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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: The following 11 series of Wells Fargo Funds Trust have a January 31 fiscal year end:

Wells Fargo Advantage Alternative Strategies Fund, Wells Fargo Advantage Capital Growth Fund, Wells Fargo Advantage Disciplined U.S. Core Fund, Wells Fargo Advantage Endeavor Select Fund, Wells Fargo Advantage Growth Fund, Wells Fargo Advantage Intrinsic Value Fund, Wells Fargo Advantage Large Cap Core Fund, Wells Fargo Advantage Large Cap Growth Fund, Wells Fargo Advantage Large Company Value Fund, Wells Fargo Advantage Omega Growth Fund, and Wells Fargo Advantage Premier Large Company Growth Fund. Each series has n July 31 fiscal year end.

Date of reporting period: January 31, 2015

ITEM 1. REPORT TO STOCKHOLDERS

Wells Fargo Advantage

Alternative Strategies Fund

Semi-Annual Report

January 31, 2015

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	27
Statement of operations	28
Statement of changes in net assets	29
Financial highlights	30
Notes to financial statements	34
Other information	45
List of abbreviations	48

The views expressed and any forward-looking statements are as of January 31, 2015, 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 Advantage 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 Advantage Alternative Strategies Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Throughout the reporting period, the Federal Open Market Committee (FOMC), which is the Fed’s monetary policymaking body, kept its key interest rate near zero.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Alternative Strategies Fund for the six-month period that ended January 31, 2015. The period was marked by continued geopolitical uncertainty as the U.S. and Europe confronted Russia over Ukraine. In addition, expectations that the U.S. Federal Reserve (Fed) would begin raising interest rates in mid-2015 led the U.S. dollar to strengthen against most major currencies, dampening returns for U.S. dollar–based investors. The S&P 500 Index¹, a proxy for U.S. large-cap stocks, ended the period with a 4.37% gain, while the MSCI EAFE Index (Net)², a proxy for international developed markets, ended the period with a 4.31% loss.

Major central banks continued to provide liquidity to the markets.

Throughout the reporting period, the Federal Open Market Committee (FOMC), which is the Fed’s monetary policymaking body, kept its key interest rate near zero. This tended to support global markets given the Fed’s role in providing investor liquidity. The FOMC ended its bond-buying program in October 2014 and issued guidance that led investors to expect an interest-rate hike in mid-2015.

The European Central Bank maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank. In Japan, the Bank of Japan (BoJ) maintained an aggressive monetary program aimed at combating deflation. In October 2014, the BoJ surprised investors by expanding its program of quantitative easing in an effort to support Japan’s struggling economy.

The backdrop of a challenging geopolitical situation and slowing global growth caused significant volatility.

Geopolitical events were major negatives throughout the reporting period. The ongoing standoff between the West (the U.S., Europe, and their allies) and Russia over Ukraine began in early 2014 and continued throughout the reporting period. As of January 2015, it seemed unlikely that the situation would result in a war between Russia and the West, though a civil war raged in Ukraine. However, economic sanctions from the West against Russia and from Russia against the West contributed to slower growth in Europe, a key Russian trading partner. In the Middle East, the advance of Islamic militants in Syria and Iraq led to airstrikes by the U.S. and its allies.

The U.S. continued to outperform other developed economies, posting 2.6% annualized gross domestic product (GDP) growth in the fourth quarter according to initial estimates. The unemployment rate also continued its slow improvement, declining from 6.1% in August 2014 to 5.7% in January 2015. The positive economic news boosted U.S. stocks and also fed expectations that the Fed would increase the federal funds rate.

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

²  The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. Calculations for MSCI EAFE use net dividends, which reflect the deduction of withholding taxes. You cannot invest directly in an index. 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.

Letter to shareholders (unaudited) Wells Fargo Advantage Alternative Strategies Fund 3

By contrast, the 28 countries in the European Union showed collective annualized GDP growth of 1.3% in the fourth quarter, hurt by sanctions against Russia (a major trading partner) and continued weakness in countries such as Italy and Greece. Slower European growth and expectations of higher U.S. interest rates sent the euro lower during the reporting period, pressuring European returns for U.S. dollar–denominated investors. Late in January, a far-left political party, Syriza, won national elections in Greece with the promise to renegotiate the country’s debt, raising the possibility of credit-related turmoil in the eurozone.

Returns in Asia were dampened by an uneven Japanese economy. An increased sales tax weighed on the country’s consumers, even as a weaker yen boosted exports. After Japan’s economy contracted in the second and third quarters of 2014, the country showed signs of expansion in the fourth quarter. Even though Japan’s stock market posted a gain for the period in local currency terms, the weaker yen turned that gain into a loss for U.S. dollar–based investors.

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 Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Slower European growth and expectations of higher U.S. interest rates sent the euro lower during the reporting period, pressuring European returns for U.S. dollar–denominated investors.

4 Wells Fargo Advantage Alternative Strategies Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadvisers

The Rock Creek Group, LP

Chilton Investment Company, LLC

Mellon Capital Management Corporation

Passport Capital, LLC

Pine River Capital Management L.P.

River Canyon Fund Management, LLC

Sirios Capital Management, L.P.

Wellington Management Company, LLP

Portfolio managers

Sudhir Krisnamurthi

Ronald van der Wouden

Kenneth LaPlace

Richard L. Chilton, Jr.

Vassilis Dagioglu

John Burbank

Tim Garry

James Clark

Aaron Zimmerman

Lucy DeStefano

Soon Pho

John F. Brennan, Jr.

Kent M. Stahl, CFA

Gregg R. Thomas, CFA

Average annual total returns (%) as of January 31, 2015

		Including sales charge			Excluding sales charge		Expense ratios1 (%)
	Inception date	Since inception			Since inception		Gross		Net2
Class A (WALTX)	4-30-2014		(1.22	)		4.80		3.84		3.11
Class C (WACTX)	4-30-2014		3.20			4.20		4.59		3.86
Administrator Class (WADTX)	4-30-2014		–			4.90		3.68		2.96
Institutional Class (WAITX)	4-30-2014		–			5.00		3.41		2.86
Barclays U.S. Aggregate Bond Index3	–		–			5.34		–		–
Credit Suisse Liquid Alternatives Beta Index4	–		–			2.28		–		–

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, wellsfargoadvantagefunds.com.

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

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

The Fund does not invest directly in hedge funds but pursues similar strategies to those typically used by hedge funds. The Fund invests using alternative investment strategies such as equity hedged, event driven, global macro, and relative value, which are speculative and entail a high degree of risk. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. The use of derivatives may reduce returns and/or increase volatility. Borrowing money to purchase securities or cover short positions magnifies losses and incurs expenses. Short selling is generally considered speculative, has the potential for unlimited loss, and may involve leverage. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk, mortgage- and asset-backed securities risk, convertible securities risk, loan 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 Advantage Alternative Strategies Fund 5

Sector allocation5 as of January 31, 2015
	Gross exposure (%)	Net exposure (%)
Consumer Discretionary	19	24
Consumer Staples	5	7
Energy	8	1
Financials	10	14
Health Care	13	14
Industrials	9	11
Information Technology	12	7
Materials	7	8
Telecommunication Services	2	3
Utilities	0	1
Other	15	10
	100	100

Ten largest long position holdings6 (%) as of January 31, 2015
AQR Managed Futures Strategy Fund Class I	7.62
Medtronic plc	1.21
Becton Dickinson & Company	0.89
CF Industries Holdings Incorporated	0.79
Verizon Communications Incorporated	0.78
Google Incorporated Class A	0.73
W.R. Grace & Company	0.71
Time Warner Cable Incorporated	0.69
Actavis plc	0.65
CBS Corporation Class B	0.65

Ten largest short position holdings6 (%) as of January 31, 2015
SPDR S&P 500 ETF	(2.31)
International Business Machines Corporation	(0.59)
Corning Incorporated	(0.53)
Schlumberger Limited	(0.52)
Infosys Limited ADR	(0.50)
Motorola Solutions Incorporated	(0.48)
Express Scripts Holding Company	(0.45)
Comcast Corporation Class A	(0.44)
Adobe Systems Incorporated	(0.43)
Amazon.com Incorporated	(0.41)

Strategy allocation⁷ as of January 31, 2015

¹  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.12% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

²  The Adviser has committed through November 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 2.50% for Class A, 3.25% for Class C, 2.35% for Administrator Class, and 2.25% 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, expenses from dividends and interest on short positions, and extraordinary expenses are excluded from the cap. Acquired fund fees and expenses incurred by investments made by The Rock Creek Group, LP, a subadviser of the Fund, are included in the cap. Without this cap, the Fund’s returns would have been lower.

³  The 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, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. You cannot invest directly in an index.

⁴  The Credit Suisse Liquid Alternatives Beta Index reflects the returns of a dynamic basket of liquid, investable market factors selected and weighted in accordance with an algorithm that aims to approximate the aggregate returns of the universe of hedge fund managers, as represented by the Credit Suisse Hedge Fund Index. You cannot invest directly in an index.

⁵  Amounts are calculated based on the total long-term investments of the Fund. These percentages are subject to change and may have changed since the date specified.

⁶  The ten largest long and short position holdings are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁷  Strategy allocation is subject to change and may have changed since the date specified. Cash shown is the sweep cash position of the Fund, and excludes any cash or cash equivalents that may be pledged as collateral for other investments of the Fund.

6 Wells Fargo Advantage Alternative Strategies 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 service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2014 to January 31, 2015.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning account value 8-1-2014		Ending account value 1-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,039.70	$	15.42		3.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,010.08	$	15.20		3.00	%
Class C
Actual	$	1,000.00	$	1,035.78	$	19.24		3.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,006.30	$	18.96		3.75	%
Administrator Class
Actual	$	1,000.00	$	1,039.66	$	14.65		2.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,010.84	$	14.44		2.85	%
Institutional Class
Actual	$	1,000.00	$	1,040.65	$	14.14		2.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,011.34	$	13.94		2.75	%

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Alternative Strategies Fund 7

Security name	Shares		Value
Common Stocks: 50.56%
Consumer Discretionary: 11.23%
Auto Components: 0.01%
Musashi Seimitsu Industry Company Limited		800	$	15,063
Automobiles: 0.09%
Chongqing Changchun Automobile Class B		10,000		25,013
Fiat Chrysler Automobiles NV †		1,545		20,377
General Motors Company		1,836		59,890
				105,280
Diversified Consumer Services: 0.13%
Service Corporation International		4,447		100,636
Sotheby’s		1,152		49,018
				149,654
Hotels, Restaurants & Leisure: 2.39%
Bloomin’ Brands Incorporated †		6,329		156,421
Boyd Gaming Corporation †		4,501		58,783
Buffalo Wild Wings Incorporated †		1,561		278,358
Caesars Acquisition Company Class A †		73		572
Caesars Entertainment Corporation †		520		5,663
Carnival Corporation (b)		7,012		308,248
ClubCorp Holdings Incorporated		1,452		24,699
Compass Group plc		2,366		40,793
Domino’s Pizza Incorporated		4,440		439,782
Mandarin Oriental International Limited		10,000		16,377
McDonald’s Corporation		2,399		221,763
Melco Crown Entertainment Limited ADR		550		13,200
Norwegian Cruise Line Holdings Limited †		277		12,122
Pinnacle Entertainment Incorporated †		1,089		23,032
Sands China Limited		6,800		33,105
Sonic Corporation		10,490		317,532
Starbucks Corporation		1,620		141,799
Wyndham Worldwide Corporation		5,714		478,776
Wynn Macau Limited		26,200		72,552
Wynn Resorts Limited (b)		613		90,693
				2,734,270
Household Durables: 0.18%
Electrolux AB Class B		765		23,546
GoPro Incorporated Class A †		465		23,134
Whirlpool Corporation		792		157,671
				204,351
Internet & Catalog Retail: 0.38%
Amazon.com Incorporated †		173		61,334
Groupon Incorporated †		4,800		34,368
HSN Incorporated		350		27,104
Netflix Incorporated †		114		50,365

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

8 Wells Fargo Advantage Alternative Strategies Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Internet & Catalog Retail (continued)
The Priceline Group Incorporated †(b)		258	$	260,446
Wayfair Incorporated Class A †		285		5,575
				439,192
Media: 4.98%
Avex Group Holdings Incorporated		700		11,804
British Sky Broadcasting plc		1,403		19,565
CBS Corporation Class B		13,500		739,936
Charter Communication Incorporated †(b)		2,500		377,788
Clear Channel Outdoor Holdings Incorporated		7,054		63,839
Comcast Corporation Class A		5,035		267,585
DHX Media Limited		2,695		18,367
DIRECTV Group Incorporated †(b)		7,772		662,796
Discovery Communications Incorporated Class A (b)		835		24,202
Discovery Communications Incorporated Class C †(b)		835		23,280
DISH Network Corporation †		8,910		626,818
Liberty Global plc Class A		6,579		307,371
Loral Space & Communications Incorporated †		275		19,775
PagesJaunes SA †		13,105		11,000
ProSiebenSat.1 Media AG		652		28,863
Quebecor Incorporated		700		17,545
SES SA		1,126		41,018
Sirius XM Holdings Incorporated †(b)		36,095		128,137
The Walt Disney Company		4,700		427,512
Time Warner Cable Incorporated (b)		5,777		786,423
Time Warner Incorporated		7,596		591,956
Tribune Media Company Class A		120		7,067
Twenty-First Century Fox Incorporated		9,889		327,920
Viacom Incorporated Class B		2,643		170,262
				5,700,829
Multiline Retail: 0.80%
Dollar General Corporation †		7,766		520,788
Dollar Tree Incorporated †		2,455		174,551
Family Dollar Stores Incorporated		2,200		167,420
Intime Retail Group Company Limited		34,905		21,468
Marks & Spencer Group plc		2,234		16,239
Tuesday Morning Corporation †		890		15,753
				916,219
Specialty Retail: 2.05%
Advance Auto Parts Incorporated		403		64,077
AutoZone Incorporated †		662		395,188
Baoxin Auto Group Limited		23,000		13,166
Best Buy Company Incorporated		10,054		353,901
CST Brands Incorporated		530		22,843
GNC Holdings Incorporated Class A		382		16,938
L Brands Incorporated		295		24,966
Lowe’s Companies Incorporated		966		65,456
Luk Fook Holdings International Limited		6,000		22,266

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Alternative Strategies Fund 9

Security name	Shares		Value
Specialty Retail (continued)
Office Depot Incorporated †		745	$	5,662
Penske Auto Group Incorporated (b)		4,521		218,590
PetSmart Incorporated		3,463		282,944
Signet Jewelers Limited		200		24,222
The Home Depot Incorporated		3,888		405,985
Tiffany & Company		2,224		192,687
TJX Companies Incorporated		3,341		220,306
Vitamin Shoppe Incorporated †		344		14,541
Zhongsheng Group Holdings Limited		5,345		4,650
				2,348,388
Textiles, Apparel & Luxury Goods: 0.22%
Kate Spade & Company †		270		8,513
Michael Kors Holdings Limited †		40		2,832
Nike Incorporated Class B		2,064		190,404
Samsonite International SA		12,900		39,150
Vera Bradley Incorporated †		561		10,698
				251,597
Consumer Staples: 3.56%
Beverages: 1.57%
Anheuser-Busch InBev NV ADR		4,103		500,853
Anheuser-Busch InBev NV		773		94,280
Brown-Forman Corporation Class B		3,198		284,206
C&C Group plc		5,152		20,081
Constellation Brands Incorporated Class A †		6,152		679,488
Diageo plc		2,243		66,394
Monster Beverage Corporation †		400		46,780
The Coca-Cola Company		2,035		83,781
Treasury Wine Estates Limited		5,298		20,142
				1,796,005
Food & Staples Retailing: 0.84%
Costco Wholesale Corporation		2,764		395,224
CVS Health Corporation		1,218		119,559
E-MART Company Limited		77		14,610
Seven & I Holdings Company Limited		500		18,297
Wal-Mart Stores Incorporated		4,907		416,997
				964,687
Food Products: 0.89%
Archer Daniels Midland Company		3,323		154,951
Greencore Group plc		6,105		28,314
Kraft Foods Group Incorporated		3,033		198,177
Lindt & Spruengli AG		7		440,965
Mondelez International Incorporated Class A		1,255		44,226
Nestle SA		658		50,252
Post Holdings Incorporated †		360		17,010
TreeHouse Foods Incorporated †		210		19,047

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

10 Wells Fargo Advantage Alternative Strategies Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Food Products (continued)
Unilever NV		434	$	18,820
Unilever NV ADR		1,111		48,184
				1,019,946
Household Products: 0.06%
Svenska Cellulosa AB Class B		703		16,945
The Procter & Gamble Company		613		51,670
				68,615
Tobacco: 0.20%
British American Tobacco plc		1,416		79,885
Imperial Tobacco Group plc		1,194		56,081
Lorillard Incorporated		1,456		95,528
				231,494
Energy: 3.74%
Energy Equipment & Services: 0.87%
Baker Hughes Incorporated (b)		4,605		267,020
Halliburton Company (b)		13,327		532,947
Hilong Holding Limited		60,000		18,523
McDermott International Incorporated †		1,930		4,343
National Oilwell Varco Incorporated		374		20,357
Patterson-UTI Energy Incorporated		1,085		18,619
Petroleum Geo-Services ASA		865		4,703
Schlumberger Limited		1,349		111,144
Trican Well Service Limited		5,880		22,674
				1,000,330
Oil, Gas & Consumable Fuels: 2.87%
Anadarko Petroleum Corporation (b)		3,104		253,752
BG Group plc		3,161		42,161
Cabot Oil & Gas Corporation		1,071		28,382
Cameco Corporation		800		11,257
Canadian Natural Resources Limited		1,010		29,229
Chevron Corporation		735		75,360
China Suntien Green Energy Corporation Class H		51,590		11,542
Cobalt International Energy Incorporated †		2,820		25,718
Devon Energy Corporation (b)		9,637		580,822
DHT Holdings Incorporated		612		4,498
Diamondback Energy Incorporated †		257		17,730
Enbridge Incorporated		623		30,172
Energen Corporation		139		8,815
Energy Transfer Equity LP		8,031		477,202
EOG Resources Incorporated (b)		3,735		332,527
EQT Corporation		154		11,464
Euronav SA		752		8,776
Exxon Mobil Corporation (b)		5,485		479,499
HollyFrontier Corporation		515		18,499
Imperial Oil Limited		1,365		50,746

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Alternative Strategies Fund 11

Security name	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Karoon Gas Australia Limited †		7,965	$	12,956
Marathon Oil Corporation		625		16,625
Marathon Petroleum Corporation		2,616		242,215
PetroChina Company Limited		24,000		26,062
Pioneer Natural Resources Company		359		54,040
Rice Energy Incorporated †		540		9,223
Royal Dutch Shell plc Class B		900		28,494
Southwestern Energy Company †(b)		12,602		312,404
Total SA		580		29,772
Tsakos Energy Navigation Limited		3,575		24,668
Valero Energy Corporation		378		19,989
Western Refining Incorporated		67		2,488
Whiting Petroleum Corporation †		240		7,205
				3,284,292
Financials: 6.17%
Banks: 2.01%
Alpha Bank AE †		23,790		8,692
Banca Popolare dell’Emilia Romagna Scarl †		2,944		19,855
Banco Bilbao Vizcaya Argentaria SA		2,519		21,518
Bangkok Bank PCL - Non-voting		2,900		16,859
Bank of America Corporation		48,368		732,775
Bank of Nova Scotia		797		38,288
Barclays plc		2,182		7,663
China Construction Bank		25,500		20,412
Citigroup Incorporated		4,258		199,913
Comerica Incorporated (b)		4,511		187,207
HDFC Bank Limited ADR		453		25,812
HSBC Holdings plc		4,600		42,086
Industrial & Commercial Bank of China Limited Class H		34,000		24,246
JPMorgan Chase & Company		3,203		174,179
KeyCorp (b)		10,190		132,368
Mitsubishi UFJ Financial Group Incorporated		5,200		27,634
Piraeus Bank SA †		29,116		16,941
PNC Financial Services Group Incorporated		913		77,185
Signature Bank †		4,353		509,867
Svenska Handelsbanken AB		399		18,894
				2,302,394
Capital Markets: 1.26%
Affiliated Managers Group Incorporated †(b)		968		198,943
Anima Holding SpA †		5,153		25,744
Apollo Global Management LLC (b)		4,705		117,013
Ares Capital Corporation		795		13,237
Banca Generali SpA		704		19,667
BlackRock Incorporated		158		53,801
Fortress Investment Group LLC Class A		8,650		61,761
Henderson Group plc		7,218		25,730
Ichiyoshi Securities Company Limited		2,500		25,293

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

12 Wells Fargo Advantage Alternative Strategies Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Capital Markets (continued)
Julius Baer Group Limited		1,417	$	57,649
Lazard Limited		1,359		62,242
Matsui Securities Company Limited		680		5,751
Motors Liquidation Company GUC Trust		3,504		57,466
The Blackstone Group LP (b)		8,515		317,950
WL Ross Holding Corporation †		40,000		396,400
				1,438,647
Consumer Finance: 0.36%
Ally Financial Incorporated †		4,400		82,324
Discover Financial Services		3,565		193,865
Santander Consumer USA Holdings Incorporated		7,970		142,265
				418,454
Diversified Financial Services: 0.71%
BM&F Bovespa SA		3,600		12,209
Bolsas y Mercados Espanoles		149		6,125
McGraw Hill Financial Incorporated		4,708		421,083
Moody’s Corporation		4,120		376,280
				815,697
Insurance: 0.55%
ACE Limited		475		51,281
Ageas NV		447		15,307
Ambac Financial Group Incorporated †(b)		5,270		128,852
American International Group Incorporated		1,347		65,828
Assicurazioni Generali SpA		1,365		28,809
Delta Lloyd NV		1,298		24,524
Direct Line Insurance Group plc		5,823		27,308
Marsh & McLennan Companies Incorporated		400		21,508
MetLife Incorporated		1,365		63,473
Principal Financial Group Incorporated		584		27,407
T&D Holdings Incorporated		3,000		33,785
W.R. Berkley Corporation		1,173		57,465
Zurich Financial Services AG		259		85,879
				631,426
Real Estate Management & Development: 0.24%
Castellum AB		1,357		21,338
City Developments Limited		2,000		14,824
Deutsche Annington Immobilien SE		1,324		45,985
Deutsche Wohnen AG		783		20,340
Leopalace21 Corporation †		4,500		29,116
Mitsui Fudosan Company Limited		1,060		26,798
Realogy Holdings Corporation †		2,467		114,716
				273,117
REITs: 1.04%
AvalonBay Communities Incorporated		194		33,560
Campus Crest Communities Incorporated		15,726		108,352

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Alternative Strategies Fund 13

Security name	Shares		Value
REITs (continued)
Colony Financial Incorporated (b)		9,218	$	230,911
Columbia Property Trust Incorporated		564		13,801
Icade SA		196		17,108
Lamar Advertising Company (b)		3,314		185,650
National Storage REIT		15,449		17,613
NorthStar Realty Finance Corporation		29,887		565,163
Two Harbors Investment Corporation		1,568		16,182
				1,188,340
Health Care: 8.88%
Biotechnology: 0.74%
Agios Pharmaceuticals Incorporated †		115		13,331
Alnylam Pharmaceuticals Incorporated †		285		26,742
Arena Pharmaceuticals Incorporated †		1,865		8,038
Biogen Idec Incorporated †		70		27,241
Celgene Corporation †		250		29,790
Five Prime Therapeutics Incorporated †		230		6,051
Gilead Sciences Incorporated †(b)		5,353		561,155
Incyte Corporation †		315		25,109
Innate Pharma SA †		730		7,537
Portola Pharmaceuticals Incorporated †		291		8,273
PTC Therapeutics Incorporated †		230		12,629
Receptos Incorporated †		74		8,153
Regeneron Pharmaceuticals Incorporated †		117		48,749
Regulus Therapeutics Incorporated †		320		6,128
Tesaro Incorporated †		818		32,908
Vertex Pharmaceuticals Incorporated †		265		29,187
				851,021
Health Care Equipment & Supplies: 2.35%
Becton Dickinson & Company		7,409		1,023,035
Corindus Vascular Robotics Incorporated †		3,835		16,299
Intuitive Surgical Incorporated †(b)		313		154,772
Medtronic plc		19,433		1,387,545
Nikkiso Company Limited		2,000		17,601
St. Jude Medical Incorporated		1,525		100,452
				2,699,704
Health Care Providers & Services: 2.33%
Aetna Incorporated		1,981		181,895
Anthem Incorporated (b)		2,353		317,561
Brookdale Senior Living Incorporated †		4,838		163,283
Cardinal Health Incorporated (b)		4,265		354,806
Cigna Corporation		4,018		429,243
Envision Healthcare Holdings Incorporated †		736		25,304
HCA Holdings Incorporated †(b)		4,286		303,448
McKesson Corporation (b)		1,478		314,297
UnitedHealth Group Incorporated (b)		3,546		376,763
Universal Health Services Incorporated Class B (b)		1,959		200,856
				2,667,456

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

14 Wells Fargo Advantage Alternative Strategies Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Health Care Technology: 0.01%
Careview Communications Incorporated †		14,890	$	6,701
Life Sciences Tools & Services: 0.30%
Illumina Incorporated †		156		30,450
Thermo Fisher Scientific Incorporated		2,491		311,898
				342,348
Pharmaceuticals: 3.15%
Actavis plc †		2,791		743,913
Allergan Incorporated (b)		2,897		635,196
Almirall SA †		665		11,601
AstraZeneca plc		1,172		83,429
AstraZeneca plc ADR		1,562		110,964
Bristol-Myers Squibb Company		3,003		180,991
China Shineway Pharmaceutical Group Limited		6,000		9,400
Eisai Company Limited		500		24,929
Endo International plc †		993		78,926
Johnson & Johnson		645		64,590
Merck & Company Incorporated (b)		5,968		359,751
Mylan Laboratories Incorporated †		679		36,089
Novartis AG		293		28,554
Ono Pharmaceutical Company Limited		1,025		107,875
Pfizer Incorporated (b)		6,727		210,219
Roche Holdings AG		404		108,885
Takeda Pharmaceutical Company Limited		720		35,971
Teva Pharmaceutical Industries Limited ADR		5,703		324,273
TherapeuticsMD Incorporated †		7,930		32,196
UCB SA		243		18,891
Valeant Pharmaceuticals International Incorporated †		2,495		399,125
				3,605,768
Industrials: 5.58%
Aerospace & Defense: 0.93%
Airbus Group NV		6,398		340,886
DigitalGlobe Incorporated †		1,260		33,881
Lockheed Martin Corporation		280		52,744
Precision Castparts Corporation (b)		985		197,099
Safran SA		337		22,444
TransDigm Group Incorporated		1,791		368,104
United Technologies Corporation		427		49,011
				1,064,169
Air Freight & Logistics: 0.53%
Deutsche Post AG		516		16,699
FedEx Corporation		3,129		529,145
United Parcel Service Incorporated Class B		541		53,472
UTI Worldwide Incorporated †		516		6,125
				605,441

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Alternative Strategies Fund 15

Security name	Shares		Value
Airlines: 0.01%
AirAsia Bhd		21,100	$	16,284
Building Products: 0.44%
Fortune Brands Home & Security Incorporated		10,560		472,982
Owens Corning Incorporated		202		8,090
Sanwa Shutter Corporation		3,400		23,512
Wienerberger AG		330		4,663
				509,247
Commercial Services & Supplies: 0.07%
Clean Harbors Incorporated †		190		8,991
Edenred		1,335		38,369
Knoll Incorporated		1,402		28,727
				76,087
Construction & Engineering: 0.07%
AECOM Technology Corporation †		2,369		60,220
Balfour Beatty plc		6,219		20,795
China Machinery Engineering Corporation		4,560		3,869
				84,884
Electrical Equipment: 0.76%
Acuity Brands Incorporated		2,768		414,896
Capstone Turbine Corporation †		14,270		8,849
Denyo Company Limited		1,200		19,818
Eaton Corporation plc		100		6,309
Generac Holdings Incorporated †		469		20,514
NIDEC Corporation		245		16,672
Polypore International Incorporated †		20		894
Schneider Electric SA		1,148		86,297
SolarCity Corporation †(b)		5,731		278,584
Zumtobel Group AG		745		17,094
				869,927
Industrial Conglomerates: 0.42%
Danaher Corporation		5,133		422,856
Doosan Corporation		146		13,811
General Electric Company		800		19,112
Siemens AG		242		25,564
				481,343
Machinery: 0.81%
Arcam AB †		991		21,402
Atlas Copco AB Class A		1,713		50,720
Kone Oyj Class B		872		39,329
Okuma Corporation		2,000		17,018
Pall Corporation		4,225		408,811
Stanley Black & Decker Incorporated		2,697		252,574
Sulzer AG		211		22,341

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

16 Wells Fargo Advantage Alternative Strategies Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Machinery (continued)
Toro Company		1,729	$	112,229
				924,424
Marine: 0.02%
Kuehne & Nagel International AG		146		20,098
Pacific Basin Shipping Limited		4,495		1,658
				21,756
Road & Rail: 1.34%
Canadian National Railway Company		750		49,414
CSX Corporation		600		19,980
DSV AS		1,404		44,223
Hertz Global Holdings Incorporated †		205		4,207
Hitachi Transport System Limited		1,500		19,624
J.B. Hunt Transport Services Incorporated		695		55,329
Kansas City Southern		2,797		307,922
Old Dominion Freight Line Incorporated †(b)		2,571		180,279
Saia Incorporated †(b)		3,167		133,362
Union Pacific Corporation (b)		6,108		715,919
				1,530,259
Trading Companies & Distributors: 0.09%
Fastenal Company		621		27,572
HD Supply Holdings Incorporated †		1,000		28,830
Mitsubishi Corporation		400		6,978
Rexel SA		2,251		42,057
				105,437
Transportation Infrastructure: 0.09%
BBA Aviation plc		11,872		60,546
Jiangsu Express Company Limited		30,000		37,235
				97,781
Information Technology: 6.45%
Communications Equipment: 0.14%
Alcatel-Lucent SA ADR †		3,040		10,488
ARRIS Group Incorporated †		800		20,976
Cisco Systems Incorporated		4,775		125,893
ParkerVision Incorporated †		9,325		9,512
				166,869
Electronic Equipment, Instruments & Components: 0.09%
CDW Corporation of Delaware		86		2,946
Largan Precision Company Limited		400		33,263
TE Connectivity Limited		788		52,315
WPG Holdings Company Limited		14,000		17,382
				105,906

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Alternative Strategies Fund 17

Security name	Shares		Value
Internet Software & Services: 2.90%
21Vianet Group Incorporated ADR †		330	$	5,462
Akamai Technologies Incorporated †		624		36,289
Alibaba Group Holding Limited ADR †		695		61,911
AOL Incorporated †		473		20,457
Baidu Incorporated ADR †(b)		2,534		552,210
CoStar Group Incorporated †		120		22,141
Coupons.com Incorporated †		1,685		24,129
Facebook Incorporated Class A †(b)		7,456		565,986
Gogo Incorporated †		2,165		31,468
Google Incorporated Class A †(b)		1,558		837,503
IAC/InterActive Corporation		123		7,497
Kakaku.com Incorporated		1,300		18,390
LinkedIn Corporation Class A †(b)		532		119,562
Monster Worldwide Incorporated †		4,490		18,544
Pandora Media Incorporated †		605		10,043
Tencent Holdings Limited		18,628		314,190
Twitter Incorporated †		145		5,442
Yahoo! Incorporated †		15,152		666,537
				3,317,761
IT Services: 1.25%
Accenture plc		580		48,737
Automatic Data Processing Incorporated		471		38,872
Cognizant Technology Solutions Corporation Class A †(b)		8,689		470,336
FleetCor Technologies Incorporated †		2,352		330,456
MasterCard Incorporated Class A		3,463		284,070
Optimal Payments plc †		7,215		37,340
Visa Incorporated Class A		879		224,066
				1,433,877
Semiconductors & Semiconductor Equipment: 0.51%
Applied Materials Incorporated		1,300		29,692
GCL-Poly Energy Holdings Limited †		85,865		18,644
Intel Corporation		1,440		47,578
Maxim Integrated Products Incorporated		2,737		90,567
Micron Technology Incorporated †		1,089		31,870
NXP Semiconductors NV †		791		62,758
SK Hynix Incorporated		465		20,086
Spansion Incorporated Class A †		330		11,702
Sumco Corporation		7,545		126,626
SunEdison Incorporated †		1,570		29,406
SunEdison Semiconductor Limited †		1,540		30,122
SunPower Corporation †		495		11,939
Taiwan Semiconductor Manufacturing Company Limited		10,300		45,296
Taiwan Semiconductor Manufacturing Company Limited ADR		1,200		27,252
				583,538
Software: 0.53%
Activision Blizzard Incorporated		1,105		23,089
Adobe Systems Incorporated †		335		23,494

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

18 Wells Fargo Advantage Alternative Strategies Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Software (continued)
Cadence Design Systems Incorporated †		1,621	$	29,162
CDK Global Incorporated		1,151		51,979
EnerNOC Incorporated †		1,310		22,558
Intuit Incorporated		920		79,874
Microsoft Corporation		2,467		99,667
Oracle Corporation		1,042		43,649
Salesforce.com Incorporated †		2,245		126,730
SAP AG ADR		1,532		100,132
Tangoe Incorporated †		570		6,515
				606,849
Technology Hardware, Storage & Peripherals: 1.03%
Apple Incorporated		4,241		496,876
EMC Corporation		4,978		129,080
Samsung Electronics Company Limited		17		21,104
Stratasys Limited †		220		17,488
Western Digital Corporation (b)		5,272		512,597
				1,177,145
Materials: 3.29%
Chemicals: 2.79%
Akzo Nobel NV		286		20,604
BASF SE		232		20,750
Cabot Corporation		510		21,629
Celanese Corporation Series A		471		25,321
CF Industries Holdings Incorporated (b)		2,975		908,506
E.I. du Pont de Nemours & Company		700		49,847
Ecolab Incorporated		3,852		399,722
Givaudan SA		5		9,114
Methanex Corporation		440		19,404
Monsanto Company		940		110,901
Platform Specialty Products Corporation †		1,850		38,850
Platform Specialty Products Corporation - Private Placement Shares †(a)(i)		95		1,995
Praxair Incorporated		444		53,542
PTT Global Chemical PCL		11,500		19,852
The Sherwin-Williams Company (b)		2,433		660,000
W.R. Grace & Company †		9,396		814,445
Wacker Chemie AG		200		21,415
				3,195,897
Construction Materials: 0.18%
Eagle Materials Incorporated		612		43,587
Headwaters Incorporated †		824		11,602
Holcim Limited		273		19,086
Lafarge SA		190		13,018
Martin Marietta Materials Incorporated		1,152		124,116
				211,409
Containers & Packaging: 0.04%
Packaging Corporation of America		575		43,614

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Alternative Strategies Fund 19

Security name	Shares		Value
Metals & Mining: 0.19%
Barrick Gold Corporation		6,007	$	76,769
BHP Billiton plc		594		12,902
Constellium NV Class A †		1,053		19,386
Freeport-McMoRan Copper & Gold Incorporated Class B		2,070		34,797
Glencore International plc		3,683		13,732
Reliance Steel & Aluminum Company		735		38,492
Rio Tinto plc ADR		579		25,551
				221,629
Paper & Forest Products: 0.09%
International Paper Company		1,440		75,830
Norbord Incorporated		1,120		24,926
				100,756
Telecommunication Services: 1.34%
Diversified Telecommunication Services: 0.91%
Nippon Telegraph & Telephone Corporation		1,050		62,146
Telenor ASA		3,692		79,314
Verizon Communications Incorporated (b)		19,530		892,716
				1,034,176
Wireless Telecommunication Services: 0.43%
NTT DoCoMo Incorporated		4,260		71,914
SoftBank Corporation		400		23,541
T-Mobile USA Incorporated †		12,714		383,709
Total Access Communication PCL		5,200		14,918
				494,082
Utilities: 0.32%
Electric Utilities: 0.13%
Cheung Kong Infrastructure Holdings Limited		3,900		32,008
Duke Energy Corporation		300		26,142
Edison International		300		20,445
Hokkaido Electric Power Company Incorporated †		3,600		29,079
Kyushu Electric Power Company Incorporated †		1,600		15,440
The Southern Company		230		11,666
Xcel Energy Incorporated		350		13,136
				147,916
Gas Utilities: 0.07%
Snam SpA		5,980		29,259
Towngas China Company Limited		14,000		12,226
Xinao Gas Holdings Limited		6,000		35,468
				76,953
Independent Power & Renewable Electricity Producers: 0.07%
China Longyuan Power Group		45,415		48,743
Vivint Solar Incorporated †		3,880		30,807
				79,550

