557


Total Common Stocks (Cost $32,034,873)							34,515,052


	Yield
Short-Term Investments: 3.06%

Investment Companies: 3.06%
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.89	%		1,095,727		1,095,727


Total Short-Term Investments (Cost $1,095,727)							1,095,727


Total investments in securities (Cost $33,130,600) *	99.66	%		35,610,779
Other assets and liabilities, net	0.34			120,140

Total net assets	100.00	%	$	35,730,919

†	Non-income-earning security

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

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

*	Cost for federal income tax purposes is $33,130,979 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,758,293
Gross unrealized losses		(278,493	)

Net unrealized gains	$	2,479,800

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


14		Wells Fargo Low Volatility U.S. Equity Fund		Statement of assets and liabilities—July 31, 2017




Assets
Investments
In unaffiliated securities, at value (cost $32,034,873)	$	34,515,052
In affiliated securities, at value (cost $1,095,727)		1,095,727

Total investments, at value (cost $33,130,600)		35,610,779
Receivable for dividends		26,681
Receivable from manager		9,735
Prepaid expenses and other assets		114,374

Total assets		35,761,569


Liabilities
Distribution fees payable		94
Administration fees payable		3,904
Shareholder report expenses payable		15,349
Custodian and accounting fees payable		4,836
Professional fees payable		4,729
Accrued expenses and other liabilities		1,738

Total liabilities		30,650

Total net assets	$	35,730,919


NET ASSETS CONSIST OF
Paid-in capital	$	32,460,114
Undistributed net investment income		364,504
Accumulated net realized gains on investments		426,122
Net unrealized gains on investments		2,480,179

Total net assets	$	35,730,919


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,095,651
Shares outstanding – Class A¹		97,706
Net asset value per share – Class A		$11.21
Maximum offering price per share – Class A²		$11.89
Net assets – Class C	$	111,920
Shares outstanding – Class C¹		10,028
Net asset value per share – Class C		$11.16
Net assets – Class R	$	112,338
Shares outstanding – Class R¹		10,037
Net asset value per share – Class R		$11.19
Net assets – Class R6	$	1,129,111
Shares outstanding – Class R6¹		100,480
Net asset value per share – Class R6		$11.24
Net assets – Administrator Class	$	112,616
Shares outstanding – Administrator Class¹		10,042
Net asset value per share – Administrator Class		$11.21
Net assets – Institutional Class	$	33,169,283
Shares outstanding – Institutional Class¹		2,953,534
Net asset value per share – Institutional Class		$11.23

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—year ended July 31, 2017¹		Wells Fargo Low Volatility U.S. Equity Fund			15




Investment income
Dividends (net of foreign withholding taxes of $528)	$	600,445
Income from affiliated securities		6,189

Total investment income		606,634


Expenses
Management fee		93,755
Administration fees
Class A		1,289
Class C		170
Class R		170
Class R6		244
Administrator Class		106
Institutional Class		28,300
Shareholder servicing fees
Class A		1,535
Class C		202
Class R		203
Administrator Class		203
Distribution fees
Class C		607
Class R		203
Custody and accounting fees		9,421
Professional fees		49,896
Registration fees		66,667
Shareholder report expenses		37,675
Trustees’ fees and expenses		15,800
Other fees and expenses		3,795

Total expenses		310,241
Less: Fee waivers and/or expense reimbursements		(190,321	)

Net expenses		119,920

Net investment income		486,714


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		426,122
Net change in unrealized gains (losses) on investments		2,480,179

Net realized and unrealized gains (losses) on investments		2,906,301

Net increase in net assets resulting from operations	$	3,393,015

¹	For the period from October 31, 2016 (commencement of operations) to July 31, 2017

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


16		Wells Fargo Low Volatility U.S. Equity Fund		Statement of changes in net assets


	Year ended July 31, 2017¹

Operations
Net investment income				$	486,714
Net realized gains on investments					426,122
Net change in unrealized gains (losses) on investments					2,480,179

Net increase in net assets resulting from operations					3,393,015


Distributions to shareholders from
Net investment income
Class A					(1,837	)
Class C					(295	)
Class R					(382	)
Class R6					(5,028	)
Administrator Class					(441	)
Institutional Class					(114,483	)

Total distributions to shareholders					(122,466	)


Capital share transactions		Shares
Proceeds from shares sold
Class A		114,026			1,216,340
Class C		10,000			100,000
Class R		10,000			100,000
Class R6		100,000			1,000,000
Administrator Class		10,000			100,000
Institutional Class		2,955,414			30,144,185

					32,660,525

Reinvestment of distributions
Class A		175			1,837
Class C		28			295
Class R		37			382
Class R6		480			5,028
Administrator Class		42			441
Institutional Class		10,934			114,483

					122,466

Payment for shares redeemed
Class A		(16,495	)		(181,770	)
Institutional Class		(12,814	)		(140,851	)

					(322,621	)

Net increase in net assets resulting from capital share transactions					32,460,370

Total increase in net assets					35,730,919


Net assets
Beginning of period					0

End of period				$	35,730,919

Undistributed net investment income				$	364,504

¹	For the period from October 31, 2016 (commencement of operations) to July 31, 2017

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


Financial highlights		Wells Fargo Low Volatility U.S. Equity Fund			17

(For a share outstanding throughout the period)


CLASS A	Year ended July 31, 2017¹
Net asset value, beginning of period		$10.00
Net investment income		0.13
Net realized and unrealized gains (losses) on investments		1.12

Total from investment operations		1.25
Distributions to shareholders from
Net investment income		(0.04	)
Net asset value, end of period		$11.21
Total return²		12.53	%
Ratios to average net assets (annualized)
Gross expenses		1.61	%
Net expenses		0.82	%
Net investment income		1.78	%
Supplemental data
Portfolio turnover rate		39	%
Net assets, end of period (000s omitted)		$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.


18		Wells Fargo Low Volatility U.S. Equity Fund		Financial highlights

(For a share outstanding throughout the period)


CLASS C	Year ended July 31, 2017¹
Net asset value, beginning of period		$10.00
Net investment income		0.08
Net realized and unrealized gains (losses) on investments		1.11

Total from investment operations		1.19
Distributions to shareholders from
Net investment income		(0.03	)
Net asset value, end of period		$11.16
Total return²		11.91	%
Ratios to average net assets (annualized)
Gross expenses		2.40	%
Net expenses		1.58	%
Net investment income		1.01	%
Supplemental data
Portfolio turnover rate		39	%
Net assets, end of period (000s omitted)		$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.


Financial highlights		Wells Fargo Low Volatility U.S. Equity Fund			19

(For a share outstanding throughout the period)


CLASS R	Year ended July 31, 2017¹
Net asset value, beginning of period		$10.00
Net investment income		0.12
Net realized and unrealized gains (losses) on investments		1.11

Total from investment operations		1.23
Distributions to shareholders from
Net investment income		(0.04	)
Net asset value, end of period		$11.19
Total return²		12.31	%
Ratios to average net assets (annualized)
Gross expenses		1.90	%
Net expenses		1.08	%
Net investment income		1.51	%
Supplemental data
Portfolio turnover rate		39	%
Net assets, end of period (000s omitted)		$112

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 the period)


CLASS R6	Year ended July 31, 2017¹
Net asset value, beginning of period		$10.00
Net investment income		0.18
Net realized and unrealized gains (losses) on investments		1.11

Total from investment operations		1.29
Distributions to shareholders from
Net investment income		(0.05	)
Net asset value, end of period		$11.24
Total return²		12.94	%
Ratios to average net assets (annualized)
Gross expenses		1.22	%
Net expenses		0.40	%
Net investment income		2.19	%
Supplemental data
Portfolio turnover rate		39	%
Net assets, end of period (000s omitted)		$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			21

(For a share outstanding throughout the period)


ADMINISTRATOR CLASS	Year ended July 31, 2017¹
Net asset value, beginning of period		$10.00
Net investment income		0.15
Net realized and unrealized gains (losses) on investments		1.10

Total from investment operations		1.25
Distributions to shareholders from
Net investment income		(0.04	)
Net asset value, end of period		$11.21
Total return²		12.57	%
Ratios to average net assets (annualized)
Gross expenses		1.57	%
Net expenses		0.75	%
Net investment income		1.84	%
Supplemental data
Portfolio turnover rate		39	%
Net assets, end of period (000s omitted)		$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.


22		Wells Fargo Low Volatility U.S. Equity Fund		Financial highlights

(For a share outstanding throughout the period)


INSTITUTIONAL CLASS	Year ended July 31, 2017¹
Net asset value, beginning of period		$10.00
Net investment income		0.16
Net realized and unrealized gains (losses) on investments		1.12

Total from investment operations		1.28
Distributions to shareholders from
Net investment income		(0.05	)
Net asset value, end of period		$11.23
Total return²		12.82	%
Ratios to average net assets (annualized)
Gross expenses		1.31	%
Net expenses		0.50	%
Net investment income		2.09	%
Supplemental data
Portfolio turnover rate		39	%
Net assets, end of period (000s omitted)		$33,169

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.


Notes to financial statements		Wells Fargo Low Volatility U.S. Equity 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 Low Volatility U.S. Equity Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

Investments in registered open-end investment companies are valued at net asset value.

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

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


24		Wells Fargo Low Volatility U.S. Equity Fund		Notes to financial statements

Federal and other taxes

The Fund intends 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 will be subject to examination by the federal and Delaware revenue authorities. The Fund is not subject to examination by federal and state tax authorities for tax years before 2016, the year the Fund commenced operations.