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

20 Wells Fargo Advantage Alternative Strategies Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name						Shares		Value
Multi-Utilities: 0.03%
Centrica plc							4,498	$	19,850
National Grid plc							1,357		19,078
									38,928
Water Utilities: 0.02%
Guangdong Investment Limited							18,760		25,182
Total Common Stocks (Cost $55,488,804)									57,920,361
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 3.66%
Consumer Discretionary: 1.55%
Hotels, Restaurants & Leisure: 0.53%
Caesars Entertainment Operating Company Incorporated (s)		8.50	%		2-15-2020	$	15,000		11,325
Caesars Entertainment Operating Company Incorporated (s)		9.00			2-15-2020		650,000		484,250
Caesars Entertainment Operating Company Incorporated (s)		11.25			6-1-2017		155,000		117,800
									613,375
Media: 0.36%
iHeartCommunications Incorporated		9.00			3-1-2021		30,000		29,100
iHeartCommunications Incorporated		9.00			9-15-2022		220,000		212,850
iHeartCommunications Incorporated		11.25			3-1-2021		165,000		169,538
									411,488
Specialty Retail: 0.53%
New Albertsons Incorporated		6.63			6-1-2028		5,000		4,125
New Albertsons Incorporated		7.45			8-1-2029		80,000		72,800
New Albertsons Incorporated		7.75			6-15-2026		25,000		23,250
New Albertsons Incorporated		8.00			5-1-2031		295,000		274,350
New Albertsons Incorporated		8.70			5-1-2030		25,000		24,500
Petco Animal Supplies Incorporated 144A		9.25			12-1-2018		195,000		203,288
									602,313
Textiles, Apparel & Luxury Goods: 0.13%
Quiksilver Incorporated 144A		7.88			8-1-2018		170,000		153,850
Financials: 0.98%
Diversified Financial Services: 0.37%
Lehman Brothers Holdings Incorporated (s)		0.00			12-30-2016		655,000		94,975
Lehman Brothers Holdings Incorporated (s)		7.88			5-8-2018		1,350,000		325,339
									420,314
Insurance: 0.37%
Ambac Assurance Corporation 144A		5.10			6-7-2020		368,882		422,831
REITs: 0.24%
Apollo Commercial Real Estate Finance Incorporated		5.50			3-15-2019		5,000		4,934
Starwood Waypoint Residential Trust		3.00			7-1-2019		280,000		256,550
Starwood Waypoint Residential Trust		4.50			10-15-2017		15,000		15,000
									276,484

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Alternative Strategies Fund 21

Security name	Interest rate			Maturity date		Principal		Value
Industrials: 0.72%
Electrical Equipment: 0.41%
SolarCity Corporation (b)		1.63	%		11-1-2019	$	535,000	$	463,444
Transportation Infrastructure: 0.31%
Teekay Offshore Partners LP		6.00			7-30-2019		400,000		360,000
Information Technology: 0.02%
IT Services: 0.02%
DynCorp International Incorporated		10.38			7-1-2017		20,000		18,050
Materials: 0.26%
Containers & Packaging: 0.14%
Tekni-Plex Incorporated 144A		9.75			6-1-2019		145,000		156,963
Metals & Mining: 0.12%
Thompson Creek Metals Company Incorporated		7.38			6-1-2018		195,000		143,813
Telecommunication Services: 0.13%
Wireless Telecommunication Services: 0.13%
T-Mobile USA Incorporated		6.38			3-1-2025		150,000		153,938
Total Corporate Bonds and Notes (Cost $4,567,834)									4,196,863
						Shares
Exchange-Traded Funds: 0.21%
iShares MSCI ACWI ETF							4,227		244,025
Total Exchange-Traded Funds (Cost $250,190)									244,025
						Principal
Foreign Corporate Bonds and Notes @: 0.36%
Consumer Discretionary: 0.36%
Diversified Consumer Services: 0.25%
Odeon & UCI Finco plc (GBP)		9.00			8-1-2018		190,000		280,455
Textiles, Apparel & Luxury Goods: 0.11%
Boardriders SA (EUR)		8.88			12-15-2017		125,000		129,964
Total Foreign Corporate Bonds and Notes (Cost $472,697)									410,419
						Shares
Investment Companies: 7.62%
Alternative Investment Funds: 7.62%
AQR Managed Futures Strategy Fund Class I							783,118		8,723,939
Total Investment Companies (Cost $7,768,888)									8,723,939

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

22 Wells Fargo Advantage Alternative Strategies Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 0.38%
Puerto Rico: 0.38%
Puerto Rico Public Buildings Authority Government Facilities Revenue Bonds Series T (Miscellaneous Revenue) (i)		5.60	%		7-1-2030	$	650,000	$	435,624
Total Municipal Obligations (Cost $490,907)									435,624
				Expiration date		Shares
Participation Notes: 0.31%
Financials: 0.31%
Capital Markets: 0.31%
Morgan Stanley BV (National Commercial Bank) †					11-21-2016		22,431		353,433
Total Participation Notes (Cost $356,460)									353,433
	Dividend yield
Preferred Stocks: 0.06%
Financials: 0.03%
REITs: 0.03%
Campus Crest Communities Incorporated		7.66					1,150		30,038
Industrials: 0.03%
Transportation Infrastructure: 0.03%
Uber Technologies Incorporated †(a)(i)		0.00					1,216		40,514
Total Preferred Stocks (Cost $48,275)									70,552
	Strike price					Contracts
Purchased Put Options: 0.28%
AT&T Incorporated	$	35			6-19-2015		1,800		5,346
AT&T Incorporated		35			4-17-2015		12,600		33,012
Energy Select Sector SPDR Fund ETF		74			3-20-2015		33,600		89,712
International Business Machines Corporation		150			2-20-2015		700		1,449
Pfizer Incorporated		33			2-20-2015		2,900		4,205
S&P 500 Index		1,850			9-18-2015		1,800		124,200
S&P 500 Index		1,950			3-20-2015		1,500		61,800
Total Purchased Put Options (Cost $312,505)									319,724
						Shares
Warrants: 0.10%
Financials: 0.10%
Banks: 0.08%
JPMorgan Chase & Company †					10-28-2018		6,148		93,327
Capital Markets: 0.02%
WL Ross Holding Corporation †					8-5-2018		40,000		20,600
Total Warrants (Cost $144,277)									113,927

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Alternative Strategies Fund 23

Security name	Interest rate			Maturity Date		Principal			Value
Yankee Corporate Bonds and Notes: 1.84%
Consumer Discretionary: 0.34%
Media: 0.34%
Numericable - Societe Francaise du Radiotelephone 144A		6.25	%		5-15-2024	$	375,000		$	388,125
Materials: 1.26%
Metals & Mining: 1.26%
AuRico Gold Incorporated 144A		7.75			4-1-2020		110,000			106,700
Consolidated Minerals Limited 144A		8.00			5-15-2020		440,000			318,725
Evraz Incorporated North America Canada 144A		7.50			11-15-2019		360,000			308,700
First Quantum Minerals Limited 144A		7.25			5-15-2022		200,000			167,000
Hudbay Minerals Incorporated		9.50			10-1-2020		25,000			24,313
Hudbay Minerals Incorporated 144A		9.50			10-1-2020		535,000			520,268
										1,445,706
Telecommunication Services: 0.24%
Wireless Telecommunication Services: 0.24%
Altice Financing SA 144A%%		6.63			2-15-2023		275,000			275,000
Total Yankee Corporate Bonds and Notes (Cost $2,303,565)										2,108,831
	Yield					Shares
Short-Term Investments: 25.71%
Investment Companies: 24.27%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.10					27,806,267			27,806,267
						Principal
U.S. Treasury Securities: 1.44%
U.S. Treasury Bill #(z)		0.01			3-12-2015	$	25,000			25,000
U.S. Treasury Bill #(z)		0.02			6-4-2015		1,625,000			1,624,862
										1,649,862
Total Short-Term Investments (Cost $29,455,858)										29,456,129
						Shares
Securities Sold Short: (15.24%)
Common Stocks: (11.75%)
Consumer Discretionary: (1.49%)
Automobiles: (0.43%)
Ford Motor Company							(18,582	)		(273,341	)
General Motors Company							(6,600	)		(215,292	)
										(488,633	)
Hotels, Restaurants & Leisure: (0.01%)
Chipotle Mexican Grill Incorporated †							(13	)		(9,228	)

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

24 Wells Fargo Advantage Alternative Strategies Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares			Value
Internet & Catalog Retail: (0.53%)
Amazon.com Incorporated		(1,317	)	$	(466,916	)
TripAdvisor Incorporated †		(2,268	)		(151,979	)
					(618,895	)
Media: (0.48%)
Comcast Corporation Class A		(9,461	)		(502,805	)
Omnicom Group Incorporated		(689	)		(50,177	)
					(552,982	)
Multiline Retail: (0.03%)
Dollar Tree Incorporated		(544	)		(38,678	)
Specialty Retail: (0.01%)
The Gap Incorporated		(222	)		(9,144	)
Consumer Staples: (0.13%)
Food & Staples Retailing: (0.10%)
Wal-Mart Stores Incorporated		(1,375	)		(116,848	)
Tobacco: (0.03%)
Reynolds American Incorporated		(424	)		(28,811	)
Energy: (2.94%)
Energy Equipment & Services: (1.11%)
Halliburton Company		(1,336	)		(53,426	)
National Oilwell Varco Incorporated		(6,051	)		(329,356	)
Schlumberger Limited		(7,199	)		(593,126	)
Transocean Limited		(11,782	)		(192,047	)
Weatherford International plc †		(9,991	)		(103,207	)
					(1,271,162	)
Oil, Gas & Consumable Fuels: (1.83%)
Antero Resources Corporation †		(2,403	)		(83,264	)
Apache Corporation		(5,241	)		(327,929	)
Chevron Corporation		(3,309	)		(339,272	)
Conocophillips		(2,700	)		(170,046	)
Continental Resources Incorporated †		(6,698	)		(304,089	)
Occidental Petroleum Corporation		(3,584	)		(286,720	)
Petroleo Brasileiro SA ADR		(12,535	)		(75,335	)
Pioneer Natural Resources Company		(1,577	)		(237,386	)
Statoil ASA		(16,362	)		(274,003	)
					(2,098,044	)
Financials: (0.70%)
REITs: (0.70%)
Health Care REIT Incorporated		(3,886	)		(318,458	)
Starwood Waypoint Residential Trust		(1,018	)		(24,676	)
Ventas Incorporated		(5,788	)		(461,940	)
					(805,074	)

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Alternative Strategies Fund 25

Security name	Shares			Value
Health Care: (1.95%)
Health Care Equipment & Supplies: (0.22%)
Abbott Laboratories		(1,856	)	$	(83,075	)
Baxter International Incorporated		(1,040	)		(73,122	)
Medtronic plc		(7	)		(500	)
Stryker Corporation		(1,073	)		(97,697	)
					(254,394	)
Health Care Providers & Services: (1.38%)
AmerisourceBergen Corporation		(2,628	)		(249,791	)
Davita Healthcare Partners Incorporated †		(4,714	)		(353,833	)
Express Scripts Holding Company †		(6,407	)		(517,110	)
Humana Incorpoted		(2,380	)		(348,527	)
UnitedHealth Group Incorporated		(1,005	)		(106,781	)
					(1,576,042	)
Pharmaceuticals: (0.35%)
Actavis plc		(1,498	)		(399,277	)
Industrials: (0.57%)
Aerospace & Defense: (0.10%)
The Boeing Company		(815	)		(118,477	)
Electrical Equipment: (0.14%)
SolarCity Corporation		(3,355	)		(163,087	)
Machinery: (0.14%)
Caterpillar Incorporated		(2,027	)		(162,099	)
Trading Companies & Distributors: (0.19%)
Fastenal Company		(4,641	)		(206,060	)
Information Technology: (3.12%)
Communications Equipment: (0.48%)
Motorola Solutions Incorporated		(8,859	)		(552,890	)
Electronic Equipment, Instruments & Components: (0.53%)
Corning Incorporated		(25,412	)		(604,043	)
IT Services: (1.55%)
Accenture plc Class A		(3,727	)		(313,180	)
Infosys Limited ADR		(16,676	)		(568,318	)
International Business Machines Corporation		(4,400	)		(674,564	)
Teradata Corporation †		(2,593	)		(115,544	)
Visa Incorporated Class A		(418	)		(106,552	)
					(1,778,158	)
Semiconductors & Semiconductor Equipment: (0.13%)
Texas Instruments Incorporated		(2,847	)		(152,172	)
Software: (0.43%)
Adobe Systems Incorporated		(6,957	)		(487,894	)

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

26 Wells Fargo Advantage Alternative Strategies Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares			Value
Materials: (0.67%)
Metals & Mining: (0.67%)
ArcelorMittal		(20,890	)	$	(201,380	)
First Quantum Minerals Limited		(36,771	)		(335,387	)
Goldcorp Incorporated		(3,110	)		(74,733	)
Newmont Mining Corporation		(6,096	)		(153,314	)
					(764,814	)
Telecommunication Services: (0.18%)
Diversified Telecommunication Services: (0.18%)
AT&T Incorporated		(6,288	)		(207,001	)
					(13,463,907	)
Exchange Traded Funds: (3.49%)
Consumer Discretionary Select Sector SPDR ETF		(2,592	)		(181,414	)
Energy Select Sector SPDR Fund ETF		(2,951	)		(222,948	)
Health Care Select Sector SPDR Fund ETF		(1,778	)		(123,162	)
iShares MSCI Brazil Capped ETF		(9,451	)		(324,264	)
iShares MSCI Emerging Markets ETF		(7,118	)		(277,744	)
SPDR S&P 500 ETF		(13,249	)		(2,642,778	)
SPDR S&P Regional Banking ETF		(4,608	)		(169,805	)
Technology Select Sector SPDR Fund ETF		(1,445	)		(57,656	)
					(3,999,771	)
Total Securities Sold Short (Proceeds $(18,713,563))					(17,463,678	)

Total investments in securities (excluding securities sold short) (Cost $101,660,260) *	91.09	%		104,353,827
Total securities sold short	(15.24	)		(17,463,678	)
Other assets and liabilities, net	24.15			27,669,199
Total net assets	100.00	%	$	114,559,348

† Non-income-earning security

(b) All or a portion of this security is segregated as collateral for securities sold short.

(a) The security is fair valued in accordance with procedures approved by the Board of Trustees.

(i) Illiquid security

(s) The security is currently in default with regards to scheduled interest and/or principal payments. The Fund has stopped accruing interest on the security.

144A The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

@ Foreign bond principal is denominated in the local currency of the issuer.

%% The security is issued on a when-issued basis.

(l) The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

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

## All or a portion of this security is segregated for when-issued securities.

# All or a portion of this security is segregated as collateral for investments in derivative instruments.

(z) Zero coupon security. The rate represents the current yield to maturity.

* Cost for federal income tax purposes is $103,764,485 and unrealized gains (losses) consists of:

Gross unrealized gains	$	5,542,830
Gross unrealized losses		(4,953,488	)
Net unrealized gains	$	589,342

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

Statement of assets and liabilities—January 31, 2015 (unaudited) Wells Fargo Advantage Alternative Strategies Fund 27

Assets
Investments
In unaffiliated securities, at value (cost $73,853,993)	$	76,547,560
In affiliated securities, at value (cost $27,806,267)		27,806,267
Total investments, at value (cost $101,660,260)		104,353,827
Cash		331,390
Segregated cash for securities sold short		19,465,345
Segregated cash for written options		218,835
Segregated cash for total return swap		210,610
Segregated cash for futures transactions		182,710
Foreign currency, at value (cost $7,966,654)		7,605,067
Receivable for investments sold		3,275,649
Receivable for Fund shares sold		949,525
Receivable for dividends and interest		131,545
Receivable for daily variation margin on open futures contracts		237,072
Unrealized gains on forward foreign currency contracts		39,541
Unrealized gains on total return swap transactions		40,497
Prepaid expenses and other assets		40,452
Total assets		137,082,065
Liabilities
Dividends payable on securities sold short		15,296
Payable for investments purchased		4,543,689
Unrealized losses on total return swap transactions		39,841
Unrealized losses on forward foreign currency contracts		27,738
Payable for daily variation margin on open futures contracts		109,526
Written options, at value (premiums received $124,040)		122,218
Payable for securities sold short, at value (proceeds $18,713,563)		17,463,678
Advisory fee payable		161,535
Distribution fee payable		834
Administration fees payable		13,390
Accrued expenses and other liabilities		24,972
Total liabilities		22,522,717
Total net assets	$	114,559,348
NET ASSETS CONSIST OF
Paid-in capital	$	111,033,004
Accumulated net investment loss		(329,867	)
Accumulated net realized losses on investments		(641,794	)
Net unrealized gains on investments		4,498,005
Total net assets	$	114,559,348
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,873,146
Shares outstanding – Class A1		181,305
Net asset value per share – Class A		$10.33
Maximum offering price per share – Class A2		$10.96
Net assets – Class C	$	1,268,448
Shares outstanding – Class C1		123,496
Net asset value per share – Class C		$10.27
Net assets – Administrator Class	$	1,226,413
Shares outstanding – Administrator Class1		118,569
Net asset value per share – Administrator Class		$10.34
Net assets – Institutional Class	$	110,191,341
Shares outstanding – Institutional Class1		10,645,102
Net asset value per share – Institutional Class		$10.35

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.

28 Wells Fargo Advantage Alternative Strategies Fund Statement of operations—six months ended January 31, 2015 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $3,996)	$	729,117
Interest		435,718
Income from affiliated securities		8,656
Total investment income		1,173,491
Expenses
Advisory fee		961,979
Administration fees
Fund level		26,722
Class A		2,234
Class C		1,506
Administrator Class		594
Institutional Class		41,128
Shareholder servicing fees
Class A		2,147
Class C		1,448
Administrator Class		1,485
Distribution fee
Class C		4,343
Custody and accounting fees		125,237
Professional fees		30,733
Registration fees		57,412
Shareholder report expenses		8,238
Trustees’ fees and expenses		6,207
Dividends on securities sold short		195,048
Prime broker fees		123,002
Other fees and expenses		6,790
Total expenses		1,596,253
Less: Fee waivers and/or expense reimbursements		(117,008	)
Net expenses		1,479,245
Net investment loss		(305,754	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(2,006,878	)
Futures transactions		2,636,664
Foreign currency and foreign currency translations		(86,239	)
Forward foreign currency contract transactions		185,750
Securities sold short		117,745
Total return swap transactions		12,759
Written options		79,213
Capital gain distributions from investment companies		372,416
Net realized gains on investments		1,311,430
Net change in unrealized gains (losses) on:
Unaffiliated securities		1,702,175
Futures transactions		861,523
Foreign currency and foreign currency translations		(293,746	)
Forward foreign currency contract transactions		(4,765	)
Securities sold short		986,980
Total return swap transactions		2,069
Written options		(38,081	)
Net change in unrealized gains (losses) on investments		3,216,155
Net realized and unrealized gains (losses) on investments		4,527,585
Net increase in net assets resulting from operations	$	4,221,831

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

Statement of changes in net assets Wells Fargo Advantage Alternative Strategies Fund 29

	Six months ended January 31, 2015 (unaudited)						Year ended July 31, 20141
Operations
Net investment loss				$	(305,754	)				$	(372,313	)
Net realized gains (losses) on investments					1,311,430						(48,598	)
Net change in unrealized gains (losses) on investments					3,216,155						1,281,850
Net increase in net assets resulting from operations					4,221,831						860,939
Distributions to shareholders from
Net realized gains
Class A					(25,783	)					0
Class C					(18,175	)					0
Administrator Class					(17,178	)					0
Institutional Class					(1,497,363	)					0
Total distributions to shareholders					(1,558,499	)					0
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		23,419			240,238			156,226			1,567,098
Class C		17,740			183,277			112,656			1,127,500
Administrator Class		5,882			60,000			111,014			1,110,000
Institutional Class		804,366			8,335,737			9,700,000			97,000,000
					8,819,252						100,804,598
Reinvestment of distributions
Class A		2,510			25,746			0			0
Class C		1,541			15,734			0			0
Administrator Class		1,673			17,178			0			0
Institutional Class		140,736			1,446,167			0			0
					1,504,825						0
Payment for shares redeemed
Class A		(464	)		(4,770	)		(386	)		(3,912	)
Class C		(8,441	)		(84,916	)		0			0
					(89,686	)					(3,912	)
Net increase in net assets resulting from capital share transactions					10,234,391						100,800,686
Total increase in net assets					12,897,723						101,661,625
Net assets
Beginning of period					101,661,625						0
End of period				$	114,559,348					$	101,661,625
Accumulated net investment loss				$	(329,867	)				$	(24,113	)

¹  For the period from April 30, 2014 (commencement of operations) to July 31, 2014

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

30 Wells Fargo Advantage Alternative Strategies Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31, 20141
CLASS A
Net asset value, beginning of period		$10.08			$10.00
Net investment loss		(0.04	)		(0.04	)
Net realized and unrealized gains (losses) on investments		0.44			0.12
Total from investment operations		0.40			0.08
Distributions to shareholders from
Net realized gains		(0.15	)		0.00
Net asset value, end of period		$10.33			$10.08
Total return2		3.97	%		0.80	%
Ratios to average net assets (annualized)
Gross expenses3		3.40	%		3.77	%
Net expenses3		3.00	%		3.00	%
Net investment loss		(0.78	)%		(1.70	)%
Supplemental data
Portfolio turnover rate		136	%		92	%
Net assets, end of period (000s omitted)		$1,873			$1,571

¹  For the period from April 30, 2014 (commencement of class operations) to July 31, 2014

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

³  Ratios include fees for the prime broker and expenses from dividends and interest on securities sold short as follows:

Six months ended January 31, 2015 (unaudited)	0.60	%
Year ended July 31, 20141	0.58	%

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

Financial highlights Wells Fargo Advantage Alternative Strategies Fund 31

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31, 20141
CLASS C
Net asset value, beginning of period		$10.06			$10.00
Net investment loss		(0.07	)		(0.06	)
Net realized and unrealized gains (losses) on investments		0.43			0.12
Total from investment operations		0.36			0.06
Distributions to shareholders from
Net realized gains		(0.15	)		0.00
Net asset value, end of period		$10.27			$10.06
Total return2		3.58	%		0.60	%
Ratios to average net assets (annualized)
Gross expenses3		4.14	%		4.49	%
Net expenses3		3.75	%		3.75	%
Net investment loss		(1.51	)%		(2.45	)%
Supplemental data
Portfolio turnover rate		136	%		92	%
Net assets, end of period (000s omitted)		$1,268			$1,133

¹  For the period from April 30, 2014 (commencement of class operations) to July 31, 2014

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

³  Ratios include fees for the prime broker and expenses from dividends and interest on securities sold short as follows:

Six months ended January 31, 2015 (unaudited)	0.60	%
Year ended July 31, 20141	0.58	%

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

32 Wells Fargo Advantage Alternative Strategies Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31, 20141
ADMINISTRATOR CLASS
Net asset value, beginning of period		$10.08			$10.00
Net investment loss		(0.03	)		(0.04	)
Net realized and unrealized gains (losses) on investments		0.44			0.12
Total from investment operations		0.41			0.08
Distributions to shareholders from
Net realized gains		(0.15	)		0.00
Net asset value, end of period		$10.34			$10.08
Total return2		3.97	%		0.90	%
Ratios to average net assets (annualized)
Gross expenses3		3.23	%		3.57	%
Net expenses3		2.85	%		2.84	%
Net investment loss		(0.65	)%		(1.54	)%
Supplemental data
Portfolio turnover rate		136	%		92	%
Net assets, end of period (000s omitted)		$1,226			$1,119

¹  For the period from April 30, 2014 (commencement of class operations) to July 31, 2014

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

³  Ratios include fees for the prime broker and expenses from dividends and interest on securities sold short as follows:

Six months ended January 31, 2015 (unaudited)	0.60	%
Year ended July 31, 20141	0.58	%

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

Financial highlights Wells Fargo Advantage Alternative Strategies Fund 33

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31, 20141
INSTITUTIONAL CLASS
Net asset value, beginning of period		$10.09			$10.00
Net investment loss		(0.03	)		(0.04	)
Net realized and unrealized gains (losses) on investments		0.44			0.13
Total from investment operations		0.41			0.09
Distributions to shareholders from
Net realized gains		(0.15	)		0.00
Net asset value, end of period		$10.35			$10.09
Total return2		4.07	%		0.90	%
Ratios to average net assets (annualized)
Gross expenses3		2.96	%		3.29	%
Net expenses3		2.75	%		2.74	%
Net investment loss		(0.56	)%		(1.44	)%
Supplemental data
Portfolio turnover rate		136	%		92	%
Net assets, end of period (000s omitted)		$110,191			$97,838

¹  For the period from April 30, 2014 (commencement of class operations) to July 31, 2014

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

³  Ratios include fees for the prime broker and expenses from dividends and interest on securities sold short as follows:

Six months ended January 31, 2015 (unaudited)	0.60	%
Year ended July 31, 20141	0.58	%

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

34 Wells Fargo Advantage Alternative Strategies Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time).

Equity securities, options, and futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures. Non-listed OTC options, swaps, and exotics (i.e. caps, floors, etc.) are valued at the evaluated price provided by an independent pricing service or an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) had determined is an acceptable source.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team.

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On January 31, 2015, such fair value pricing was used in pricing foreign securities.

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices provided by an independent pricing service which may utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If prices are not available from the independent pricing service or prices received are deemed not representative of market value, prices will be obtained from an independent broker-dealer.

Short-term securities, with maturities of 60 days or less at time of purchase, generally are valued at amortized cost which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

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. 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. 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.

Notes to financial statements (unaudited) Wells Fargo Advantage Alternative Strategies Fund 35

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 adviser 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.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

Forward foreign currency contracts

The Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contract transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Futures contracts

The Fund is subject to interest rate risk, equity price risk, and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in security values and interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market.

The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

Options

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may write covered call options or secured put options on individual securities and/or indexes. When the Fund writes an option, an

36 Wells Fargo Advantage Alternative Strategies Fund Notes to financial statements (unaudited)

amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options that expire unexercised are recognized as realized gains on the expiration date. For exercised options, the difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security and/or index underlying the written option.

The Fund may also purchase call or put options. The premium is included in the Statement of Assets and Liabilities as an investment, the value of which is subsequently adjusted based on the current market value of the option. Premiums paid for purchased options that expire are recognized as realized losses on the expiration date. Premiums paid for purchased options that are exercised or closed are added to the amount paid or offset against the proceeds received for the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid.

Options traded on an exchange are regulated and terms of the options are standardized. Purchased options traded over-the-counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk can be mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

Short sales

The Fund may sell a security it does not own in anticipation of a decline in the market value of that security (short sale). When the Fund makes a short sale, it must borrow the security sold short and deliver it to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement.

The Fund records the proceeds as a liability which is marked-to-market daily based upon quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Any interest or dividends accrued on such borrowed securities during the period of the loan are recorded as an expense on the Statement of Operations. To borrow the security, the Fund may be required to pay a premium, which would decrease the proceeds of the security sold. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the closing of a short sale if the market price at the closing is less than or greater than, respectively, the proceeds originally received. Until the short sale is closed or the borrowed security is replaced, the Fund maintains a segregated account of cash or liquid securities, the dollar value of which is at least equal to the market value of the security at the time of the short sale.

Total return swaps

The Fund is subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives. The Fund may enter into total return swap contracts for hedging or speculative purposes. Total return swaps involve commitments to pay interest in exchange for a market-linked return, both based on notional amounts. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from, or make a payment to, the counterparty.

The value of the swap contract is marked-to-market daily based upon quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Periodic payments made or received are recorded as realized gains or losses. The Fund could be exposed to risks if the counterparty defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index. The Fund’s maximum risk of loss from counterparty risk is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

Certain total return swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements. Any election by the counterparty to terminate early may impact the amounts reported on the 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.

Notes to financial statements (unaudited) Wells Fargo Advantage Alternative Strategies Fund 37

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

n 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.

38 Wells Fargo Advantage Alternative Strategies Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	12,388,828	$	476,015	$	0	$	12,864,843
Consumer staples		3,155,681		925,066		0		4,080,747
Energy		4,110,409		174,213		0		4,284,622
Financials		6,268,582		799,493		0		7,068,075
Health care		9,718,325		454,673		0		10,172,998
Industrials		5,374,112		1,012,927		0		6,387,039
Information technology		6,739,624		652,321		0		7,391,945
Materials		3,640,689		132,616		0		3,773,305
Telecommunication services		1,276,425		251,833		0		1,528,258
Utilities		102,196		266,333		0		368,529
Corporate bonds and notes		0		4,196,863		0		4,196,863
Exchange-traded funds		244,025		0		0		244,025
Foreign corporate bonds and notes		0		410,419		0		410,419
Investment companies		8,723,939		0		0		8,723,939
Municipal obligations		0		435,624		0		435,624
Participation notes
Financials		0		353,433		0		353,433
Preferred stocks
Financials		30,038		0		0		30,038
Industrials		0		0		40,514		40,514
Purchased put options		0		319,724		0		319,724
Warrants
Financials		0		113,927		0		113,927
Yankee corporate bonds and notes		0		2,108,831		0		2,108,831
Short-term investments
Investment companies		27,806,267		0		0		27,806,267
U.S. Treasury securities		1,649,862		0		0		1,649,862
		91,229,002		13,084,311		40,514		104,353,827
Forward foreign currency contracts		0		39,541		0		39,541
Futures contracts		237,072		0		0		237,072
Total return swap contracts		0		40,497		0		40,497
Total assets	$	91,466,074	$	13,164,349	$	40,514	$	104,670,937
Liabilities
Forward foreign currency contracts	$	0	$	27,738	$	0	$	27,738
Futures contracts		109,526		0		0		109,526
Securities sold short		17,189,675		274,003		0		17,463,678
Total return swap contracts		0		39,841		0		39,841
Written options		0		122,218		0		122,218
Total liabilities	$	17,299,201	$	463,800	$	0	$	17,763,001

Forward foreign currency contracts are reported at their unrealized gains (losses) at measurement date, which represents the change in the contract’s value from trade date. Futures contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Swap contracts consists of

Notes to financial statements (unaudited) Wells Fargo Advantage Alternative Strategies Fund 39

unrealized gains (losses) and premiums paid or received on swap contracts, which represents the change in the contract’s value from trade date. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2015, fair value pricing was used in pricing certain foreign securities. Common stocks valued at $5,143,495 and securities sold short valued at $274,003 were transferred from Level 1 to Level 2 within the fair value hierarchy. The Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadvisers, who are responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 1.80% and declining to 1.65% as the average daily net assets of the Fund increase. For the six months ended January 31, 2015, the advisory fee was equivalent to an annual rate of 1.80% of the Fund’s average daily net assets.

Funds Management has engaged The Rock Creek Group, LP, Chilton Investment Company, LLC, Mellon Capital

Management Corporation, Passport Capital, LLC, Pine River Capital Management L.P., River Canyon Fund Management LLC, Sirios Capital Management, L.P. and Wellington Management Company, LLP (“WMC”) to serve as sub-advisers to the Fund. The fee for subadvisory services is borne by Funds Management. The subadvisers are each entitled to receive from Funds Management an annual subadvisory fee which is calculated based on the average daily net assets of each subadviser’s portion the Fund.

On January 1, 2015, WMC completed a corporate restructuring under which WMC, a Massachusetts limited liability partnership, became Wellington Management Group, LLP (“WMG”) and subsequently transferred its U.S. advisory business to a new subsidiary, Wellington Management Company LLP, a Delaware limited liability partnership (“Wellington”). Wellington became registered as an investment adviser with the SEC by succeeding to WMG’s SEC registration . In connection with this restructuring, there have been no changes in the management of Wellington and no changes in personnel related to the subadvisory services provided to the Fund. There was no assignment or subsequent termination of the Fund’s subadvisory arrangement with Wellington as a result of this restructuring.

The Rock Creek Group, LP, an indirect majority owned subsidiary of Wells Fargo and an affiliate of Funds Management, is entitled to receive a fee at an annual rate starting at 0.72% and declining to 0.60% as the average daily net assets of its portion of the Fund increase. For the six months ended January 31, 2015, the subadvisory fees paid to the remaining unaffiliated subadvisors was equivalent to an annual rate of 0.84% of the Fund’s average daily net assets.

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class C		0.26	%
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory 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, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 2.50% for Class A shares, 3.25% for Class C shares, 2.35% for Administrator Class shares, and 2.25% 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. Fees for the prime broker and expenses from dividends and interest on short positions are excluded from the expense caps.

40 Wells Fargo Advantage Alternative Strategies Fund Notes to financial statements (unaudited)

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 shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2015 were $136,233,436 and $126,756,274, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended January 31, 2015, the Fund entered into futures contracts for speculative purposes.

At January 31, 2015, the Fund had long and short futures contracts outstanding as follows:

Expiration date	Contracts	Counterparty	Type	Contract value at January 31, 2015		Unrealized gains (losses)
2-20-2015	19 Long	Morgan Stanley	Amsterdam Index	$	1,929,294	$	100,790
2-20-2015	5 Short	Morgan Stanley	CAC 40 Index		260,324		1,257
2-26-2015	8 Long	Morgan Stanley	Hang Seng Index		1,265,947		(13,533	)
3-6-2015	40 Short	Morgan Stanley	Euro-Bund Futures		7,204,426		(144,482	)
3-12-2015	45 Long	Morgan Stanley	TOPIX Index		5,420,463		(49,908	)
3-16-2015	15 Short	Morgan Stanley	10-Year Australian Treasury Bonds		1,538,919		(32,989	)
3-16-2015	40 Short	Morgan Stanley	Australian Dollar Futures		3,104,800		109,087
3-16-2015	47 Short	Morgan Stanley	British Pound Futures		4,421,819		154,462
3-16-2015	29 Short	Morgan Stanley	Euro FX Futures		4,094,800		338,561
3-16-2015	8 Short	Morgan Stanley	Norwegian Krone Futures		2,069,280		5,215
3-16-2015	4 Long	Morgan Stanley	Swiss Franc Futures		546,400		2,100
3-17-2015	62 Short	Morgan Stanley	Canadian Dollar Futures		4,886,220		175,810
3-19-2015	2 Short	Morgan Stanley	S&P/TSX 60 Index		269,300		(526	)
3-19-2015	13 Long	Morgan Stanley	ASX SPI 200 Index		1,402,195		72,892
3-20-2015	2 Short	Morgan Stanley	10-Year Canadian Treasury Bonds		229,291		(2,847	)
3-20-2015	44 Long	Morgan Stanley	10-Year U.S. Treasury Notes		5,758,500		152,980
3-20-2015	9 Long	Morgan Stanley	DAX Index		2,719,203		270,300
3-20-2015	46 Short	Morgan Stanley	FTSE 100 Index		4,646,269		(285,435	)
3-20-2015	5 Short	Morgan Stanley	FTSE MIB Index		578,758		2,726
3-20-2015	22 Short	Morgan Stanley	MSCI EAFE Index		1,943,260		(23,734	)
3-20-2015	6 Short	Morgan Stanley	MSCI Emerging Markets Index		285,450		(9,407	)
3-20-2015	44 Short	Morgan Stanley	S&P 500 Index		4,374,480		74,499
3-20-2015	15 Short	Morgan Stanley	S&P 500 Index		1,491,300		10,492
3-20-2015	2 Short	Morgan Stanley	S&P Midcap 400 Index		286,280		(7,571	)
3-27-2015	5 Short	Morgan Stanley	Long Gilt Bonds		932,866		(8,068	)

Notes to financial statements (unaudited) Wells Fargo Advantage Alternative Strategies Fund 41

The Fund had an average notional amount of $23,778,157 in long futures contracts and $38,592,192 in short future contracts during the six months ended January 31, 2015. As of January 31, 2015, the Fund had segregated $182,710 as cash collateral for open futures contracts.

During the six months ended January 31, 2015, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At January 31, 2015, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:

Exchange date	Counterparty	Contracts to receive			U.S. value at January 31, 2015		In exchange for U.S. $		Unrealized losses
3-18-2015	Bank of America		6,000	EUR	$	6,783	$	6,965	$	(182	)
4-23-2015	Morgan Stanley		49,000	EUR		55,410		56,636		(1,226	)
4-23-2015	Morgan Stanley		18,000	EUR		20,355		20,565		(210	)
4-23-2015	Morgan Stanley		70,000	EUR		79,157		81,337		(2,180	)

Forward foreign currency contracts to sell:

Exchange Date	Counterparty	Contracts to deliver		U.S. value at January 31, 2015		In exchange for U.S. $		Unrealized gains (losses)
2-20-2015	Morgan Stanley		118,125  EUR	$	133,501	$	137,305	$	3,804
2-20-2015	Morgan Stanley		187,000  GBP		281,628		283,569		1,941
3-18-2015	Citibank		80,000  EUR		90,434		93,658		3,224
3-18-2015	JPMorgan Chase & Company		15,509,000  JPY		132,136		129,773		(2,363	)
3-18-2015	Morgan Stanley		29,349  GBP		44,193		46,109		1,916
3-18-2015	Morgan Stanley		403,375  CHF		440,281		418,756		(21,525	)
3-18-2015	National Australia Bank		74,000  EUR		83,651		91,675		8,024
4-23-2015	Morgan Stanley		390,000  EUR		441,018		461,650		20,632
4-23-2015	Morgan Stanley		20,000  EUR		22,616		22,564		(52	)

The Fund had average contract amounts of $495,765 and $2,024,573 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended January 31, 2015.