Paid-in capital

Undistributed net

investment income

$(256)

$256

Class allocations

3. FAIR VALUATION MEASUREMENTS

∎

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		Wells Fargo Low Volatility U.S. Equity Fund			25

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


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	2,827,266	$	0	$	0	$	2,827,266
Consumer staples		9,798,148		0		0		9,798,148
Financials		6,912,856		0		0		6,912,856
Health care		4,212,633		0		0		4,212,633
Industrials		2,877,088		0		0		2,877,088
Information technology		2,198,108		0		0		2,198,108
Real estate		1,443,314		0		0		1,443,314
Telecommunication services		693,572		0		0		693,572
Utilities		3,552,067		0		0		3,552,067

Short-term investments
Investment companies		1,095,727		0		0		1,095,727
Total assets	$	35,610,779	$	0	$	0	$	35,610,779

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 period from October 31, 2016 (commencement of operations) to July 31, 2017, the management fee was equivalent to an annual rate of 0.40% of the Fund’s average daily net assets.

Administration fees


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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.83% for Class A shares, 1.58% for Class C shares, 1.08% for Class R shares, 0.40% for Class R6 shares, 0.75% for Administrator Class shares, and 0.50% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.


26		Wells Fargo Low Volatility U.S. Equity Fund		Notes to financial statements

Distribution fees

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. No contingent deferred sales charges were incurred by Class A and Class C shares for the period from October 31, 2016 (commencement of operations) to July 31, 2017.

Shareholder servicing fees

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

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the period from October 31, 2016 (commencement of operations) to July 31, 2017 were $43,180,567 and $11,566,624, respectively.

6. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $122,466 of ordinary income for the period from October 31, 2016 (commencement of operations) to July 31, 2017.

As of July 31, 2017, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$790,603	$402	$2,479,800

7. CONCENTRATION RISK

8. INDEMNIFICATION

9. REGULATORY CHANGES


Report of independent registered public accounting firm		Wells Fargo Low Volatility U.S. Equity Fund			27

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Low Volatility U.S. Equity Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2017, and the related statement of operations, changes in net assets, and the financial highlights for the periods from October 31, 2016 (commencement of operations) to July 31, 2017. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2017, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Low Volatility U.S. Equity Fund as of July 31, 2017, the results of its operations, the changes in its net assets, and the financial highlights for the period from October 31, 2016 (commencement of operations) to July 31, 2017, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts


28		Wells Fargo Low Volatility U.S. Equity Fund		Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 51.82% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2017.

Pursuant to Section 854 of the Internal Revenue Code, $70,448 of income dividends paid during the fiscal year ended July 31, 2017 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2017, $1,249 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Low Volatility U.S. Equity Fund			29

BOARD OF TRUSTEES AND OFFICERS

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	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 an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust


30		Wells Fargo Low Volatility U.S. Equity Fund		Other information (unaudited)


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

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

Advisory Board Members


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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	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.	None


Other information (unaudited)		Wells Fargo Low Volatility U.S. Equity 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 in the Fund Complex and Assistant Treasurer of 69 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.


32		Wells Fargo Low Volatility U.S. Equity Fund		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Low Volatility U.S. Equity Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Analytic Investors, LLC (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses

The Board noted that the Fund had recently commenced operations and had no performance history to review. The Board noted that it would have the opportunity to review the Fund’s performance history in connection with the Board’s future review and approval of the Fund’s advisory agreements.


Other information (unaudited)		Wells Fargo Low Volatility U.S. Equity Fund			33

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for all share classes.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also noted that the Sub-Adviser became a wholly-owned subsidiary of Wells Capital Management Incorporated on October 1, 2016, but that the Sub-Adviser’s profitability information with respect to subadvising the Fund was not subsumed in the Wells Fargo and Funds Management profitability analysis because the Sub-Adviser did not begin subadvising the Fund until after December 31, 2016.

Economies of scale


34		Wells Fargo Low Volatility U.S. Equity Fund		Other information (unaudited)

that in addition to management fee breakpoints, competitive management fee rates set at the outset without regard to breakpoints and fee waiver and expense reimbursement arrangements are means of sharing potential economies of scale with shareholders of the Fund. The Board considered Funds Management’s view, which Funds Management indicated was supported by independent third-party industry studies which were summarized for the Board, that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

Other benefits to Funds Management and the Sub-Adviser

Conclusion


List of abbreviations		Wells Fargo Low Volatility U.S. Equity Fund			35

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

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 Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

305359 09-17

A270/AR270 07-17

Annual Report

Wells Fargo Omega Growth Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

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

Report of independent registered public accounting firm			26

Other information			27

List of abbreviations			34

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Funds

In bond markets, interest rates rose but remained at historically low levels amid subdued global growth and modest inflation.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Omega Growth Fund for the 12-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 16.04% and 19.01%, for the 12-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 U.S. Aggregate Bond Index³ returned -1.28% and the Bloomberg Barclays Municipal Bond Index⁴ returned 0.26%as interest rates rose from low levels.

Globally, stock results moderated in the third quarter of 2016; bond interest rates remained low.

During the fourth quarter of 2016, investors awaited election results and central-bank actions.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released

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.

⁴	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.

⁵	The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.


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

Steady advancement in many markets marked the first seven months of 2017.

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

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

Sincerely,

LOGO

President

Wells Fargo Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.


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 July 31, 2017¹


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (EKOAX)	4-29-1968		12.05		12.23		8.93		18.88		13.57		9.57		1.28		1.28
Class C (EKOCX)	8-2-1993		17.00		12.72		8.76		18.00		12.72		8.76		2.03		2.03
Class R (EKORX)	10-10-2003		–		–		–		18.58		13.28		9.30		1.53		1.53
Administrator Class (EOMYX)	1-13-1997		–		–		–		19.08		13.82		9.83		1.20		1.10
Institutional Class (EKONX)	7-30-2010		–		–		–		19.40		14.11		10.03		0.95		0.85
Russell 3000^® Growth Index⁴	–		–		–		–		18.02		15.52		9.29		–		–

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

Growth of $10,000 investment as of July 31, 2017⁵

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.

The manager has contractually committed through November 30, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee 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 chart compares the performance of Class A shares for the most recent ten years with the Russell 3000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	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.

⁷	Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.


6		Wells Fargo Omega Growth Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund (Class A, excluding sales charges) outperformed its benchmark, the Russell 3000^® Growth Index, for the 12-month period that ended July 31, 2017.

∎

Stock selection within the health care and information technology (IT) sectors benefited performance.

∎

Stock selection in the industrials sector detracted from performance.

The Russell 3000^® Growth Index advanced 18.02% in the 12-month period that ended July 31, 2017. Within the index, the industrials sector and consumer cyclical stocks outperformed following the November 2016 presidential election due to investor optimism regarding progrowth initiatives and a potential tax overhaul. The election also led many investors to sell bond holdings, which drove the yield on 10-year Treasuries higher; it also triggered a rally in bank shares while causing many investors to sell higher-yielding stock holdings. However, the cyclical rally and higher yields on 10-year Treasuries proved short-lived; in early 2017, shares in higher-growth sectors, such as health care and IT, took over market leadership through the end of the reporting period.


Ten largest holdings(%) as of July 31, 2017⁶
Amazon.com Incorporated			5.39
Visa Incorporated Class A			3.73
UnitedHealth Group Incorporated			3.73
Alphabet Incorporated Class A			3.71
Facebook Incorporated Class A			3.38
Microsoft Corporation			3.05
The Home Depot Incorporated			3.02
Waste Connections Incorporated			2.93
Celgene Corporation			2.29
Salesforce.com Incorporated			1.95

The Fund’s health care and IT holdings contributed to relative performance.

Within the health care sector, stock selection among health care providers and biotechnology firms benefited returns. VCA Incorporated, which manages animal hospitals and provides pet-care services, agreed to be purchased by Mars, Incorporated, at the beginning of 2017. Consistent with our discipline, we exited the position in the stock following the acquisition as shares approached our internal valuation target.

Within the IT sector, stock selection among internet and software-related holdings contributed to returns. Tencent Holdings Limited, a Chinese provider of a popular messaging app and mobile games, continued to post

high sales growth as the company monetized its large user base by selling more advertising. The shares followed positive sales and earnings revisions higher throughout the period. Take-Two Interactive Software, Incorporated, a video game developer and publisher, also contributed to the Fund’s outperformance within the IT sector. Like many video game software firms, Take-Two benefited from rising digital downloads and in-game monetization opportunities. These revenue streams tend to carry significantly higher profit margins, which meaningfully increased year-over-year gross margins and helped earnings grow well above consensus estimates.

Sector distribution as of July 31, 2017⁷

LOGO

Stock selection in the industrials sector detracted from relative performance.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Omega Growth Fund			7

sector. Acuity Brands provides lighting and building management solutions and has a strong position in commercial LED solutions. However, weak demand in short-cycle lighting projects caused the company to report disappointing results that led to a reduction in the share price. After evaluating our original investment thesis, we exited the position in favor of potential opportunities in which we had higher conviction.

While we are cautious in terms of macroeconomic conditions, we remain confident in the Fund’s positioning.

Please see footnotes on page 5.


8		Wells Fargo Omega Growth Fund		Fund expenses (unaudited)

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 February 1, 2017 to July 31, 2017.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,151.14	$	6.84		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.44	$	6.41		1.28	%
Class C
Actual	$	1,000.00	$	1,147.17	$	10.81		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.72	$	10.15		2.03	%
Class R
Actual	$	1,000.00	$	1,149.73	$	8.16		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.20	$	7.66		1.53	%
Administrator Class
Actual	$	1,000.00	$	1,152.21	$	5.87		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Institutional Class
Actual	$	1,000.00	$	1,153.65	$	4.54		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26		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—July 31, 2017		Wells Fargo Omega Growth Fund			9


Security name	Shares		Value

Common Stocks: 100.31%

Consumer Discretionary: 22.26%

Automobiles: 0.79%
Ferrari NV		54,900	$	5,774,931


Diversified Consumer Services: 2.86%
Adtalem Global Education Incorporated		288,700		9,382,750
Bright Horizons Family Solutions Incorporated †		146,700		11,590,767

				20,973,517


Hotels, Restaurants & Leisure: 5.11%
Royal Caribbean Cruises Limited		49,900		5,642,193
Six Flags Entertainment Corporation		170,800		9,713,396
Starbucks Corporation		149,200		8,053,816
Vail Resorts Incorporated		51,402		10,833,486
Wingstop Incorporated «		108,045		3,242,430

				37,485,321


Internet & Direct Marketing Retail: 6.22%
Amazon.com Incorporated †		40,000		39,511,200
Ctrip.com International Limited ADR †		102,300		6,110,379

				45,621,579


Media: 2.70%
Charter Communications Incorporated Class A †		26,100		10,228,851
Cinemark Holdings Incorporated		246,756		9,598,808

				19,827,659


Specialty Retail: 4.58%
The Home Depot Incorporated		148,200		22,170,720
The TJX Companies Incorporated		162,900		11,453,499

				33,624,219


Consumer Staples: 0.94%

Beverages: 0.94%
Monster Beverage Corporation †		131,000		6,910,250


Energy: 0.75%

Oil, Gas & Consumable Fuels: 0.75%
Pioneer Natural Resources Company		33,700		5,496,470


Financials: 5.12%

Capital Markets: 3.21%
Intercontinental Exchange Incorporated		178,800		11,927,748
Raymond James Financial Incorporated		139,802		11,630,128

				23,557,876

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


10		Wells Fargo Omega Growth Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Consumer Finance: 1.40%
SLM Corporation †		924,800	$	10,246,784


Thrifts & Mortgage Finance: 0.51%
Radian Group Incorporated		214,800		3,741,816


Health Care: 12.95%

Biotechnology: 4.22%
Bioverativ Incorporated †		136,200		8,440,314
Celgene Corporation †		123,875		16,773,914
Gilead Sciences Incorporated		52,200		3,971,898
Incyte Corporation †		13,500		1,799,415

				30,985,541


Health Care Equipment & Supplies: 3.53%
Baxter International Incorporated		94,200		5,697,216
Edwards Lifesciences Corporation †		57,100		6,576,778
Hologic Incorporated †		139,900		6,184,979
Intuitive Surgical Incorporated †		7,892		7,404,748

				25,863,721


Health Care Providers & Services: 5.20%
Amedisys Incorporated †		119,989		5,682,679
Tivity Health Incorporated †		127,900		5,071,235
UnitedHealth Group Incorporated		142,600		27,352,106

				38,106,020


Industrials: 10.81%

Aerospace & Defense: 2.37%
BWX Technologies Incorporated		179,500		9,456,060
Mercury Computer Systems Incorporated †		179,900		7,899,409

				17,355,469


Airlines: 0.97%
Spirit Airlines Incorporated †		182,500		7,090,125


Commercial Services & Supplies: 2.93%
Waste Connections Incorporated		330,822		21,496,814


Electrical Equipment: 0.94%
Rockwell Automation Incorporated		42,000		6,931,260


Machinery: 0.98%
John Bean Technologies Corporation		77,800		7,188,720


Professional Services: 1.57%
TransUnion †		251,335		11,518,683


Trading Companies & Distributors: 1.05%
Univar Incorporated †		248,300		7,707,232

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


Portfolio of investments—July 31, 2017		Wells Fargo Omega Growth Fund			11


Security name	Shares		Value

Information Technology: 41.99%

Communications Equipment: 0.78%
Harris Corporation		50,200	$	5,746,394


Internet Software & Services: 12.05%
Alphabet Incorporated Class A †		28,800		27,230,400
Alphabet Incorporated Class C †		12,885		11,989,493
CoStar Group Incorporated †		22,000		6,062,100
Facebook Incorporated Class A †		146,300		24,761,275
MercadoLibre Incorporated		21,200		6,114,504
Tencent Holdings Limited ADR		305,600		12,262,903

				88,420,675


IT Services: 13.08%
Acxiom Corporation †		318,983		8,602,972
EPAM Systems Incorporated †		113,341		9,739,392
Euronet Worldwide Incorporated †		64,300		6,212,023
Fidelity National Information Services Incorporated		138,900		12,670,458
PayPal Holdings Incorporated †		160,100		9,373,855
Total System Services Incorporated		193,500		12,279,510
Visa Incorporated Class A		275,004		27,379,398
WEX Incorporated †		89,095		9,682,845

				95,940,453


Semiconductors & Semiconductor Equipment: 3.14%
Broadcom Limited		43,100		10,631,046
Teradyne Incorporated		359,000		12,417,810

				23,048,856


Software: 11.59%
Activision Blizzard Incorporated		124,200		7,673,076
Microsoft Corporation		307,900		22,384,330
Nintendo Company Limited		251,338		10,656,756
PTC Incorporated †		108,900		6,010,191
Salesforce.com Incorporated †		157,300		14,282,840
ServiceNow Incorporated †		59,300		6,549,685
Take-Two Interactive Software Incorporated †		145,200		11,540,496
Ultimate Software Group Incorporated †		26,100		5,891,031

				84,988,405


Technology Hardware, Storage & Peripherals: 1.35%
NCR Corporation †		260,800		9,871,280


Materials: 4.68%

Chemicals: 1.65%
The Sherwin-Williams Company		35,900		12,107,993


Construction Materials: 1.54%
Vulcan Materials Company		91,800		11,302,415

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


12		Wells Fargo Omega Growth Fund		Portfolio of investments—July 31, 2017


Security name				Shares		Value

Containers & Packaging: 1.49%
Berry Plastics Group Incorporated †					195,000	$	10,935,600


Real Estate: 0.81%

Equity REITs: 0.81%
SBA Communications Corporation †					43,400		5,969,670


Total Common Stocks (Cost $530,445,663)							735,835,748


	Yield
Short-Term Investments: 0.49%

Investment Companies: 0.49%
Securities Lending Cash Investment LLC (l)(r)(u)		1.25	%		3,211,364		3,211,685
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.89			370,082		370,082

Total Short-Term Investments (Cost $3,581,766)							3,581,767


Total investments in securities (Cost $534,027,429) *	100.80	%		739,417,515
Other assets and liabilities, net	(0.80	)		(5,867,639	)

Total net assets	100.00	%	$	733,549,876

†	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.

*	Cost for federal income tax purposes is $535,091,064 and unrealized gains (losses) consists of:


Gross unrealized gains	$	215,035,796
Gross unrealized losses		(10,709,345	)

Net unrealized gains	$	204,326,451

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


Statement of assets and liabilities—July 31, 2017		Wells Fargo Omega Growth Fund			13




Assets
Investments
In unaffiliated securities (including $3,160,053 of securities loaned), at value (cost $530,445,663)	$	735,835,748
In affiliated securities, at value (cost $3,581,766)		3,581,767

Total investments, at value (cost $534,027,429)		739,417,515
Receivable for investments sold		3,115,450
Receivable for Fund shares sold		116,447
Receivable for dividends		16,501
Receivable for securities lending income		1,863
Prepaid expenses and other assets		73,971

Total assets		742,741,747


Liabilities
Payable for investments purchased		4,523,370
Payable for Fund shares redeemed		608,824
Payable upon receipt of securities loaned		3,211,650
Management fee payable		481,218
Distribution fees payable		41,265
Administration fees payable		125,125
Accrued expenses and other liabilities		200,419

Total liabilities		9,191,871

Total net assets	$	733,549,876


NET ASSETS CONSIST OF
Paid-in capital	$	452,290,851
Accumulated net investment loss		(2,688,066	)
Accumulated net realized gains on investments		78,557,005
Net unrealized gains on investments		205,390,086

Total net assets	$	733,549,876


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	581,967,332
Shares outstanding – Class A¹		11,773,278
Net asset value per share – Class A		$49.43
Maximum offering price per share – Class A²		$52.45
Net assets – Class C	$	62,542,833
Shares outstanding – Class C¹		1,714,678
Net asset value per share – Class C		$36.47
Net assets – Class R	$	6,298,348
Shares outstanding – Class R¹		133,170
Net asset value per share – Class R		$47.30
Net assets – Administrator Class	$	19,754,126
Shares outstanding – Administrator Class¹		372,767
Net asset value per share – Administrator Class		$52.99
Net assets – Institutional Class	$	62,987,237
Shares outstanding – Institutional Class¹		1,161,912
Net asset value per share – Institutional Class		$54.21

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.