During the six months ended January 31, 2015, the Fund entered into written options for speculative purposes.

During the six months ended January 31, 2015, the Fund had written option activities as follows:

	Call options						Put options
	Number of contracts			Premiums received			Number of contracts			Premiums received
Options outstanding at July 31, 2014		0		$	0			32		$	111,903
Options written		4			610			364			125,737
Options expired		0			0			0			0
Options closed		0			0			(34	)		(114,037	)
Options exercised		(1	)		(173	)		0			0
Options outstanding at January 31, 2015		3		$	437			362		$	123,603

42 Wells Fargo Advantage Alternative Strategies Fund Notes to financial statements (unaudited)

Open put and call options written at January 31, 2015 were as follows:

Expiration date	Counterparty	Description	Number of contracts		Call/Put		Strike price		Value
2-20-2015	Morgan Stanley	Boyd Gaming Corporation		2		Call	$	13	$	(140	)
3-20-2015	Morgan Stanley	Energy Select Sector SPDR Fund ETF		336		Put		67		(34,608	)
3-20-2015	Morgan Stanley	S&P 500 Index		8		Put		1,800		(11,120	)
4-17-2015	Morgan Stanley	PetSmart Incorporated		1		Call		75		(750	)
9-18-2015	Morgan Stanley	S&P 500 Index		18		Put		1,675		(75,600	)

The Fund had an average of 52 written option contracts during the six months ended January 31, 2015. As of January 31, 2015, the Fund had segregated $218,835 as cash collateral for written options.

During the six months ended January 31, 2015, the Fund entered into purchased option contracts for speculative purposes and had an average of 392 purchased option contracts.

The Fund enters into total return swap contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Fund’s total return. At January 31, 2015, the Fund had the following total return swap contracts outstanding:

Expiration	Notional amount	Counterparty	Swap description	Unrealized gains (losses)
9-5-2015	$65,723	Morgan Stanley	In an agreement dated 8-6-2014, the Fund makes monthly payments of 1 Month USD LIBOR +60 basis points. At expiration, the Fund will receive the positive return or pay the negative return of the referenced entity Inmarsat plc.	$	3,191
10-20-2016	110,578	Morgan Stanley	In an agreement dated 10-17-2014, the Fund makes monthly payments of 1 Month USD LIBOR. At expiration, the Fund will receive the positive return or pay the negative return of the referenced entity Ally Financial Incorporated.		(14,839	)
10-20-2016	278,098	Morgan Stanley	In an agreement dated 10-17-2014, the Fund makes monthly payments of 1 Month USD LIBOR. At expiration, the Fund will receive the positive return or pay the negative return of the referenced entity Brookdale Senior Living Incorporated.		20,623
10-20-2016	124,586	Morgan Stanley	In an agreement dated 10-17-2014, the Fund makes monthly payments of 1 Month USD LIBOR. At expiration, the Fund will receive the positive return or pay the negative return of the referenced entity Chimera Investment Corporation.		2,427
10-20-2016	119,199	Morgan Stanley	In an agreement dated 10-17-2014, the Fund makes monthly payments of 1 Month USD LIBOR. At expiration, the Fund will receive the positive return or pay the negative return of the referenced entity Comcast Corporation Class A.		5,798
10-20-2016	93,456	Morgan Stanley	In an agreement dated 10-17-2014, the Fund makes monthly payments of 1 Month USD LIBOR. At expiration, the Fund will receive the positive return or pay the negative return of the referenced entity EP Energy Corporation Class A.		(25,002	)
10-20-2016	50,245	Morgan Stanley	In an agreement dated 10-17-2014, the Fund makes monthly payments of 1 Month USD LIBOR. At expiration, the Fund will receive the positive return or pay the negative return of the referenced entity Marathon Petroleum Corporation.		8,458

The Fund had an average notional balance on total return swaps of $618,627 during the six months ended January 31, 2015. As of January 31, 2015, the Fund had segregated $210,610 as cash collateral for total return swaps.

Notes to financial statements (unaudited) Wells Fargo Advantage Alternative Strategies Fund 43

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of January 31, 2015 was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Equity risk	Investments in unaffiliated securities, at value	$	319,724	**	Payable for written options	$	122,218
	Receivable for daily variation margin on open futures contracts		186,012	*	Payable for daily variation margin on open futures contracts		25,293	*
Foreign currency risk	Unrealized gains on forward foreign currency contracts		39,541		Unrealized losses on forward foreign currency contracts		27,738
	Receivable for daily variation margin on open futures contracts		23,098	*	Payable for daily variation margin on open futures contracts		43,712	*
Interest rate risk	Receivable for daily variation margin on open futures contracts		27,962	*	Payable for daily variation margin on open futures contracts		40,521	*
	Unrealized gains on total return swap transactions		40,497		Unrealized losses on total return swap transactions		39,841
		$	636,834			$	299,323

* Only the current day’s variation margin as of January 31, 2015 is reported separately on the Statement of Assets and Liabilities.

** Amount relates to purchased options

The effect of derivative instruments on the Statement of Operations for the six months ended January 31, 2015 was as follows for the Fund:

	Amount of realized gains (losses) on derivatives
	Unaffiliated securities*			Futures contracts		Forward currency contracts			Written options			Total return swaps		Total
Interest rate risk	$	0		$	7,162	$	0		$	0		$	12,759	$	19,921
Equity risk		(370,318	)		1,077,873		0			79,213			0		786,768
Foreign currency risk		0			1,551,629		185,750			0			0		1,737,379
	$	(370,318	)	$	2,636,664	$	185,750		$	79,213		$	12,759	$	2,544,068
	Change in unrealized gains (losses) on derivatives
	Unaffiliated securities*			Futures contracts		Forward currency contracts			Written options			Total return swaps		Total
Interest rate risk	$	0		$	90,358	$	0		$	0		$	2,069	$	92,427
Equity risk		91,110			150,518		0			(38,081	)		0		203,547
Foreign currency risk		0			620,647		(4,765	)		0			0		615,882
	$	91,110		$	861,523	$	(4,765	)	$	(38,081	)	$	2,069	$	911,856

* Amount relates to purchased options

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives while

44 Wells Fargo Advantage Alternative Strategies Fund Notes to financial statements (unaudited)

collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral received		Net amount of assets
Futures –variation margin	Morgan Stanley	$	237,072		$	(109,526	)	$	0	$	127,546
Total return swaps	Morgan Stanley		40,497	*		(39,841	)		0		656
Forward foreign currency contracts	Citibank		3,224	**		0			0		3,224
Forward foreign currency contracts	Morgan Stanley		28,293	**		(25,193	)		0		3,100
Forward foreign currency contracts	National Australia Bank		8,024	**		0			0		8,024

* The value of swap contracts consists of unrealized gains and premiums paid on swap contracts as reflected on the Statement of Assets and Liabilities.

** Amount represents net unrealized gains.

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral pledged1			Net amount of liabilities
Futures – variation margin	Morgan Stanley	$	109,526		$	(109,526	)	$	0		$	0
Total return swaps	Morgan Stanley		39,841	*		(39,841	)		0			0
Forward foreign currency contracts	Bank of America		182	**		0			0			182
Forward foreign currency contracts	JPMorgan Chase & Company		2,363	**		0			0			2,363
Forward foreign currency contracts	Morgan Stanley		25,193	**		(25,193	)		0			0
Written options	Morgan Stanley		122,218			0			(122,218	)		0

¹ Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty by derivative type.

* The value of swap contracts consists of unrealized losses and premiums received on swap contracts as reflected on the Statement of Assets and Liabilities.

** Amount represents net unrealized losses.

7. BANK BORROWINGS

The Fund has a committed credit facility to provide leverage for investment purposes. The credit facility has a commitment amount of $10 million which expires on April 30, 2015, at which point it may be renegotiated and potentially renewed for another one-year term. The Fund’s borrowings under the Facility are generally charged interest at a rate determined by the type of loan elected by the Fund. The Fund also pays a commitment fee at an annual rate equal to 0.10% on the unutilized portion of the credit facility. During the six months ended January 31, 2015, the Fund paid $95 in commitment fees.

During the six months ended January 31, 2015, the Fund did not borrow under the credit facility.

8. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Advantage Alternative Strategies Fund 45

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, in addition to 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 wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available at each fiscal quarter end on the Fund’s website (wellsfargoadvantagefunds.com), on a one-month delayed basis. As of each month end other than a month end that coincides with a fiscal quarter end, the Fund makes publicly available on the Fund’s website, on a one-month delayed basis (i) all portfolio holdings held long other than any put options on equity securities; (ii) portfolio holdings held short other than short positions in equity securities of single issuers; and (iii) the aggregate dollar value of equity securities of single issuers held short, and any put options on equity securities held long. In addition, top ten holdings information (excluding derivative positions and short 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.

46 Wells Fargo Advantage Alternative Strategies 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 Advantage family of funds, which consists of 134 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	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong 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. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	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 thereto, 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 Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	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 Delux 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. Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research 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 Advantage Alternative Strategies Fund 47

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. 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	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. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 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 wellsfargoadvantagefunds.com.

48 Wells Fargo Advantage Alternative Strategies Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.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 Wells Fargo Advantage Funds. 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 wellsfargoadvantagefunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage 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/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

231595 03-15 SA267/SAR267 01-15

Wells Fargo Advantage Capital Growth Fund

Semi-Annual Report

January 31, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	21
Other information	26
List of abbreviations	29

The views expressed and any forward-looking statements are as of January 31, 2015, 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 Advantage 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 Advantage Capital Growth Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Capital Growth Fund for the six-month period that ended January 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. stocks for the reporting period (as measured by the S&P 500 Index¹); in contrast, many economies and markets elsewhere in the world faced ongoing challenges.

Positive U.S. economic data, but increased tensions abroad, led to heightened volatility during the third quarter of 2014.

When the reporting period began on August 1, 2014, the U.S. stock market was experiencing a series of surges interrupted by bouts of volatility as interest-rate concerns in the U.S. and increased tensions abroad triggered heightened investor uncertainty. An escalating Russia/Ukraine situation and a growing perception that the U.S. Federal Reserve (Fed) would raise short-term interest rates sooner than expected caused investors to pull back near the end of July. As a result, the S&P 500 Index dropped into negative territory for July’s monthly return. However, August brought a bounce-back; the S&P 500 Index delivered its largest monthly gain since February 2014 on a string of positive economic news, led by an upwardly revised 4.2% estimate of second-quarter 2014 gross domestic product (GDP) growth. Then, in September, stock market volatility increased as positive economic data became overshadowed at times by growing discomfort over escalating tensions in Ukraine and the Middle East. Slowing growth in Europe and China also concerned investors. Ultimately, U.S. stocks ended the third quarter up slightly overall, buoyed largely by another upward revision of second-quarter GDP growth to 4.6%. Strong corporate earnings also contributed to market gains.

The fourth quarter of 2014 brought continued improvement in the U.S.; international economies remained challenged.

Strong fourth-quarter results by the U.S. stock market helped the S&P 500 Index deliver more than 50 record closes in 2014. The last several, in December, were spurred by investor optimism following Fed Chair Janet Yellen’s comment that the Fed would be patient in its timing of an interest-rate increase. U.S. stocks also were boosted by positive economic data. November’s 5.8% unemployment rate was down from 7.0% a year earlier, and the number of jobs being added continued to expand, keeping U.S. employers on pace to hire nearly three million workers during 2014. In addition, the U.S. economy’s third-quarter growth rate was revised upward during the quarter, to 5.0%—its fastest pace in 11 years. Meanwhile, U.S. companies continued to report strong earnings. The steadily brightening U.S. economy energized consumers, who were further buoyed by much lower prices at the gasoline pump. During the fourth quarter, gasoline prices fell to their lowest levels in five years, according to the American Automobile Association.

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges. In China, where growth had been slowing for some time, government regulators in December announced changes being made in an effort to stimulate growth. In Japan, which slid back into recession in the third quarter of 2014, Prime Minister Abe gained approval in late December for roughly $29 billion in fresh stimulus to help the economy. In the eurozone, growth remained sluggish, and member countries continued to face an environment of low demand, high unemployment, and weak business investment. This situation

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.

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

was exacerbated in December by renewed concerns about Greece after its parliament failed to avert a general election that could jeopardize the terms of the country’s financial agreement with its international creditors. In Russia, the economy contracted for the first time since October 2009 as the country struggled under the weight of slumping oil prices, international sanctions, and massive outflows of capital.

Market volatility increased in January 2015.

Markets fluctuated in January as investors reacted to geopolitical developments and new economic data. Mid-month, the World Bank lowered its outlook for global growth based on deepening problems in the eurozone and emerging markets, stating that a strengthening U.S. economy could not, by itself, support the global economy. Later in January, Greek voters gave control of their government to opposition party Syriza, which promised to end austerity and insisted that Greece’s massive debt be renegotiated. In the U.S., various data released in January, such as consumer confidence and December’s jobless rate, showed improvement. On the last trading day of the month, however, investors learned that fourth-quarter 2014 U.S. economic growth was estimated at 2.6%, which was below consensus and lower than the 4.6% and 5.0% growth rates, respectively, for the second and third quarters of 2014.

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 Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

4 Wells Fargo Advantage Capital Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Average annual total returns¹ (%) as of January 31, 2015

		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		2.72		13.39		6.11		9.00		14.73		6.74		1.26		1.11
Class C (WFCCX)	7-31-2007		7.16		13.88		5.99		8.16		13.88		5.99		2.01		1.86
Class R4 (WCGRX)	11-30-2012		–		–		–		9.32		15.21		7.25		0.93		0.75
Class R6 (WFCRX)	11-30-2012		–		–		–		9.51		15.31		7.30		0.78		0.60
Administrator Class (WFCDX)	6-30-2003		–		–		–		9.15		14.99		7.06		1.10		0.90
Institutional Class (WWCIX)	4-8-2005		–		–		–		9.52		15.30		7.30		0.83		0.65
Investor Class (SLGIX)	11-3-1997		–		–		–		8.84		14.65		6.66		1.32		1.17
Russell 1000® Growth Index4	–		–		–		–		14.59		16.49		8.69		–		–

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, wellsfargoadvantagefunds.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, Institutional Class, and Investor 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 Advantage Capital Growth Fund 5

Ten largest equity holdings5 (%) as of January 31, 2015
Apple Incorporated	6.65
Facebook Incorporated Class A	3.90
Gilead Sciences Incorporated	2.83
Biogen Idec Incorporated	2.47
Visa Incorporated Class A	2.40
Micron Technology Incorporated	2.18
Google Incorporated Class C	2.12
Celgene Corporation	2.10
Polaris Industries Incorporated	2.10
McKesson Corporation	2.03

Sector distribution⁶ as of January 31, 2015

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

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The Adviser has committed through November 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, 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 cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  The ten largest equity holdings are calculated based on the value of the securities 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 percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage 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 service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2014 to January 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2014		Ending account value 1-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,045.47	$	5.72		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class C
Actual	$	1,000.00	$	1,041.32	$	9.57		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.83	$	9.45		1.86	%
Class R4
Actual	$	1,000.00	$	1,046.58	$	3.87		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class R6
Actual	$	1,000.00	$	1,047.98	$	3.10		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,045.82	$	4.64		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,047.57	$	3.35		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Investor Class
Actual	$	1,000.00	$	1,044.17	$	6.03		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.31	$	5.96		1.17	%

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Capital Growth Fund 7

Security name	Shares		Value
Common Stocks: 96.97%
Consumer Discretionary: 23.18%
Auto Components: 0.70%
Delphi Automotive plc		34,470	$	2,369,123
Hotels, Restaurants & Leisure: 3.11%
Chipotle Mexican Grill Incorporated †		7,500		5,323,800
Hilton Worldwide Holdings Incorporated †		92,250		2,395,733
Starbucks Corporation		32,350		2,831,596
				10,551,129
Internet & Catalog Retail: 1.89%
Amazon.com Incorporated †		18,080		6,409,902
Leisure Products: 2.10%
Polaris Industries Incorporated		49,300		7,128,287
Media: 7.14%
Comcast Corporation Class A		126,950		6,746,758
Liberty Global plc Class C †		150,423		6,857,785
Time Warner Incorporated		63,750		4,968,038
Twenty-First Century Fox Incorporated		170,900		5,667,044
				24,239,625
Specialty Retail: 3.79%
The Home Depot Incorporated		32,800		3,424,976
TJX Companies Incorporated		103,900		6,851,166
Williams-Sonoma Incorporated		33,250		2,601,813
				12,877,955
Textiles, Apparel & Luxury Goods: 4.45%
lululemon athletica incorporated Ǡ		26,950		1,785,168
Nike Incorporated Class B		73,500	��	6,780,375
Under Armour Incorporated Class A †		90,750		6,541,260
				15,106,803
Consumer Staples: 1.97%
Beverages: 1.97%
Constellation Brands Incorporated Class A †		60,330		6,663,449
Energy: 3.55%
Energy Equipment & Services: 1.31%
Halliburton Company		111,160		4,445,288
Oil, Gas & Consumable Fuels: 2.24%
Cheniere Energy Incorporated †		34,300		2,448,334
Pioneer Natural Resources Company		34,310		5,164,684
				7,613,018

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

8 Wells Fargo Advantage Capital Growth Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Financials: 7.54%
Banks: 1.21%
ICICI Bank Limited ADR		342,274	$	4,110,711
Capital Markets: 2.79%
Affiliated Managers Group Incorporated †		30,352		6,237,943
Raymond James Financial Incorporated		61,450		3,233,499
				9,471,442
Diversified Financial Services: 3.54%
IntercontinentalExchange Group Incorporated		27,480		5,653,460
McGraw Hill Financial Incorporated		71,150		6,363,656
				12,017,116
Health Care: 18.60%
Biotechnology: 10.15%
Biogen Idec Incorporated †		21,500		8,366,940
Celgene Corporation †		59,940		7,142,450
Gilead Sciences Incorporated †		91,557		9,597,920
Regeneron Pharmaceuticals Incorporated †		12,350		5,145,751
Vertex Pharmaceuticals Incorporated †		38,050		4,190,827
				34,443,888
Health Care Providers & Services: 3.43%
Cardinal Health Incorporated		56,950		4,737,671
McKesson Corporation		32,450		6,900,493
				11,638,164
Pharmaceuticals: 5.02%
AbbVie Incorporated		83,456		5,036,570
Bristol-Myers Squibb Company		69,250		4,173,698
Eli Lilly & Company		48,250		3,474,000
Perrigo Company plc		28,800		4,370,112
				17,054,380
Industrials: 6.89%
Aerospace & Defense: 0.48%
Lockheed Martin Corporation		8,650		1,629,401
Airlines: 1.20%
Delta Air Lines Incorporated		86,530		4,093,734
Machinery: 1.09%
Wabtec Corporation		44,200		3,688,490
Road & Rail: 4.12%
Canadian Pacific Railway Limited		19,050		3,327,464
Old Dominion Freight Line Incorporated †		56,100		3,933,732

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Capital Growth Fund 9

Security name	Shares		Value
Road & Rail (continued)
Union Pacific Corporation		57,300	$	6,716,133
				13,977,329
				��
Information Technology: 30.86%
Communications Equipment: 1.30%
Palo Alto Networks Incorporated †		34,878		4,408,230
Electronic Equipment, Instruments & Components: 1.82%
TE Connectivity Limited		92,800		6,160,992
Internet Software & Services: 8.60%
Alibaba Group Holding Limited ADR †		41,052		3,656,912
Facebook Incorporated Class A †		174,460		13,243,259
Google Incorporated Class A †		4,680		2,515,734
Google Incorporated Class C †		13,480		7,205,330
LinkedIn Corporation Class A †		11,450		2,573,273
				29,194,508
IT Services: 4.05%
Alliance Data Systems Corporation †		19,350		5,588,861
Visa Incorporated Class A		31,970		8,149,473
				13,738,334
Semiconductors & Semiconductor Equipment: 3.76%
Applied Materials Incorporated		235,150		5,370,826
Micron Technology Incorporated †		253,050		7,405,508
				12,776,334
Software: 3.15%
Salesforce.com Incorporated †		49,761		2,809,008
ServiceNow Incorporated †		67,930		4,952,097
Workday Incorporated Class A †		36,800		2,924,128
				10,685,233
Technology Hardware, Storage & Peripherals: 8.18%
Apple Incorporated		192,675		22,573,803
Western Digital Corporation		53,450		5,196,944
				27,770,747
Materials: 2.39%
Chemicals: 1.62%
Monsanto Company		46,720		5,512,026
Construction Materials: 0.77%
Vulcan Materials Company		36,850		2,598,294

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

10 Wells Fargo Advantage Capital Growth Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name				Shares		Value
Telecommunication Services: 1.99%
Wireless Telecommunication Services: 1.99%
SBA Communications Corporation Class A †					57,850	$	6,751,090
Total Common Stocks (Cost $253,370,371)							329,125,022
	Yield
Short-Term Investments: 1.81%
Investment Companies: 1.81%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.13	%		1,718,750		1,718,750
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10			4,405,856		4,405,856
Total Short-Term Investments (Cost $6,124,606)							6,124,606

Total investments in securities (Cost $259,494,977) *	98.78	%		335,249,628
Other assets and liabilities, net	1.22			4,156,490
Total net assets	100.00	%	$	339,406,118

† Non-income-earning security

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

(l) The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

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

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

* Cost for federal income tax purposes is $260,401,207 and unrealized gains (losses) consists of:

Gross unrealized gains	$	79,110,122
Gross unrealized losses		(4,261,701	)
Net unrealized gains	$	74,848,421

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

Statement of assets and liabilities—January 31, 2015 (unaudited) Wells Fargo Advantage Capital Growth Fund 11

Assets
Investments
In unaffiliated securities (including $1,679,875 of securities loaned), at value (cost $253,370,371)	$	329,125,022
In affiliated securities, at value (cost $6,124,606)		6,124,606
Total investments, at value (cost $259,494,977)		335,249,628
Receivable for investments sold		11,017,661
Receivable for Fund shares sold		266,253
Receivable for dividends		124,289
Receivable for securities lending income		201
Prepaid expenses and other assets		44,111
Total assets		346,702,143
Liabilities
Payable for investments purchased		5,100,979
Payable for Fund shares redeemed		186,732
Payable upon receipt of securities loaned		1,718,750
Advisory fee payable		139,177
Distribution fee payable		3,319
Administration fees payable		54,939
Accrued expenses and other liabilities		92,129
Total liabilities		7,296,025
Total net assets	$	339,406,118
NET ASSETS CONSIST OF
Paid-in capital	$	253,137,925
Accumulated net investment loss		(127,376	)
Accumulated net realized gains on investments		10,641,498
Net unrealized gains on investments		75,754,071
Total net assets	$	339,406,118
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	17,692,797
Shares outstanding – Class A1		1,081,003
Net asset value per share – Class A		$16.37
Maximum offering price per share – Class A2		$17.37
Net assets – Class C	$	5,036,963
Shares outstanding – Class C1		334,716
Net asset value per share – Class C		$15.05
Net assets – Class R4	$	14,626
Share outstanding – Class R41		828
Net asset value per share – Class R4		$17.66
Net assets – Class R6	$	145,641,078
Shares outstanding – Class R61		8,215,072
Net asset value per share – Class R6		$17.73
Net assets – Administrator Class	$	35,826,132
Shares outstanding – Administrator Class1		2,066,487
Net asset value per share – Administrator Class		$17.34
Net assets – Institutional Class	$	48,815,396
Shares outstanding – Institutional Class1		2,758,314
Net asset value per share – Institutional Class		$17.70
Net assets – Investor Class	$	86,379,126
Shares outstanding – Investor Class1		5,330,300
Net asset value per share – Investor Class		$16.21

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.

12 Wells Fargo Advantage Capital Growth Fund Statement of operations—six months ended January 31, 2015 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $2,412)	$	1,332,409
Securities lending income, net		31,403
Income from affiliated securities		1,403
Total investment income		1,365,215
Expenses
Advisory fee		1,164,161
Administration fees
Fund level		89,551
Class A		23,842
Class C		6,374
Class R4		6
Class R6		22,180
Administrator Class		22,948
Institutional Class		20,140
Investor Class		145,335
Shareholder servicing fees
Class A		22,926
Class C		6,129
Class R4		7
Administrator Class		57,371
Investor Class		113,543
Distribution fee
Class C		18,388
Custody and accounting fees		16,471
Professional fees		24,744
Registration fees		32,196
Shareholder report expenses		18,198
Trustees’ fees and expenses		5,709
Other fees and expenses		9,047
Total expenses		1,819,266
Less: Fee waivers and/or expense reimbursements		(326,675	)
Net expenses		1,492,591
Net investment loss		(127,376	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		29,783,783
Net change in unrealized gains (losses) on investments		(12,943,341	)
Net realized and unrealized gains (losses) on investments		16,840,442
Net increase in net assets resulting from operations	$	16,713,066

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

Statement of changes in net assets (unaudited) Wells Fargo Advantage Capital Growth Fund 13

	Six months ended January 31, 2015 (unaudited)						Year ended July 31, 2014
Operations
Net investment loss				$	(127,376	)				$	(663,368	)
Net realized gains on investments					29,783,783						88,987,193
Net change in unrealized gains (losses) on investments					(12,943,341	)					(1,646,000	)
Net increase in net assets resulting from operations					16,713,066						86,677,825
Distributions to shareholders from
Net investment income
Class A					0						(22,340	)
Class R4					0						(30	)
Class R6					0						(188,590	)
Administrator Class					0						(150,185	)
Institutional Class					0						(1,022,514	)
Investor Class					0						(86,333	)
Net realized gains
Class A					(4,805,732	)					(1,873,636	)
Class C					(1,397,806	)					(492,729	)
Class R4					(3,693	)					(1,251	)
Class R6					(36,912,629	)					(6,224,341	)
Administrator Class					(9,378,629	)					(6,836,708	)
Institutional Class					(12,743,781	)					(27,083,256	)
Investor Class					(24,364,369	)					(9,335,586	)
Total distributions to shareholders					(89,606,639	)					(53,317,499	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		65,912			1,245,852			123,316			2,574,382
Class C		59,917			1,014,459			64,888			1,284,758
Class R6		265,012			5,511,470			6,758,171			147,435,533
Administrator Class		109,408			2,268,554			387,977			8,509,901
Institutional Class		529,241			10,625,738			1,004,161			22,242,288
Investor Class		221,110			4,381,287			410,708			8,576,959
					25,047,360						190,623,821
Reinvestment of distributions
Class A		283,053			4,667,546			90,669			1,852,251
Class C		78,077			1,185,209			21,836			422,743
Class R4		208			3,693			59			1,281
Class R6		2,067,934			36,912,629			297,090			6,412,931
Administrator Class		533,599			9,316,635			313,298			6,669,291
Institutional Class		349,997			6,236,949			1,194,493			25,770,101
Investor Class		1,450,130			23,680,615			451,521			9,160,992
					82,003,276						50,289,590
Payment for shares redeemed
Class A		(138,781	)		(2,804,550	)		(168,093	)		(3,543,654	)
Class C		(33,253	)		(585,583	)		(94,005	)		(1,847,699	)
Class R6		(444,818	)		(9,414,533	)		(731,122	)		(16,244,245	)
Administrator Class		(1,628,804	)		(36,799,721	)		(744,267	)		(16,283,626	)
Institutional Class		(331,182	)		(7,426,937	)		(15,885,091	)		(344,673,814	)
Investor Class		(546,294	)		(10,330,930	)		(976,512	)		(20,433,813	)
					(67,362,254	)					(403,026,851	)
Net increase (decrease) in net assets resulting from capital share transactions					39,688,382						(162,113,440	)
Total decrease in net assets					(33,205,191	)					(128,753,114	)
Net assets
Beginning of period					372,611,309						501,364,423
End of period				$	339,406,118					$	372,611,309
Undistributed (accumulated) net investment income (loss)				$	(127,376	)				$	0

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

14 Wells Fargo Advantage Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS A				2014			2013			2012			2011			2010
Net asset value, beginning of period		$21.31			$19.87			$16.74			$16.25			$13.07			$11.83
Net investment income (loss)		(0.04	)1		(0.10	)1		0.00	1,2		(0.05	)1		(0.07	)1		(0.06	)1
Net realized and unrealized gains (losses) on investments		1.05			3.79			3.43			0.54			3.25			1.30
Total from investment operations		1.01			3.69			3.43			0.49			3.18			1.24
Distributions to shareholders from
Net investment income		0.00			(0.02	)		0.00			0.00			0.00			0.00
Net realized gains		(5.95	)		(2.23	)		(0.30	)		0.00			0.00			0.00
Total distributions to shareholders		(5.95	)		(2.25	)		(0.30	)		0.00			0.00			0.00
Net asset value, end of period		$16.37			$21.31			$19.87			$16.74			$16.25			$13.07
Total return3		4.55	%		19.09	%		20.85	%		3.02	%		24.43	%		10.40	%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.26	%		1.26	%		1.21	%		1.21	%		1.27	%
Net expenses		1.11	%		1.11	%		1.14	%		1.20	%		1.20	%		1.25	%
Net investment income (loss)		(0.35	)%		(0.46	)%		0.01	%		(0.30	)%		(0.48	)%		(0.55	)%
Supplemental data
Portfolio turnover rate		43	%		94	%		107	%		116	%		116	%		128	%
Net assets, end of period (000s omitted)		$17,693			$18,561			$16,390			$17,784			$20,693			$24,222

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Advantage Capital Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS C				2014			2013			2012			2011			2010
Net asset value, beginning of period		$20.12			$18.98			$16.12			$15.77			$12.77			$11.65
Net investment loss		(0.10	)1		(0.24	)1		(0.13	)1		(0.16	)1		(0.19	)1		(0.17	)
Net realized and unrealized gains (losses) on investments		0.98			3.61			3.29			0.51			3.19			1.29
Total from investment operations		0.88			3.37			3.16			0.35			3.00			1.12
Distributions to shareholders from
Net realized gains		(5.95	)		(2.23	)		(0.30	)		0.00			0.00			0.00
Net asset value, end of period		$15.05			$20.12			$18.98			$16.12			$15.77			$12.77
Total return2		4.13	%		18.21	%		19.97	%		2.22	%		23.49	%		9.61	%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		2.01	%		2.01	%		1.96	%		1.96	%		2.02	%
Net expenses		1.86	%		1.86	%		1.89	%		1.95	%		1.95	%		2.00	%
Net investment loss		(1.10	)%		(1.20	)%		(0.73	)%		(1.05	)%		(1.23	)%		(1.31	)%
Supplemental data
Portfolio turnover rate		43	%		94	%		107	%		116	%		116	%		128	%
Net assets, end of period (000s omitted)		$5,037			$4,628			$4,503			$6,042			$8,272			$7,127

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Advantage Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS R4				2014			20131
Net asset value, beginning of period		$22.52			$20.83			$18.22
Net investment income (loss)		0.00	2,3		(0.02	)		0.05
Net realized and unrealized gains (losses) on investments		1.09			3.99			2.95
Total from investment operations		1.09			3.97			3.00
Distributions to shareholders from
Net investment income		0.00			(0.05	)		(0.09	)
Net realized gains		(5.95	)		(2.23	)		(0.30	)
Total distributions to shareholders		(5.95	)		(2.28	)		(0.39	)
Net asset value, end of period		$17.66			$22.52			$20.83
Total return4		4.66	%		19.56	%		16.86	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.91	%		0.90	%
Net expenses		0.75	%		0.75	%		0.75	%
Net investment income (loss)		0.00	%		(0.10	)%		0.37	%
Supplemental data
Portfolio turnover rate		43	%		94	%		107	%
Net assets, end of period (000s omitted)		$15			$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  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 Advantage Capital Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS R6				2014			20131
Net asset value, beginning of period		$22.56			$20.85			$18.22
Net investment income		0.02			0.00	2,3		0.07
Net realized and unrealized gains (losses) on investments		1.10			4.00			2.95
Total from investment operations		1.12			4.00			3.02
Distributions to shareholders from
Net investment income		0.00			(0.06	)		(0.09	)
Net realized gains		(5.95	)		(2.23	)		(0.30	)
Total distributions to shareholders		(5.95	)		(2.29	)		(0.39	)
Net asset value, end of period		$17.73			$22.56			$20.85
Total return4		4.80	%		19.71	%		16.99	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.78	%		0.79	%
Net expenses		0.60	%		0.60	%		0.60	%
Net investment income		0.16	%		0.01	%		0.52	%
Supplemental data
Portfolio turnover rate		43	%		94	%		107	%
Net assets, end of period (000s omitted)		$145,641			$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.

18 Wells Fargo Advantage Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			2010
Net asset value, beginning of period		$22.22			$20.61			$17.32			$16.77			$13.45			$12.17
Net investment income (loss)		(0.01	)1		(0.05	)1		0.04	1		(0.00	)1,2		(0.03	)1		(0.03	)1
Net realized and unrealized gains (losses) on investments		1.08			3.93			3.55			0.55			3.35			1.35
Total from investment operations		1.07			3.88			3.59			0.55			3.32			1.32
Distributions to shareholders from
Net investment income		0.00			(0.04	)		0.00			0.00			0.00			(0.04	)
Net realized gains		(5.95	)		(2.23	)		(0.30	)		0.00			0.00			0.00
Total distributions to shareholders		(5.95	)		(2.27	)		(0.30	)		0.00			0.00			(0.04	)
Net asset value, end of period		$17.34			$22.22			$20.61			$17.32			$16.77			$13.45
Total return3		4.58	%		19.35	%		21.15	%		3.22	%		24.68	%		10.81	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.09	%		1.09	%		1.05	%		1.05	%		1.09	%
Net expenses		0.90	%		0.90	%		0.91	%		0.94	%		0.94	%		0.94	%
Net investment income (loss)		(0.11	)%		(0.24	)%		0.24	%		(0.01	)%		(0.21	)%		(0.25	)%
Supplemental data
Portfolio turnover rate		43	%		94	%		107	%		116	%		116	%		128	%
Net assets, end of period (000s omitted)		$35,826			$67,830			$63,786			$74,529			$372,178			$684,207

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Capital Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			2010
Net asset value, beginning of period		$22.54			$20.84			$17.56			$16.96			$13.57			$12.27
Net investment income (loss)		0.01	1		0.01	1		0.09	1		0.03	1		0.00	1,2		(0.00	)1,2
Net realized and unrealized gains (losses) on investments		1.10			4.00			3.58			0.57			3.39			1.36
Total from investment operations		1.11			4.01			3.67			0.60			3.39			1.36
Distributions to shareholders from
Net investment income		0.00			(0.08	)		(0.09	)		0.00			0.00			(0.06	)
Net realized gains		(5.95	)		(2.23	)		(0.30	)		0.00			0.00			0.00
Total distributions to shareholders		(5.95	)		(2.31	)		(0.39	)		0.00			0.00			(0.06	)
Net asset value, end of period		$17.70			$22.54			$20.84			$17.56			$16.96			$13.57
Total return3		4.76	%		19.76	%		21.42	%		3.48	%		25.07	%		10.97	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.82	%		0.82	%		0.78	%		0.78	%		0.82	%
Net expenses		0.65	%		0.65	%		0.67	%		0.70	%		0.70	%		0.75	%
Net investment income (loss)		0.11	%		0.05	%		0.46	%		0.21	%		0.00	%		(0.06	)%
Supplemental data
Portfolio turnover rate		43	%		94	%		107	%		116	%		116	%		128	%
Net assets, end of period (000s omitted)		$48,815			$49,816			$331,310			$543,933			$988,633			$473,777

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

20 Wells Fargo Advantage Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INVESTOR CLASS				2014			2013			2012			2011			2010
Net asset value, beginning of period		$21.17			$19.75			$16.65			$16.18			$13.02			$11.79
Net investment loss		(0.04	)1		(0.11	)1		(0.01	)1		(0.06	)1		(0.08	)1		(0.08	)1
Net realized and unrealized gains (losses) on investments		1.03			3.78			3.41			0.53			3.24			1.31
Total from investment operations		0.99			3.67			3.40			0.47			3.16			1.23
Distributions to shareholders from
Net investment income		0.00			(0.02	)		0.00			0.00			0.00			0.00
Net realized gains		(5.95	)		(2.23	)		(0.30	)		0.00			0.00			0.00
Total distributions to shareholders		(5.95	)		(2.25	)		(0.30	)		0.00			0.00			0.00
Net asset value, end of period		$16.21			$21.17			$19.75			$16.65			$16.18			$13.02
Total return2		4.42	%		19.08	%		20.78	%		2.90	%		24.37	%		10.35	%
Ratios to average net assets (annualized)
Gross expenses		1.33	%		1.32	%		1.32	%		1.28	%		1.28	%		1.36	%
Net expenses		1.17	%		1.17	%		1.20	%		1.27	%		1.27	%		1.35	%
Net investment loss		(0.41	)%		(0.51	)%		(0.06	)%		(0.37	)%		(0.55	)%		(0.64	)%
Supplemental data
Portfolio turnover rate		43	%		94	%		107	%		116	%		116	%		128	%
Net assets, end of period (000s omitted)		$86,379		��	$89,008			$85,306			$81,199			$96,941			$104,200

¹  Calculated based upon average shares outstanding

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time).