14		Wells Fargo Omega Growth Fund		Statement of operations—year ended July 31, 2017




Investment income
Dividends (net of foreign withholding taxes of $41,796)	$	5,558,326
Income from affiliated securities		39,789
Securities lending income, net		25,166

Total investment income		5,623,281


Expenses
Management fee		5,647,362
Administration fees
Class A		1,162,152
Class B		3,221	¹
Class C		137,021
Class R		14,213
Administrator Class		31,279
Institutional Class		89,221
Shareholder servicing fees
Class A		1,383,515
Class B		3,836	¹
Class C		163,120
Class R		16,920
Administrator Class		59,362
Distribution fees
Class B		11,506	¹
Class C		489,360
Class R		16,920
Custody and accounting fees		42,460
Professional fees		52,167
Registration fees		84,580
Shareholder report expenses		39,721
Trustees’ fees and expenses		21,491
Other fees and expenses		21,979

Total expenses		9,491,406
Less: Fee waivers and/or expense reimbursements		(92,624	)

Net expenses		9,398,782

Net investment loss		(3,775,501	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		105,143,684
Affiliated securities		34

Net realized gains on investments		105,143,718


Net change in unrealized gains (losses) on:
Unaffiliated securities		20,481,931
Affiiliated securities		1

Net change in unrealized gains (losses) on investments		20,481,932

Net realized and unrealized gains (losses) on investments		125,625,650

Net increase in net assets resulting from operations	$	121,850,149

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.


Statement of changes in net assets		Wells Fargo Omega Growth Fund			15


	Year ended July 31, 2017						Year ended July 31, 2016

Operations
Net investment loss				$	(3,775,501	)				$	(4,021,589	)
Net realized gains (losses) on investments					105,143,718						(4,017,597	)
Net change in unrealized gains (losses) on investments					20,481,932						(30,592,986	)

Net increase (decrease) in net assets resulting from operations					121,850,149						(38,632,172	)


Distributions to shareholders from
Net realized gains
Class A					(14,517,010	)					(53,442,331	)
Class B					(74,045	)¹					(648,915	)
Class C					(2,315,756	)					(9,667,016	)
Class R					(182,366	)					(1,155,110	)
Administrator Class					(492,743	)					(4,963,941	)
Institutional Class					(1,888,610	)					(5,527,216	)

Total distributions to shareholders					(19,470,530	)					(75,404,529	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		386,109			17,173,940			636,040			26,983,625
Class B		11	¹		310	¹		592			18,253
Class C		78,754			2,557,877			129,265			4,127,591
Class R		32,485			1,390,762			78,841			3,191,728
Administrator Class		29,254			1,389,488			117,203			5,396,775
Institutional Class		660,341			31,392,598			421,170			18,380,976

					53,904,975						58,098,948

Reinvestment of distributions
Class A		328,215			13,634,032			1,213,454			49,860,826
Class B		2,395	¹		73,511	¹		20,867			644,380
Class C		68,889			2,121,773			278,845			8,638,611
Class R		1,939			77,183			11,870			469,234
Administrator Class		10,178			452,700			110,013			4,822,974
Institutional Class		40,190			1,825,826			110,554			4,935,146

					18,185,025						69,371,171

Payment for shares redeemed
Class A		(2,356,992	)		(103,241,366	)		(2,617,353	)		(109,288,473	)
Class B		(111,214	)¹		(3,587,613	)¹		(121,453	)		(3,865,675	)
Class C		(751,077	)		(24,503,753	)		(728,858	)		(22,930,898	)
Class R		(147,893	)		(6,089,364	)		(212,709	)		(8,667,886	)
Administrator Class		(500,001	)		(22,798,416	)		(1,088,227	)		(49,198,465	)
Institutional Class		(1,192,233	)		(56,958,674	)		(552,473	)		(26,185,870	)

					(217,179,186	)					(220,137,267	)

Net decrease in net assets resulting from capital share transactions					(145,089,186	)					(92,667,148	)

Total decrease in net assets					(42,709,567	)					(206,703,849	)


Net assets
Beginning of period					776,259,443						982,963,292

End of period				$	733,549,876					$	776,259,443

Accumulated net investment loss				$	(2,688,066	)				$	(6,504,204	)

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.


16		Wells Fargo Omega Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS A	2017			2016			2015			2014			2013
Net asset value, beginning of period		$42.73			$48.29			$49.99			$47.97			$39.09
Net investment loss		(0.22	)¹		(0.19	)¹		(0.28	)¹		(0.49	)		(0.02	)
Net realized and unrealized gains (losses) on investments		8.07			(1.44	)		5.12			8.28			10.31

Total from investment operations		7.85			(1.63	)		4.84			7.79			10.29
Distributions to shareholders from
Net realized gains		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)
Net asset value, end of period		$49.43			$42.73			$48.29			$49.99			$47.97
Total return²		18.88	%		(3.07	)%		10.65	%		16.58	%		27.07	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.28	%		1.32	%		1.32	%		1.34	%
Net expenses		1.28	%		1.28	%		1.30	%		1.30	%		1.30	%
Net investment loss		(0.50	)%		(0.47	)%		(0.58	)%		(0.84	)%		(0.08	)%
Supplemental data
Portfolio turnover rate		76	%		84	%		94	%		101	%		88	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS C	2017			2016			2015			2014			2013
Net asset value, beginning of period		$32.07			$37.55			$40.56			$40.15			$33.18
Net investment loss		(0.41	)¹		(0.39	)¹		(0.51	)¹		(0.65	)¹		(0.31	)¹
Net realized and unrealized gains (losses) on investments		5.96			(1.16	)		4.04			6.83			8.69

Total from investment operations		5.55			(1.55	)		3.53			6.18			8.38
Distributions to shareholders from
Net realized gains		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)
Net asset value, end of period		$36.47			$32.07			$37.55			$40.56			$40.15
Total return²		18.00	%		(3.75	)%		9.79	%		15.73	%		26.11	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.03	%		2.07	%		2.07	%		2.09	%
Net expenses		2.03	%		2.03	%		2.05	%		2.05	%		2.05	%
Net investment loss		(1.24	)%		(1.22	)%		(1.33	)%		(1.59	)%		(0.85	)%
Supplemental data
Portfolio turnover rate		76	%		84	%		94	%		101	%		88	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS R	2017			2016			2015			2014			2013
Net asset value, beginning of period		$41.04			$46.66			$48.62			$46.90			$38.35
Net investment loss		(0.30	)¹		(0.29	)¹		(0.39	)¹		(0.53	)¹		(0.09	)
Net realized and unrealized gains (losses) on investments		7.71			(1.40	)		4.97			8.02			10.05

Total from investment operations		7.41			(1.69	)		4.58			7.49			9.96
Distributions to shareholders from
Net realized gains		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)
Net asset value, end of period		$47.30			$41.04			$46.66			$48.62			$46.90
Total return		18.58	%		(3.30	)%		10.38	%		16.30	%		26.73	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.53	%		1.57	%		1.57	%		1.59	%
Net expenses		1.53	%		1.53	%		1.55	%		1.55	%		1.55	%
Net investment loss		(0.72	)%		(0.71	)%		(0.83	)%		(1.09	)%		(0.38	)%
Supplemental data
Portfolio turnover rate		76	%		84	%		94	%		101	%		88	%
Net assets, end of period (000s omitted)		$6,298			$10,122			$17,199			$20,095			$23,745

¹	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Omega Growth Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$45.65			$51.20			$52.50			$50.00			$40.60
Net investment income (loss)		(0.12	)¹		(0.12	)¹		(0.17	)¹		(0.31	)¹		0.07	¹
Net realized and unrealized gains (losses) on investments		8.61			(1.50	)		5.41			8.58			10.74

Total from investment operations		8.49			(1.62	)		5.24			8.27			10.81
Distributions to shareholders from
Net realized gains		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)
Net asset value, end of period		$52.99			$45.65			$51.20			$52.50			$50.00
Total return		19.08	%		(2.84	)%		10.91	%		16.89	%		27.35	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.19	%		1.15	%		1.15	%		1.17	%
Net expenses		1.10	%		1.08	%		1.05	%		1.05	%		1.05	%
Net investment income (loss)		(0.25	)%		(0.27	)%		(0.33	)%		(0.59	)%		0.16	%
Supplemental data
Portfolio turnover rate		76	%		84	%		94	%		101	%		88	%
Net assets, end of period (000s omitted)		$19,754			$38,039			$86,756			$115,281			$69,264

¹	Calculated based upon average shares outstanding

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


20		Wells Fargo Omega Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$46.55			$52.01			$53.10			$50.40			$40.81
Net investment income (loss)		(0.03	)¹		(0.00	)²		(0.04	)¹		(0.24	)		0.11	¹
Net realized and unrealized gains (losses) on investments		8.84			(1.53	)		5.49			8.71			10.89

Total from investment operations		8.81			(1.53	)		5.45			8.47			11.00
Distributions to shareholders from
Net realized gains		(1.15	)		(3.93	)		(6.54	)		(5.77	)		(1.41	)
Net asset value, end of period		$54.21			$46.55			$52.01			$53.10			$50.40
Total return		19.40	%		(2.61	)%		11.20	%		17.17	%		27.68	%
Ratios to average net assets (annualized)
Gross expenses		0.95	%		0.95	%		0.90	%		0.89	%		0.91	%
Net expenses		0.85	%		0.83	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.06	)%		(0.01	)%		(0.09	)%		(0.36	)%		0.24	%
Supplemental data
Portfolio turnover rate		76	%		84	%		94	%		101	%		88	%
Net assets, end of period (000s omitted)		$62,987			$76,980			$87,085			$49,960			$3,507

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

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


Notes to financial statements		Wells Fargo Omega 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 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

Securities valuation

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

Security loans


22		Wells Fargo Omega Growth Fund		Notes to financial statements

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

Federal and other taxes

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to corporate actions and net operating losses. At July 31, 2017, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital

Accumulated net
investment loss

Accumulated net

realized gains

on investments

$(6,787,234)

$7,591,639

$(804,405)

As of July 31, 2017, the Fund had a qualified late-year ordinary loss of $2,664,388 which will be recognized on the first day of the following fiscal year.