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 primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles are fair valued at net asset value.

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

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

Security loans

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

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $2,250,820 expiring in 2016.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	78,682,824	$	0	$	0	$	78,682,824
Consumer staples		6,663,449		0		0		6,663,449
Energy		12,058,306		0		0		12,058,306
Financials		25,599,269		0		0		25,599,269
Health care		63,136,432		0		0		63,136,432
Industrials		23,388,954		0		0		23,388,954
Information technology		104,734,378		0		0		104,734,378
Materials		8,110,320		0		0		8,110,320
Telecommunication services		6,751,090		0		0		6,751,090
Short-term investments
Investment companies		4,405,856		1,718,750		0		6,124,606
Total assets	$	333,530,878	$	1,718,750	$	0	$	335,249,628

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.475% as the average daily net assets of the Fund increase. Prior to December 1, 2014, Funds Management was entitled to receive an annual advisory fee which started at 0.65% and declined to 0.55% as the average daily net assets of the Fund increased. For the six months ended January 31, 2015, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, 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 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an

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

annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class C		0.26	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed advisory 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, 2015 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 Class R6 shares, 0.90% for Administrator Class shares, 0.65% for Institutional Class shares, and 1.17% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2015, Funds Distributor received $3,050 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2015 were $151,431,008 and $213,520,216, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 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 0.10% of the unused balance is allocated to each participating fund. For the six months ended January 31, 2015, the Fund paid $269 in commitment fees.

For the six months ended January 31, 2015, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

Notes to financial statements (unaudited) Wells Fargo Advantage Capital Growth Fund 25

8. INDEMNIFICATION

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

26 Wells Fargo Advantage Capital Growth Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Capital Growth Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong 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. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	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 thereto, 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 Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	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 Delux 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. Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

28 Wells Fargo Advantage Capital Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. 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	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. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 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 wellsfargoadvantagefunds.com.

List of abbreviations Wells Fargo Advantage Capital Growth Fund 29

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.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 Wells Fargo Advantage Funds. 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 wellsfargoadvantagefunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage 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/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

231596 03-15 SA200/SAR200 01-15

Wells Fargo Advantage Disciplined U.S. Core Fund

Semi-Annual Report

January 31, 2015

Reduce clutter. Save trees.

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	21
Other information	25
List of abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2015, 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 Advantage 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 Advantage Disciplined U.S. Core Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Disciplined U.S. Core Fund for the six-month period that ended January 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. stocks for the reporting period (as measured by the S&P 500 Index¹); in contrast, many economies and markets elsewhere in the world faced ongoing challenges.

Positive U.S. economic data, but increased tensions abroad, led to heightened volatility during the third quarter of 2014.

When the reporting period began on August 1, 2014, the U.S. stock market was experiencing a series of surges interrupted by bouts of volatility as interest-rate concerns in the U.S. and increased tensions abroad triggered heightened investor uncertainty. An escalating Russia/Ukraine situation and a growing perception that the U.S. Federal Reserve (Fed) would raise short-term interest rates sooner than expected caused investors to pull back near the end of July. As a result, the S&P 500 Index dropped into negative territory for July’s monthly return. However, August brought a bounce-back; the S&P 500 Index delivered its largest monthly gain since February 2014 on a string of positive economic news, led by an upwardly revised 4.2% estimate of second-quarter 2014 gross domestic product (GDP) growth. Then, in September, stock market volatility increased as positive economic data became overshadowed at times by growing discomfort over escalating tensions in Ukraine and the Middle East. Slowing growth in Europe and China also concerned investors. Ultimately, U.S. stocks ended the third quarter up slightly overall, buoyed largely by another upward revision of second-quarter GDP growth to 4.6%. Strong corporate earnings also contributed to market gains.

The fourth quarter of 2014 brought continued improvement in the U.S.; international economies remained challenged.

Strong fourth-quarter results by the U.S. stock market helped the S&P 500 Index deliver more than 50 record closes in 2014. The last several, in December, were spurred by investor optimism following Fed Chair Janet Yellen’s comment that the Fed would be patient in its timing of an interest-rate increase. U.S. stocks also were boosted by positive economic data. November’s 5.8% unemployment rate was down from 7.0% a year earlier, and the number of jobs being added continued to expand, keeping U.S. employers on pace to hire nearly three million workers during 2014. In addition, the U.S. economy’s third-quarter growth rate was revised upward during the quarter, to 5.0%—its fastest pace in 11 years. Meanwhile, U.S. companies continued to report strong earnings. The steadily brightening U.S. economy energized consumers, who were further buoyed by much lower prices at the gasoline pump. During the fourth quarter, gasoline prices fell to their lowest levels in five years, according to the American Automobile Association.

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges. In China, where growth had been slowing for some time, government regulators in December announced changes being made in an effort to stimulate growth. In Japan, which slid back into recession in the third quarter of 2014, Prime Minister Abe gained approval in late December for roughly $29 billion in fresh stimulus to help the economy. In the eurozone, growth remained sluggish, and member countries continued to face an environment of low demand, high unemployment, and weak business investment. This situation

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.

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

was exacerbated in December by renewed concerns about Greece after its parliament failed to avert a general election that could jeopardize the terms of the country’s financial agreement with its international creditors. In Russia, the economy contracted for the first time since October 2009 as the country struggled under the weight of slumping oil prices, international sanctions, and massive outflows of capital.

Market volatility increased in January 2015.

Markets fluctuated in January as investors reacted to geopolitical developments and new economic data. Mid-month, the World Bank lowered its outlook for global growth based on deepening problems in the eurozone and emerging markets, stating that a strengthening U.S. economy could not, by itself, support the global economy. Later in January, Greek voters gave control of their government to opposition party Syriza, which promised to end austerity and insisted that Greece’s massive debt be renegotiated. In the U.S., various data released in January, such as consumer confidence and December’s jobless rate, showed improvement. On the last trading day of the month, however, investors learned that fourth-quarter 2014 U.S. economic growth was estimated at 2.6%, which was below consensus and lower than the 4.6% and 5.0% growth rates, respectively, for the second and third quarters of 2014.

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 Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Golden Capital Management, LLC

Portfolio manager

Greg Golden, CFA

Average annual total returns¹ (%) as of January 31, 2015

		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		9.71		14.28		7.28		16.42		15.65		7.92		0.93		0.92
Class C (EVSTX)	6-30-1999		14.50		14.78		7.12		15.50		14.78		7.12		1.68		1.67
Administrator Class (EVSYX)	2-21-1995		–		–		–		16.54		15.85		8.15		0.77		0.74
Institutional Class (EVSIX)	7-30-2010		–		–		–		16.86		16.12		8.28		0.50		0.48
S&P 500 Index4	–		–		–		–		14.22		15.60		7.61		–		–

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, wellsfargoadvantagefunds.com.

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. 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 Advantage Disciplined U.S. Core Fund 5

Ten largest equity holdings5 (%) as of January 31, 2015
Apple Incorporated	4.05
Exxon Mobil Corporation	2.42
Johnson & Johnson	2.23
General Electric Company	1.90
Pfizer Incorporated	1.83
Gilead Sciences Incorporated	1.67
Chevron Corporation	1.58
The Home Depot Incorporated	1.58
The Walt Disney Company	1.56
Intel Corporation	1.44

Sector distribution⁶ as of January 31, 2015

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

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The Adviser has committed through November 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, 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 cap. Without this cap, the Fund’s returns would have been lower.

⁴  The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁵  The ten largest equity holdings are calculated based on the value of the securities 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 percentages are subject to change and may have changed since the date specified.

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2014 to January 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2014		Ending account value 1-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,052.68	$	4.71		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Class C
Actual	$	1,000.00	$	1,048.94	$	8.57		1.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.84	$	8.44		1.66	%
Administrator Class
Actual	$	1,000.00	$	1,053.78	$	3.83		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.48	$	3.77		0.74	%
Institutional Class
Actual	$	1,000.00	$	1,055.10	$	2.49		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.79	$	2.45		0.48	%

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 7

Security name	Shares		Value
Common Stocks: 98.54%
Consumer Discretionary: 11.39%
Automobiles: 1.65%
Ford Motor Company		270,286	$	3,975,907
General Motors Company		122,131		3,983,913
				7,959,820
Diversified Consumer Services: 0.35%
H&R Block Incorporated		49,071		1,682,154
Hotels, Restaurants & Leisure: 1.31%
Chipotle Mexican Grill Incorporated †		6,251		4,437,210
Starbucks Corporation		21,868		1,914,106
				6,351,316
Household Durables: 0.45%
Pulte Homes Incorporated		106,712		2,197,200
Internet & Catalog Retail: 0.37%
Expedia Incorporated		14,726		1,265,405
The Priceline Group Incorporated †		514		518,873
				1,784,278
Media: 3.13%
Comcast Corporation Class A		123,219		6,548,474
DIRECTV Group Incorporated †		12,357		1,053,805
The Walt Disney Company		83,017		7,551,226
				15,153,505
Multiline Retail: 1.31%
Dollar General Corporation †		37,936		2,543,988
Macy’s Incorporated		30,973		1,978,555
Target Corporation		24,401		1,796,158
				6,318,701
Specialty Retail: 2.82%
Best Buy Company Incorporated		50,294		1,770,349
Lowe’s Companies Incorporated		62,787		4,254,447
The Home Depot Incorporated		72,985		7,621,094
				13,645,890
Consumer Staples: 9.28%
Beverages: 2.28%
Constellation Brands Incorporated Class A †		20,964		2,315,474
Dr Pepper Snapple Group Incorporated		50,624		3,911,716
PepsiCo Incorporated		45,448		4,262,113
The Coca-Cola Company		13,035		536,651
				11,025,954

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

8 Wells Fargo Advantage Disciplined U.S. Core Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Food & Staples Retailing: 3.40%
CVS Health Corporation		68,527	$	6,726,610
Sysco Corporation		37,732		1,477,962
The Kroger Company		18,372		1,268,587
Wal-Mart Stores Incorporated		58,385		4,961,557
Walgreens Boots Alliance Incorporated		26,953		1,987,784
				16,422,500
Food Products: 0.83%
Archer Daniels Midland Company		85,830		4,002,253
Household Products: 1.11%
Clorox Company		8,646		922,615
Kimberly-Clark Corporation		15,203		1,641,316
The Procter & Gamble Company		33,367		2,812,504
				5,376,435
Tobacco: 1.66%
Altria Group Incorporated		126,684		6,726,920
Philip Morris International		16,101		1,291,944
				8,018,864
Energy: 7.39%
Energy Equipment & Services: 0.28%
Nabors Industries Limited		91,482		1,052,958
National Oilwell Varco Incorporated		5,220		284,125
				1,337,083
Oil, Gas & Consumable Fuels: 7.11%
Chevron Corporation		74,550		7,643,612
ConocoPhillips Company		58,651		3,693,840
Devon Energy Corporation		16,174		974,807
EOG Resources Incorporated		32,619		2,904,070
Exxon Mobil Corporation		133,720		11,689,802
Kinder Morgan Incorporated		23,903		981,218
Tesoro Corporation		50,541		4,130,716
Valero Energy Corporation		45,133		2,386,633
				34,404,698
Financials: 14.96%
Banks: 4.27%
Bank of America Corporation		208,306		3,155,836
Citigroup Incorporated		143,417		6,733,428
Huntington Bancshares Incorporated		127,548		1,278,031
JPMorgan Chase & Company		90,379		4,914,810
PNC Financial Services Group Incorporated		24,396		2,062,438
SunTrust Banks Incorporated		64,796		2,489,462
				20,634,005

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 9

Security name	Shares		Value
Capital Markets: 2.76%
Ameriprise Financial Incorporated		7,581	$	947,170
BlackRock Incorporated		4,201		1,430,483
Goldman Sachs Group Incorporated		27,122		4,676,104
Morgan Stanley		134,850		4,559,279
T. Rowe Price Group Incorporated		22,216		1,748,844
				13,361,880
Consumer Finance: 0.33%
Capital One Financial Corporation		21,674		1,586,754
Diversified Financial Services: 0.95%
Berkshire Hathaway Incorporated Class B †		31,933		4,595,478
Insurance: 2.68%
ACE Limited		17,926		1,935,291
American Financial Group Incorporated		22,022		1,278,157
American International Group Incorporated		52,992		2,589,719
Assurant Incorporated		30,124		1,913,175
The Hartford Financial Services Group Incorporated		102,725		3,996,003
The Travelers Companies Incorporated		12,081		1,242,168
				12,954,513
Real Estate Management & Development: 0.09%
CBRE Group Incorporated †		13,397		433,259
REITs: 3.88%
American Tower Corporation		42,350		4,105,833
AvalonBay Communities Incorporated		20,954		3,624,832
Crown Castle International Corporation		19,541		1,690,492
General Growth Properties Incorporated		138,195		4,170,725
Host Hotels & Resorts Incorporated		32,933		753,836
Simon Property Group Incorporated		22,175		4,405,286
				18,751,004
Health Care: 15.52%
Biotechnology: 3.30%
Amgen Incorporated		37,791		5,754,058
Biogen Idec Incorporated †		5,478		2,131,818
Gilead Sciences Incorporated †		77,088		8,081,135
				15,967,011
Health Care Equipment & Supplies: 2.51%
Boston Scientific Corporation †		184,507		2,732,549
DexCom Incorporated †		58,104		3,473,457
Medtronic plc		83,306		5,948,081
				12,154,087

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

10 Wells Fargo Advantage Disciplined U.S. Core Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Health Care Providers & Services: 2.66%
Aetna Incorporated		45,398	$	4,168,444
AmerisourceBergen Corporation		46,403		4,410,605
Humana Incorporated		7,377		1,080,288
McKesson Corporation		4,949		1,052,405
UnitedHealth Group Incorporated		20,069		2,132,331
				12,844,073
Life Sciences Tools & Services: 0.16%
Thermo Fisher Scientific Incorporated		6,059		758,647
Pharmaceuticals: 6.89%
AbbVie Incorporated		86,912		5,245,139
Bristol-Myers Squibb Company		31,336		1,888,621
Eli Lilly & Company		34,199		2,462,328
Johnson & Johnson		107,794		10,794,491
Merck & Company Incorporated		67,069		4,042,919
Pfizer Incorporated		283,833		8,869,781
				33,303,279
Industrials: 11.23%
Aerospace & Defense: 3.94%
General Dynamics Corporation		34,554		4,602,938
L-3 Communications Holdings Incorporated		32,104		3,952,644
Lockheed Martin Corporation		25,495		4,802,493
The Boeing Company		39,316		5,715,367
				19,073,442
Airlines: 1.01%
Southwest Airlines Company		107,698		4,865,796
Building Products: 0.23%
Allegion plc		20,722		1,119,195
Commercial Services & Supplies: 0.59%
RR Donnelley & Sons Company		94,569		1,557,551
The ADT Corporation		36,955		1,271,252
				2,828,803
Industrial Conglomerates: 2.13%
3M Company		6,863		1,113,865
General Electric Company		383,958		9,172,757
				10,286,622
Machinery: 1.54%
Caterpillar Incorporated		47,843		3,826,005
Snap-on Incorporated		27,278		3,620,063
				7,446,068

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 11

Security name	Shares		Value
Road & Rail: 1.79%
CSX Corporation		62,098	$	2,067,863
Union Pacific Corporation		56,315		6,600,681
				8,668,544
Information Technology: 19.71%
Communications Equipment: 2.81%
Cisco Systems Incorporated		244,855		6,455,602
F5 Networks Incorporated †		17,184		1,918,078
QUALCOMM Incorporated		83,714		5,228,776
				13,602,456
Electronic Equipment, Instruments & Components: 0.95%
Corning Incorporated		192,509		4,575,939
Internet Software & Services: 2.04%
Facebook Incorporated Class A †		64,300		4,881,013
Google Incorporated Class A †		7,145		3,840,795
Google Incorporated Class C †		2,133		1,140,131
				9,861,939
IT Services: 2.03%
International Business Machines Corporation		13,608		2,086,242
MasterCard Incorporated Class A		19,768		1,621,569
Paychex Incorporated		5,054		228,744
Western Union Company		128,172		2,178,924
Xerox Corporation		282,026		3,714,282
				9,829,761
Semiconductors & Semiconductor Equipment: 3.30%
Intel Corporation		211,336		6,982,541
Micron Technology Incorporated †		128,540		3,761,723
Texas Instruments Incorporated		97,279		5,199,563
				15,943,827
Software: 3.60%
CA Incorporated		60,688		1,838,846
Intuit Incorporated		43,806		3,803,237
Microsoft Corporation		139,068		5,618,347
Oracle Corporation		146,599		6,141,032
				17,401,462
Technology Hardware, Storage & Peripherals: 4.98%
Apple Incorporated		167,165		19,585,051
EMC Corporation		35,036		908,483
Hewlett-Packard Company		58,233		2,103,958
SanDisk Corporation		19,266		1,462,482
				24,059,974

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

12 Wells Fargo Advantage Disciplined U.S. Core Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name				Shares		Value
Materials: 3.39%
Chemicals: 2.20%
Air Products & Chemicals Incorporated					12,031	$	1,751,834
Dow Chemical Company					91,771		4,144,378
LyondellBasell Industries NV Class A					47,850		3,784,457
The Sherwin-Williams Company					3,560		965,721
							10,646,390
Containers & Packaging: 0.10%
Avery Dennison Corporation					9,663		505,085
Metals & Mining: 1.09%
Alcoa Incorporated					270,402		4,231,791
Freeport-McMoRan Copper & Gold Incorporated Class B					61,050		1,026,251
							5,258,042
Telecommunication Services: 2.33%
Diversified Telecommunication Services: 2.33%
AT&T Incorporated					173,948		5,726,368
Verizon Communications Incorporated					121,414		5,549,834
							11,276,202
Utilities: 3.34%
Electric Utilities: 2.05%
Edison International					65,367		4,454,761
Entergy Corporation					39,403		3,448,157
Exelon Corporation					56,095		2,021,664
							9,924,582
Multi-Utilities: 1.29%
CMS Energy Corporation					74,844		2,823,867
Public Service Enterprise Group Incorporated					79,857		3,408,297
							6,232,164
Total Common Stocks (Cost $330,690,283)							476,430,934
	Yield
Short-Term Investments: 2.78%
Investment Companies: 2.78%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10	%		13,416,501		13,416,501
Total Short-Term Investments (Cost $13,416,501)							13,416,501

Total investments in securities (Cost $344,106,784) *	101.32	%		489,847,435
Other assets and liabilities, net	(1.32	)		(6,381,522	)
Total net assets	100.00	%	$	483,465,913

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 13

† Non-income-earning security

(l) The security represents an affiliate 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 $345,235,822 and unrealized gains (losses) consists of:

Gross unrealized gains	$	151,142,366
Gross unrealized losses		(6,530,753	)
Net unrealized gains	$	144,611,613

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

14 Wells Fargo Advantage Disciplined U.S. Core Fund Statement of assets and liabilities—January 31, 2015 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $330,690,283)	$	476,430,934
In affiliated securities, at value (cost $13,416,501)		13,416,501
Total investments, at value (cost $344,106,784)		489,847,435
Receivable for Fund shares sold		847,777
Receivable for dividends		562,181
Receivable for securities lending income		6,203
Prepaid expenses and other assets		158,044
Total assets		491,421,640
Liabilities
Payable for investments purchased		5,142,457
Payable for Fund shares redeemed		2,183,449
Advisory fee payable		128,065
Distribution fee payable		8,185
Administration fees payable		109,134
Accrued expenses and other liabilities		384,437
Total liabilities		7,955,727
Total net assets	$	483,465,913
NET ASSETS CONSIST OF
Paid-in capital	$	309,378,216
Undistributed net investment income		3,280,334
Accumulated net realized gains on investments		25,066,712
Net unrealized gains on investments		145,740,651
Total net assets	$	483,465,913
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	314,022,893
Shares outstanding – Class A1		21,624,287
Net asset value per share – Class A		$14.52
Maximum offering price per share – Class A2		$15.41
Net assets – Class C	$	16,308,256
Shares outstanding – Class C1		1,192,020
Net asset value per share – Class C		$13.68
Net assets – Administrator Class	$	53,138,085
Shares outstanding – Administrator Class1		3,579,961
Net asset value per share – Administrator Class		$14.84
Net assets – Institutional Class	$	99,996,679
Shares outstanding – Institutional Class1		6,809,839
Net asset value per share – Institutional Class		$14.68

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—six months ended January 31, 2015 (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 15

Investment income
Dividends	$	5,305,236
Securities lending income, net		27,626
Income from affiliated securities		2,626
Total investment income		5,335,488
Expenses
Advisory fee		730,437
Administration fees
Fund level		121,739
Class A		416,286
Class C		16,542
Administrator Class		26,566
Institutional Class		40,353
Shareholder servicing fees
Class A		400,276
Class C		15,906
Administrator Class		66,414
Distribution fee
Class C		47,719
Custody and accounting fees		13,424
Professional fees		26,723
Registration fees		26,276
Shareholder report expenses		26,031
Trustees’ fees and expenses		5,010
Other fees and expenses		16,624
Total expenses		1,996,326
Less: Fee waivers and/or expense reimbursements		(1,961	)
Net expenses		1,994,365
Net investment income		3,341,123
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		26,095,620
Net change in unrealized gains (losses) on investments		(4,953,793	)
Net realized and unrealized gains (losses) on investments		21,141,827
Net increase in net assets resulting from operations	$	24,482,950

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

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

	Six months ended January 31, 2015 (unaudited)						Year ended July 31, 2014
Operations
Net investment income				$	3,341,123					$	5,821,768
Net realized gains on investments					26,095,620						71,674,199
Net change in unrealized gains (losses) on investments					(4,953,793	)					(9,441,808	)
Net increase in net assets resulting from operations					24,482,950						68,054,159
Distributions to shareholders from
Net investment income
Class A					(3,522,119	)					(4,752,589	)
Class C					(84,291	)					(97,722	)
Administrator Class					(647,073	)					(634,126	)
Institutional Class					(1,537,331	)					(1,401,931	)
Net realized gains
Class A					(46,161,619	)					(38,995,790	)
Class C					(2,082,924	)					(1,394,806	)
Administrator Class					(7,515,200	)					(6,776,357	)
Institutional Class					(15,983,371	)					(9,948,253	)
Total distributions to shareholders					(77,533,928	)					(64,001,574	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,063,286			16,732,861			678,932			10,775,202
Class C		490,419			7,285,252			94,568			1,412,231
Administrator Class		441,623			7,136,247			242,716			3,925,319
Institutional Class		1,511,259			25,351,910			6,582,647			106,283,524
					56,506,270						122,396,276
Reinvestment of distributions
Class A		3,224,975			47,843,154			2,774,700			42,042,332
Class C		105,097			1,464,972			73,060			1,051,887
Administrator Class		491,872			7,465,466			399,637			6,149,295
Institutional Class		561,645			8,449,624			96,268			1,480,716
					65,223,216						50,724,230
Payment for shares redeemed
Class A		(1,425,803	)		(22,618,676	)		(2,255,673	)		(35,863,720	)
Class C		(108,900	)		(1,664,197	)		(74,785	)		(1,139,432	)
Administrator Class		(395,231	)		(6,599,042	)		(5,335,919	)		(86,377,733	)
Institutional Class		(796,589	)		(12,462,536	)		(1,259,512	)		(20,243,867	)
					(43,344,451	)					(143,624,752	)
Net increase in net assets resulting from capital share transactions					78,385,035						29,495,754
Total increase in net assets					25,334,057						33,548,339
Net assets
Beginning of period					458,131,856						424,583,517
End of period				$	483,465,913					$	458,131,856
Undistributed net investment income				$	3,280,334					$	5,730,025

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$16.29			$16.27			$14.65			$14.25			$11.93			$10.85
Net investment income		0.09			0.19			0.24			0.20			0.16			0.15
Net realized and unrealized gains (losses) on investments		0.79			2.35			3.25			0.93			2.17			1.09
Total from investment operations		0.88			2.54			3.49			1.13			2.33			1.24
Distributions to shareholders from
Net investment income		(0.16	)		(0.24	)		(0.24	)		(0.23	)		(0.01	)		(0.16	)
Net realized gains		(2.49	)		(2.28	)		(1.63	)		(0.50	)		0.00			0.00
Total distributions to shareholders		(2.65	)		(2.52	)		(1.87	)		(0.73	)		(0.01	)		(0.16	)
Net asset value, end of period		$14.52			$16.29			$16.27			$14.65			$14.25			$11.93
Total return2		5.27	%		17.00	%		26.62	%		8.54	%		19.50	%		11.39	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.93	%		0.94	%		0.92	%		0.93	%		0.76	%
Net expenses		0.91	%		0.92	%		0.92	%		0.92	%		0.92	%		0.76	%
Net investment income		1.28	%		1.27	%		1.66	%		1.43	%		1.18	%		1.27	%
Supplemental data
Portfolio turnover rate		28	%		71	%		64	%		82	%		64	%		63	%
Net assets, end of period (000s omitted)		$314,023			$305,577			$285,780			$254,272			$268,460			$265,835

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Enhanced S&P 500 Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class A of Evergreen Enhanced S&P 500 Fund.

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 Advantage Disciplined U.S. Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$15.47			$15.58			$14.10			$13.69			$11.54			$10.50
Net investment income		0.07			0.08			0.12			0.09			0.05			0.06
Net realized and unrealized gains (losses) on investments		0.72			2.23			3.12			0.90			2.10			1.04
Total from investment operations		0.79			2.31			3.24			0.99			2.15			1.10
Distributions to shareholders from
Net investment income		(0.09	)		(0.14	)		(0.13	)		(0.08	)		0.00			(0.06	)
Net realized gains		(2.49	)		(2.28	)		(1.63	)		(0.50	)		0.00			0.00
Total distributions to shareholders		(2.58	)		(2.42	)		(1.76	)		(0.58	)		0.00			(0.06	)
Net asset value, end of period		$13.68			$15.47			$15.58			$14.10			$13.69			$11.54
Total return2		4.89	%		16.10	%		25.65	%		7.75	%		18.63	%		10.51	%
Ratios to average net assets (annualized)
Gross expenses		1.66	%		1.68	%		1.69	%		1.67	%		1.68	%		1.51	%
Net expenses		1.66	%		1.67	%		1.67	%		1.67	%		1.67	%		1.51	%
Net investment income		0.51	%		0.51	%		0.92	%		0.68	%		0.44	%		0.52	%
Supplemental data
Portfolio turnover rate		28	%		71	%		64	%		82	%		64	%		63	%
Net assets, end of period (000s omitted)		$16,308			$10,913			$9,544			$8,590			$8,768			$11,613

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Enhanced S&P 500 Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class C of Evergreen Enhanced S&P 500 Fund.

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 Advantage Disciplined U.S. Core Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$16.60			$16.47			$14.79			$14.36			$11.99			$10.92
Net investment income		0.12	2		0.25	2		0.28	2		0.23	2		0.19	2		0.20
Net realized and unrealized gains (losses) on investments		0.80			2.35			3.27			0.93			2.19			1.06
Total from investment operations		0.92			2.60			3.55			1.16			2.38			1.26
Distributions to shareholders from
Net investment income		(0.19	)		(0.19	)		(0.24	)		(0.23	)		(0.01	)		(0.19	)
Net realized gains		(2.49	)		(2.28	)		(1.63	)		(0.50	)		0.00			0.00
Total distributions to shareholders		(2.68	)		(2.47	)		(1.87	)		(0.73	)		(0.01	)		(0.19	)
Net asset value, end of period		$14.84			$16.60			$16.47			$14.79			$14.36			$11.99
Total return3		5.38	%		17.12	%		26.82	%		8.72	%		19.84	%		11.51	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.76	%		0.78	%		0.75	%		0.77	%		0.52	%
Net expenses		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.52	%
Net investment income		1.45	%		1.56	%		1.87	%		1.63	%		1.37	%		1.53	%
Supplemental data
Portfolio turnover rate		28	%		71	%		64	%		82	%		64	%		63	%
Net assets, end of period (000s omitted)		$53,138			$50,498			$127,384			$150,408			$244,716			$371,389

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Enhanced S&P 500 Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class I of Evergreen Enhanced S&P 500 Fund.

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 Advantage Disciplined U.S. Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$16.47			$16.43			$14.78			$14.39			$11.99			$11.99
Net investment income		0.14			0.26	2		0.35			0.26	2		0.22			0.00
Net realized and unrealized gains (losses) on investments		0.79			2.37			3.23			0.93			2.19			0.00
Total from investment operations		0.93			2.63			3.58			1.19			2.41			0.00
Distributions to shareholders from
Net investment income		(0.23	)		(0.31	)		(0.30	)		(0.30	)		(0.01	)		0.00
Net realized gains		(2.49	)		(2.28	)		(1.63	)		(0.50	)		0.00			0.00
Total distributions to shareholders		(2.72	)		(2.59	)		(1.93	)		(0.80	)		(0.01	)		0.00
Net asset value, end of period		$14.68			$16.47			$16.43			$14.78			$14.39			$11.99
Total return3		5.51	%		17.48	%		27.16	%		9.02	%		20.10	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.48	%		0.50	%		0.51	%		0.49	%		0.51	%		0.00	%
Net expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.47	%		0.00	%
Net investment income		1.72	%		1.63	%		2.08	%		1.80	%		1.62	%		0.00	%
Supplemental data
Portfolio turnover rate		28	%		71	%		64	%		82	%		64	%		63	%
Net assets, end of period (000s omitted)		$99,997			$91,144			$1,875			$1,215			$12			$10

¹  For the period from July 30, 2010 (commencement of class operations) to July 31, 2010

²  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Disciplined U.S. 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 (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Advantage Disciplined U.S. Core Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time).

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 primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles are fair 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 Trustee 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 adviser and/or subadviser. Unobservable inputs used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Security loans

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

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statement of Operations.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	55,092,864	$	0	$	0	$	55,092,864
Consumer staples		44,846,006		0		0		44,846,006
Energy		35,741,781		0		0		35,741,781
Financials		72,316,893		0		0		72,316,893
Health care		75,027,097		0		0		75,027,097
Industrials		54,288,470		0		0		54,288,470
Information technology		95,275,358		0		0		95,275,358
Materials		16,409,517		0		0		16,409,517
Telecommunication services		11,276,202		0		0		11,276,202
Utilities		16,156,746		0		0		16,156,746
Short-term investments
Investment companies		13,416,501		0		0		13,416,501
Total assets	$	489,847,435	$	0	$	0	$	489,847,435

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.30% and declining to 0.25% as the average daily net assets of the Fund increase. For the six months ended January 31, 2015, the advisory fee was equivalent to an annual rate of 0.30% of the Fund’s average daily net assets.

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

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class C		0.26	%
Administrator Class		0.10
Institutional Class		0.08

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

Funds Management has contractually waived and/or reimbursed advisory 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, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.92% for Class A shares, 1.67% for Class C shares, 0.74% for Administrator Class shares, and 0.48% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution 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 shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2015, Funds Distributor received $10,818 from the sale of Class A shares and $500 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2015 were $143,243,489 and $133,642,593, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 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 0.10% of the unused balance is allocated to each participating fund. For the six months ended January 31, 2015, the Fund paid $350 in commitment fees.

For the six months ended January 31, 2015, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Advantage Disciplined U.S. Core Fund 25

PROXY VOTING INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong 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. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	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 thereto, 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 Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	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 Delux 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. Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research 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
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

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. 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	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. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 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 wellsfargoadvantagefunds.com.

28 Wells Fargo Advantage Disciplined U.S. Core Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.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 Wells Fargo Advantage Funds. 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 wellsfargoadvantagefunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage 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/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

231597 03-15 SA203/SAR203 01-15

Wells Fargo Advantage Endeavor Select Fund

Semi-Annual Report

January 31, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Other information	22
List of abbreviations	25

The views expressed and any forward-looking statements are as of January 31, 2015, 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 Advantage 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 Advantage Endeavor Select Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Endeavor Select Fund for the six-month period that ended January 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. stocks for the reporting period (as measured by the S&P 500 Index¹); in contrast, many economies and markets elsewhere in the world faced ongoing challenges.

Positive U.S. economic data, but increased tensions abroad, led to heightened volatility during the third quarter of 2014.

When the reporting period began on August 1, 2014, the U.S. stock market was experiencing a series of surges interrupted by bouts of volatility as interest-rate concerns in the U.S. and increased tensions abroad triggered heightened investor uncertainty. An escalating Russia/Ukraine situation and a growing perception that the U.S. Federal Reserve (Fed) would raise short-term interest rates sooner than expected caused investors to pull back near the end of July. As a result, the S&P 500 Index dropped into negative territory for July’s monthly return. However, August brought a bounce-back; the S&P 500 Index delivered its largest monthly gain since February 2014 on a string of positive economic news, led by an upwardly revised 4.2% estimate of second-quarter 2014 gross domestic product (GDP) growth. Then, in September, stock market volatility increased as positive economic data became overshadowed at times by growing discomfort over escalating tensions in Ukraine and the Middle East. Slowing growth in Europe and China also concerned investors. Ultimately, U.S. stocks ended the third quarter up slightly overall, buoyed largely by another upward revision of second-quarter GDP growth to 4.6%. Strong corporate earnings also contributed to market gains.

The fourth quarter of 2014 brought continued improvement in the U.S.; international economies remained challenged.

Strong fourth-quarter results by the U.S. stock market helped the S&P 500 Index deliver more than 50 record closes in 2014. The last several, in December, were spurred by investor optimism following Fed Chair Janet Yellen’s comment that the Fed would be patient in its timing of an interest-rate increase. U.S. stocks also were boosted by positive economic data. November’s 5.8% unemployment rate was down from 7.0% a year earlier, and the number of jobs being added continued to expand, keeping U.S. employers on pace to hire nearly three million workers during 2014. In addition, the U.S. economy’s third-quarter growth rate was revised upward during the quarter, to 5.0%—its fastest pace in 11 years. Meanwhile, U.S. companies continued to report strong earnings. The steadily brightening U.S. economy energized consumers, who were further buoyed by much lower prices at the gasoline pump. During the fourth quarter, gasoline prices fell to their lowest levels in five years, according to the American Automobile Association.

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges. In China, where growth had been slowing for some time, government regulators in December announced changes being made in an effort to stimulate growth. In Japan, which slid back into recession in the third quarter of 2014, Prime Minister Abe gained approval in late December for roughly $29 billion in fresh stimulus to help the economy. In the eurozone, growth remained sluggish, and member countries continued to face an environment of low demand, high unemployment, and weak business investment. This situation

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.

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

was exacerbated in December by renewed concerns about Greece after its parliament failed to avert a general election that could jeopardize the terms of the country’s financial agreement with its international creditors. In Russia, the economy contracted for the first time since October 2009 as the country struggled under the weight of slumping oil prices, international sanctions, and massive outflows of capital.

Market volatility increased in January 2015.

Markets fluctuated in January as investors reacted to geopolitical developments and new economic data. Mid-month, the World Bank lowered its outlook for global growth based on deepening problems in the eurozone and emerging markets, stating that a strengthening U.S. economy could not, by itself, support the global economy. Later in January, Greek voters gave control of their government to opposition party Syriza, which promised to end austerity and insisted that Greece’s massive debt be renegotiated. In the U.S., various data released in January, such as consumer confidence and December’s jobless rate, showed improvement. On the last trading day of the month, however, investors learned that fourth-quarter 2014 U.S. economic growth was estimated at 2.6%, which was below consensus and lower than the 4.6% and 5.0% growth rates, respectively, for the second and third quarters of 2014.