Class allocations


Notes to financial statements		Wells Fargo Omega Growth Fund			23

3. FAIR VALUATION MEASUREMENTS

∎

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 July 31, 2017:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	163,307,226	$	0	$	0	$	163,307,226
Consumer staples		6,910,250		0		0		6,910,250
Energy		5,496,470		0		0		5,496,470
Financials		37,546,476		0		0		37,546,476
Health care		94,955,282		0		0		94,955,282
Industrials		79,288,303		0		0		79,288,303
Information technology		308,016,063		0		0		308,016,063
Materials		34,346,008		0		0		34,346,008
Real estate		5,969,670		0		0		5,969,670

Short-term investments
Investment companies		370,082		0		0		370,082
Investments measured at net asset value*								3,211,685
Total assets	$	736,205,830	$	0	$	0	$	739,417,515

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 $3,211,685 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee


24		Wells Fargo Omega Growth Fund		Notes to financial statements

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 year ended July 31, 2017, the management fee was equivalent to an annual rate of 0.78% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees


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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.30% for Class A shares, 2.05% for Class C shares, 1.55% for Class R shares, 1.10% for Administrator Class shares, 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.

During the year ended July 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $2,522 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $10,547 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

Distribution fees

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended July 31, 2017, Funds Distributor received $10,203 from the sale of Class A shares and $352 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A and Class B for the year ended July 31, 2017.

Shareholder servicing fees

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

Interfund transactions


Notes to financial statements		Wells Fargo Omega Growth Fund			25

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2017 were $541,994,723 and $708,147,302, respectively.

6. BANK BORROWINGS

For the year ended July 31, 2017, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $19,470,530 and $75,404,529 of long-term capital gain for the years ended July 31, 2017 and July 31, 2016, respectively.

As of July 31, 2017, the components of distributable earnings on a tax basis were as follows:

Undistributed

long-term

gain

Unrealized

gains

Late-year

ordinary losses

deferred

$79,620,640

$204,326,451

$(2,664,388)

8. CONCENTRATION RISK

9. INDEMNIFICATION

10. REGULATORY CHANGES


26		Wells Fargo Omega Growth Fund		Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Omega Growth Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Omega Growth Fund as of July 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts


Other information (unaudited)		Wells Fargo Omega Growth Fund			27

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $19,470,530 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2017.

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


28		Wells Fargo Omega Growth Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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	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 an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Omega Growth Fund			29


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

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

Advisory Board Members


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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	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.	None


30		Wells Fargo Omega 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 in the Fund Complex and Assistant Treasurer of 69 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.


Other information (unaudited)		Wells Fargo Omega Growth Fund			31

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Omega Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


32		Wells Fargo Omega Growth Fund		Other information (unaudited)

(“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than or in range of the average performance of the Universe for the five- and ten-year period ended December 31, 2016, but lower than the average performance of the Universe for the one- and three-year periods ended December 31, 2016. However, the Board noted that the performance ranking of the Fund in the Universe had improved from the prior quarter-end for the one- and three-year periods ended March 31, 2017. The Board also noted that the performance of the Fund was higher than its benchmark, the Russell 3000^® Growth Index, for the ten-year period ended December 31, 2016, but lower than its benchmark for the one-, three- and five-year periods ended December 31, 2016.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were equal to or in range of the median net operating expense ratios of the expense Groups for all share classes.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates

Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the expense Groups for the Fund’s Class R and Class A, but higher than the sum of these average rates for the Fund’s Administrator Class and Institutional Class.


Other information (unaudited)		Wells Fargo Omega Growth Fund			33

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-adviser

Conclusion


34		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

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 Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE

305360 09-17

A211/AR211 07-17

Annual Report

Wells Fargo

Premier Large Company Growth Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

Financial statements
Statement of assets and liabilities			13
Statement of operations			14
Statement of changes in net assets			15
Financial highlights			16

Notes to financial statements			22

Report of independent registered public accounting firm			28

Other information			29

List of abbreviations			36

NOT FDIC INSURED ◾ NO BANK GUARANTEE ◾ MAY LOSE VALUE


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

LOGO

President

Wells Fargo Funds

In bond markets, interest rates rose but remained at historically low levels amid subdued global growth and modest inflation.

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Premier Large Company Growth Fund for the 12-month period that ended July 31, 2017. Many equity markets advanced during this reporting period, supported by modest economic growth despite political uncertainty. U.S. and international stocks returned 16.04% and 19.01%, for the 12-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 U.S. Aggregate Bond Index³ returned -1.28% and the Bloomberg Barclays Municipal Bond Index⁴ returned 0.26%as interest rates rose from low levels.

Globally, stock results moderated in the third quarter of 2016; bond interest rates remained low.

During the fourth quarter of 2016, investors awaited election results and central-bank actions.

Equity and bond markets advanced during the first quarter of 2017 amid improving economic data globally.

Stocks rallied globally through the first quarter of 2017, supported by signs of improvement in the U.S. and global economies. U.S. economic data released

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.

⁴	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.

⁵	The Chicago Board Options Exchange Market Volatility Index (CBOE VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.


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

Steady advancement in many markets marked the first seven months of 2017.

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

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

Sincerely,

LOGO

President

Wells Fargo Funds

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future.


4		Wells Fargo Premier Large Company Growth Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®, CPA

Thomas C. Ognar, CFA^®

Bruce C. Olson, CFA^®

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


		Including sales charge						Excluding sales charge						Expense ratios² (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net³
Class A (EKJAX)	1-20-1998		9.31		11.35		8.51		16.01		12.67		9.15		1.13		1.11
Class C (EKJCX)	1-22-1998		14.05		11.81		8.33		15.05		11.81		8.33		1.88		1.86
Class R4 (EKJRX)	11-30-2012		–		–		–		16.30		13.02		9.48		0.85		0.80
Class R6 (EKJFX)	11-30-2012		–		–		–		16.48		13.17		9.56		0.70		0.65
Administrator Class (WFPDX)	7-16-2010		–		–		–		16.14		12.82		9.29		1.05		1.00
Institutional Class (EKJYX)	6-30-1999		–		–		–		16.44		13.13		9.54		0.80		0.70
Russell 1000^® Growth Index⁴	–		–		–		–		18.05		15.60		9.36		–		–

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.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Premier Large Company Growth Fund			5

Growth of $10,000 investment as of July 31, 2017⁵

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.

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

⁵	The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000^® Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	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.

⁷	Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

^*	This security was not held in the Fund at the end of the reporting period.


6		Wells Fargo Premier Large Company Growth Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

∎

The Fund underperformed its benchmark, the Russell 1000^® Growth Index, for the 12-month period that ended July 31, 2017.

∎

Holdings within the consumer discretionary, financials, and industrials sectors were the primary detractors from the Fund’s relative performance for the period.

∎

The Fund’s performance benefited from an underweight to stocks in the consumer staples sector and from select holdings in the information technology (IT) and health care sectors.

Challenges the Fund faced in the first five months of the period faded in 2017, and performance rebounded.

During the last five months of 2016 historically low interest rates drove investors to continue to seek alternative sources of income via dividend-paying stocks. As a result, stocks paying dividend yields greater than 2% contributed disproportionately to the total return of the Russell 1000^® Growth Index during the last five months of 2016; also, the market environment often was influenced by investor sentiment rather than by fundamentals during these months. The six-week period following the U.S. presidential election in November 2016 further challenged the Fund as investors—anticipating infrastructure spending under the new administration—rotated out of IT and health care stocks in favor of more cyclical companies. All of these dynamics combined drove the majority of the Fund’s underperformance through the end of 2016; navigating through these events was difficult given our emphasis on adding value through bottom-up selection of faster-growing stocks. However, the Fund’s performance improved dramatically in 2017 as investors shifted their focus away from dividends and back to fundamentals. From January 2017 through the end of the reporting period, the markets were driven by faster-growing IT and health care stocks with strong fundamentals. Also, investors cheered earnings growth, which had largely stagnated in recent years. Strong employment figures, slow-but-steady U.S. economic growth, and economic improvement in Europe further contributed to the positive sentiment that buoyed the market during the first seven months of 2017.


Ten largest holdings(%) as of July 31, 2017⁶
Facebook Incorporated Class A			6.74
Amazon.com Incorporated			6.16
Alphabet Incorporated Class A			5.14
Microsoft Corporation			4.17
Visa Incorporated Class A			3.20
Microchip Technology Incorporated			2.65
MasterCard Incorporated Class A			2.07
Texas Instruments Incorporated			1.90
PayPal Holdings Incorporated			1.88
Celgene Corporation			1.87

Results from the Fund’s holdings in the consumer discretionary, financials, and industrials sectors negatively affected performance.

Stocks in the consumer discretionary sector struggled for most of the period. Changing consumer spending patterns and the onslaught of e-commerce disrupted the traditional retail model. As a result, store traffic and year-over-year sales generally were disappointing for companies such as Dollar Tree, Incorporated; Tractor Supply Company*; and O’Reilly Automotive, Incorporated*. Within the restaurant industry, higher wages and a shift in dining-out patterns challenged revenue and earnings growth for companies such as Starbucks Corporation.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Premier Large Company Growth Fund			7

Sector distribution as of July 31, 2017⁷

Within the financials sector, The Goldman Sachs Group, Incorporated;^* The Charles Schwab Corporation; and Morgan Stanley were primary drivers of underperformance. Investors expected new, more favorable regulations to improve revenue and earnings growth in these stocks. However, they grew concerned about the administration’s ability to effect changes that had been discussed during the presidential campaign and tended to exit these stocks when attempts to overhaul the Affordable Care Act failed.

Within the industrials sector, an underweight to aerospace giant The Boeing Company was a large driver of underperformance. Boeing benefited from a supportive business environment, as evidenced by a

stream of new orders and over 5,700 plans in backlog. KAR Auction Services, Incorporated, a leading provider of wholesale auction services, also detracted from performance. KAR had been generating revenue and earnings growth in the low to mid-teens; however, the stock struggled after the company failed to generate the expected organic growth, and margins began to contract.

The Fund benefited from an underweight to stocks in the consumer staples sector and from select holdings in the IT and health care sectors.

A number of Fund holdings in the IT sector—including Microchip Technology Incorporated; Facebook, Incorporated; and Paypal Holdings, Incorporated—contributed to performance. These three companies generated better-than-expected earnings and revenue growth and provided positive forward guidance. In addition, the health care sector, which struggled in recent periods in response to negative rhetoric during political campaigns, experienced a recovery during the reporting period. As a result, Vertex Pharmaceuticals Incorporated, Incyte Corporation, and Edwards Lifesciences Corporation were among Fund holdings that contributed to performance.

We continue to focus on consistently implementing our process.

Over the course of the 12-month period, we made modest adjustments to the Fund to potentially capitalize on opportunities and position for the future. Using our bottom-up research process, we added companies in the IT sector that met our criteria for robust, sustainable growth that appear underappreciated by the market. We funded these purchases primarily with the proceeds from sales of holdings in the consumer staples and consumer discretionary sectors. We remain committed to our process of identifying stocks with robust, sustainable growth that is underappreciated by the market.

Please see footnotes on page 5.


8		Wells Fargo Premier Large Company Growth Fund		Fund expenses (unaudited)

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 February 1, 2017 to July 31, 2017.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2017		Ending account value 7-31-2017		Expenses paid during the period¹		Annualized net expense ratio
Class A
Actual	$	1,000.00	$	1,152.52	$	5.92		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.29	$	5.56		1.11	%
Class C
Actual	$	1,000.00	$	1,147.19	$	9.90		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.57	$	9.30		1.86	%
Class R4
Actual	$	1,000.00	$	1,153.85	$	4.27		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class R6
Actual	$	1,000.00	$	1,154.18	$	3.47		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,153.05	$	5.34		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.84	$	5.01		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,154.52	$	3.74		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		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—July 31, 2017		Wells Fargo Premier Large Company Growth Fund			9


Security name	Shares		Value

Common Stocks: 100.30%

Consumer Discretionary: 14.89%

Hotels, Restaurants & Leisure: 1.02%
Royal Caribbean Cruises Limited		121,740	$	13,765,142
Starbucks Corporation		200,000		10,796,000

				24,561,142


Internet & Direct Marketing Retail: 8.33%
Amazon.com Incorporated †		149,610		147,781,766
Netflix Incorporated †		104,100		18,910,806
The Priceline Group Incorporated †		16,400		33,267,400

				199,959,972


Leisure Products: 0.59%
The Brunswick Corporation		249,170		14,105,514


Media: 0.97%
Live Nation Incorporated †		620,960		23,143,179


Multiline Retail: 0.90%
Dollar Tree Incorporated †		300,580		21,665,806


Specialty Retail: 3.08%
Burlington Stores Incorporated †		244,960		21,318,869
The Home Depot Incorporated		272,570		40,776,472
ULTA Beauty Incorporated †		47,000		11,806,870

				73,902,211


Consumer Staples: 3.26%

Beverages: 1.80%
Constellation Brands Incorporated Class A		178,030		34,422,101
The Coca-Cola Company		192,700		8,833,368

				43,255,469


Food & Staples Retailing: 0.58%
Costco Wholesale Corporation		86,870		13,769,764


Personal Products: 0.88%
The Estee Lauder Companies Incorporated Class A		213,070		21,091,799


Energy: 1.05%

Oil, Gas & Consumable Fuels: 1.05%
Concho Resources Incorporated †		174,960		22,790,290
EOG Resources Incorporated		26,020		2,475,543

				25,265,833


Financials: 5.63%

Banks: 0.53%
Webster Financial Corporation		245,800		12,764,394

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


10		Wells Fargo Premier Large Company Growth Fund		Portfolio of investments—July 31, 2017


Security name	Shares		Value

Capital Markets: 5.10%
Charles Schwab Corporation		548,700	$	23,539,230
CME Group Incorporated		239,690		29,390,788
Market Axess Holdings Incorporated		82,990		16,837,841
Morgan Stanley		575,390		26,985,791
Raymond James Financial Incorporated		194,240		16,158,826
TD Ameritrade Holding Corporation		206,600		9,447,818

				122,360,294


Health Care: 16.16%

Biotechnology: 7.27%
Alexion Pharmaceuticals Incorporated †		70,500		9,682,470
BioMarin Pharmaceutical Incorporated †		178,010		15,616,817
Celgene Corporation †		331,368		44,870,541
Exelixis Incorporated †		188,900		5,121,079
Incyte Corporation †		184,540		24,597,337
Neurocrine Biosciences Incorporated †		205,520		9,871,126
Regeneron Pharmaceuticals Incorporated †		53,110		26,109,938
Vertex Pharmaceuticals Incorporated †		252,970		38,405,905

				174,275,213


Health Care Equipment & Supplies: 4.01%
Boston Scientific Corporation †		788,910		21,000,784
Danaher Corporation		147,040		11,982,290
Edwards Lifesciences Corporation †		286,120		32,955,302
Intuitive Surgical Incorporated †		12,190		11,437,389
West Pharmaceutical Services Incorporated		212,840		18,878,908

				96,254,673


Health Care Providers & Services: 1.62%
Acadia Healthcare Company Incorporated †«		733,660		38,832,624


Health Care Technology: 0.32%
Veeva Systems Incorporated Class A †		121,280		7,732,813


Life Sciences Tools & Services: 1.37%
Agilent Technologies Incorporated		249,890		14,940,923
PRA Health Sciences Incorporated †		240,310		17,879,064

				32,819,987


Pharmaceuticals: 1.57%
Zoetis Incorporated		603,608		37,737,572


Industrials: 10.13%

Aerospace & Defense: 0.32%
The Boeing Company		31,370		7,605,970


Air Freight & Logistics: 1.19%
FedEx Corporation		137,360		28,575,001

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


Portfolio of investments—July 31, 2017		Wells Fargo Premier Large Company Growth Fund			11


Security name	Shares		Value

Commercial Services & Supplies: 2.34%
KAR Auction Services Incorporated		636,639	$	26,764,304
Waste Connections Incorporated		451,610		29,345,618

				56,109,922


Industrial Conglomerates: 1.40%
Honeywell International Incorporated		246,890		33,606,667


Machinery: 1.57%
Fortive Corporation		350,775		22,709,174
Nordson Corporation		117,970		14,982,190

				37,691,364


Professional Services: 0.41%
IHS Markit Limited †		211,580		9,870,207


Road & Rail: 2.90%
CSX Corporation		221,550		10,931,277
Norfolk Southern Corporation		157,700		17,753,866
Union Pacific Corporation		397,130		40,888,505

				69,573,648


Information Technology: 45.01%

Internet Software & Services: 16.13%
Alphabet Incorporated Class A †		130,450		123,340,475
Alphabet Incorporated Class C †		24,728		23,009,404
CoStar Group Incorporated †		45,730		12,600,902
eBay Incorporated †		800,440		28,599,721
Facebook Incorporated Class A †		955,040		161,640,520
LogMeIn Incorporated		164,000		19,097,800
MercadoLibre Incorporated		64,470		18,594,437

				386,883,259


IT Services: 9.45%
Accenture plc Class A		24,620		3,171,548
Euronet Worldwide Incorporated †		269,360		26,022,870
Global Payments Incorporated		51,290		4,840,237
MasterCard Incorporated Class A		389,300		49,752,540
PayPal Holdings Incorporated †		771,520		45,172,496
Square Incorporated Class A †		798,420		21,038,367
Visa Incorporated Class A		770,470		76,707,993

				226,706,051


Semiconductors & Semiconductor Equipment: 6.30%
Broadcom Limited		170,963		42,169,734
Microchip Technology Incorporated «		793,670		63,525,347
Texas Instruments Incorporated		559,640		45,543,503

				151,238,584

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


12		Wells Fargo Premier Large Company Growth Fund		Portfolio of investments—July 31, 2017


Security name				Shares		Value

Software: 11.94%
Adobe Systems Incorporated †					260,299	$	38,131,201
Microsoft Corporation					1,375,930		100,030,111
Proofpoint Incorporated †					95,900		8,174,516
PTC Incorporated †					115,900		6,396,521
Salesforce.com Incorporated †					371,130		33,698,604
ServiceNow Incorporated †					276,820		30,574,769
Splunk Incorporated †					409,385		24,567,194
Take-Two Interactive Software Incorporated †					175,250		13,928,870
Ultimate Software Group Incorporated †					137,462		31,026,548

							286,528,334


Technology Hardware, Storage & Peripherals: 1.19%
Apple Incorporated					191,800		28,526,414


Materials: 3.26%

Chemicals: 3.26%
Ecolab Incorporated					254,500		33,510,015
Praxair Incorporated					344,370		44,823,199

							78,333,214


Real Estate: 0.91%

Equity REITs: 0.91%
American Tower Corporation					159,260		21,711,912


Total Common Stocks (Cost $1,420,172,713)							2,406,458,806


	Yield
Short-Term Investments: 2.30%

Investment Companies: 2.30%
Securities Lending Cash Investment LLC (l)(r)(u)		1.25	%		46,026,258		46,030,861
Wells Fargo Government Money Market Fund Select Class (l)(u)		0.89			9,162,823		9,162,823

Total Short-Term Investments (Cost $55,191,969)							55,193,684


Total investments in securities (Cost $1,475,364,682) *	102.60	%		2,461,652,490
Other assets and liabilities, net	(2.60	)		(62,277,856	)

Total net assets	100.00	%	$	2,399,374,634

†	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.