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 Advantage Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

4 Wells Fargo Advantage Endeavor Select Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Average annual total returns¹ (%) as of January 31, 2015

		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 (STAEX)	12-29-2000		1.62		13.49		5.98		7.80		14.83		6.61		1.25		1.25
Class B (WECBX)*	12-29-2000		1.88		13.71		6.04		6.88		13.95		6.04		2.00		2.00
Class C (WECCX)	12-29-2000		5.96		13.97		5.80		6.96		13.97		5.80		2.00		2.00
Administrator Class (WECDX)	4-8-2005		–		–		–		8.00		15.11		6.87		1.09		1.00
Institutional Class (WFCIX)	4-8-2005		–		–		–		8.25		15.34		7.07		0.82		0.80
Russell 1000® Growth Index4	–		–		–		–		14.59		16.49		8.69		–		–

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

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. 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 Advantage Endeavor Select Fund 5

Ten largest equity holdings5 (%) as of January 31, 2015
Apple Incorporated	6.64
Facebook Incorporated Class A	4.73
SBA Communications Corporation Class A	3.33
Comcast Corporation Class A	3.32
TJX Companies Incorporated	3.21
Visa Incorporated Class A	3.03
Liberty Global plc Class C	3.01
McKesson Corporation	2.94
Biogen Idec Incorporated	2.92
Gilead Sciences Incorporated	2.86

Sector distribution⁶ as of January 31, 2015

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

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The Adviser has committed through November 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, 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 cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  The ten largest equity holdings are calculated based on the value of the securities 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 percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Endeavor Select Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2014 to January 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2014		Ending account value 1-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,041.37	$	6.33		1.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.26		1.23	%
Class B
Actual	$	1,000.00	$	1,036.58	$	10.22		1.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.17	$	10.11		1.99	%
Class C
Actual	$	1,000.00	$	1,036.55	$	10.22		1.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.17	$	10.11		1.99	%
Administrator Class
Actual	$	1,000.00	$	1,041.84	$	5.15		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Institutional Class
Actual	$	1,000.00	$	1,043.32	$	4.12		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Endeavor Select Fund 7

Security name	Shares		Value
Common Stocks: 93.54%
Consumer Discretionary: 26.50%
Auto Components: 1.51%
Delphi Automotive plc		148,800	$	10,227,024
Hotels, Restaurants & Leisure: 2.58%
Chipotle Mexican Grill Incorporated †		24,700		17,533,048
Internet & Catalog Retail: 1.84%
Amazon.com Incorporated †		35,300		12,514,909
Leisure Products: 2.29%
Polaris Industries Incorporated		107,500		15,543,425
Media: 10.25%
Comcast Corporation Class A		423,600		22,512,222
Liberty Global plc Class C †		447,800		20,415,202
Time Warner Incorporated		175,800		13,700,094
Twenty-First Century Fox Incorporated		390,300		12,942,348
				69,569,866
Specialty Retail: 3.21%
TJX Companies Incorporated		331,000		21,826,140
Textiles, Apparel & Luxury Goods: 4.82%
Nike Incorporated Class B		158,200		14,593,950
Under Armour Incorporated Class A †		251,500		18,128,120
				32,722,070
Consumer Staples: 2.43%
Beverages: 2.43%
Constellation Brands Incorporated Class A †		149,300		16,490,185
Energy: 2.44%
Oil, Gas & Consumable Fuels: 2.44%
Pioneer Natural Resources Company		110,000		16,558,300
Financials: 4.87%
Capital Markets: 2.31%
Affiliated Managers Group Incorporated †		76,400		15,701,728
Diversified Financial Services: 2.56%
IntercontinentalExchange Group Incorporated		84,500		17,384,185
Health Care: 15.52%
Biotechnology: 8.56%
Biogen Idec Incorporated †		51,000		19,847,160
Celgene Corporation †		158,800		18,922,608
Gilead Sciences Incorporated †		185,000		19,393,550
				58,163,318

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

8 Wells Fargo Advantage Endeavor Select Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Health Care Providers & Services: 2.94%
McKesson Corporation		93,800	$	19,946,570
Pharmaceuticals: 4.02%
AbbVie Incorporated		186,679		11,266,078
Perrigo Company plc		105,500		16,008,570
				27,274,648
Industrials: 6.08%
Airlines: 2.15%
Delta Air Lines Incorporated		309,200		14,628,252
Road & Rail: 3.93%
Canadian Pacific Railway Limited		56,400		9,851,388
Union Pacific Corporation		143,300		16,796,193
				26,647,581
Information Technology: 30.31%
Communications Equipment: 1.78%
Palo Alto Networks Incorporated †		95,836		12,112,712
Electronic Equipment, Instruments & Components: 2.43%
TE Connectivity Limited		248,300		16,484,637
Internet Software & Services: 8.76%
Alibaba Group Holding Limited ADR †		89,000		7,928,120
Facebook Incorporated Class A †		423,200		32,125,112
Google Incorporated Class A †		15,175		8,157,321
Google Incorporated Class C †		21,075		11,265,009
				59,475,562
IT Services: 3.03%
Visa Incorporated Class A		80,800		20,596,728
Semiconductors & Semiconductor Equipment: 2.66%
Micron Technology Incorporated †		617,100		18,059,432
Software: 3.05%
ServiceNow Incorporated †		150,300		10,956,870
Workday Incorporated Class A †		123,100		9,781,526
				20,738,396
Technology Hardware, Storage & Peripherals: 8.60%
Apple Incorporated		384,643		45,064,774
Western Digital Corporation		136,800		13,301,064
				58,365,838
Materials: 2.06%
Chemicals: 2.06%
Monsanto Company		118,800		14,016,024

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Endeavor Select Fund 9

Security name				Shares		Value
Telecommunication Services: 3.33%
Wireless Telecommunication Services: 3.33%
SBA Communications Corporation Class A †					193,779	$	22,614,009
Total Common Stocks (Cost $489,917,570)							635,194,587
	Yield
Short-Term Investments: 4.12%
Investment Companies: 4.12%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10	%		27,995,586		27,995,586
Total Short-Term Investments (Cost $27,995,586)							27,995,586

Total investments in securities (Cost $517,913,156) *	97.66	%		663,190,173
Other assets and liabilities, net	2.34			15,857,035
Total net assets	100.00	%	$	679,047,208

† Non-income-earning security

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

(l) The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

* Cost for federal income tax purposes is $518,457,925 and unrealized gains (losses) consists of:

Gross unrealized gains	$	152,449,600
Gross unrealized losses		(7,717,352	)
Net unrealized gains	$	144,732,248

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

10 Wells Fargo Advantage Endeavor Select Fund Statement of assets and liabilities—January 31, 2015 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $489,917,570)	$	635,194,587
In affiliated securities, at value (cost $27,995,586)		27,995,586
Total investments, at value (cost $517,913,156)		663,190,173
Receivable for investments sold		16,022,354
Receivable for Fund shares sold		607,141
Receivable for dividends		320,298
Receivable for securities lending income		266
Prepaid expenses and other assets		35,550
Total assets		680,175,782
Liabilities
Payable for Fund shares redeemed		542,299
Advisory fee payable		391,444
Distribution fees payable		4,798
Administration fees payable		86,521
Accrued expenses and other liabilities		103,512
Total liabilities		1,128,574
Total net assets	$	679,047,208
NET ASSETS CONSIST OF
Paid-in capital	$	518,179,940
Accumulated net investment loss		(453,974	)
Accumulated net realized gains on investments		16,045,985
Net unrealized gains on investments		145,275,257
Total net assets	$	679,047,208
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	29,228,534
Shares outstanding – Class A1		2,291,287
Net asset value per share – Class A		$12.76
Maximum offering price per share – Class A2		$13.54
Net assets – Class B	$	144,975
Shares outstanding – Class B1		13,042
Net asset value per share – Class B		$11.12
Net assets – Class C	$	6,846,873
Shares outstanding – Class C1		615,726
Net asset value per share – Class C		$11.12
Net assets – Administrator Class	$	45,842,754
Shares outstanding – Administrator Class1		3,499,418
Net asset value per share – Administrator Class		$13.10
Net assets – Institutional Class	$	596,984,072
Shares outstanding – Institutional Class1		44,791,861
Net asset value per share – Institutional Class		$13.33

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2015 (unaudited) Wells Fargo Advantage Endeavor Select Fund 11

Investment income
Dividends (net of foreign withholding taxes of $7,528)	$	2,602,402
Securities lending income, net		6,225
Income from affiliated securities		3,502
Total investment income		2,612,129
Expenses
Advisory fee		2,329,082
Administration fees
Fund level		181,258
Class A		43,995
Class B		283
Class C		9,094
Administrator Class		24,572
Institutional Class		253,933
Shareholder servicing fees
Class A		42,303
Class B		272
Class C		8,744
Administrator Class		58,926
Distribution fees
Class B		817
Class C		26,233
Custody and accounting fees		22,129
Professional fees		21,822
Registration fees		31,852
Shareholder report expenses		31,093
Trustees’ fees and expenses		6,053
Interest expense		1,146
Other fees and expenses		6,770
Total expenses		3,100,377
Less: Fee waivers and/or expense reimbursements		(34,274	)
Net expenses		3,066,103
Net investment loss		(453,974	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		27,180,115
Net change in unrealized gains (losses) on investments		3,197,326
Net realized and unrealized gains (losses) on investments		30,377,441
Net increase in net assets resulting from operations	$	29,923,467

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

12 Wells Fargo Advantage Endeavor Select Fund Statement of changes in net assets

	Six months ended January 31, 2015 (unaudited)						Year ended July 31, 2014
Operations
Net investment loss				$	(453,974	)				$	(1,901,929	)
Net realized gains on investments					27,180,115						115,526,129
Net change in unrealized gains (losses) on investments					3,197,326						3,258,076
Net increase in net assets resulting from operations					29,923,467						116,882,276
Distributions to shareholders from
Net investment income
Administrator Class					0						(97,085	)
Institutional Class					0						(2,001,641	)
Net realized gains
Class A					(4,180,367	)					(2,203,445	)
Class B					(29,782	)					(22,001	)
Class C					(1,041,460	)					(364,783	)
Administrator Class					(6,299,282	)					(2,987,418	)
Institutional Class					(81,434,953	)					(26,344,957	)
Total distributions to shareholders					(92,985,844	)					(34,021,330	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		90,947			1,266,080			262,020			3,578,072
Class B		0			0			2,013			24,431
Class C		51,262			603,879			57,270			710,640
Administrator Class		257,860			3,638,589			487,193			6,799,164
Institutional Class		3,362,165			48,878,991			9,878,304			139,039,120
					54,387,539						150,151,427
Reinvestment of distributions
Class A		314,153			4,011,740			158,036			2,144,550
Class B		2,673			29,782			1,707			20,756
Class C		91,245			1,017,377			29,369			357,128
Administrator Class		479,088			6,280,838			194,103			2,691,721
Institutional Class		5,829,180			77,761,267			1,890,146			26,598,582
					89,101,004						31,812,737
Payment for shares redeemed
Class A		(1,064,799	)		(15,047,007	)		(985,474	)		(13,604,809	)
Class B		(9,306	)		(111,588	)		(27,816	)		(338,489	)
Class C		(62,006	)		(723,428	)		(109,981	)		(1,352,148	)
Administrator Class		(599,000	)		(8,356,802	)		(2,689,608	)		(37,603,302	)
Institutional Class		(6,618,237	)		(92,905,507	)		(8,839,212	)		(124,313,851	)
					(117,144,332	)					(177,212,599	)
Net increase in net assets resulting from capital share transactions					26,344,211						4,751,565
Total increase (decrease) in net assets					(36,718,166	)					87,612,511
Net assets
Beginning of period					715,765,374						628,152,863
End of period				$	679,047,208					$	715,765,374
Undistributed (accumulated) net investment income (loss)				$	(453,974	)				$	0

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

Financial highlights Wells Fargo Advantage Endeavor Select Fund 13

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS A				2014			2013			2012			2011			2010
Net asset value, beginning of period		$14.13			$12.52			$10.45			$10.12			$8.12			$7.25
Net investment income (loss)		(0.04	)1		(0.09	)1		0.00	1,2		(0.05	)1		(0.05	)1		(0.04	)1
Net realized and unrealized gains (losses) on investments		0.63			2.37			2.07			0.38			2.05			0.91
Total from investment operations		0.59			2.28			2.07			0.33			2.00			0.87
Distributions to shareholders from
Net realized gains		(1.96	)		(0.67	)		0.00			0.00			0.00			0.00
Net asset value, end of period		$12.76			$14.13			$12.52			$10.45			$10.12			$8.12
Total return3		4.14	%		18.40	%		19.81	%		3.26	%		24.63	%		12.00	%
Ratios to average net assets (annualized)
Gross expenses		1.23	%		1.25	%		1.26	%		1.23	%		1.23	%		1.28	%
Net expenses		1.23	%		1.24	%		1.25	%		1.23	%		1.23	%		1.25	%
Net investment income (loss)		(0.50	)%		(0.66	)%		0.03	%		(0.49	)%		(0.52	)%		(0.51	)%
Supplemental data
Portfolio turnover rate		38	%		100	%		97	%		94	%		100	%		139	%
Net assets, end of period (000s omitted)	$	29,229		$	41,708		$	44,041		$	47,233		$	94,704		$	125,266

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

14 Wells Fargo Advantage Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS B				2014			2013			2012			2011			2010
Net asset value, beginning of period		$12.60			$11.31			$9.51			$9.28			$7.50			$6.75
Net investment loss		(0.08	)1		(0.17	)1		(0.07	)1		(0.11	)1		(0.11	)1		(0.09	)1
Net realized and unrealized gains (losses) on investments		0.56			2.13			1.87			0.34			1.89			0.84
Total from investment operations		0.48			1.96			1.80			0.23			1.78			0.75
Distributions to shareholders from
Net realized gains		(1.96	)		(0.67	)		0.00			0.00			0.00			0.00
Net asset value, end of period		$11.12			$12.60			$11.31			$9.51			$9.28			$7.50
Total return2		3.66	%		17.50	%		18.93	%		2.48	%		23.73	%		11.11	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		2.00	%		2.00	%		1.98	%		1.98	%		2.02	%
Net expenses		1.99	%		1.99	%		2.00	%		1.98	%		1.98	%		2.00	%
Net investment loss		(1.24	)%		(1.41	)%		(0.67	)%		(1.24	)%		(1.26	)%		(1.25	)%
Supplemental data
Portfolio turnover rate		38	%		100	%		97	%		94	%		100	%		139	%
Net assets, end of period (000s omitted)	$	145		$	248		$	495		$	1,095		$	1,633		$	2,622

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Endeavor Select Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS C				2014			2013			2012			2011			2010
Net asset value, beginning of period		$12.61			$11.32			$9.51			$9.28			$7.50			$6.75
Net investment loss		(0.08	)1		(0.17	)1		(0.07	)1		(0.11	)1		(0.11	)1		(0.09	)1
Net realized and unrealized gains (losses) on investments		0.55			2.13			1.88			0.34			1.89			0.84
Total from investment operations		0.47			1.96			1.81			0.23			1.78			0.75
Distributions to shareholders from
Net realized gains		(1.96	)		(0.67	)		0.00			0.00			0.00			0.00
Net asset value, end of period		$11.12			$12.61			$11.32			$9.51			$9.28			$7.50
Total return2		3.65	%		17.60	%		18.93	%		2.48	%		23.73	%		11.11	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		2.00	%		2.01	%		1.98	%		1.98	%		2.03	%
Net expenses		1.99	%		1.99	%		2.00	%		1.98	%		1.98	%		2.00	%
Net investment loss		(1.27	)%		(1.41	)%		(0.72	)%		(1.25	)%		(1.27	)%		(1.26	)%
Supplemental data
Portfolio turnover rate		38	%		100	%		97	%		94	%		100	%		139	%
Net assets, end of period (000s omitted)	$	6,847		$	6,747		$	6,320		$	6,199		$	7,448		$	7,825

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Advantage Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			2010
Net asset value, beginning of period		$14.45			$12.78			$10.63			$10.26			$8.22			$7.34
Net investment income (loss)		(0.02	)1		(0.06	)1		0.03	1		(0.03	)1		(0.03	)1		(0.02	)1
Net realized and unrealized gains (losses) on investments		0.63			2.42			2.12			0.40			2.07			0.91
Total from investment operations		0.61			2.36			2.15			0.37			2.04			0.89
Distributions to shareholders from
Net investment income		0.00			(0.02	)		0.00			0.00			0.00			(0.01	)
Net realized gains		(1.96	)		(0.67	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.96	)		(0.69	)		0.00			0.00			0.00			(0.01	)
Net asset value, end of period		$13.10			$14.45			$12.78			$10.63			$10.26			$8.22
Total return2		4.18	%		18.77	%		20.13	%		3.51	%		24.94	%		12.16	%
Ratios to average net assets (annualized)
Gross expenses		1.07	%		1.06	%		1.08	%		1.07	%		1.07	%		1.10	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		(0.28	)%		(0.42	)%		0.23	%		(0.27	)%		(0.29	)%		(0.26	)%
Supplemental data
Portfolio turnover rate		38	%		100	%		97	%		94	%		100	%		139	%
Net assets, end of period (000s omitted)	$	45,843		$	48,560		$	68,611		$	57,533		$	232,954		$	223,320

¹ Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Endeavor Select Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			2010
Net asset value, beginning of period		$14.65			$12.95			$10.75			$10.37			$8.28			$7.39
Net investment income (loss)		(0.01	)		(0.03	)1		0.06	1		(0.01	)1		(0.01	)1		(0.01	)1
Net realized and unrealized gains (losses) on investments		0.65			2.45			2.14			0.39			2.10			0.93
Total from investment operations		0.64			2.42			2.20			0.38			2.09			0.92
Distributions to shareholders from
Net investment income		0.00			(0.05	)		0.00			0.00			0.00			(0.03	)
Net realized gains		(1.96	)		(0.67	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.96	)		(0.72	)		0.00			0.00			0.00			(0.03	)
Net asset value, end of period		$13.33			$14.65			$12.95			$10.75			$10.37			$8.28
Total return2		4.33	%		18.98	%		20.37	%		3.66	%		25.24	%		12.41	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.82	%		0.83	%		0.80	%		0.80	%		0.83	%
Net expenses		0.80	%		0.80	%		0.80	%		0.79	%		0.80	%		0.80	%
Net investment income (loss)		(0.08	)%		(0.22	)%		0.50	%		(0.06	)%		(0.08	)%		(0.07	)%
Supplemental data
Portfolio turnover rate		38	%		100	%		97	%		94	%		100	%		139	%
Net assets, end of period (000s omitted)	$	596,984		$	618,502		$	508,685		$	735,633		$	853,494		$	933,587

¹  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

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

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).

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 primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles are fair valued at net asset value.

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

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

Security loans

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

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

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”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

n 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.

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	179,936,482	$	0	$	0	$	179,936,482
Consumer staples		16,490,185		0		0		16,490,185
Energy		16,558,300		0		0		16,558,300
Financials		33,085,913		0		0		33,085,913
Health care		105,384,536		0		0		105,384,536
Industrials		41,275,833		0		0		41,275,833
Information technology		205,833,305		0		0		205,833,305
Materials		14,016,024		0		0		14,016,024
Telecommunication services		22,614,009		0		0		22,614,009
Short-term investments
Investment companies		27,995,586		0		0		27,995,586
Total assets	$	663,190,173	$	0	$	0	$	663,190,173

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.475% as the average daily net assets of the Fund increase. Prior to December 1, 2014, Funds Management was entitled to receive an annual advisory fee which started at 0.65% and declined to 0.55% as the average daily net assets of the Fund increased. For the six months ended January 31, 2015, the advisory fee was equivalent to an annual rate of 0.64% 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, 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 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class B, Class C	0.26%
Administrator Class	0.10
Institutional Class	0.08

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

Funds Management has contractually waived and/or reimbursed advisory 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, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.25% for Class A shares, 2.00% for Class B shares, 2.00% for Class C shares, 1.00% for Administrator Class shares, and 0.80% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution 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 shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended January 31, 2015, Funds Distributor received $2,040 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2015 were $269,197,881 and $372,635,012, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 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 0.10% of the unused balance is allocated to each participating fund. For the six months ended January 31, 2015, the Fund paid $533 in commitment fees.

During the six months ended January 31, 2015, the Fund had average borrowings outstanding of $81,277 (on an annualized basis) at a rate of 1.41% and paid interest in the amount of $1,146.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

22 Wells Fargo Advantage Endeavor Select Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Endeavor Select Fund 23

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong 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. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	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 thereto, 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 Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	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 Delux 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. Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research 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
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

24 Wells Fargo Advantage Endeavor Select Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. 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	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. Senior Vice President and Secretary of Wells Fargo Funds Management , LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 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 wellsfargoadvantagefunds.com.

List of abbreviations Wells Fargo Advantage Endeavor Select Fund 25

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.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 Wells Fargo Advantage Funds. 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 wellsfargoadvantagefunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage 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/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

231598 03-15

SA205/SAR205 01-15

Wells Fargo Advantage Growth Fund

Semi-Annual Report

January 31, 2015

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Other information	25
List of abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2015, 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 Advantage 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 Advantage Growth Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Growth Fund for the six-month period that ended January 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. stocks for the reporting period (as measured by the S&P 500 Index¹); in contrast, many economies and markets elsewhere in the world faced ongoing challenges.

Positive U.S. economic data, but increased tensions abroad, led to heightened volatility during the third quarter of 2014.

When the reporting period began on August 1, 2014, the U.S. stock market was experiencing a series of surges interrupted by bouts of volatility as interest-rate concerns in the U.S. and increased tensions abroad triggered heightened investor uncertainty. An escalating Russia/Ukraine situation and a growing perception that the U.S. Federal Reserve (Fed) would raise short-term interest rates sooner than expected caused investors to pull back near the end of July. As a result, the S&P 500 Index dropped into negative territory for July’s monthly return. However, August brought a bounce-back; the S&P 500 Index delivered its largest monthly gain since February 2014 on a string of positive economic news, led by an upwardly revised 4.2% estimate of second-quarter 2014 gross domestic product (GDP) growth. Then, in September, stock market volatility increased as positive economic data became overshadowed at times by growing discomfort over escalating tensions in Ukraine and the Middle East. Slowing growth in Europe and China also concerned investors. Ultimately, U.S. stocks ended the third quarter up slightly overall, buoyed largely by another upward revision of second-quarter GDP growth to 4.6%. Strong corporate earnings also contributed to market gains.

The fourth quarter of 2014 brought continued improvement in the U.S.; international economies remained challenged.

Strong fourth-quarter results by the U.S. stock market helped the S&P 500 Index deliver more than 50 record closes in 2014. The last several, in December, were spurred by investor optimism following Fed Chair Janet Yellen’s comment that the Fed would be patient in its timing of an interest-rate increase. U.S. stocks also were boosted by positive economic data. November’s 5.8% unemployment rate was down from 7.0% a year earlier, and the number of jobs being added continued to expand, keeping U.S. employers on pace to hire nearly three million workers during 2014. In addition, the U.S. economy’s third-quarter growth rate was revised upward during the quarter, to 5.0%—its fastest pace in 11 years. Meanwhile, U.S. companies continued to report strong earnings. The steadily brightening U.S. economy energized consumers, who were further buoyed by much lower prices at the gasoline pump. During the fourth quarter, gasoline prices fell to their lowest levels in five years, according to the American Automobile Association.

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges. In China, where growth had been slowing for some time, government regulators in December announced changes being made in an effort to stimulate growth. In Japan, which slid back into recession in the third quarter of 2014, Prime Minister Abe gained approval in late December for roughly $29 billion in fresh stimulus to help the economy. In the eurozone, growth remained sluggish, and member countries continued to face an environment of low demand, high unemployment, and weak business investment. This situation

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.

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

was exacerbated in December by renewed concerns about Greece after its parliament failed to avert a general election that could jeopardize the terms of the country’s financial agreement with its international creditors. In Russia, the economy contracted for the first time since October 2009 as the country struggled under the weight of slumping oil prices, international sanctions, and massive outflows of capital.

Market volatility increased in January 2015.

Markets fluctuated in January as investors reacted to geopolitical developments and new economic data. Mid-month, the World Bank lowered its outlook for global growth based on deepening problems in the eurozone and emerging markets, stating that a strengthening U.S. economy could not, by itself, support the global economy. Later in January, Greek voters gave control of their government to opposition party Syriza, which promised to end austerity and insisted that Greece’s massive debt be renegotiated. In the U.S., various data released in January, such as consumer confidence and December’s jobless rate, showed improvement. On the last trading day of the month, however, investors learned that fourth-quarter 2014 U.S. economic growth was estimated at 2.6%, which was below consensus and lower than the 4.6% and 5.0% growth rates, respectively, for the second and third quarters of 2014.

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 Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

4 Wells Fargo Advantage Growth Fund Performance highlights (unaudited)

The Fund is currently closed to most new investors¹.

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Joseph M. Eberhardy, CFA, CPA

Average annual total returns (%) as of January 31, 2015

		Including sales charge							Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year			5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (SGRAX)2	2-24-2000		(1.03	)		16.73		10.92		5.01		18.11		11.58		1.18		1.18
Class C (WGFCX)	12-26-2002		3.22			17.25		10.78		4.22		17.25		10.78		1.93		1.93
Administrator Class (SGRKX)	8-30-2002		–			–		–		5.22		18.41		11.91		1.02		0.96
Institutional Class (SGRNX)	2-24-2000		–			–		–		5.45		18.64		12.09		0.75		0.75
Investor Class (SGROX)	12-31-1993		–			–		–		4.94		18.04		11.46		1.24		1.24
Russell 3000® Growth Index5	–		–			–		–		13.80		16.55		8.70		–		–

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, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class, and Investor 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 Advantage Growth Fund 5

Ten largest equity holdings6 (%) as of January 31, 2015
Alexion Pharmaceuticals Incorporated	2.99
Union Pacific Corporation	2.80
Google Incorporated Class A	2.46
Dollar Tree Incorporated	2.42
Apple Incorporated	2.40
Microchip Technology Incorporated	2.18
Biogen Idec Incorporated	2.06
Facebook Incorporated Class A	2.03
Alliance Data Systems Corporation	2.01
Google Incorporated Class C	2.00

Sector distribution⁷ as of January 31, 2015

¹  Please see the Fund’s current Statement of Additional Information for further details.

²  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.

³  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 Adviser has committed through November 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.21% for Class A, 1.96% for Class C, 0.96% for Administrator Class, 0.75% for Institutional Class, and 1.27% for Investor 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 cap. Without this cap, the Fund’s returns would have been lower.

⁵  The Russell 3000^® Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁶  The ten largest equity holdings are calculated based on the value of the securities 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 percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage 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 service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2014 to January 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2014		Ending account value 1-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,050.70	$	6.10		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.26	$	6.01		1.18	%
Class C
Actual	$	1,000.00	$	1,046.71	$	9.96		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.48	$	9.80		1.93	%
Administrator Class
Actual	$	1,000.00	$	1,051.84	$	4.96		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,053.15	$	3.88		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Investor Class
Actual	$	1,000.00	$	1,050.48	$	6.41		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.95	$	6.31		1.24	%

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Growth Fund 7

Security name	Shares		Value
Common Stocks: 99.16%
Consumer Discretionary: 18.80%
Auto Components: 0.70%
BorgWarner Incorporated		166,690	$	9,002,927
Delphi Automotive plc		912,510		62,716,812
				71,719,739
Distributors: 1.85%
LKQ Corporation †		7,340,000		189,445,400
Diversified Consumer Services: 1.64%
Grand Canyon Education Incorporated †(l)		3,820,371		167,408,657
Hotels, Restaurants & Leisure: 3.15%
Chipotle Mexican Grill Incorporated †		197,160		139,952,054
Fiesta Restaurant Group Incorporated †		68,083		4,021,663
Starbucks Corporation		2,037,510		178,343,250
				322,316,967
Internet & Catalog Retail: 1.96%
Amazon.com Incorporated †		353,910		125,471,712
RetailMeNot Incorporated †«		1,313,800		20,403,314
The Priceline Group Incorporated †		54,050		54,562,394
				200,437,420
Media: 1.04%
The Walt Disney Company		1,164,100		105,886,536
Multiline Retail: 2.50%
Burlington Stores Incorporated †		152,000		7,583,280
Dollar Tree Incorporated †		3,482,320		247,592,952
				255,176,232
Specialty Retail: 5.31%
Boot Barn Holdings Incorporated †		57,300		1,156,314
Cabela’s Incorporated †		878,940		48,297,753
CarMax Incorporated †		2,901,800		180,201,780
Five Below Incorporated †(l)«		3,485,130		116,124,532
Tractor Supply Company		2,422,700		196,650,559
				542,430,938
Textiles, Apparel & Luxury Goods: 0.65%
Under Armour Incorporated Class A †		929,210		66,977,457
Consumer Staples: 4.43%
Food & Staples Retailing: 3.83%
Costco Wholesale Corporation		667,940		95,508,741
Sprouts Farmers Market Incorporated †		5,312,319		193,421,535
United Natural Foods Incorporated †		1,330,000		102,782,400
				391,712,676

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

8 Wells Fargo Advantage Growth Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Personal Products: 0.60%
Estee Lauder Companies Incorporated Class A		864,410	$	61,018,702
Energy: 3.82%
Energy Equipment & Services: 0.09%
Oil States International Incorporated		239,000		9,815,730
Oil, Gas & Consumable Fuels: 3.73%
Concho Resources Incorporated †		1,568,260		173,841,621
Memorial Resource Development Corporation †		1,483,000		28,399,450
Oasis Petroleum Incorporated †		1,242,300		16,696,512
Parsley Energy Incorporated Class A †		1,081,069		18,129,527
Pioneer Natural Resources Company		881,000		132,616,930
Whiting Petroleum Corporation †		373,000		11,197,460
				380,881,500
Financials: 5.49%
Capital Markets: 2.56%
Financial Engines Incorporated «		2,267,460		81,401,814
TD Ameritrade Holding Corporation		5,546,020		179,635,588
				261,037,402
Consumer Finance: 1.60%
American Express Company		2,031,570		163,927,383
Diversified Financial Services: 1.33%
MarketAxess Holdings Incorporated		1,788,060		135,838,918
Health Care: 21.20%
Biotechnology: 11.96%
Alexion Pharmaceuticals Incorporated †		1,666,490		305,367,628
Biogen Idec Incorporated †		541,640		210,784,622
BioMarin Pharmaceutical Incorporated †		21,230		2,062,707
Celgene Corporation †		1,546,940		184,333,370
Gilead Sciences Incorporated †		1,262,320		132,329,006
Medivation Incorporated †		776,320		84,479,142
NPS Pharmaceuticals Incorporated †		1,441,175		66,092,286
Regeneron Pharmaceuticals Incorporated †		474,490		197,701,003
Spark Therapeutics Incorporated †		17,040		391,920
Synageva BioPharma Corporation †«		340,000		39,174,800
				1,222,716,484
Health Care Equipment & Supplies: 0.68%
Medtronic plc		982,472		70,148,475
Health Care Providers & Services: 3.34%
AmerisourceBergen Corporation		1,288,070		122,431,054
Catamaran Corporation †		2,593,350		129,434,099
Envision Healthcare Holdings Incorporated †		2,596,690		89,274,202
				341,139,355

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Growth Fund 9

Security name	Shares		Value
Health Care Technology: 2.37%
Cerner Corporation †		2,955,920	$	196,125,292
Veeva Systems Incorporated Class A †«		1,591,900		45,783,044
				241,908,336
Life Sciences Tools & Services: 1.33%
Mettler-Toledo International Incorporated †		380,780		115,738,081
Quintiles Transnational Holdings Incorporated †		335,640		20,306,220
				136,044,301
Pharmaceuticals: 1.52%
Jazz Pharmaceuticals plc †		23,740		4,020,132
Pacira Pharmaceuticals Incorporated †		315,500		33,868,925
Perrigo Company plc		771,750		117,105,345
				154,994,402
Industrials: 11.64%
Aerospace & Defense: 0.71%
The Boeing Company		184,350		26,798,960
United Technologies Corporation		393,410		45,155,600
				71,954,560
Air Freight & Logistics: 0.91%
United Parcel Service Incorporated Class B		944,270		93,331,647
Building Products: 0.50%
A.O. Smith Corporation		860,000		51,092,600
Commercial Services & Supplies: 0.90%
Tyco International plc		340,580		13,899,070
Waste Connections Incorporated		1,806,400		78,072,608
				91,971,678
Industrial Conglomerates: 0.15%
Danaher Corporation		182,470		15,031,879
Machinery: 0.47%
Flowserve Corporation		227,380		12,389,936
ITT Corporation		993,500		35,577,235
				47,967,171
Professional Services: 0.28%
Paylocity Holding Corporation †		1,230,855		28,998,944
Road & Rail: 7.72%
Genesee & Wyoming Incorporated Class A †		1,984,990		163,662,426
Kansas City Southern		1,541,346		169,686,781
Norfolk Southern Corporation		1,663,570		169,634,233
Union Pacific Corporation		2,438,530		285,820,101
				788,803,541

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

10 Wells Fargo Advantage Growth Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Information Technology: 31.17%
Communications Equipment: 0.91%
QUALCOMM Incorporated		1,479,520	$	92,410,819
Internet Software & Services: 13.58%
Akamai Technologies Incorporated †		3,007,500		174,901,163
CoStar Group Incorporated †		633,030		116,800,365
Demandware Incorporated †		615,350		32,958,146
Envestnet Incorporated †(l)		2,547,460		131,117,766
Everyday Health Incorporated †		159,274		2,210,723
Facebook Incorporated Class A †		2,738,410		207,872,703
Google Incorporated Class A †		468,000		251,573,400
Google Incorporated Class C †		382,200		204,293,544
HomeAway Incorporated †		4,105,340		104,645,117
New Relic Incorporated †		158,446		4,921,333
Pandora Media Incorporated †		5,541,000		91,980,600
Shutterstock Incorporated †«		1,154,928		65,010,897
				1,388,285,757
IT Services: 5.88%
Alliance Data Systems Corporation †		710,603		205,243,464
MasterCard Incorporated Class A		2,452,650		201,190,880
Vantiv Incorporated Class A †		1,271,690		43,733,419
Visa Incorporated Class A		592,660		151,074,961
				601,242,724
Semiconductors & Semiconductor Equipment: 2.57%
Microchip Technology Incorporated «		4,939,080		222,752,508
Silicon Laboratories Incorporated †		908,797		39,768,957
				262,521,465
Software: 5.70%
Adobe Systems Incorporated †		164,000		11,501,320
Fleetmatics Group plc †«		1,408,500		49,874,985
Fortinet Incorporated †		529,000		15,814,455
Paycom Software Incorporated †		1,736,657		45,448,314
Proofpoint Incorporated †		123,000		6,174,755
Salesforce.com Incorporated †		1,069,330		60,363,679
ServiceNow Incorporated †		1,293,000		94,259,700
SolarWinds Incorporated †		863,000		41,553,450
Splunk Incorporated †		1,392,750		71,935,538
Synchronoss Technologies Incorporated †		430,000		18,262,100
Tableau Software Incorporated Class A †		729,040		58,877,270
Ultimate Software Group Incorporated †		593,700		87,873,537
VMware Incorporated †		271,000		20,894,100
				582,833,203
Technology Hardware, Storage & Peripherals: 2.53%
Apple Incorporated		2,097,400		245,731,384
Stratasys Limited †«		166,930		13,269,266
				259,000,650

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Growth Fund 11

Security name				Shares		Value
Materials: 2.61%
Chemicals: 2.61%
Airgas Incorporated					627,140	$	70,641,050
Monsanto Company					278,560		32,864,509
Praxair Incorporated					1,354,280		163,312,620
							266,818,179
Total Common Stocks (Cost $6,539,085,121)							10,135,247,827
	Yield
Short-Term Investments: 2.85%
Investment Companies: 2.85%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.13	%		203,031,615		203,031,615
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10			87,982,138		87,982,138
Total Short-Term Investments (Cost $291,013,753)							291,013,753

Total investments in securities (Cost $6,830,098,874) *	102.01	%		10,426,261,580
Other assets and liabilities, net	(2.01	)		(205,004,739	)
Total net assets	100.00	%	$	10,221,256,841

† Non-income-earning security

(l) The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

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

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

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

* Cost for federal income tax purposes is $6,866,929,948 and unrealized gains (losses) consists of:

Gross unrealized gains	$	3,760,445,361
Gross unrealized losses		(201,113,729	)
Net unrealized gains	$	3,559,331,632

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

12 Wells Fargo Advantage Growth Fund Statement of assets and liabilities—January 31, 2015 (unaudited)

Assets
Investments
In unaffiliated securities (including $198,569,793 of securities loaned), at value (cost $6,140,826,043)	$	9,720,596,872
In affiliated securities, at value (cost $689,272,831)		705,664,708
Total investments, at value (cost $6,830,098,874)		10,426,261,580
Receivable for investments sold		93,713,492
Receivable for Fund shares sold		10,315,724
Receivable for dividends		980,306
Receivable for securities lending income		61,580
Prepaid expenses and other assets		116,427
Total assets		10,531,449,109
Liabilities
Payable for investments purchased		78,239,272
Payable for Fund shares redeemed		19,411,372
Payable upon receipt of securities loaned		203,031,615
Advisory fee payable		5,447,063
Distribution fee payable		315,397
Administration fees payable		1,944,531
Accrued expenses and other liabilities		1,803,018
Total liabilities		310,192,268
Total net assets	$	10,221,256,841
NET ASSETS CONSIST OF
Paid-in capital	$	6,405,060,207
Accumulated net investment loss		(41,711,090	)
Accumulated net realized gains on investments		261,745,018
Net unrealized gains on investments		3,596,162,706
Total net assets	$	10,221,256,841
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,544,008,485
Shares outstanding – Class A1		34,143,216
Net asset value per share – Class A		$45.22
Maximum offering price per share – Class A2		$47.98
Net assets – Class C	$	474,053,883
Shares outstanding – Class C1		11,615,916
Net asset value per share – Class C		$40.81
Net assets – Administrator Class	$	2,475,741,366
Shares outstanding – Administrator Class1		51,328,994
Net asset value per share – Administrator Class		$48.23
Net assets – Institutional Class	$	3,630,069,087
Shares outstanding – Institutional Class1		72,409,745
Net asset value per share – Institutional Class		$50.13
Net assets – Investor Class	$	2,097,384,020
Shares outstanding – Investor Class1		46,577,275
Net asset value per share – Investor Class		$45.03

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2015 (unaudited) Wells Fargo Advantage Growth Fund 13

Investment income
Dividends	$	26,891,779
Securities lending income, net		1,076,292
Income from affiliated securities		35,320
Total investment income		28,003,391
Expenses
Advisory fee		33,855,972
Administration fees
Fund level		2,414,284
Class A		2,321,958
Class C		680,637
Administrator Class		1,373,418
Institutional Class		1,500,666
Investor Class		3,549,674
Shareholder servicing fees
Class A		2,232,652
Class C		654,459
Administrator Class		3,433,544
Investor Class		2,769,567
Distribution fee
Class C		1,963,376
Custody and accounting fees		276,766
Professional fees		20,637
Registration fees		49,480
Shareholder report expenses		235,980
Trustees’ fees and expenses		5,199
Other fees and expenses		94,774
Total expenses		57,433,043
Less: Fee waivers and/or expense reimbursements		(853,880	)
Net expenses		56,579,163
Net investment loss		(28,575,772	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		629,656,993
Affiliated securities		(763,906	)
Net realized gains on investments		628,893,087
Net change in unrealized gains (losses) on:
Unaffiliated securities		(72,341,634	)
Affiliated securities		22,756,067
Net change in unrealized gains (losses) on investments		(49,585,567	)
Net realized and unrealized gains (losses) on investments		579,307,520
Net increase in net assets resulting from operations	$	550,731,748

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

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

	Six months ended January 31, 2015 (unaudited)						Year ended July 31, 2014
Operations
Net investment loss				$	(28,575,772	)				$	(62,366,268	)
Net realized gains on investments					628,893,087						1,343,449,019
Net change in unrealized gains (losses) on investments					(49,585,567	)					(75,757,847	)
Net increase in net assets resulting from operations					550,731,748						1,205,324,904
Distributions to shareholders from
Net realized gains
Class A					(231,582,982	)					(89,729,152	)
Class C					(75,250,933	)					(23,545,922	)
Administrator Class					(343,165,486	)					(118,713,858	)
Institutional Class					(470,228,817	)					(93,848,760	)
Investor Class					(300,177,941	)					(85,239,966	)
Total distributions to shareholders					(1,420,406,159	)					(411,077,658	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,804,075			86,656,811			6,002,013			300,443,610
Class C		563,650			23,357,835			807,695			37,350,141
Administrator Class		4,963,939			256,284,989			14,056,652			739,933,638
Institutional Class		21,034,774			1,142,541,002			15,992,448			869,345,348
Investor Class		809,589			39,337,169			3,721,720			184,011,064
					1,548,177,806						2,131,083,801
Reinvestment of distributions
Class A		4,653,340			208,236,915			1,674,679			83,231,553
Class C		1,331,646			53,838,455			351,793			16,150,797
Administrator Class		6,824,589			325,601,160			2,144,767			112,428,674
Institutional Class		9,196,950			455,984,759			1,666,975			90,150,024
Investor Class		6,596,023			293,918,763			1,690,907			83,784,433
					1,337,580,052						385,745,481
Payment for shares redeemed
Class A		(13,274,180	)		(659,495,872	)		(19,450,696	)		(960,828,794	)
Class C		(2,475,695	)		(112,260,113	)		(2,539,818	)		(116,715,446	)
Administrator Class		(24,091,160	)		(1,249,034,883	)		(19,888,444	)		(1,043,440,117	)
Institutional Class		(12,378,684	)		(673,004,730	)		(15,421,161	)		(835,534,173	)
Investor Class		(6,131,506	)		(301,068,089	)		(9,522,188	)		(470,424,557	)
					(2,994,863,687	)					(3,426,943,087	)
Net decrease in net assets resulting from capital share transactions					(109,105,829	)					(910,113,805	)
Total decrease in net assets					(978,780,240	)					(115,866,559	)
Net assets
Beginning of period					11,200,037,081						11,315,903,640
End of period				$	10,221,256,841					$	11,200,037,081
Accumulated net investment loss				$	(41,711,090	)				$	(13,135,318	)

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

Financial highlights Wells Fargo Advantage Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS A				2014			2013			2012			2011			2010
Net asset value, beginning of period		$49.99			$46.74			$37.85			$35.88			$26.10			$21.13
Net investment loss		(0.17	)1		(0.32	)1		(0.17	)1		(0.21	)1		(0.27	)1		(0.16	)1
Net realized and unrealized gains (losses) on investments		2.63			5.34			9.06			2.65			10.05			5.13
Total from investment operations		2.46			5.02			8.89			2.44			9.78			4.97
Distributions to shareholders from
Net realized gains		(7.23	)		(1.77	)		0.00			(0.47	)		0.00			0.00
Net asset value, end of period		$45.22			$49.99			$46.74			$37.85			$35.88			$26.10
Total return2		5.07	%		10.77	%		23.49	%		6.93	%		37.43	%		23.52	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.18	%		1.19	%		1.20	%		1.24	%		1.31	%
Net expenses		1.18	%		1.18	%		1.19	%		1.20	%		1.24	%		1.30	%
Net investment loss		(0.66	)%		(0.64	)%		(0.41	)%		(0.56	)%		(0.81	)%		(0.64	)%
Supplemental data
Portfolio turnover rate		15	%		42	%		38	%		47	%		54	%		72	%
Net assets, end of period (000s omitted)		$1,544,008			$2,047,410			$2,464,533			$2,265,845			$1,204,675			$163,485

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Advantage Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS C				2014			2013			2012			2011			2010
Net asset value, beginning of period		$45.95			$43.41			$35.42			$33.86			$24.81			$20.24
Net investment loss		(0.33	)1		(0.64	)1		(0.45	)1		(0.46	)1		(0.51	)1		(0.34	)1
Net realized and unrealized gains (losses) on investments		2.42			4.95			8.44			2.49			9.56			4.91
Total from investment operations		2.09			4.31			7.99			2.03			9.05			4.57
Distributions to shareholders from
Net realized gains		(7.23	)		(1.77	)		0.00			(0.47	)		0.00			0.00
Net asset value, end of period		$40.81			$45.95			$43.41			$35.42			$33.86			$24.81
Total return2		4.67	%		9.96	%		22.56	%		6.12	%		36.44	%		22.58	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.93	%		1.94	%		1.95	%		1.99	%		2.06	%
Net expenses		1.93	%		1.93	%		1.94	%		1.95	%		1.99	%		2.05	%
Net investment loss		(1.42	)%		(1.39	)%		(1.16	)%		(1.32	)%		(1.57	)%		(1.40	)%
Supplemental data
Portfolio turnover rate		15	%		42	%		38	%		47	%		54	%		72	%
Net assets, end of period (000s omitted)		$474,054			$560,481			$589,402			$525,285			$233,114			$14,737

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			2010
Net asset value, beginning of period		$52.80			$49.16			$39.72			$37.54			$27.24			$21.98
Net investment loss		(0.12	)1		(0.23	)		(0.08	)1		(0.13	)1		(0.18	)1		(0.08	)1
Net realized and unrealized gains (losses) on investments		2.78			5.64			9.52			2.78			10.48			5.34
Total from investment operations		2.66			5.41			9.44			2.65			10.30			5.26
Distributions to shareholders from
Net realized gains		(7.23	)		(1.77	)		0.00			(0.47	)		0.00			0.00
Net asset value, end of period		$48.23			$52.80			$49.16			$39.72			$37.54			$27.24
Total return2		5.18	%		11.04	%		23.77	%		7.15	%		37.81	%		23.93	%
Ratios to average net assets (annualized)
Gross expenses		1.02	%		1.02	%		1.03	%		1.03	%		1.08	%		1.13	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.45	)%		(0.42	)%		(0.18	)%		(0.33	)%		(0.51	)%		(0.29	)%
Supplemental data
Portfolio turnover rate		15	%		42	%		38	%		47	%		54	%		72	%
Net assets, end of period (000s omitted)		$2,475,741			$3,359,480			$3,309,683			$2,984,775			$1,339,245			$414,489

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			2010
Net asset value, beginning of period		$54.54			$50.63			$40.83			$38.49			$27.88			$22.46
Net investment income (loss)		(0.07	)1		(0.13	)		0.01	1		(0.05	)1		(0.12	)1		(0.03	)1
Net realized and unrealized gains (losses) on investments		2.89			5.81			9.79			2.86			10.73			5.45
Total from investment operations		2.82			5.68			9.80			2.81			10.61			5.42
Distributions to shareholders from
Net realized gains		(7.23	)		(1.77	)		0.00			(0.47	)		0.00			0.00
Net asset value, end of period		$50.13			$54.54			$50.63			$40.83			$38.49			$27.88
Total return2		5.32	%		11.26	%		24.03	%		7.37	%		38.06	%		24.13	%
Ratios to average net assets (annualized)
Gross expenses		0.75	%		0.75	%		0.76	%		0.77	%		0.81	%		0.86	%
Net expenses		0.75	%		0.75	%		0.75	%		0.76	%		0.80	%		0.80	%
Net investment income (loss)		(0.25	)%		(0.21	)%		0.02	%		(0.13	)%		(0.35	)%		(0.12	)%
Supplemental data
Portfolio turnover rate		15	%		42	%		38	%		47	%		54	%		72	%
Net assets, end of period (000s omitted)		$3,630,069			$2,975,721			$2,649,095			$2,312,074			$992,748			$367,360

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INVESTOR CLASS				2014			2013			2012			2011			2010
Net asset value, beginning of period		$49.82	��		$46.61			$37.77			$35.83			$26.09			$21.14
Net investment loss		(0.18	)1		(0.43	)		(0.19	)1		(0.23	)1		(0.28	)1		(0.17	)1
Net realized and unrealized gains (losses) on investments		2.62			5.41			9.03			2.64			10.02			5.12
Total from investment operations		2.44			4.98			8.84			2.41			9.74			4.95
Distributions to shareholders from
Net realized gains		(7.23	)		(1.77	)		0.00			(0.47	)		0.00			0.00
Net asset value, end of period		$45.03			$49.82			$46.61			$37.77			$35.83			$26.09
Total return2		5.05	%		10.71	%		23.40	%		6.85	%		37.29	%		23.42	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.24	%		1.25	%		1.26	%		1.31	%		1.41	%
Net expenses		1.24	%		1.24	%		1.25	%		1.26	%		1.31	%		1.40	%
Net investment loss		(0.73	)%		(0.70	)%		(0.47	)%		(0.64	)%		(0.85	)%		(0.71	)%
Supplemental data
Portfolio turnover rate		15	%		42	%		38	%		47	%		54	%		72	%
Net assets, end of period (000s omitted)		$2,097,384			$2,256,945			$2,303,191			$2,207,964			$1,707,285			$941,660

¹  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time).

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 primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles are fair valued at net asset value.

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

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

Security loans

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

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statement of Operations.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2014, the Fund had a qualified late-year ordinary loss of $13,135,318 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	1,921,799,346	$	0	$	0	$	1,921,799,346
Consumer staples		452,731,378		0		0		452,731,378
Energy		390,697,230		0		0		390,697,230
Financials		560,803,703		0		0		560,803,703
Health care		2,166,951,353		0		0		2,166,951,353
Industrials		1,189,152,020		0		0		1,189,152,020
Information technology		3,186,294,618		0		0		3,186,294,618
Materials		266,818,179		0		0		266,818,179
Short-term investments
Investment companies		87,982,138		203,031,615		0		291,013,753
Total assets	$	10,223,229,965	$	203,031,615	$	0	$	10,426,261,580

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.75% and declining to 0.525% as the average daily net assets of the Fund increase. Prior to December 1, 2014, Funds Management was entitled to receive an annual advisory fee which started at 0.75% and declined to 0.55% as the average daily net assets of the Fund increased. For the six months ended January 31, 2015, the advisory fee was equivalent to an annual rate of 0.61% 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, 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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class C		0.26	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32

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

Funds Management has contractually waived and/or reimbursed advisory 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, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.21% for Class A shares, 1.96% for Class C shares, 0.96% for Administrator Class shares, 0.75% for Institutional Class shares, and 1.27% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2015, Funds Distributor received $14,023 from the sale of Class A shares and $1,330 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2015 were $1,595,371,702 and $3,166,518,946, respectively.

6. INVESTMENTS IN AFFILIATES

An affiliated investment is a company in 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 gains (losses)
Annie’s Incorporated*		909,470		0		909,470		0	$	0	$	0	$	222,642
Envestnet Incorporated		2,546,800		36,000		35,340		2,547,460		131,117,766		0		(15,365	)
Five Below Incorporated		3,193,226		422,000		130,096		3,485,130		116,124,532		0		(292,272	)
Fleetmatics Group plc*		2,214,300		0		805,800		1,408,500		49,874,985		0		(622,971	)
Grand Canyon Education Incorporated		2,459,000		1,431,000		69,629		3,820,371		167,408,657		0		(55,940	)
											$	0	$	(763,906	)

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 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 0.10% of the unused balance is allocated to each participating fund. For the six months ended January 31, 2015, the Fund paid $8,231 in commitment fees.

For the six months ended January 31, 2015, there were no borrowings by the Fund under the agreement.

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

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

Other information (unaudited) Wells Fargo Advantage Growth Fund 25

PROXY VOTING INFORMATION

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

26 Wells Fargo Advantage 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 Advantage family of funds, which consists of 134 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	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong 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. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	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 thereto, 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 Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	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 Delux 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. Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research 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 Advantage Growth Fund 27

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. 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	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. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 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 wellsfargoadvantagefunds.com.

28 Wells Fargo Advantage Growth Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.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 Wells Fargo Advantage Funds. 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 wellsfargoadvantagefunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage 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/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

231599 03-15 SA206/SAR206 01-15

Wells Fargo Advantage Intrinsic Value Fund

Semi-Annual Report

January 31, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	21
Other information	25
List of abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2015, 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 Advantage 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 Advantage Intrinsic Value Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Intrinsic Value Fund for the six-month period that ended January 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. stocks for the reporting period (as measured by the S&P 500 Index¹); in contrast, many economies and markets elsewhere in the world faced ongoing challenges.

Positive U.S. economic data, but increased tensions abroad, led to heightened volatility during the third quarter of 2014.

When the reporting period began on August 1, 2014, the U.S. stock market was experiencing a series of surges interrupted by bouts of volatility as interest-rate concerns in the U.S. and increased tensions abroad triggered heightened investor uncertainty. An escalating Russia/Ukraine situation and a growing perception that the U.S. Federal Reserve (Fed) would raise short-term interest rates sooner than expected caused investors to pull back near the end of July. As a result, the S&P 500 Index dropped into negative territory for July’s monthly return. However, August brought a bounce-back; the S&P 500 Index delivered its largest monthly gain since February 2014 on a string of positive economic news, led by an upwardly revised 4.2% estimate of second-quarter 2014 gross domestic product (GDP) growth. Then, in September, stock market volatility increased as positive economic data became overshadowed at times by growing discomfort over escalating tensions in Ukraine and the Middle East. Slowing growth in Europe and China also concerned investors. Ultimately, U.S. stocks ended the third quarter up slightly overall, buoyed largely by another upward revision of second-quarter GDP growth to 4.6%. Strong corporate earnings also contributed to market gains.

The fourth quarter of 2014 brought continued improvement in the U.S.; international economies remained challenged.

Strong fourth-quarter results by the U.S. stock market helped the S&P 500 Index deliver more than 50 record closes in 2014. The last several, in December, were spurred by investor optimism following Fed Chair Janet Yellen’s comment that the Fed would be patient in its timing of an interest-rate increase. U.S. stocks also were boosted by positive economic data. November’s 5.8% unemployment rate was down from 7.0% a year earlier, and the number of jobs being added continued to expand, keeping U.S. employers on pace to hire nearly three million workers during 2014. In addition, the U.S. economy’s third-quarter growth rate was revised upward during the quarter, to 5.0%—its fastest pace in 11 years. Meanwhile, U.S. companies continued to report strong earnings. The steadily brightening U.S. economy energized consumers, who were further buoyed by much lower prices at the gasoline pump. During the fourth quarter, gasoline prices fell to their lowest levels in five years, according to the American Automobile Association.

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges. In China, where growth had been slowing for some time, government regulators in December announced changes being made in an effort to stimulate growth. In Japan, which slid back into recession in the third quarter of 2014, Prime Minister Abe gained approval in late December for roughly $29 billion in fresh stimulus to help the economy. In the eurozone, growth remained sluggish, and member countries continued to face an environment of low demand, high unemployment, and weak business investment. This situation

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.

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

was exacerbated in December by renewed concerns about Greece after its parliament failed to avert a general election that could jeopardize the terms of the country’s financial agreement with its international creditors. In Russia, the economy contracted for the first time since October 2009 as the country struggled under the weight of slumping oil prices, international sanctions, and massive outflows of capital.

Market volatility increased in January 2015.

Markets fluctuated in January as investors reacted to geopolitical developments and new economic data. Mid-month, the World Bank lowered its outlook for global growth based on deepening problems in the eurozone and emerging markets, stating that a strengthening U.S. economy could not, by itself, support the global economy. Later in January, Greek voters gave control of their government to opposition party Syriza, which promised to end austerity and insisted that Greece’s massive debt be renegotiated. In the U.S., various data released in January, such as consumer confidence and December’s jobless rate, showed improvement. On the last trading day of the month, however, investors learned that fourth-quarter 2014 U.S. economic growth was estimated at 2.6%, which was below consensus and lower than the 4.6% and 5.0% growth rates, respectively, for the second and third quarters of 2014.

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 Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

4 Wells Fargo Advantage Intrinsic Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Metropolitan West Capital Management, LLC

Portfolio managers

Jeffrey Peck

Jean-Baptiste Nadal, CFA

Miguel. E. Giaconi, CFA

Average annual total returns¹ (%) as of January 31, 2015

		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 (EIVAX)	8-1-2006		3.89		12.85		7.13		10.22		14.20		7.88		1.22		1.16
Class B (EIVBX)*	8-1-2006		4.45		13.09		7.22		9.45		13.33		7.22		1.97		1.91
Class C (EIVCX)	8-1-2006		8.43		13.35		7.09		9.43		13.35		7.09		1.97		1.91
Class R (EIVTX)	3-1-2013		–		–		–		10.00		13.95		7.64		1.47		1.41
Class R4 (EIVRX)	11-30-2012		–		–		–		10.66		14.58		8.19		0.89		0.80
Class R6 (EIVFX)	11-30-2012		–		–		–		10.36		14.55		8.18		0.74		0.65
Administrator Class (EIVDX)	7-30-2010		–		–		–		10.53		14.45		8.08		1.06		0.95
Institutional Class (EIVIX)	8-1-2006		–		–		–		10.78		14.63		8.22		0.79		0.70
Russell 1000® Value Index4	–		–		–		–		12.93		15.14		6.19		–		–

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

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, 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 Advantage Intrinsic Value Fund 5

Ten largest equity holdings5 (%) as of January 31, 2015
The Walt Disney Company	3.25
Express Scripts Holding Company	3.17
The Boeing Company	3.04
TRW Automotive Holdings Corporation	2.94
Anheuser-Busch InBev ADR	2.94
Goldman Sachs Group Incorporated	2.93
Cigna Corporation	2.90
NextEra Energy Incorporated	2.72
Branch Banking & Trust Corporation	2.67
The Procter & Gamble Company	2.63

Sector distribution⁶ as of January 31, 2015

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

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The Adviser has committed through November 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, 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 cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  The ten largest equity holdings are calculated based on the value of the securities 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 percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Intrinsic Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2014 to January 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2014		Ending account value 1-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,016.32	$	5.90		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.90		1.16	%
Class B
Actual	$	1,000.00	$	1,013.17	$	9.69		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class C
Actual	$	1,000.00	$	1,013.25	$	9.69		1.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.58	$	9.70		1.91	%
Class R
Actual	$	1,000.00	$	1,015.44	$	7.16		1.41	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.10	$	7.17		1.41	%
Class R4
Actual	$	1,000.00	$	1,018.19	$	4.07		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class R6
Actual	$	1,000.00	$	1,019.22	$	3.31		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,018.16	$	4.83		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,018.68	$	3.56		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Intrinsic Value Fund 7

Security name	Shares		Value
Common Stocks: 98.09%
Consumer Discretionary: 12.77%
Auto Components: 2.94%
TRW Automotive Holdings Corporation †		331,128	$	34,162,476
Hotels, Restaurants & Leisure: 1.98%
Marriott International Incorporated Class A		308,396		22,975,503
Media: 5.85%
The Walt Disney Company		415,258		37,771,868
Time Warner Incorporated		387,069		30,164,287
				67,936,155
Textiles, Apparel & Luxury Goods: 2.00%
Kering Unsponsored ADR		1,139,153		23,193,155
Consumer Staples: 11.13%
Beverages: 6.31%
Anheuser-Busch InBev ADR		279,827		34,158,482
Diageo plc ADR		109,873		12,979,297
PepsiCo Incorporated		278,647		26,131,516
				73,269,295
Food Products: 2.19%
Unilever NV ADR		586,201		25,423,537
Household Products: 2.63%
The Procter & Gamble Company		362,460		30,551,753
Energy: 8.55%
Energy Equipment & Services: 3.99%
FMC Technologies Incorporated †		559,043		20,952,932
Schlumberger Limited		307,296		25,318,117
				46,271,049
Oil, Gas & Consumable Fuels: 4.56%
BG Group plc ADR «		976,265		13,282,085
EOG Resources Incorporated		250,982		22,344,927
Occidental Petroleum Corporation		217,203		17,376,240
				53,003,252
Financials: 18.92%
Banks: 6.09%
Branch Banking & Trust Corporation		878,554		31,004,171
JPMorgan Chase & Company		247,947		13,483,358
SunTrust Banks Incorporated		682,374		26,216,809
				70,704,338

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

8 Wells Fargo Advantage Intrinsic Value Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Capital Markets: 10.22%
Charles Schwab Corporation		686,570	$	17,837,089
Franklin Resources Incorporated		410,242		21,139,770
Goldman Sachs Group Incorporated		197,172		33,994,425
Northern Trust Corporation		405,772		26,529,373
UBS Group AG		1,152,838		19,229,338
				118,729,995
Insurance: 2.61%
Chubb Corporation		309,390		30,289,281
Health Care: 11.82%
Health Care Equipment & Supplies: 4.50%
Abbott Laboratories		682,543		30,550,625
Baxter International Incorporated		308,399		21,683,534
				52,234,159
Health Care Providers & Services: 6.07%
Cigna Corporation		314,700		33,619,401
Express Scripts Holding Company †		455,892		36,795,043
				70,414,444
Pharmaceuticals: 1.25%
AbbVie Incorporated		241,135		14,552,497
Industrials: 12.27%
Aerospace & Defense: 7.54%
Honeywell International Incorporated		303,630		29,682,869
Huntington Ingalls Industries Incorporated		192,954		22,498,436
The Boeing Company		242,969		35,320,404
				87,501,709
Air Freight & Logistics: 2.19%
United Parcel Service Incorporated Class B		257,517		25,452,980
Electrical Equipment: 2.54%
Sensata Technologies Holding NV †		597,526		29,469,982
Information Technology: 13.98%
Communications Equipment: 1.45%
QUALCOMM Incorporated		269,810		16,852,333
IT Services: 2.13%
Western Union Company		1,455,037		24,735,629
Semiconductors & Semiconductor Equipment: 2.17%
Texas Instruments Incorporated		471,748		25,214,931

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Intrinsic Value Fund 9

Security name				Shares		Value
Software: 4.30%
Microsoft Corporation					529,100	$	21,375,640
Oracle Corporation					680,625		28,511,381
							49,887,021
Technology Hardware, Storage & Peripherals: 3.93%
Apple Incorporated					213,808		25,049,745
EMC Corporation					794,697		20,606,493
							45,656,238
Materials: 1.96%
Chemicals: 1.96%
E.I. du Pont de Nemours & Company					319,571		22,756,651
Telecommunication Services: 1.93%
Diversified Telecommunication Services: 1.93%
Verizon Communications Incorporated					491,140		22,450,009
Utilities: 4.76%
Electric Utilities: 4.76%
NextEra Energy Incorporated					288,978		31,567,957
Northeast Utilities					427,319		23,750,390
							55,318,347
Total Common Stocks (Cost $894,769,523)							1,139,006,719
	Yield
Short-Term Investments: 2.51%
Investment Companies: 2.51%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.13	%		2,244,000		2,244,000
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10			26,856,448		26,856,448
Total Short-Term Investments (Cost $29,100,448)							29,100,448

Total investments in securities (Cost $923,869,971) *	100.60	%		1,168,107,167
Other assets and liabilities, net	(0.60	)		(6,949,660	)
Total net assets	100.00	%	$	1,161,157,507

† Non-income-earning security

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

(l) The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

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

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

* Cost for federal income tax purposes is $924,153,218 and unrealized gains (losses) consists of:

Gross unrealized gains	$	265,461,129
Gross unrealized losses		(21,507,180	)
Net unrealized gains	$	243,953,949

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

10 Wells Fargo Advantage Intrinsic Value Fund Statement of assets and liabilities—January 31, 2015 (unaudited)

Assets
Investments
In unaffiliated securities (including $2,167,361 of securities loaned), at value (cost $894,769,523)	$	1,139,006,719
In affiliated securities, at value (cost $29,100,448)		29,100,448
Total investments, at value (cost $923,869,971)		1,168,107,167
Receivable for Fund shares sold		416,955
Receivable for dividends		1,340,115
Receivable for securities lending income		605
Prepaid expenses and other assets		52,447
Total assets		1,169,917,289
Liabilities
Payable for investments purchased		4,896,825
Payable for Fund shares redeemed		404,234
Payable upon receipt of securities loaned		2,244,000
Advisory fee payable		570,137
Distribution fees payable		25,709
Administration fees payable		211,326
Accrued expenses and other liabilities		407,551
Total liabilities		8,759,782
Total net assets	$	1,161,157,507
NET ASSETS CONSIST OF
Paid-in capital	$	919,110,344
Undistributed net investment income		154,284
Accumulated net realized losses on investments		(2,344,317	)
Net unrealized gains on investments		244,237,196
Total net assets	$	1,161,157,507
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	373,505,890
Shares outstanding – Class A1		29,221,667
Net asset value per share – Class A		$12.78
Maximum offering price per share – Class A2		$13.56
Net assets – Class B	$	2,723,185
Shares outstanding – Class B1		215,164
Net asset value per share – Class B		$12.66
Net assets – Class C	$	35,317,370
Shares outstanding – Class C1		2,810,009
Net asset value per share – Class C		$12.57
Net assets – Class R	$	32,026
Shares outstanding – Class R1		2,488
Net asset value per share – Class R		$12.87
Net assets – Class R4	$	14,074
Share outstanding – Class R41		1,099
Net asset value per share – Class R4		$12.81
Net assets – Class R6	$	155,039
Shares outstanding – Class R61		12,258
Net asset value per share – Class R6		$12.65
Net assets – Administrator Class	$	511,776,359
Shares outstanding – Administrator Class1		38,607,974
Net asset value per share – Administrator Class		$13.26
Net assets – Institutional Class	$	237,633,564
Shares outstanding – Institutional Class1		18,529,593
Net asset value per share – Institutional Class		$12.82

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2015 (unaudited) Wells Fargo Advantage Intrinsic Value Fund 11

Investment income
Dividends (net of foreign withholding taxes of $151,856)	$	11,222,648
Securities lending income, net		17,897
Income from affiliated securities		11,053
Total investment income		11,251,598
Expenses
Advisory fee		3,867,203
Administration fees
Fund level		306,428
Class A		512,550
Class B		4,404
Class C		48,178
Class R		40
Class R4		6
Class R6		24
Administrator Class		270,747
Institutional Class		99,719
Shareholder servicing fees
Class A		472,845
Class B		4,235
Class C		46,325
Class R		38
Class R4		7
Administrator Class		676,134
Distribution fees
Class B		12,705
Class C		138,975
Class R		38
Custody and accounting fees		30,756
Professional fees		21,630
Registration fees		49,563
Shareholder report expenses		53,641
Trustees’ fees and expenses		5,054
Other fees and expenses		11,577
Total expenses		6,632,822
Less: Fee waivers and/or expense reimbursements		(514,357	)
Net expenses		6,118,465
Net investment income		5,133,133
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		48,150,576
Net change in unrealized gains (losses) on investments		(31,329,569	)
Net realized and unrealized gains (losses) on investments		16,821,007
Net increase in net assets resulting from operations	$	21,954,140

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

12 Wells Fargo Advantage Intrinsic Value Fund Statement of changes in net assets

	Six months ended January 31, 2015 (unaudited)						Year ended July 31, 2014
Operations
Net investment income				$	5,133,133					$	8,246,287
Net realized gains on investments					48,150,576						77,209,900
Net change in unrealized gains (losses) on investments					(31,329,569	)					63,456,026
Net increase in net assets resulting from operations					21,954,140						148,912,213
Distributions to shareholders from
Net investment income
Class A					(2,172,530	)					(1,863,705	)
Class R					(81	)					0
Class R4					(130	)					(108	)
Class R6					(2,896	)					(33,391	)
Administrator Class					(4,135,495	)					(3,445,927	)
Institutional Class					(2,556,860	)					(1,982,826	)
Net realized gains
Class A					(27,285,622	)					(13,761,999	)
Class B					(212,769	)					(178,855	)
Class C					(2,625,364	)					(1,277,956	)
Class R					(2,211	)					(749	)
Class R4					(1,003	)					(494	)
Class R6					(11,038	)					(129,126	)
Administrator Class					(36,136,387	)					(17,781,237	)
Institutional Class					(17,741,411	)					(8,059,479	)
Total distributions to shareholders					(92,883,797	)					(48,515,852	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		381,074			5,178,777			1,536,744			19,747,759
Class B		1,988			26,709			6,639			83,868
Class C		127,279			1,687,099			248,479			3,177,380
Class R		343			4,699			541			7,094
Class R6		162			2,204			28,088			358,736
Administrator Class		332,900			4,657,771			1,447,515			19,486,524
Institutional Class		1,376,162			19,065,421			3,266,904			42,230,313
					30,622,680						85,091,674
Reinvestment of distributions
Class A		2,128,410			27,919,055			1,176,653			14,917,979
Class B		15,779			204,497			13,464			169,111
Class C		174,638			2,247,594			88,113			1,099,654
Class R		174			2,292			58			749
Class R4		87			1,133			46			602
Class R6		1,067			13,934			12,774			162,517
Administrator Class		2,787,353			37,937,309			1,521,594			19,958,784
Institutional Class		1,210,531			15,960,088			652,707			8,311,426
					84,285,902						44,620,822
Payment for shares redeemed
Class A		(2,047,008	)		(27,881,757	)		(4,839,117	)		(63,094,781	)
Class B		(91,753	)		(1,248,664	)		(180,860	)		(2,324,814	)
Class C		(234,741	)		(3,134,680	)		(478,767	)		(6,118,561	)
Class R		(79	)		(1,060	)		0			0
Class R4		(111	)		(1,553	)		0			0
Class R6		0			0			(297,213	)		(4,116,495	)
Administrator Class		(2,482,415	)		(35,246,315	)		(4,780,073	)		(63,850,413	)
Institutional Class		(1,934,683	)		(26,089,815	)		(3,626,645	)		(47,212,305	)
					(93,603,844	)					(186,717,369	)
Net increase (decrease) in net assets resulting from capital share transactions					21,304,738						(57,004,873	)
Total increase (decrease) in net assets					(49,624,919	)					43,391,488
Net assets
Beginning of period					1,210,782,426						1,167,390,938
End of period				$	1,161,157,507					$	1,210,782,426
Undistributed net investment income				$	154,284					$	3,889,143

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

Financial highlights Wells Fargo Advantage Intrinsic Value Fund 13

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$13.60			$12.52			$10.44			$11.50			$9.84			$8.48
Net investment income		0.04			0.07			0.07	2		0.11	2		0.10			0.10	2
Net realized and unrealized gains (losses) on investments		0.20			1.53			2.75			0.24			1.65			1.31
Total from investment operations		0.24			1.60			2.82			0.35			1.75			1.41
Distributions to shareholders from
Net investment income		(0.07	)		(0.06	)		(0.10	)		(0.28	)		(0.09	)		(0.05	)
Net realized gains		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00			0.00
Total distributions to shareholders		(1.06	)		(0.52	)		(0.74	)		(1.41	)		(0.09	)		(0.05	)
Net asset value, end of period		$12.78			$13.60			$12.52			$10.44			$11.50			$9.84
Total return3		1.63	%		13.09	%		28.53	%		4.38	%		17.88	%		16.67	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.21	%		1.20	%		1.24	%		1.24	%		1.17	%
Net expenses		1.16	%		1.16	%		1.16	%		1.17	%		1.17	%		1.11	%
Net investment income		0.68	%		0.53	%		0.57	%		1.05	%		0.81	%		1.05	%
Supplemental data
Portfolio turnover rate		13	%		23	%		28	%		34	%		25	%		23	%
Net assets, end of period (000s omitted)		$373,506			$391,028			$386,655			$87,784			$159,178			$147,957

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic Value Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class A of Evergreen Intrinsic Value Fund.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

14 Wells Fargo Advantage Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS B				2014			2013			2012			2011			20101
Net asset value, beginning of period		$13.45			$12.42			$10.34			$11.37			$9.72			$8.40
Net investment income (loss)		(0.00	)2		(0.03	)3		(0.02	)		0.03	3		0.01	3		0.03	3
Net realized and unrealized gains (losses) on investments		0.20			1.52			2.74			0.24			1.64			1.29
Total from investment operations		0.20			1.49			2.72			0.27			1.65			1.32
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.17	)		(0.00	)2		0.00
Net realized gains		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00			0.00
Total distributions to shareholders		(0.99	)		(0.46	)		(0.64	)		(1.30	)		(0.00	)2		0.00
Net asset value, end of period		$12.66			$13.45			$12.42			$10.34			$11.37			$9.72
Total return4		1.32	%		12.25	%		27.57	%		3.56	%		17.03	%		15.71	%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		1.97	%		1.97	%		2.01	%		1.99	%		1.93	%
Net expenses		1.91	%		1.91	%		1.91	%		1.92	%		1.91	%		1.88	%
Net investment income (loss)		(0.06	)%		(0.20	)%		(0.03	)%		0.27	%		0.07	%		0.30	%
Supplemental data
Portfolio turnover rate		13	%		23	%		28	%		34	%		25	%		23	%
Net assets, end of period (000s omitted)		$2,723			$3,889			$5,589			$4,323			$7,666			$9,206

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic Value Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class B of Evergreen Intrinsic Value Fund.

²  Amount is less than $0.005.

³  Calculated based upon average shares outstanding

⁴  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 Advantage Intrinsic Value Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$13.36			$12.35			$10.30			$11.35			$9.72			$8.40
Net investment income (loss)		(0.01	)2		(0.03	)		(0.01	)2		0.03	2		0.02			0.03	2
Net realized and unrealized gains (losses) on investments		0.21			1.50			2.72			0.24			1.63			1.29
Total from investment operations		0.20			1.47			2.71			0.27			1.65			1.32
Distributions to shareholders from
Net investment income		0.00			0.00			(0.02	)		(0.19	)		(0.02	)		0.00
Net realized gains		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00			0.00
Total distributions to shareholders		(0.99	)		(0.46	)		(0.66	)		(1.32	)		(0.02	)		0.00
Net asset value, end of period		$12.57			$13.36			$12.35			$10.30			$11.35			$9.72
Total return3		1.32	%		12.24	%		27.50	%		3.62	%		16.98	%		15.71	%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		1.97	%		1.97	%		2.01	%		1.97	%		1.94	%
Net expenses		1.91	%		1.91	%		1.91	%		1.92	%		1.92	%		1.88	%
Net investment income (loss)		(0.07	)%		(0.22	)%		(0.05	)%		0.26	%		0.07	%		0.29	%
Supplemental data
Portfolio turnover rate		13	%		23	%		28	%		34	%		25	%		23	%
Net assets, end of period (000s omitted)		$35,317			$36,654			$35,616			$20,187			$28,230			$26,934

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic Value Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class C of Evergreen Intrinsic Value Fund.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

16 Wells Fargo Advantage Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS R				2014			20131
Net asset value, beginning of period		$13.66			$12.55			$11.20
Net investment income		0.02			0.03			0.00	2
Net realized and unrealized gains (losses) on investments		0.21			1.54			1.35
Total from investment operations		0.23			1.57			1.35
Distributions to shareholders from
Net investment income		(0.03	)		0.00			0.00
Net realized gains		(0.99	)		(0.46	)		0.00
Total distributions to shareholders		(1.02	)		(0.46	)		0.00
Net asset value, end of period		$12.87			$13.66			$12.55
Total return3		1.54	%		12.77	%		12.05	%
Ratios to average net assets (annualized)
Gross expenses		1.48	%		1.49	%		1.46	%
Net expenses		1.41	%		1.41	%		1.41	%
Net investment income		0.42	%		0.26	%		0.01	%
Supplemental data
Portfolio turnover rate		13	%		23	%		28	%
Net assets, end of period (000s omitted)		$32			$28			$18

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

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Intrinsic Value Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS R4				2014			20131
Net asset value, beginning of period		$13.65			$12.55			$11.10
Net investment income		0.07			0.12			0.09
Net realized and unrealized gains (losses) on investments		0.20			1.54			2.15
Total from investment operations		0.27			1.66			2.24
Distributions to shareholders from
Net investment income		(0.12	)		(0.10	)		(0.15	)
Net realized gains		(0.99	)		(0.46	)		(0.64	)
Total distributions to shareholders		(1.11	)		(0.56	)		(0.79	)
Net asset value, end of period		$12.81			$13.65			$12.55
Total return2		1.82	%		13.55	%		21.73	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.87	%		0.88	%
Net expenses		0.80	%		0.80	%		0.80	%
Net investment income		1.04	%		0.88	%		0.99	%
Supplemental data
Portfolio turnover rate		13	%		23	%		28	%
Net assets, end of period (000s omitted)		$14			$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.