*	Cost for federal income tax purposes is $1,480,416,823 and unrealized gains (losses) consists of:


Gross unrealized gains	$	989,846,465
Gross unrealized losses		(8,610,798	)

Net unrealized gains	$	981,235,667

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


Statement of assets and liabilities—July 31, 2017		Wells Fargo Premier Large Company Growth Fund			13




Assets
Investments
In unaffiliated securities (including $44,873,242 of securities loaned), at value (cost $1,420,172,713)	$	2,406,458,806
In affiliated securities, at value (cost $55,191,969)		55,193,684

Total investments, at value (cost $1,475,364,682)		2,461,652,490
Receivable for investments sold		28,056,779
Receivable for Fund shares sold		1,100,065
Receivable for dividends		647,276
Receivable for securities lending income		18,065
Prepaid expenses and other assets		170,188

Total assets		2,491,644,863


Liabilities
Payable for investments purchased		31,557,701
Payable for Fund shares redeemed		12,507,719
Payable upon receipt of securities loaned		46,027,900
Management fee payable		1,203,926
Distribution fees payable		131,688
Administration fees payable		333,396
Accrued expenses and other liabilities		507,899

Total liabilities		92,270,229

Total net assets	$	2,399,374,634


NET ASSETS CONSIST OF
Paid-in capital	$	946,489,231
Accumulated net investment loss		(1,838,979	)
Accumulated net realized gains on investments		468,436,574
Net unrealized gains on investments		986,287,808

Total net assets	$	2,399,374,634


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	986,790,677
Shares outstanding – Class A¹		64,343,302
Net asset value per share – Class A		$15.34
Maximum offering price per share – Class A²		$16.28
Net assets – Class C	$	206,026,382
Shares outstanding – Class C¹		16,018,054
Net asset value per share – Class C		$12.86
Net assets – Class R4	$	3,558,938
Share outstanding – Class R4¹		225,906
Net asset value per share – Class R4		$15.75
Net assets – Class R6	$	170,656,521
Shares outstanding – Class R6¹		10,751,106
Net asset value per share – Class R6		$15.87
Net assets – Administrator Class	$	82,997,624
Shares outstanding – Administrator Class¹		5,348,786
Net asset value per share – Administrator Class		$15.52
Net assets – Institutional Class	$	949,344,492
Shares outstanding – Institutional Class¹		59,920,576
Net asset value per share – Institutional Class		$15.84

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 Premier Large Company Growth Fund		Statement of operations—year ended July 31, 2017




Investment income
Dividends (net of foreign withholding taxes of $37,018)	$	24,799,756
Securities lending income, net		372,113
Income from affiliated securities		74,997

Total investment income		25,246,866


Expenses
Management fee		18,300,793
Administration fees
Class A		2,661,529
Class B		921	¹
Class C		496,903
Class R4		3,082
Class R6		48,197
Administrator Class		190,013
Institutional Class		1,264,900
Shareholder servicing fees
Class A		3,168,487
Class B		1,097	¹
Class C		591,552
Class R4		3,853
Administrator Class		363,710
Distribution fees
Class B		3,291	¹
Class C		1,774,655
Custody and accounting fees		170,253
Professional fees		60,952
Registration fees		130,343
Shareholder report expenses		211,704
Trustees’ fees and expenses		21,467
Other fees and expenses		79,273

Total expenses		29,546,975
Less: Fee waivers and/or expense reimbursements		(1,721,997	)

Net expenses		27,824,978

Net investment loss		(2,578,112	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		573,281,392
Affiliated securities		1,246

Net realized gains on investments		573,282,638


Net change in unrealized gains (losses) on:
Unaffiliated securities		(214,118,401	)
Affiliated securities		1,715

Net change in unrealized gains (losses) on investments		(214,116,686	)

Net realized and unrealized gains (losses) on investments		359,165,952

Net increase in net assets resulting from operations	$	356,587,840

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.


Statement of changes in net assets		Wells Fargo Premier Large Company Growth Fund			15


	Year ended July 31, 2017						Year ended July 31, 2016

Operations
Net investment loss				$	(2,578,112	)				$	(3,092,329	)
Net realized gains on investments					573,282,638						354,287,986
Net change in unrealized gains (losses) on investments					(214,116,686	)					(628,644,827	)

Net increase (decrease) in net assets resulting from operations					356,587,840						(277,449,170	)


Distributions to shareholders from
Net realized gains
Class A					(141,609,478	)					(154,141,985	)
Class B					(64,503	)¹					(115,925	)
Class C					(28,218,921	)					(27,659,123	)
Class R4					(356,581	)					(138,255	)
Class R6					(14,601,788	)					(12,437,527	)
Administrator Class					(11,817,935	)					(51,332,185	)
Institutional Class					(94,245,557	)					(90,311,280	)

Total distributions to shareholders					(290,914,763	)					(336,136,280	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		6,001,464			83,780,770			33,396,591			499,630,054
Class B		657	¹		7,221	¹		6,032			75,914
Class C		1,164,251			13,390,566			2,643,388			33,651,473
Class R4		67,177			939,076			147,562			2,106,423
Class R6		1,591,648			23,787,894			3,017,767			46,660,260
Administrator Class		991,894			14,305,839			3,919,148			57,602,147
Institutional Class		28,960,656			420,855,765			27,347,396			409,718,053
Investor Class		N/A			N/A			204,065	²		3,092,911	²

					557,067,131						1,052,537,235

Reinvestment of distributions
Class A		10,164,417			132,137,425			10,119,274			145,413,973
Class B		4,868	¹		53,503	¹		7,422			92,480
Class C		2,029,580			22,223,900			1,715,487			21,323,504
Class R4		26,770			356,581			9,437			138,255
Class R6		1,045,350			14,018,149			813,689			11,977,506
Administrator Class		870,110			11,433,242			3,513,370			50,943,861
Institutional Class		5,849,310			78,322,263			4,638,850			68,237,489

					258,545,063						298,127,068

Payment for shares redeemed
Class A		(67,446,125	)		(941,219,557	)		(67,943,982	)		(948,979,782	)
Class B		(74,169	)¹		(895,170	)¹		(96,549	)		(1,234,246	)
Class C		(10,665,863	)		(126,947,986	)		(8,078,699	)		(100,085,119	)
Class R4		(133,927	)		(1,970,170	)		(19,668	)		(274,630	)
Class R6		(3,768,974	)		(55,499,096	)		(1,984,285	)		(28,819,972	)
Administrator Class		(16,274,337	)		(233,767,928	)		(56,550,448	)		(817,362,391	)
Institutional Class		(47,785,920	)		(691,184,624	)		(38,166,413	)		(557,212,931	)
Investor Class		N/A			N/A			(12,187,103	)²		(190,582,272	)²

					(2,051,484,531	)					(2,644,551,343	)

Net decrease in net assets resulting from capital share transactions					(1,235,872,337	)					(1,293,887,040	)

Total decrease in net assets					(1,170,199,260	)					(1,907,472,490	)


Net assets
Beginning of period					3,569,573,894						5,477,046,384

End of period				$	2,399,374,634					$	3,569,573,894

Accumulated net investment loss				$	(1,838,979	)				$	(2,674,776	)

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.

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

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


16		Wells Fargo Premier Large Company Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS A	2017			2016			2015			2014			2013
Net asset value, beginning of period		$14.68			$16.28			$14.55			$12.57			$10.21
Net investment loss		(0.03	)¹		(0.03	)		(0.03	)		(0.05	)		(0.02	)
Net realized and unrealized gains (losses) on investments		2.12			(0.52	)		1.97			2.03			2.38

Total from investment operations		2.09			(0.55	)		1.94			1.98			2.36
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$15.34			$14.68			$16.28			$14.55			$12.57
Total return²		16.01	%		(3.22	)%		13.46	%		15.75	%		23.11	%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.13	%		1.16	%		1.17	%		1.19	%
Net expenses		1.11	%		1.11	%		1.12	%		1.12	%		1.12	%
Net investment loss		(0.20	)%		(0.17	)%		(0.18	)%		(0.36	)%		(0.15	)%
Supplemental data
Portfolio turnover rate		65	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS C	2017			2016			2015			2014			2013
Net asset value, beginning of period		$12.64			$14.27			$12.87			$11.20			$9.17
Net investment loss		(0.12	)¹		(0.12	)¹		(0.13	)¹		(0.14	)¹		(0.09	)¹
Net realized and unrealized gains (losses) on investments		1.77			(0.46	)		1.74			1.81			2.12

Total from investment operations		1.65			(0.58	)		1.61			1.67			2.03
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$12.86			$12.64			$14.27			$12.87			$11.20
Total return²		15.05	%		(3.92	)%		12.65	%		14.91	%		22.14	%
Ratios to average net assets (annualized)
Gross expenses		1.89	%		1.88	%		1.91	%		1.92	%		1.94	%
Net expenses		1.86	%		1.86	%		1.87	%		1.87	%		1.87	%
Net investment loss		(0.95	)%		(0.92	)%		(0.93	)%		(1.11	)%		(0.91	)%
Supplemental data
Portfolio turnover rate		65	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$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.