18 Wells Fargo Advantage Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS R6				2014			20131
Net asset value, beginning of period		$13.60			$12.56			$11.10
Net investment income		0.08	2		0.14	2		0.19
Net realized and unrealized gains (losses) on investments		0.20			1.47			2.06
Total from investment operations		0.28			1.61			2.25
Distributions to shareholders from
Net investment income		(0.24	)		(0.11	)		(0.15	)
Net realized gains		(0.99	)		(0.46	)		(0.64	)
Total distributions to shareholders		(1.23	)		(0.57	)		(0.79	)
Net asset value, end of period		$12.65			$13.60			$12.56
Total return3		1.92	%		13.19	%		21.84	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.74	%		0.73	%
Net expenses		0.65	%		0.65	%		0.65	%
Net investment income		1.18	%		1.10	%		0.85	%
Supplemental data
Portfolio turnover rate		13	%		23	%		28	%
Net assets, end of period (000s omitted)		$155			$150			$3,359

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

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Intrinsic Value Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$14.08			$12.95			$10.78			$11.55			$9.87			$9.87
Net investment income		0.06			0.10			0.08	2		0.12	2		0.11	2		0.00
Net realized and unrealized gains (losses) on investments		0.22			1.58			2.87			0.28			1.68			0.00
Total from investment operations		0.28			1.68			2.95			0.40			1.79			0.00
Distributions to shareholders from
Net investment income		(0.11	)		(0.09	)		(0.14	)		(0.04	)		(0.11	)		0.00
Net realized gains		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00			0.00
Total distributions to shareholders		(1.10	)		(0.55	)		(0.78	)		(1.17	)		(0.11	)		0.00
Net asset value, end of period		$13.26			$14.08			$12.95			$10.78			$11.55			$9.87
Total return3		1.82	%		13.36	%		28.77	%		4.57	%		18.23	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.06	%		1.05	%		1.09	%		1.06	%		0.00	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.00	%
Net investment income		0.88	%		0.74	%		0.68	%		1.13	%		1.04	%		0.00	%
Supplemental data
Portfolio turnover rate		13	%		23	%		28	%		34	%		25	%		23	%
Net assets, end of period (000s omitted)		$511,776			$534,641			$515,012			$26,687			$9,693			$10

¹  For the period from July 30, 2010 (commencement of class operations) to July 31, 2010

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 Advantage Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$13.67			$12.58			$10.48			$11.56			$9.87			$8.51
Net investment income		0.07			0.13			0.16			0.14	2		0.13	2		0.12	2
Net realized and unrealized gains (losses) on investments		0.21			1.53			2.73			0.24			1.67			1.32
Total from investment operations		0.28			1.66			2.89			0.38			1.80			1.44
Distributions to shareholders from
Net investment income		(0.14	)		(1.11	)		(0.15	)		(0.33	)		(0.11	)		(0.08	)
Net realized gains		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00			0.00
Total distributions to shareholders		(1.13	)		(0.57	)		(0.79	)		(1.46	)		(0.11	)		(0.08	)
Net asset value, end of period		$12.82			$13.67			$12.58			$10.48			$11.56			$9.87
Total return3		1.87	%		13.64	%		29.04	%		4.71	%		18.32	%		16.93	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.79	%		0.79	%		0.83	%		0.79	%		0.94	%
Net expenses		0.70	%		0.70	%		0.73	%		0.82	%		0.79	%		0.88	%
Net investment income		1.14	%		0.99	%		1.21	%		1.35	%		1.16	%		1.27	%
Supplemental data
Portfolio turnover rate		13	%		23	%		28	%		34	%		25	%		23	%
Net assets, end of period (000s omitted)		$237,634			$244,378			$221,128			$222,949			$277,329			$1,109,507

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Intrinsic Value Fund which became the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class I of Evergreen Intrinsic Value Fund.

²  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Intrinsic Value Fund 21

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time).

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 primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles are fair valued at net asset value.

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

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

Security loans

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

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”).

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

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”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2014, capital loss carryforwards available to offset future net realized capital gains were in the amount of $23,482,402 with $3,137,764 expiring in 2015 and $20,344,638 expiring in 2017.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	148,267,289	$	0	$	0	$	148,267,289
Consumer staples		129,244,585		0		0		129,244,585
Energy		99,274,301		0		0		99,274,301
Financials		219,723,614		0		0		219,723,614
Health care		137,201,100		0		0		137,201,100
Industrials		142,424,671		0		0		142,424,671
Information technology		162,346,152		0		0		162,346,152
Materials		22,756,651		0		0		22,756,651
Telecommunication services		22,450,009		0		0		22,450,009
Utilities		55,318,347		0		0		55,318,347
Short-term investments
Investment companies		26,856,448		2,244,000		0		29,100,448
Total assets	$	1,165,863,167	$	2,244,000	$	0	$	1,168,107,167

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2015, common stocks with a market value of $13,282,085 were transferred from Level 2 to Level 1 because of an increase in the market activity of these securities. At January 31, 2015, there were no transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.475% as the average daily net assets of the Fund increase. Prior to December 1, 2014, Funds Management was entitled to receive an annual advisory fee which started at 0.65% and declined to 0.55% as the average daily net assets of the Fund increased. For the six months ended January 31, 2015, the advisory fee was equivalent to an annual rate of 0.63% 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. Metropolitan West 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 0.25% as the average daily net assets of the Fund increase.

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class B, Class C, Class R		0.26	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10

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

Funds Management has contractually waived and/or reimbursed advisory 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, 2015 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 B shares, 1.91% for Class C shares, 1.41% 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.

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 for 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 shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended January 31, 2015, Funds Distributor received $8,128 from the sale of Class A shares and $10 in contingent deferred sales charges from redemptions of Class B shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2015 were $152,864,776 and $214,827,372, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 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 0.10% of the unused balance is allocated to each participating fund. For the six months ended January 31, 2015, the Fund paid $898 in commitment fees.

For the six months ended January 31, 2015, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Advantage Intrinsic Value Fund 25

PROXY VOTING INFORMATION

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

26 Wells Fargo Advantage Intrinsic Value Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong 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. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	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 thereto, 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 Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	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 Delux 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. Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research 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
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

Other information (unaudited) Wells Fargo Advantage Intrinsic Value Fund 27

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. 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	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. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 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 wellsfargoadvantagefunds.com.

28 Wells Fargo Advantage Intrinsic Value Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.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 Wells Fargo Advantage Funds. 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 wellsfargoadvantagefunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage 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/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

231600 03-15 SA207/SAR207 01-15

Wells Fargo Advantage Large Cap Core Fund

Semi-Annual Report

January 31, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	18
Other information	22
List of abbreviations	25

The views expressed and any forward-looking statements are as of January 31, 2015, 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 Advantage 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 Advantage Large Cap Core Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Large Cap Core Fund for the six-month period that ended January 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. stocks for the reporting period (as measured by the S&P 500 Index¹); in contrast, many economies and markets elsewhere in the world faced ongoing challenges.

Positive U.S. economic data, but increased tensions abroad, led to heightened volatility during the third quarter of 2014.

When the reporting period began on August 1, 2014, the U.S. stock market was experiencing a series of surges interrupted by bouts of volatility as interest-rate concerns in the U.S. and increased tensions abroad triggered heightened investor uncertainty. An escalating Russia/Ukraine situation and a growing perception that the U.S. Federal Reserve (Fed) would raise short-term interest rates sooner than expected caused investors to pull back near the end of July. As a result, the S&P 500 Index dropped into negative territory for July’s monthly return. However, August brought a bounce-back; the S&P 500 Index delivered its largest monthly gain since February 2014 on a string of positive economic news, led by an upwardly revised 4.2% estimate of second-quarter 2014 gross domestic product (GDP) growth. Then, in September, stock market volatility increased as positive economic data became overshadowed at times by growing discomfort over escalating tensions in Ukraine and the Middle East. Slowing growth in Europe and China also concerned investors. Ultimately, U.S. stocks ended the third quarter up slightly overall, buoyed largely by another upward revision of second-quarter GDP growth to 4.6%. Strong corporate earnings also contributed to market gains.

The fourth quarter of 2014 brought continued improvement in the U.S.; international economies remained challenged.

Strong fourth-quarter results by the U.S. stock market helped the S&P 500 Index deliver more than 50 record closes in 2014. The last several, in December, were spurred by investor optimism following Fed Chair Janet Yellen’s comment that the Fed would be patient in its timing of an interest-rate increase. U.S. stocks also were boosted by positive economic data. November’s 5.8% unemployment rate was down from 7.0% a year earlier, and the number of jobs being added continued to expand, keeping U.S. employers on pace to hire nearly three million workers during 2014. In addition, the U.S. economy’s third-quarter growth rate was revised upward during the quarter, to 5.0%—its fastest pace in 11 years. Meanwhile, U.S. companies continued to report strong earnings. The steadily brightening U.S. economy energized consumers, who were further buoyed by much lower prices at the gasoline pump. During the fourth quarter, gasoline prices fell to their lowest levels in five years, according to the American Automobile Association.

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges. In China, where growth had been slowing for some time, government regulators in December announced changes being made in an effort to stimulate growth. In Japan, which slid back into recession in the third quarter of 2014, Prime Minister Abe gained approval in late December for roughly $29 billion in fresh stimulus to help the economy. In the eurozone, growth remained sluggish, and member countries continued to face an environment of low demand, high unemployment, and weak business investment. This situation

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.

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

was exacerbated in December by renewed concerns about Greece after its parliament failed to avert a general election that could jeopardize the terms of the country’s financial agreement with its international creditors. In Russia, the economy contracted for the first time since October 2009 as the country struggled under the weight of slumping oil prices, international sanctions, and massive outflows of capital.

Market volatility increased in January 2015.

Markets fluctuated in January as investors reacted to geopolitical developments and new economic data. Mid-month, the World Bank lowered its outlook for global growth based on deepening problems in the eurozone and emerging markets, stating that a strengthening U.S. economy could not, by itself, support the global economy. Later in January, Greek voters gave control of their government to opposition party Syriza, which promised to end austerity and insisted that Greece’s massive debt be renegotiated. In the U.S., various data released in January, such as consumer confidence and December’s jobless rate, showed improvement. On the last trading day of the month, however, investors learned that fourth-quarter 2014 U.S. economic growth was estimated at 2.6%, which was below consensus and lower than the 4.6% and 5.0% growth rates, respectively, for the second and third quarters of 2014.

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 Advantage Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Golden Capital Management, LLC

Portfolio manager

Jeff C. Moser, CFA

Average annual total returns¹ (%) as of January 31, 2015

		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		6.96		14.43		5.59		13.50		15.80		6.47		1.29		1.14
Class C (EGOCX)	12-17-2007		11.66		14.92		5.70		12.66		14.92		5.70		2.04		1.89
Administrator Class (WFLLX)	7-16-2010		–		–		–		13.81		16.11		6.67		1.13		0.90
Institutional Class (EGOIX)	12-17-2007		–		–		–		14.08		16.36		6.91		0.86		0.66
Investor Class (WFLNX)	7-16-2010		–		–		–		13.49		15.71		6.32		1.35		1.20
S&P 500 Index4	–		–		–		–		14.22		15.60		6.93		–		–

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, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class, and Investor 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 Advantage Large Cap Core Fund 5

Ten largest equity holdings5 (%) as of January 31, 2015
CVS Health Corporation	2.86
Southwest Airlines Company	2.76
McKesson Corporation	2.58
Apple Incorporated	2.46
Delta Air Lines Incorporated	2.42
Gilead Sciences Incorporated	2.34
Hanesbrands Incorporated	2.31
Northrop Grumman Corporation	2.31
The Home Depot Incorporated	2.30
Spirit AeroSystems Holdings Incorporated Class A	2.29

Sector distribution⁶ as of January 31, 2015

¹  Historical performance shown for Administrator Class and Investor Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect higher expenses applicable to Administrator Class and Investor Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Golden Large Cap Core Fund.

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The Adviser has committed through November 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, 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 cap. Without this cap, the Fund’s returns would have been lower.

⁴  The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

⁵  The ten largest equity holdings are calculated based on the value of the securities 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 percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Large Cap Core Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2014 to January 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2014		Ending account value 1-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,040.45	$	5.86		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.46	$	5.80		1.14	%
Class C
Actual	$	1,000.00	$	1,035.99	$	9.70		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.68	$	9.60		1.89	%
Administrator Class
Actual	$	1,000.00	$	1,041.97	$	4.63		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,042.22	$	3.40		0.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.88	$	3.36		0.66	%
Investor Class
Actual	$	1,000.00	$	1,039.75	$	6.17		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.16	$	6.11		1.20	%

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Large Cap Core Fund 7

Security name	Shares		Value
Common Stocks: 97.54%
Consumer Discretionary: 16.04%
Auto Components: 4.25%
Lear Corporation		84,721	$	8,501,752
Magna International Incorporated Class A		88,166		8,465,699
				16,967,451
Automobiles: 1.34%
Ford Motor Company		361,911		5,323,711
Media: 1.81%
Comcast Corporation Class A		136,069		7,231,387
Specialty Retail: 6.33%
Foot Locker Incorporated		143,072		7,614,292
Lowe’s Companies Incorporated		124,760		8,453,738
The Home Depot Incorporated		87,727		9,160,453
				25,228,483
Textiles, Apparel & Luxury Goods: 2.31%
Hanesbrands Incorporated		82,763		9,218,143
Consumer Staples: 6.90%
Food & Staples Retailing: 2.86%
CVS Health Corporation		116,386		11,424,450
Food Products: 4.04%
Archer Daniels Midland Company		169,026		7,881,682
Pinnacle Foods Incorporated		228,744		8,227,922
				16,109,604
Energy: 6.96%
Energy Equipment & Services: 2.50%
Halliburton Company		111,259		4,449,247
National Oilwell Varco Incorporated		101,514		5,525,407
				9,974,654
Oil, Gas & Consumable Fuels: 4.46%
ConocoPhillips Company		88,702		5,586,452
Exxon Mobil Corporation		66,221		5,789,040
Valero Energy Corporation		121,372		6,418,151
				17,793,643
Financials: 13.41%
Capital Markets: 5.68%
Ameriprise Financial Incorporated		62,815		7,848,106
Goldman Sachs Group Incorporated		43,702		7,534,662
Morgan Stanley		215,767		7,295,082
				22,677,850

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

8 Wells Fargo Advantage Large Cap Core Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Consumer Finance: 1.68%
Capital One Financial Corporation		91,276	$	6,682,316
Diversified Financial Services: 3.87%
Berkshire Hathaway Incorporated Class B †		56,359		8,110,624
Voya Financial Incorporated		188,031		7,335,089
				15,445,713
Insurance: 2.18%
Lincoln National Corporation		173,932		8,693,121
Health Care: 18.72%
Biotechnology: 6.45%
Amgen Incorporated		49,886		7,595,642
Biogen Idec Incorporated †		22,649		8,814,085
Gilead Sciences Incorporated †		88,953		9,324,943
				25,734,670
Health Care Providers & Services: 8.87%
Aetna Incorporated		90,880		8,344,602
AmerisourceBergen Corporation		85,049		8,083,907
Centene Corporation †		79,137		8,638,595
McKesson Corporation		48,407		10,293,749
				35,360,853
Pharmaceuticals: 3.40%
Johnson & Johnson		58,531		5,861,294
Merck & Company Incorporated		127,955		7,713,127
				13,574,421
Industrials: 10.95%
Aerospace & Defense: 4.60%
Northrop Grumman Corporation		58,642		9,203,862
Spirit AeroSystems Holdings Incorporated Class A †		202,919		9,139,472
				18,343,334
Airlines: 5.18%
Delta Air Lines Incorporated		203,877		9,645,421
Southwest Airlines Company		244,107		11,028,754
				20,674,175
Machinery: 1.17%
Trinity Industries Incorporated		176,580		4,674,073
Information Technology: 22.78%
Communications Equipment: 3.13%
ARRIS Group Incorporated †		211,525		5,546,186
Cisco Systems Incorporated		263,498		6,947,125
				12,493,311

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Large Cap Core Fund 9

Security name				Shares		Value
Internet Software & Services: 2.01%
Facebook Incorporated Class A †					105,783	$	8,029,988
IT Services: 1.94%
DST Systems Incorporated					79,817		7,718,304
Semiconductors & Semiconductor Equipment: 6.03%
Intel Corporation					217,843		7,197,533
Marvell Technology Group Limited					544,454		8,433,592
Micron Technology Incorporated †					287,454		8,412,341
							24,043,466
Software: 3.46%
Microsoft Corporation					178,615		7,216,046
Oracle Corporation					157,181		6,584,312
							13,800,358
Technology Hardware, Storage & Peripherals: 6.21%
Apple Incorporated					83,763		9,813,673
Hewlett-Packard Company					204,390		7,384,611
SanDisk Corporation					99,667		7,565,722
							24,764,006
Materials: 1.78%
Chemicals: 1.78%
Dow Chemical Company					157,539		7,114,461
Total Common Stocks (Cost $329,651,837)							389,095,946
	Yield
Short-Term Investments: 3.38%
Investment Companies: 3.38%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10	%		13,474,222		13,474,222
Total Short-Term Investments (Cost $13,474,222)							13,474,222

Total investments in securities (Cost $343,126,059) *	100.92	%		402,570,168
Other assets and liabilities, net	(0.92	)		(3,654,398	)
Total net assets	100.00	%	$	398,915,770

† Non-income-earning security

(l) The security represents an affiliate 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 $343,158,404 and unrealized gains (losses) consists of:

Gross unrealized gains	$	72,562,968
Gross unrealized losses		(13,151,204	)
Net unrealized gains	$	59,411,764

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

10 Wells Fargo Advantage Large Cap Core Fund Statement of assets and liabilities—January 31, 2015 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $329,651,837)	$	389,095,946
In affiliated securities, at value (cost $13,474,222)		13,474,222
Total investments, at value (cost $343,126,059)		402,570,168
Receivable for Fund shares sold		3,949,556
Receivable for dividends		175,312
Prepaid expenses and other assets		40,292
Total assets		406,735,328
Liabilities
Payable for investments purchased		6,607,147
Payable for Fund shares redeemed		788,455
Advisory fee payable		177,101
Distribution fee payable		15,408
Administration fees payable		111,911
Accrued expenses and other liabilities		119,536
Total liabilities		7,819,558
Total net assets	$	398,915,770
NET ASSETS CONSIST OF
Paid-in capital	$	341,590,028
Overdistributed net investment income		(55,601	)
Accumulated net realized losses on investments		(2,062,766	)
Net unrealized gains on investments		59,444,109
Total net assets	$	398,915,770
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	62,430,152
Shares outstanding – Class A1		4,213,316
Net asset value per share – Class A		$14.82
Maximum offering price per share – Class A2		$15.72
Net assets – Class C	$	29,357,993
Shares outstanding – Class C1		1,999,720
Net asset value per share – Class C		$14.68
Net assets – Administrator Class	$	32,616,329
Shares outstanding – Administrator Class1		2,195,552
Net asset value per share – Administrator Class		$14.86
Net assets – Institutional Class	$	21,947,135
Shares outstanding – Institutional Class1		1,475,866
Net asset value per share – Institutional Class		$14.87
Net assets – Investor Class	$	252,564,161
Shares outstanding – Investor Class1		17,001,294
Net asset value per share – Investor Class		$14.86

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2015 (unaudited) Wells Fargo Advantage Large Cap Core Fund 11

Investment income
Dividends (net of foreign withholding taxes of $8,282)	$	2,229,119
Income from affiliated securities		2,847
Securities lending income, net		1,918
Total investment income		2,233,884
Expenses
Advisory fee		1,110,537
Administration fees
Fund level		85,426
Class A		59,653
Class C		20,595
Administrator Class		10,143
Institutional Class		5,072
Investor Class		395,216
Shareholder servicing fees
Class A		57,359
Class C		19,803
Administrator Class		25,148
Investor Class		308,763
Distribution fee
Class C		59,409
Custody and accounting fees		10,910
Professional fees		24,041
Registration fees		29,104
Shareholder report expenses		27,874
Trustees’ fees and expenses		5,981
Other fees and expenses		5,578
Total expenses		2,260,612
Less: Fee waivers and/or expense reimbursements		(234,161	)
Net expenses		2,026,451
Net investment income		207,433
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		15,969,185
Net change in unrealized gains (losses) on investments		(4,714,733	)
Net realized and unrealized gains (losses) on investments		11,254,452
Net increase in net assets resulting from operations	$	11,461,885

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

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

	Six months ended January 31, 2015 (unaudited)						Year ended July 31, 2014
Operations
Net investment income				$	207,433					$	1,039,386
Net realized gains on investments					15,969,185						28,939,604
Net change in unrealized gains (losses) on investments					(4,714,733	)					10,631,186
Net increase in net assets resulting from operations					11,461,885						40,610,176
Distributions to shareholders from
Net investment income
Class A					(183,035	)					(146,205	)
Class C					0						(6,279	)
Administrator Class					(122,314	)					(28,910	)
Institutional Class					(94,797	)					(5,938	)
Investor Class					(308,152	)					(1,041,373	)
Total distributions to shareholders					(708,298	)					(1,228,705	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,742,074			40,336,774			1,247,306			16,588,541
Class C		1,553,049			22,885,719			345,172			4,598,982
Administrator Class		2,315,625			34,138,734			412,731			5,556,845
Institutional Class		1,178,275			17,653,652			366,712			5,140,707
Investor Class		1,796,653			26,751,448			1,798,050			24,364,843
					141,766,327						56,249,918
Reinvestment of distributions
Class A		11,869			173,408			10,833			140,173
Class C		0			0			372			4,789
Administrator Class		8,331			122,042			2,030			26,308
Institutional Class		5,103			74,803			445			5,766
Investor Class		20,620			302,078			78,721			1,020,228
					672,331						1,197,264
Payment for shares redeemed
Class A		(407,035	)		(5,992,327	)		(650,098	)		(8,833,379	)
Class C		(161,848	)		(2,385,812	)		(51,205	)		(689,445	)
Administrator Class		(606,157	)		(9,083,905	)		(35,053	)		(487,058	)
Institutional Class		(109,882	)		(1,659,476	)		(8,935	)		(120,053	)
Investor Class		(883,131	)		(13,030,226	)		(1,522,071	)		(20,267,093	)
					(32,151,746	)					(30,397,028	)
Net increase in net assets resulting from capital share transactions					110,286,912						27,050,154
Total increase in net assets					121,040,499						66,431,625
Net assets
Beginning of period					277,875,271						211,443,646
End of period				$	398,915,770					$	277,875,271
Undistributed (overdistributed) net investment income				$	(55,601	)				$	445,264

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

Financial highlights Wells Fargo Advantage Large Cap Core Fund 13

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$14.30			$12.13			$9.50			$8.75			$7.37			$6.96
Net investment income		0.01			0.06	2		0.07			0.06			0.05			0.06
Net realized and unrealized gains (losses) on investments		0.56			2.20			2.64			0.74			1.36			0.46
Total from investment operations		0.57			2.26			2.71			0.80			1.41			0.52
Distributions to shareholders from
Net investment income		(0.05	)		(0.09	)		(0.08	)		(0.05	)		(0.03	)		(0.11	)
Net asset value, end of period		$14.82			$14.30			$12.13			$9.50			$8.75			$7.37
Total return3		4.04	%		18.58	%		28.76	%		9.27	%		19.16	%		7.43	%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.29	%		1.33	%		1.37	%		1.30	%		2.55	%
Net expenses		1.14	%		1.14	%		1.14	%		1.14	%		1.14	%		1.15	%
Net investment income		0.16	%		0.47	%		0.75	%		0.71	%		0.61	%		0.91	%
Supplemental data
Portfolio turnover rate		27	%		61	%		67	%		41	%		43	%		18	%
Net assets, end of period (000s omitted)		$62,430			$26,685			$15,267			$8,277			$7,495			$8,501

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund. Evergreen Golden Large Cap Core Fund was the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class A of Evergreen Golden Large Cap Core Fund.

²  Calculated based upon average shares outstanding

³  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

14 Wells Fargo Advantage Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$14.17			$12.05			$9.45			$8.71			$7.37			$6.94
Net investment income (loss)		(0.05	)2		(0.01	)		(0.00	)3		(0.00	)3		(0.01	)		0.01
Net realized and unrealized gains (losses) on investments		0.56			2.15			2.62			0.74			1.35			0.44
Total from investment operations		0.51			2.14			2.62			0.74			1.34			0.45
Distributions to shareholders from
Net investment income		0.00			(0.02	)		(0.02	)		0.00			0.00			(0.02	)
Net asset value, end of period		$14.68			$14.17			$12.05			$9.45			$8.71			$7.37
Total return4		3.60	%		17.73	%		27.82	%		8.50	%		18.18	%		6.54	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.04	%		2.08	%		2.12	%		2.05	%		3.75	%
Net expenses		1.89	%		1.89	%		1.89	%		1.89	%		1.89	%		1.90	%
Net investment income (loss)		(0.61	)%		(0.30	)%		(0.01	)%		(0.04	)%		(0.13	)%		0.09	%
Supplemental data
Portfolio turnover rate		27	%		61	%		67	%		41	%		43	%		18	%
Net assets, end of period (000s omitted)		$29,358			$8,624			$3,786			$2,041			$1,750			$1,947

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund. Evergreen Golden Large Cap Core Fund was the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class C of Evergreen Golden Large Cap Core Fund.

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  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 Advantage Large Cap Core Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$14.34			$12.16			$9.52			$8.77			$7.38			$7.22
Net investment income		0.04			0.09			0.10			0.09			0.07	2		0.00	3
Net realized and unrealized gains (losses) on investments		0.55			2.20			2.64			0.74			1.36			0.16
Total from investment operations		0.59			2.29			2.74			0.83			1.43			0.16
Distributions to shareholders from
Net investment income		(0.07	)		(0.11	)		(0.10	)		(0.08	)		(0.04	)		0.00
Net asset value, end of period		$14.86			$14.34			$12.16			$9.52			$8.77			$7.38
Total return4		4.20	%		18.83	%		29.12	%		9.61	%		19.44	%		2.22	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.11	%		1.14	%		1.16	%		1.08	%		1.12	%
Net expenses		0.90	%		0.90	%		0.89	%		0.87	%		0.86	%		0.89	%
Net investment income		0.38	%		0.63	%		1.00	%		0.97	%		0.76	%		1.12	%
Supplemental data
Portfolio turnover rate		27	%		61	%		67	%		41	%		43	%		18	%
Net assets, end of period (000s omitted)		$32,616			$6,849			$1,192			$522			$477			$42

¹  For the period from July 16, 2010 (commencement of class operations) to July 31, 2010

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Returns for periods of less than one year are not annualized.

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

16 Wells Fargo Advantage Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$14.35			$12.16			$9.52			$8.77			$7.38			$6.97
Net investment income		0.05	2		0.11	2		0.13	2		0.12			0.10	2		0.08
Net realized and unrealized gains (losses) on investments		0.55			2.21			2.63			0.73			1.35			0.46
Total from investment operations		0.60			2.32			2.76			0.85			1.45			0.54
Distributions to shareholders from
Net investment income		(0.08	)		(0.13	)		(0.12	)		(0.10	)		(0.06	)		(0.13	)
Net asset value, end of period		$14.87			$14.35			$12.16			$9.52			$8.77			$7.38
Total return3		4.22	%		19.21	%		29.38	%		9.88	%		19.65	%		7.79	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.85	%		0.90	%		0.94	%		0.86	%		2.80	%
Net expenses		0.66	%		0.66	%		0.66	%		0.66	%		0.66	%		0.89	%
Net investment income		0.63	%		0.83	%		1.24	%		1.19	%		1.32	%		1.09	%
Supplemental data
Portfolio turnover rate		27	%		61	%		67	%		41	%		43	%		18	%
Net assets, end of period (000s omitted)		$21,947			$5,775			$537			$480			$478			$3,132

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Golden Large Cap Core Fund and Wells Fargo Advantage Large Company Core Fund. Evergreen Golden Large Cap Core Fund was the accounting and performance survivor in the transaction. The information for the period prior to July 19, 2010 is that of Class I of Evergreen Golden Large Cap Core Fund.

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 Advantage Large Cap Core Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INVESTOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$14.31			$12.13			$9.50			$8.75			$7.38			$7.22
Net investment income		0.01			0.06			0.07			0.06			0.05			0.00	2
Net realized and unrealized gains (losses) on investments		0.56			2.19			2.63			0.74			1.35			0.16
Total from investment operations		0.57			2.25			2.70			0.80			1.40			0.16
Distributions to shareholders from
Net investment income		(0.02	)		(0.07	)		(0.07	)		(0.05	)		(0.03	)		0.00
Net asset value, end of period		$14.86			$14.31			$12.13			$9.50			$8.75			$7.38
Total return3		3.97	%		18.58	%		28.63	%		9.21	%		18.97	%		2.22	%
Ratios to average net assets (annualized)
Gross expenses		1.33	%		1.35	%		1.38	%		1.43	%		1.37	%		1.37	%
Net expenses		1.20	%		1.20	%		1.20	%		1.21	%		1.21	%		1.21	%
Net investment income		0.11	%		0.44	%		0.69	%		0.64	%		0.53	%		1.03	%
Supplemental data
Portfolio turnover rate		27	%		61	%		67	%		41	%		43	%		18	%
Net assets, end of period (000s omitted)		$252,564			$229,941			$190,661			$159,422			$158,966			$150,157

¹  For the period from July 16, 2010 (commencement of class operations) to July 31, 2010

²  Amount is less than $0.005.

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

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time).

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 primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles are fair valued at net asset value.

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

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

Security loans

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

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

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”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $18,009,001 with $508,161 expiring in 2017 and $17,500,840 expiring in 2018.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	63,969,175	$	0	$	0	$	63,969,175
Consumer staples		27,534,054		0		0		27,534,054
Energy		27,768,297		0		0		27,768,297
Financials		53,499,000		0		0		53,499,000
Health care		74,669,944		0		0		74,669,944
Industrials		43,691,582		0		0		43,691,582
Information technology		90,849,433		0		0		90,849,433
Materials		7,114,461		0		0		7,114,461
Short-term investments
Investment companies		13,474,222		0		0		13,474,222
Total assets	$	402,570,168	$	0	$	0	$	402,570,168

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.475% as the average daily net assets of the Fund increase. Prior to December 1, 2014, Funds Management was entitled to receive an annual advisory fee which started at 0.65% and declined to 0.55% as the average daily net assets of the Fund increased. For the six months ended January 31, 2015, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Golden Capital Management, LLC, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class C		0.26	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32

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

Funds Management has contractually waived and/or reimbursed advisory 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, 2015 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, 0.90% for Administrator Class shares, 0.66% for Institutional Class shares, and 1.20% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2015, Funds Distributor received $24,719 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2015 were $196,170,679 and $90,512,232, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 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 0.10% of the unused balance is allocated to each participating fund. For the six months ended January 31, 2015, the Fund paid $228 in commitment fees.

For the six months ended January 31, 2015, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

22 Wells Fargo Advantage Large Cap Core Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Large Cap Core Fund 23

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong 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. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	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 thereto, 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 Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	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 Delux 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. Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research 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
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

24 Wells Fargo Advantage 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	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. 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	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. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 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 wellsfargoadvantagefunds.com.

List of abbreviations Wells Fargo Advantage Large Cap Core Fund 25

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.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 Wells Fargo Advantage Funds. 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 wellsfargoadvantagefunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage 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/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

231601 03-15 SA208/SAR208 01-15

Wells Fargo Advantage Large Cap Growth Fund

Semi-Annual Report

January 31, 2015

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	22
Other information	26
List of abbreviations	29

The views expressed and any forward-looking statements are as of January 31, 2015, 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 Advantage 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 Advantage Large Cap Growth Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Large Cap Growth Fund for the six-month period that ended January 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. stocks for the reporting period (as measured by the S&P 500 Index¹); in contrast, many economies and markets elsewhere in the world faced ongoing challenges.

Positive U.S. economic data, but increased tensions abroad, led to heightened volatility during the third quarter of 2014.

When the reporting period began on August 1, 2014, the U.S. stock market was experiencing a series of surges interrupted by bouts of volatility as interest-rate concerns in the U.S. and increased tensions abroad triggered heightened investor uncertainty. An escalating Russia/Ukraine situation and a growing perception that the U.S. Federal Reserve (Fed) would raise short-term interest rates sooner than expected caused investors to pull back near the end of July. As a result, the S&P 500 Index dropped into negative territory for July’s monthly return. However, August brought a bounce-back; the S&P 500 Index delivered its largest monthly gain since February 2014 on a string of positive economic news, led by an upwardly revised 4.2% estimate of second-quarter 2014 gross domestic product (GDP) growth. Then, in September, stock market volatility increased as positive economic data became overshadowed at times by growing discomfort over escalating tensions in Ukraine and the Middle East. Slowing growth in Europe and China also concerned investors. Ultimately, U.S. stocks ended the third quarter up slightly overall, buoyed largely by another upward revision of second-quarter GDP growth to 4.6%. Strong corporate earnings also contributed to market gains.

The fourth quarter of 2014 brought continued improvement in the U.S.; international economies remained challenged.

Strong fourth-quarter results by the U.S. stock market helped the S&P 500 Index deliver more than 50 record closes in 2014. The last several, in December, were spurred by investor optimism following Fed Chair Janet Yellen’s comment that the Fed would be patient in its timing of an interest-rate increase. U.S. stocks also were boosted by positive economic data. November’s 5.8% unemployment rate was down from 7.0% a year earlier, and the number of jobs being added continued to expand, keeping U.S. employers on pace to hire nearly three million workers during 2014. In addition, the U.S. economy’s third-quarter growth rate was revised upward during the quarter, to 5.0%—its fastest pace in 11 years. Meanwhile, U.S. companies continued to report strong earnings. The steadily brightening U.S. economy energized consumers, who were further buoyed by much lower prices at the gasoline pump. During the fourth quarter, gasoline prices fell to their lowest levels in five years, according to the American Automobile Association.

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges. In China, where growth had been slowing for some time, government regulators in December announced changes being made in an effort to stimulate growth. In Japan, which slid back into recession in the third quarter of 2014, Prime Minister Abe gained approval in late December for roughly $29 billion in fresh stimulus to help the economy. In the eurozone, growth remained sluggish, and member countries continued to face an environment of low demand, high unemployment, and weak business investment. This situation was exacerbated in December by renewed concerns about Greece after its

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.

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

parliament failed to avert a general election that could jeopardize the terms of the country’s financial agreement with its international creditors. In Russia, the economy contracted for the first time since October 2009 as the country struggled under the weight of slumping oil prices, international sanctions, and massive outflows of capital.

Market volatility increased in January 2015.

Markets fluctuated in January as investors reacted to geopolitical developments and new economic data. Mid-month, the World Bank lowered its outlook for global growth based on deepening problems in the eurozone and emerging markets, stating that a strengthening U.S. economy could not, by itself, support the global economy. Later in January, Greek voters gave control of their government to opposition party Syriza, which promised to end austerity and insisted that Greece’s massive debt be renegotiated. In the U.S., various data released in January, such as consumer confidence and December’s jobless rate, showed improvement. On the last trading day of the month, however, investors learned that fourth-quarter 2014 U.S. economic growth was estimated at 2.6%, which was below consensus and lower than the 4.6% and 5.0% growth rates, respectively, for the second and third quarters of 2014.