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)


	Year ended July 31
CLASS R4	2017			2016			2015			2014			2013¹
Net asset value, beginning of period		$15.00			$16.56			$14.75			$12.70			$10.81
Net investment income (loss)		0.01	²		0.02	²		0.02			(0.01	)		0.00	³
Net realized and unrealized gains (losses) on investments		2.17			(0.53	)		2.00			2.06			1.89

Total from investment operations		2.18			(0.51	)		2.02			2.05			1.89
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$15.75			$15.00			$16.56			$14.75			$12.70
Total return⁴		16.30	%		(2.91	)%		13.82	%		16.14	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.85	%		0.83	%		0.84	%		0.85	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.09	%		0.13	%		0.13	%		(0.11	)%		0.06	%
Supplemental data
Portfolio turnover rate		65	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$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.


Financial highlights		Wells Fargo Premier Large Company Growth Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R6	2017			2016			2015			2014			2013¹
Net asset value, beginning of period		$15.08			$16.62			$14.77			$12.71			$10.81
Net investment income		0.03	²		0.04	²		0.05			0.01			0.00	³
Net realized and unrealized gains (losses) on investments		2.19			(0.53	)		2.01			2.05			1.90

Total from investment operations		2.22			(0.49	)		2.06			2.06			1.90
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$15.87			$15.08			$16.62			$14.77			$12.71
Total return⁴		16.48	%		(2.78	)%		14.00	%		16.29	%		17.58	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.70	%		0.68	%		0.69	%		0.71	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		0.25	%		0.28	%		0.29	%		0.09	%		0.05	%
Supplemental data
Portfolio turnover rate		65	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$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.


20		Wells Fargo Premier Large Company Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$14.82			$16.41			$14.63			$12.62			$10.24
Net investment loss		(0.01	)¹		(0.00	)^1,2		(0.00	)²		(0.02	)		(0.00	)²
Net realized and unrealized gains (losses) on investments		2.14			(0.54	)		1.99			2.03			2.38

Total from investment operations		2.13			(0.54	)		1.99			2.01			2.38
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$15.52			$14.82			$16.41			$14.63			$12.62
Total return		16.14	%		(3.13	)%		13.73	%		15.93	%		23.24	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.04	%		1.00	%		1.00	%		1.04	%
Net expenses		1.00	%		0.98	%		0.95	%		0.95	%		0.95	%
Net investment loss		(0.06	)%		(0.02	)%		(0.01	)%		(0.19	)%		(0.01	)%
Supplemental data
Portfolio turnover rate		65	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$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.

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


Financial highlights		Wells Fargo Premier Large Company Growth Fund			21

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2017			2016			2015			2014			2013
Net asset value, beginning of period		$15.06			$16.61			$14.77			$12.71			$10.28
Net investment income		0.02	¹		0.03	¹		0.03			0.01	¹		0.00	²
Net realized and unrealized gains (losses) on investments		2.19			(0.53	)		2.02			2.05			2.43

Total from investment operations		2.21			(0.50	)		2.05			2.06			2.43
Distributions to shareholders from
Net realized gains		(1.43	)		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$15.84			$15.06			$16.61			$14.77			$12.71
Total return		16.44	%		(2.85	)%		14.01	%		16.21	%		23.64	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.80	%		0.74	%		0.74	%		0.76	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.71	%
Net investment income		0.19	%		0.23	%		0.23	%		0.07	%		0.16	%
Supplemental data
Portfolio turnover rate		65	%		47	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$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.

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


22		Wells Fargo Premier Large Company Growth Fund		Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

Security loans


Notes to financial statements		Wells Fargo Premier Large Company Growth Fund			23

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.

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassifications is due to net operating losses. At July 31, 2017, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:


Paid-in capital	Accumulated net investment loss	Accumulated net realized gains on investments
$(3,413,326)	$3,413,909	$(583)

As of July 31, 2017, the Fund had a qualified late-year ordinary loss of $1,820,726 which will be recognized on the first day of the following fiscal year.


24		Wells Fargo Premier Large Company Growth Fund		Notes to financial statements

Class allocations

3. FAIR VALUATION MEASUREMENTS

∎

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 July 31, 2017:


	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:

Common stocks
Consumer discretionary	$	357,337,824	$	0	$	0	$	357,337,824
Consumer staples		78,117,032		0		0		78,117,032
Energy		25,265,833		0		0		25,265,833
Financials		135,124,688		0		0		135,124,688
Health care		387,652,882		0		0		387,652,882
Industrials		243,032,779		0		0		243,032,779
Information technology		1,079,882,642		0		0		1,079,882,642
Materials		78,333,214		0		0		78,333,214
Real estate		21,711,912		0		0		21,711,912

Short-term investments
Investment companies		9,162,823		0		0		9,162,823
Investments measured at net asset value*								46,030,861
Total assets	$	2,415,621,629	$	0	$	0	$	2,461,652,490

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 $46,030,861 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Notes to financial statements		Wells Fargo Premier Large Company Growth Fund			25

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

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


	Class-level administration fee
Class A, Class B, Class C		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class, Institutional Class		0.13

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2017 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 1.00% for Administrator Class shares, and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

During the year ended July 31, 2017, State Street Bank and Trust Company, the Fund’s custodian, reimbursed the Fund $9,311 for certain out-of-pocket expenses that were billed to the Fund in error from 1998-2015. This amount is included in dividend income on the Statement of Operations. In addition, Funds Management was also reimbursed $4,740 for waivers/reimbursements it made to the Fund during the period the Fund was erroneously billed.

Distribution fees

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended July 31, 2017, Funds Distributor received $25,676 from the sale of Class A shares and $1,546 in contingent deferred sales charges from redemptions of Class C shares. No contingent deferred sales charges were incurred by Class A and Class B shares for the year ended July 31, 2017.


26		Wells Fargo Premier Large Company Growth Fund		Notes to financial statements

Shareholder servicing fees

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

Interfund transactions

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended July 31, 2017 were $1,782,747,598 and $3,153,140,296, respectively.

6. BANK BORROWINGS

For the year ended July 31, 2017, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $290,914,763 and $336,136,280 of long-term capital gain for the years ended July 31, 2017 and July 31, 2016, respectively.

As of July 31, 2017, the components of distributable earnings on a tax basis were as follows:

Undistributed

long-term

gain

Unrealized

gains

Late-year

ordinary losses

deferred

$473,488,715

$981,235,667

$(1,820,726)

8. CONCENTRATION RISK

9. INDEMNIFICATION


Notes to financial statements		Wells Fargo Premier Large Company Growth Fund			27

10. REGULATORY CHANGES


28		Wells Fargo Premier Large Company Growth Fund		Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Premier Large Company Growth Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Premier Large Company Growth Fund as of July 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts


Other information (unaudited)		Wells Fargo Premier Large Company Growth Fund			29

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $290,914,763 was designated as a 20% rate gain distribution for the fiscal year ended July 31, 2017.

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


30		Wells Fargo Premier Large Company Growth Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

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	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 an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon** (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust


Other information (unaudited)		Wells Fargo Premier Large Company Growth Fund			31


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996: Vice Chairman, since 2017	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust

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

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

Advisory Board Members


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
James G. Polisson (Born 1959)	Advisory Board Member, since 2017	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 (Blackrock) from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto, Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting from 1995 to 1996. 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.	None
Pamela Wheelock (Born 1959)	Advisory Board Member, since 2017	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.	None


32		Wells Fargo Premier Large Company 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 in the Fund Complex and Assistant Treasurer of 69 funds in the Fund Complex.

²	The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling 1-800-222-8222 or by visiting the website at wellsfargofunds.com.


Other information (unaudited)		Wells Fargo Premier Large Company Growth Fund			33

BOARD CONSIDERATION OF INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at an in-person meeting held on May 16-17, 2017 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Premier Large Company Growth Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

Fund performance and expenses


34		Wells Fargo Premier Large Company Growth Fund		Other information (unaudited)

March 31, 2017. The Board considered these results in comparison to the performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than the average performance of the Universe for the ten-year period ended December 31, 2016, but lower than the average performance of the Universe for the one-, three- and five-year periods ended December 31, 2016. However, the Board noted that the performance ranking of the Fund in the Universe had improved from the prior quarter-end for the one- and three-year periods ended March 31, 2017. The Board also noted that the performance of the Fund was in range of its benchmark, the Russell 1000^® Growth Index, for the ten-year period ended December 31, 2016, but lower than its benchmark for the one-, three- and five-year periods ended December 31, 2016.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups for all share classes.

The Board took into account the Fund performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment management and sub-advisory fee rates


Other information (unaudited)		Wells Fargo Premier Large Company Growth Fund			35

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


36		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

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 Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

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