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 Advantage Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

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

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Joseph M. Eberhardy, CFA, CPA

Average annual total returns¹ (%) as of January 31, 2015

		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		3.89		14.22		7.87		10.22		15.59		8.51		1.22		1.07
Class C (STOFX)	7-30-2010		8.39		14.74		7.74		9.39		14.74		7.74		1.97		1.82
Class R (STMFX)	6-15-2012		–		–		–		9.95		15.33		8.32		1.47		1.32
Class R4 (SLGRX)	11-30-2012		–		–		–		10.55		15.95		8.68		0.89		0.75
Class R6 (STFFX)	11-30-2012		–		–		–		10.73		16.02		8.71		0.74		0.60
Administrator Class (STDFX)	7-30-2010		–		–		–		10.35		15.73		8.58		1.06		0.95
Institutional Class (STNFX)	7-30-2010		–		–		–		10.66		15.99		8.70		0.79		0.65
Investor Class (STRFX)	12-30-1981		–		–		–		10.14		15.51		8.47		1.28		1.13
Russell 1000® Growth Index4	–		–		–		–		14.59		16.49		8.69		–		–

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, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, Institutional Class, and Investor 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 Advantage Large Cap Growth Fund 5

Ten largest equity holdings5 (%) as of January 31, 2015
Apple Incorporated	3.08
Union Pacific Corporation	2.68
Facebook Incorporated Class A	2.67
Alexion Pharmaceuticals Incorporated	2.56
Dollar Tree Incorporated	2.43
Google Incorporated Class A	2.29
Biogen Idec Incorporated	2.23
MasterCard Incorporated Class A	2.22
Costco Wholesale Corporation	2.21
Google Incorporated Class C	2.21

Sector distribution⁶ as of January 31, 2015

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

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The Adviser has committed through November 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, 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 cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  The ten largest equity holdings are calculated based on the value of the securities 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 percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Large Cap Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2014 to January 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2014		Ending account value 1-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,051.15	$	5.53		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.45		1.07	%
Class C
Actual	$	1,000.00	$	1,047.17	$	9.39		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.03	$	9.25		1.82	%
Class R
Actual	$	1,000.00	$	1,049.65	$	6.82		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.55	$	6.72		1.32	%
Class R4
Actual	$	1,000.00	$	1,052.62	$	3.88		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Class R6
Actual	$	1,000.00	$	1,053.39	$	3.11		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.18	$	3.06		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,051.81	$	4.91		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,053.23	$	3.36		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Investor Class
Actual	$	1,000.00	$	1,050.55	$	5.84		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.51	$	5.75		1.13	%

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Large Cap Growth Fund 7

Security name	Shares		Value
Common Stocks: 98.69%
Consumer Discretionary: 25.33%
Auto Components: 0.44%
Delphi Automotive plc		100,000	$	6,873,000
Hotels, Restaurants & Leisure: 6.87%
Chipotle Mexican Grill Incorporated †		37,000		26,264,080
Hilton Worldwide Holdings Incorporated †		400,000		10,388,000
Marriott International Incorporated Class A		285,000		21,232,500
Starbucks Corporation		320,000		28,009,600
Wynn Resorts Limited		150,000		22,192,500
				108,086,680
Internet & Catalog Retail: 2.41%
Amazon.com Incorporated †		61,000		21,626,330
Netflix Incorporated †		14,000		6,185,200
The Priceline Group Incorporated †		10,000		10,094,800
				37,906,330
Media: 2.89%
CBS Corporation Class B		385,000		21,101,850
The Walt Disney Company		267,000		24,286,320
				45,388,170
Multiline Retail: 3.86%
Dollar Tree Incorporated †		538,000		38,251,800
Nordstrom Incorporated		295,000		22,479,000
				60,730,800
Specialty Retail: 5.01%
CarMax Incorporated †		429,000		26,640,900
O’Reilly Automotive Incorporated †		131,000		24,544,160
Tractor Supply Company		340,000		27,597,800
				78,782,860
Textiles, Apparel & Luxury Goods: 3.85%
Nike Incorporated Class B		345,000		31,826,250
VF Corporation		415,000		28,788,550
				60,614,800
Consumer Staples: 4.02%
Food & Staples Retailing: 2.21%
Costco Wholesale Corporation		243,000		34,746,570
Household Products: 0.79%
Colgate-Palmolive Company		185,000		12,491,200
Personal Products: 1.02%
Estee Lauder Companies Incorporated Class A		226,660		15,999,929

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

8 Wells Fargo Advantage Large Cap Growth Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Energy: 4.15%
Energy Equipment & Services: 1.23%
Schlumberger Limited		235,000	$	19,361,650
Oil, Gas & Consumable Fuels: 2.92%
Concho Resources Incorporated †		210,000		23,278,500
Pioneer Natural Resources Company		150,000		22,579,500
				45,858,000
Financials: 5.59%
Capital Markets: 2.25%
Ameriprise Financial Incorporated		60,000		7,496,400
Northern Trust Corporation		71,000		4,641,980
TD Ameritrade Holding Corporation		719,000		23,288,410
				35,426,790
Consumer Finance: 2.84%
American Express Company		309,340		24,960,645
Discover Financial Services		363,000		19,739,940
				44,700,585
REITs: 0.50%
American Tower Corporation		80,000		7,756,000
Health Care: 15.64%
Biotechnology: 9.96%
Alexion Pharmaceuticals Incorporated †		220,000		40,312,800
Biogen Idec Incorporated †		89,960		35,008,834
Celgene Corporation †		235,000		28,002,600
Gilead Sciences Incorporated †		230,000		24,110,900
Regeneron Pharmaceuticals Incorporated †		70,180		29,241,199
				156,676,333
Health Care Equipment & Supplies: 0.89%
Medtronic plc		195,148		13,933,587
Health Care Providers & Services: 1.21%
AmerisourceBergen Corporation		200,050		19,014,753
Health Care Technology: 1.60%
Cerner Corporation †		380,000		25,213,000
Pharmaceuticals: 1.98%
Merck & Company Incorporated		128,000		7,715,840
Perrigo Company plc		155,000		23,519,700
				31,235,540
Industrials: 11.78%
Aerospace & Defense: 1.98%
The Boeing Company		120,000		17,444,400
United Technologies Corporation		118,690		13,623,238
				31,067,638

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Large Cap Growth Fund 9

Security name	Shares		Value
Air Freight & Logistics: 0.88%
United Parcel Service Incorporated Class B		140,050	$	13,842,542
Airlines: 0.81%
Southwest Airlines Company		282,000		12,740,760
Commercial Services & Supplies: 0.20%
Tyco International plc		76,000		3,101,560
Industrial Conglomerates: 2.01%
3M Company		124,000		20,125,200
Danaher Corporation		140,240		11,552,971
				31,678,171
Road & Rail: 4.30%
Kansas City Southern		105,680		11,634,311
Norfolk Southern Corporation		135,000		13,765,950
Union Pacific Corporation		360,000		42,195,600
				67,595,861
Trading Companies & Distributors: 1.60%
W.W. Grainger Incorporated		107,000		25,234,880
Information Technology: 28.08%
Communications Equipment: 0.87%
QUALCOMM Incorporated		220,080		13,746,197
Internet Software & Services: 8.10%
Akamai Technologies Incorporated †		198,000		11,514,690
Facebook Incorporated Class A †		554,000		42,054,140
Google Incorporated Class A †		67,000		36,015,850
Google Incorporated Class C †		65,000		34,743,800
Pandora Media Incorporated †		187,000		3,104,200
				127,432,680
IT Services: 6.28%
Accenture plc		145,000		12,184,350
Alliance Data Systems Corporation †		88,000		25,417,040
MasterCard Incorporated Class A		425,000		34,862,750
Visa Incorporated Class A		103,000		26,255,730
				98,719,870
Semiconductors & Semiconductor Equipment: 3.30%
ARM Holdings plc ADR		318,000		14,895,120
Microchip Technology Incorporated «		490,000		22,099,000
Texas Instruments Incorporated		280,000		14,966,000
				51,960,120
Software: 6.44%
Adobe Systems Incorporated †		177,000		12,413,010
Microsoft Corporation		813,000		32,845,200

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

10 Wells Fargo Advantage Large Cap Growth Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name				Shares		Value
Software (continued)
Salesforce.com Incorporated †					420,000	$	23,709,000
ServiceNow Incorporated †					256,300		18,684,270
Splunk Incorporated †					219,000		11,311,350
VMware Incorporated †					31,000		2,390,100
							101,352,930
Technology Hardware, Storage & Peripherals: 3.09%
Apple Incorporated					414,090		48,514,784
Materials: 4.10%
Chemicals: 4.10%
Ecolab Incorporated					231,760		24,049,735
Monsanto Company					89,000		10,500,220
Praxair Incorporated					249,000		30,026,910
							64,576,865
Total Common Stocks (Cost $1,053,613,657)							1,552,361,435
	Yield
Short-Term Investments: 2.31%
Investment Companies: 2.31%
Securities Lending Cash Investments, LLC (l)(u)(r)		0.13	%		20,727,000		20,727,000
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10			15,690,756		15,690,756
Total Short-Term Investments (Cost $36,417,756)							36,417,756

Total investments in securities (Cost $1,090,031,413) *	101.00	%		1,588,779,191
Other assets and liabilities, net	(1.00	)		(15,784,349	)
Total net assets	100.00	%	$	1,572,994,842

† Non-income-earning security

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

(l) The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

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

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

* Cost for federal income tax purposes is $1,091,472,520 and unrealized gains (losses) consists of:

Gross unrealized gains	$	505,701,323
Gross unrealized losses		(8,394,652	)
Net unrealized gains	$	497,306,671

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

Statement of assets and liabilities—January 31, 2015 (unaudited) Wells Fargo Advantage Large Cap Growth Fund 11

Assets
Investments
In unaffiliated securities (including $20,219,850 of securities loaned), at value (cost $1,053,613,657)	$	1,552,361,435
In affiliated securities, at value (cost $36,417,756)		36,417,756
Total investments, at value (cost $1,090,031,413)		1,588,779,191
Receivable for investments sold		19,538,966
Receivable for Fund shares sold		1,121,381
Receivable for dividends		347,200
Receivable for securities lending income		4,161
Prepaid expenses and other assets		46,759
Total assets		1,609,837,658
Liabilities
Payable for investments purchased		13,204,588
Payable for Fund shares redeemed		1,577,579
Payable upon receipt of securities loaned		20,727,000
Advisory fee payable		696,443
Distribution fees payable		17,502
Administration fees payable		320,214
Accrued expenses and other liabilities		299,490
Total liabilities		36,842,816
Total net assets	$	1,572,994,842
NET ASSETS CONSIST OF
Paid-in capital	$	1,043,162,001
Overdistributed net investment income		(785,580	)
Accumulated net realized gains on investments		31,870,643
Net unrealized gains on investments		498,747,778
Total net assets	$	1,572,994,842
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	191,406,435
Shares outstanding – Class A1		4,202,539
Net asset value per share – Class A		$45.55
Maximum offering price per share – Class A2		$48.33
Net assets – Class C	$	22,548,608
Shares outstanding – Class C1		512,528
Net asset value per share – Class C		$43.99
Net assets – Class R	$	11,193,112
Shares outstanding – Class R1		247,652
Net asset value per share – Class R		$45.20
Net assets – Class R4	$	2,228,130
Share outstanding – Class R41		48,333
Net asset value per share – Class R4		$46.10
Net assets – Class R6	$	9,547,125
Shares outstanding – Class R61		206,811
Net asset value per share – Class R6		$46.16
Net assets – Administrator Class	$	254,868,221
Shares outstanding – Administrator Class1		5,566,659
Net asset value per share – Administrator Class		$45.78
Net assets – Institutional Class	$	617,160,130
Shares outstanding – Institutional Class1		13,374,828
Net asset value per share – Institutional Class		$46.14
Net assets – Investor Class	$	464,043,081
Shares outstanding – Investor Class1		10,209,537
Net asset value per share – Investor Class		$45.45

¹ The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Advantage Large Cap Growth Fund Statement of operations—six months ended January 31, 2015 (unaudited)

Investment income
Dividends	$	7,483,451
Securities lending income, net		173,030
Income from affiliated securities		8,394
Total investment income		7,664,875
Expenses
Advisory fee		5,026,776
Administration fees
Fund level		403,059
Class A		275,534
Class C		29,977
Class R		16,131
Class R4		885
Class R6		1,033
Administrator Class		126,877
Institutional Class		249,085
Investor Class		766,807
Shareholder servicing fees
Class A		264,937
Class C		28,824
Class R		15,511
Class R4		1,106
Administrator Class		317,192
Investor Class		598,733
Distribution fees
Class C		86,472
Class R		15,511
Custody and accounting fees		42,808
Professional fees		23,114
Registration fees		33,522
Shareholder report expenses		45,175
Trustees’ fees and expenses		5,334
Other fees and expenses		14,101
Total expenses		8,388,504
Less: Fee waivers and/or expense reimbursements		(996,954	)
Net expenses		7,391,550
Net investment income		273,325
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		49,767,454
Net change in unrealized gains (losses) on investments		30,684,169
Net realized and unrealized gains (losses) on investments		80,451,623
Net increase in net assets resulting from operations	$	80,724,948

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

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

	Six months ended January 31, 2015 (unaudited)						Year ended July 31, 2014
Operations
Net investment income				$	273,325					$	172,848
Net realized gains on investments					49,767,454						60,654,948
Net change in unrealized gains (losses) on investments					30,684,169						174,376,667
Net increase in net assets resulting from operations					80,724,948						235,204,463
Distributions to shareholders from
Net investment income
Class R4					0						(4,387	)
Class R6					(5,386	)					(7,794	)
Administrator Class					0						(59,550	)
Institutional Class					(392,482	)					(1,868,612	)
Net realized gains
Class A					(9,083,839	)					(4,658,059	)
Class C					(1,024,180	)					(653,384	)
Class R					(537,456	)					(306,050	)
Class R4					(95,079	)					(60,168	)
Class R6					(286,515	)					(74,852	)
Administrator Class					(10,809,645	)					(7,171,992	)
Institutional Class					(26,749,729	)					(19,978,900	)
Investor Class					(21,002,276	)					(14,255,159	)
Total distributions to shareholders					(69,986,587	)					(49,098,907	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		376,090			17,297,890			2,384,131			107,006,712
Class C		48,540			2,169,282			170,033			7,224,612
Class R		38,485			1,773,444			136,101			5,915,209
Class R4		941			43,753			48,161			2,121,409
Class R6		81,984			3,785,685			83,639			3,865,129
Administrator Class		636,037			29,628,269			1,144,191			50,164,994
Institutional Class		993,770			46,562,077			4,448,404			195,300,403
Investor Class		550,396			25,339,734			987,838			42,995,980
					126,600,134						414,594,448
Reinvestment of distributions
Class A		162,602			7,413,044			82,404			3,548,337
Class C		17,563			774,161			11,441			480,638
Class R		4,110			186,032			2,882			123,532
Class R4		2,062			95,079			1,485			64,555
Class R6		6,321			291,901			1,899			82,646
Administrator Class		235,753			10,802,180			162,979			7,043,571
Institutional Class		511,339			23,607,761			431,004			18,751,184
Investor Class		448,656			20,413,846			322,257			13,857,073
					63,584,004						43,951,536
Payment for shares redeemed
Class A		(1,021,836	)		(47,424,286	)		(1,093,357	)		(48,066,527	)
Class C		(71,119	)		(3,180,273	)		(120,153	)		(5,074,286	)
Class R		(67,997	)		(3,124,720	)		(71,737	)		(3,119,078	)
Class R4		(1,190	)		(55,587	)		(3,419	)		(151,575	)
Class R6		(11,187	)		(522,396	)		(12,634	)		(551,207	)
Administrator Class		(697,488	)		(32,648,123	)		(1,133,872	)		(49,716,022	)
Institutional Class		(1,142,635	)		(53,459,052	)		(4,554,967	)		(204,052,931	)
Investor Class		(1,119,846	)		(51,494,260	)		(1,219,233	)		(53,051,196	)
					(191,908,697	)					(363,782,822	)
Net increase (decrease) in net assets resulting from capital share transactions					(1,724,559	)					94,763,162
Total increase in net assets					9,013,802						280,868,718
Net assets
Beginning of period					1,563,981,040						1,283,112,322
End of period				$	1,572,994,842					$	1,563,981,040
Overdistributed net investment income				$	(785,580	)				$	(661,037	)

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

14 Wells Fargo Advantage Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS A				2014			2013			2012			2011			20101
Net asset value, beginning of period		$45.30			$39.73			$32.92			$31.62			$24.54			$24.54
Net investment income (loss)		(0.04	)		(0.06	)		0.04			(0.12	)2		(0.10	)2		0.00	3
Net realized and unrealized gains (losses) on investments		2.36			7.01			6.81			1.42			7.18			0.00	3
Total from investment operations		2.32			6.95			6.85			1.30			7.08			0.00	3
Distributions to shareholders from
Net investment income		0.00			0.00			(0.04	)		0.00			0.00			0.00
Net realized gains		(2.07	)		(1.38	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(2.07	)		(1.38	)		(0.04	)		0.00			0.00			0.00
Net asset value, end of period		$45.55			$45.30			$39.73			$32.92			$31.62			$24.54
Total return4		5.11	%		17.69	%		20.84	%		4.08	%		28.89	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.22	%		1.23	%		1.24	%		1.25	%		0.00	%
Net expenses		1.07	%		1.07	%		1.07	%		1.10	%		1.12	%		0.00	%
Net investment income (loss)		(0.11	)%		(0.17	)%		0.09	%		(0.37	)%		(0.33	)%		0.00	%
Supplemental data
Portfolio turnover rate		14	%		35	%		57	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)		$191,406			$212,273			$131,616			$75,149			$2,368			$10

¹  For the period from July 30, 2010 (commencement of class operations) to July 31, 2010

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  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 Advantage Large Cap Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS C				2014			2013			2012			2011			20101
Net asset value, beginning of period		$43.99			$38.90			$32.43			$31.38			$24.54			$24.54
Net investment income (loss)		(0.20	)		(0.33	)		(0.20	)		(0.37	)2		(0.32	)2		0.00	3
Net realized and unrealized gains (losses) on investments		2.27			6.80			6.67			1.42			7.16			0.00	3
Total from investment operations		2.07			6.47			6.47			1.05			6.84			0.00	3
Distributions to shareholders from
Net realized gains		(2.07	)		(1.38	)		0.00			0.00			0.00			0.00
Net asset value, end of period		$43.99			$43.99			$38.90			$32.43			$31.38			$24.54
Total return4		4.72	%		16.81	%		19.95	%		3.31	%		27.91	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.95	%		1.97	%		1.98	%		1.99	%		2.00	%		0.00	%
Net expenses		1.82	%		1.82	%		1.82	%		1.84	%		1.87	%		0.00	%
Net investment income (loss)		(0.87	)%		(0.89	)%		(0.65	)%		(1.16	)%		(1.04	)%		0.00	%
Supplemental data
Portfolio turnover rate		14	%		35	%		57	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)		$22,549			$22,767			$17,748			$11,829			$272			$10

¹  For the period from July 30, 2010 (commencement of class operations) to July 31, 2010

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

16 Wells Fargo Advantage Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS R				2014			2013			20121
Net asset value, beginning of period		$45.03			$39.59			$32.86			$32.91
Net investment loss		(0.11	)		(0.15	)		(0.06	)2		(0.05	)2
Net realized and unrealized gains (losses) on investments		2.35			6.97			6.80			0.00	3
Total from investment operations		2.24			6.82			6.74			(0.05	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.01	)		0.00
Net realized gains		(2.07	)		(1.38	)		0.00			0.00
Total distributions to shareholders		(2.07	)		(1.38	)		(0.01	)		0.00
Net asset value, end of period		$45.20			$45.03			$39.59			$32.86
Total return4		4.97	%		17.42	%		20.53	%		(0.15	)%
Ratios to average net assets (annualized)
Gross expenses		1.45	%		1.47	%		1.47	%		1.47	%
Net expenses		1.32	%		1.32	%		1.32	%		1.32	%
Net investment loss		(0.36	)%		(0.41	)%		(0.16	)%		(0.95	)%
Supplemental data
Portfolio turnover rate		14	%		35	%		57	%		46	%
Net assets, end of period (000s omitted)		$11,193			$12,295			$8,149			$5,065

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

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Advantage Large Cap Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS R4				2014			20131
Net asset value, beginning of period		$45.76			$40.05			$34.26
Net investment income		0.05			0.08			0.09
Net realized and unrealized gains (losses) on investments		2.36			7.11			5.81
Total from investment operations		2.41			7.19			5.90
Distributions to shareholders from
Net investment income		0.00			(0.10	)		(0.11	)
Net realized gains		(2.07	)		(1.38	)		0.00
Total distributions to shareholders		(2.07	)		(1.48	)		(0.11	)
Net asset value, end of period		$46.10			$45.76			$40.05
Total return2		5.26	%		18.07	%		17.37	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.89	%		0.87	%
Net expenses		0.75	%		0.75	%		0.75	%
Net investment income		0.20	%		0.17	%		0.39	%
Supplemental data
Portfolio turnover rate		14	%		35	%		57	%
Net assets, end of period (000s omitted)		$2,228			$2,129			$12

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

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

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

18 Wells Fargo Advantage Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS R6				2014			20131
Net asset value, beginning of period		$45.82			$40.11			$34.26
Net investment income		0.07			0.12			0.15
Net realized and unrealized gains (losses) on investments		2.38			7.11			5.82
Total from investment operations		2.45			7.23			5.97
Distributions to shareholders from
Net investment income		(0.04	)		(0.14	)		(0.12	)
Net realized gains		(2.07	)		(1.38	)		0.00
Total distributions to shareholders		(2.11	)		(1.52	)		(0.12	)
Net asset value, end of period		$46.16			$45.82			$40.11
Total return2		5.34	%		18.25	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.74	%		0.75	%
Net expenses		0.60	%		0.60	%		0.60	%
Net investment income		0.31	%		0.29	%		0.26	%
Supplemental data
Portfolio turnover rate		14	%		35	%		57	%
Net assets, end of period (000s omitted)		$9,547			$5,942			$2,278

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 Advantage Large Cap Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$45.50			$39.86			$33.02			$31.67			$24.54			$24.54
Net investment income (loss)		(0.00	)2,3		(0.01	)		0.09	2		(0.06	)2		(0.06	)2		0.00	3
Net realized and unrealized gains (losses) on investments		2.35			7.04			6.83			1.41			7.19			0.00	3
Total from investment operations		2.35			7.03			6.92			1.35			7.13			0.00	3
Distributions to shareholders from
Net investment income		0.00			(0.01	)		(0.08	)		0.00			0.00			0.00
Net realized gains		(2.07	)		(1.38	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(2.07	)		(1.39	)		(0.08	)		0.00			0.00			0.00
Net asset value, end of period		$45.78			$45.50			$39.86			$33.02			$31.67			$24.54
Total return4		5.18	%		17.84	%		21.00	%		4.26	%		29.05	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		1.04	%		1.06	%		1.07	%		1.08	%		1.07	%		0.00	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.94	%		0.00	%
Net investment income (loss)		(0.00	)%		(0.02	)%		0.24	%		(0.17	)%		(0.19	)%		0.00	%
Supplemental data
Portfolio turnover rate		14	%		35	%		57	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)		$254,868			$245,364			$208,053			$75,099			$1,379			$10

¹  For the period from July 30, 2010 (commencement of class operations) to July 31, 2010

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 Advantage Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$45.80			$40.11			$33.16			$31.73			$24.54			$24.54
Net investment income (loss)		0.07			0.11			0.20			(0.08	)2		(0.00	)3		0.00	3
Net realized and unrealized gains (losses) on investments		2.37			7.09			6.86			1.51			7.19			0.00	3
Total from investment operations		2.44			7.20			7.06			1.43			7.19			0.00	3
Distributions to shareholders from
Net investment income		(0.03	)		(0.13	)		(0.11	)		0.00			0.00			0.00
Net realized gains		(2.07	)		(1.38	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(2.10	)		(1.51	)		(0.11	)		0.00			0.00			0.00
Net asset value, end of period		$46.14			$45.80			$40.11			$33.16			$31.73			$24.54
Total return4		5.32	%		18.16	%		21.34	%		4.47	%		29.34	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.77	%		0.79	%		0.79	%		0.80	%		0.81	%		0.00	%
Net expenses		0.65	%		0.65	%		0.69	%		0.75	%		0.75	%		0.00	%
Net investment income (loss)		0.30	%		0.28	%		0.53	%		(0.25	)%		(0.01	)%		0.00	%
Supplemental data
Portfolio turnover rate		14	%		35	%		57	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)		$617,160			$596,006			$508,853			$601,684			$846			$10

¹  For the period from July 30, 2010 (commencement of class operations) to July 31, 2010

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 Advantage Large Cap Growth Fund 21

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INVESTOR CLASS				2014			2013			2012			2011			2010
Net asset value, beginning of period		$45.23			$39.69			$32.86			$31.59			$24.54			$21.77
Net investment income (loss)		(0.04	)		(0.09	)		0.02			(0.07	)		(0.06	)		(0.02	)1
Net realized and unrealized gains (losses) on investments		2.33			7.01			6.81			1.34			7.11			2.81
Total from investment operations		2.29			6.92			6.83			1.27			7.05			2.79
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.02	)
Net realized gains		(2.07	)		(1.38	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(2.07	)		(1.38	)		0.00			0.00			0.00			(0.02	)
Net asset value, end of period		$45.45			$45.23			$39.69			$32.86			$31.59			$24.54
Total return2		5.05	%		17.63	%		20.79	%		4.02	%		28.73	%		12.80	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.28	%		1.28	%		1.32	%		1.32	%		1.43	%
Net expenses		1.13	%		1.13	%		1.13	%		1.18	%		1.19	%		1.19	%
Net investment income (loss)		(0.18	)%		(0.20	)%		0.06	%		(0.23	)%		(0.19	)%		(0.07	)%
Supplemental data
Portfolio turnover rate		14	%		35	%		57	%		46	%		47	%		60	%
Net assets, end of period (000s omitted)		$464,043			$467,205			$406,405			$358,017			$336,128			$278,585

¹  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time).

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 primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles are fair valued at net asset value.

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

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

Security loans

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

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statement of Operations.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2014, the Fund had a qualified late-year ordinary loss of $629,183 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	398,382,640	$	0	$	0	$	398,382,640
Consumer staples		63,237,699		0		0		63,237,699
Energy		65,219,650		0		0		65,219,650
Financials		87,883,375		0		0		87,883,375
Health care		246,073,213		0		0		246,073,213
Industrials		185,261,412		0		0		185,261,412
Information technology		441,726,581		0		0		441,726,581
Materials		64,576,865		0		0		64,576,865
Short-term investments
Investment companies		15,690,756		20,727,000		0		36,417,756
Total assets	$	1,568,052,191	$	20,727,000	$	0	$	1,588,779,191

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.475% as the average daily net assets of the Fund increase. Prior to December 1, 2014, Funds Management was entitled to receive an annual advisory fee which started at 0.65% and declined to 0.55% as the average daily net assets of the Fund increased. For the six months ended January 31, 2015, the advisory fee was equivalent to an annual rate of 0.62% 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, 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 0.30% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class C, Class R		0.26	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10
Investor Class		0.32

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

Funds Management has contractually waived and/or reimbursed advisory 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, 2015 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, 0.75% for Class R4 shares, 0.60% for Class R6 shares, 0.95% for Administrator Class shares, 0.65% for Institutional Class shares, and 1.13% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2015, Funds Distributor received $3,422 from the sale of Class A shares and $336 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2015 were $220,413,421 and $276,325,300, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 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 0.10% of the unused balance is allocated to each participating fund. For the six months ended January 31, 2015, the Fund paid $1,171 in commitment fees.

For the six months ended January 31, 2015, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

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

PROXY VOTING INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Large Cap Growth Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. Prior thereto he joined Fidelity Management and Research Company in 1984 with assignments including equities analyst, portfolio manager, research director, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. Served on the boards 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. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Ms. Freeman served as the Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior thereto, 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 Chartered Financial Analyst (inactive).	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. 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. Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research 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
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

28 Wells Fargo Advantage Large Cap Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. 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	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. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 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 wellsfargoadvantagefunds.com.

List of abbreviations Wells Fargo Advantage Large Cap Growth Fund 29

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.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 Wells Fargo Advantage Funds. 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 wellsfargoadvantagefunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage 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/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

231602 03-15 SA209/SAR209 01-15

Wells Fargo Advantage Large Company Value Fund

Semi-Annual Report

January 31, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	20
Other information	25
List of abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2015, 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 Advantage 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 Advantage Large Company Value Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Large Company Value Fund for the six-month period that ended January 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. stocks for the reporting period (as measured by the S&P 500 Index¹); in contrast, many economies and markets elsewhere in the world faced ongoing challenges.

Positive U.S. economic data, but increased tensions abroad, led to heightened volatility during the third quarter of 2014.

When the reporting period began on August 1, 2014, the U.S. stock market was experiencing a series of surges interrupted by bouts of volatility as interest-rate concerns in the U.S. and increased tensions abroad triggered heightened investor uncertainty. An escalating Russia/Ukraine situation and a growing perception that the U.S. Federal Reserve (Fed) would raise short-term interest rates sooner than expected caused investors to pull back near the end of July. As a result, the S&P 500 Index dropped into negative territory for July’s monthly return. However, August brought a bounce-back; the S&P 500 Index delivered its largest monthly gain since February 2014 on a string of positive economic news, led by an upwardly revised 4.2% estimate of second-quarter 2014 gross domestic product (GDP) growth. Then, in September, stock market volatility increased as positive economic data became overshadowed at times by growing discomfort over escalating tensions in Ukraine and the Middle East. Slowing growth in Europe and China also concerned investors. Ultimately, U.S. stocks ended the third quarter up slightly overall, buoyed largely by another upward revision of second-quarter GDP growth to 4.6%. Strong corporate earnings also contributed to market gains.

The fourth quarter of 2014 brought continued improvement in the U.S.; international economies remained challenged.

Strong fourth-quarter results by the U.S. stock market helped the S&P 500 Index deliver more than 50 record closes in 2014. The last several, in December, were spurred by investor optimism following Fed Chair Janet Yellen’s comment that the Fed would be patient in its timing of an interest-rate increase. U.S. stocks also were boosted by positive economic data. November’s 5.8% unemployment rate was down from 7.0% a year earlier, and the number of jobs being added continued to expand, keeping U.S. employers on pace to hire nearly three million workers during 2014. In addition, the U.S. economy’s third-quarter growth rate was revised upward during the quarter, to 5.0%—its fastest pace in 11 years. Meanwhile, U.S. companies continued to report strong earnings. The steadily brightening U.S. economy energized consumers, who were further buoyed by much lower prices at the gasoline pump. During the fourth quarter, gasoline prices fell to their lowest levels in five years, according to the American Automobile Association.

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges. In China, where growth had been slowing for some time, government regulators in December announced changes being made in an effort to stimulate growth. In Japan, which slid back into recession in the third quarter of 2014, Prime Minister Abe gained approval in late December for roughly $29 billion in fresh stimulus to help the economy. In the eurozone, growth remained sluggish, and member countries continued to face an environment of low demand, high unemployment, and weak business investment. This situation

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.

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

was exacerbated in December by renewed concerns about Greece after its parliament failed to avert a general election that could jeopardize the terms of the country’s financial agreement with its international creditors. In Russia, the economy contracted for the first time since October 2009 as the country struggled under the weight of slumping oil prices, international sanctions, and massive outflows of capital.

Market volatility increased in January 2015.

Markets fluctuated in January as investors reacted to geopolitical developments and new economic data. Mid-month, the World Bank lowered its outlook for global growth based on deepening problems in the eurozone and emerging markets, stating that a strengthening U.S. economy could not, by itself, support the global economy. Later in January, Greek voters gave control of their government to opposition party Syriza, which promised to end austerity and insisted that Greece’s massive debt be renegotiated. In the U.S., various data released in January, such as consumer confidence and December’s jobless rate, showed improvement. On the last trading day of the month, however, investors learned that fourth-quarter 2014 U.S. economic growth was estimated at 2.6%, which was below consensus and lower than the 4.6% and 5.0% growth rates, respectively, for the second and third quarters of 2014.

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 Advantage Funds offers more than 100 mutual funds and other investments spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

4 Wells Fargo Advantage Large Company Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Phocas Financial Corporation

Portfolio managers

Stephen L. Block, CFA

William F.K. Schaff, CFA

Average annual total returns¹ (%) as of January 31, 2015

		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		0.99		10.90		5.55		7.14		12.21		6.18		1.28		1.10
Class C (WFLVX)	3-31-2008		5.46		11.40		5.44		6.46		11.40		5.44		2.03		1.85	��
Administrator Class (WWIDX)	12-31-2001		–		–		–		7.51		12.52		6.52		1.12		0.85
Institutional Class (WLCIX)	3-31-2008		–		–		–		7.64		12.75		6.67		0.85		0.65
Investor Class (SDVIX)	7-1-1993		–		–		–		7.15		12.14		6.13		1.34		1.16
Russell 1000® Value Index4	–		–		–		–		12.93		15.14		7.06		–		–

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, wellsfargoadvantagefunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class, Institutional Class, and Investor 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 Advantage Large Company Value Fund 5

Ten largest equity holdings5 (%) as of January 31, 2015
CVS Health Corporation	2.76
Equity Residential	2.60
Alexandria Real Estate Equities Incorporated	2.37
American International Group Incorporated	2.37
Merck & Company Incorporated	2.27
JPMorgan Chase & Company	2.26
Cigna Corporation	2.02
The Hartford Financial Services Group Incorporated	1.98
Marathon Oil Corporation	1.97
KeyCorp	1.84

Sector distribution⁶ as of January 31, 2015

¹  Historical performance shown for Class A shares prior to their inception reflects the performance of Investor Class shares, and includes the higher expenses applicable to Investor Class shares (except during those periods in which the expenses of Class A shares would have been higher than those of Investor Class shares). If these expenses had not been included, returns would be higher. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Investor Class shares and includes the higher expenses applicable to Investor Class shares. If these expenses had not been included, returns would be higher.

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The Adviser has committed through November 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, 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 cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  The ten largest equity holdings are calculated based on the value of the securities 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 percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Large Company Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2014 to January 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2014		Ending account value 1-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,000.42	$	5.55		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Class C
Actual	$	1,000.00	$	997.43	$	9.31		1.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.88	$	9.40		1.85	%
Administrator Class
Actual	$	1,000.00	$	1,001.87	$	4.29		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Institutional Class
Actual	$	1,000.00	$	1,002.63	$	3.28		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Investor Class
Actual	$	1,000.00	$	1,000.58	$	5.85		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.36	$	5.90		1.16	%

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Large Company Value Fund 7

Security name	Shares		Value
Common Stocks: 98.38%
Consumer Discretionary: 8.40%
Automobiles: 0.98%
Ford Motor Company		189,026	$	2,780,574
Hotels, Restaurants & Leisure: 2.23%
Las Vegas Sands Corporation		34,000		1,848,580
Norwegian Cruise Line Holdings Limited †		102,969		4,505,923
				6,354,503
Household Durables: 1.94%
Newell Rubbermaid Incorporated		94,390		3,480,159
Toll Brothers Incorporated †		59,201		2,049,539
				5,529,698
Media: 2.33%
Gannett Company Incorporated		41,967		1,301,397
The Walt Disney Company		16,397		1,491,471
Viacom Incorporated Class B		59,863		3,856,374
				6,649,242
Textiles, Apparel & Luxury Goods: 0.92%
PVH Corporation		23,917		2,637,088
Consumer Staples: 4.96%
Food & Staples Retailing: 3.29%
CVS Health Corporation		80,300		7,882,248
Rite Aid Corporation †		214,882		1,499,876
				9,382,124
Household Products: 1.34%
The Procter & Gamble Company		45,253		3,814,375
Personal Products: 0.33%
Herbalife Limited «		30,852		940,369
Energy: 9.22%
Energy Equipment & Services: 1.06%
Baker Hughes Incorporated		52,017		3,016,466
Oil, Gas & Consumable Fuels: 8.16%
Chevron Corporation		32,646		3,347,194
ConocoPhillips Company		48,596		3,060,576
Exxon Mobil Corporation		44,339		3,876,115
Marathon Oil Corporation		211,538		5,626,911
Noble Energy Incorporated		51,866		2,476,083
Valero Energy Corporation		92,529		4,892,934
				23,279,813

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

8 Wells Fargo Advantage Large Company Value Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Financials: 29.45%
Banks: 10.61%
Bank of America Corporation		233,912	$	3,543,767
BOK Financial Corporation		66,458		3,596,042
Citigroup Incorporated		75,766		3,557,214
First Republic Bank		97,320		4,955,534
JPMorgan Chase & Company		118,579		6,448,326
KeyCorp		403,521		5,241,738
SunTrust Banks Incorporated		75,330		2,894,179
				30,236,800
Capital Markets: 2.20%
Ameriprise Financial Incorporated		26,386		3,296,667
Goldman Sachs Group Incorporated		17,224		2,969,590
				6,266,257
Consumer Finance: 1.64%
American Express Company		58,082		4,686,637
Insurance: 8.34%
ACE Limited		26,208		2,829,416
American International Group Incorporated		138,215		6,754,567
Endurance Specialty Holdings Limited		64,567		3,946,335
MetLife Incorporated		99,138		4,609,917
The Hartford Financial Services Group Incorporated		145,070		5,643,223
				23,783,458
REITs: 6.66%
Alexandria Real Estate Equities Incorporated		69,415		6,769,351
American Realty Capital Properties Incorporated		168,352		1,559,781
Equity Residential		95,382		7,402,597
LaSalle Hotel Properties		80,571		3,259,903
				18,991,632
Health Care: 12.60%
Biotechnology: 0.95%
Gilead Sciences Incorporated †		25,758		2,700,211
Health Care Equipment & Supplies: 1.23%
Medtronic plc		49,178		3,511,309
Health Care Providers & Services: 3.12%
Cigna Corporation		54,003		5,769,140
HCA Holdings Incorporated †		44,279		3,134,953
				8,904,093
Life Sciences Tools & Services: 1.09%
PerkinElmer Incorporated		67,893		3,103,389

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Large Company Value Fund 9

Security name	Shares		Value
Pharmaceuticals: 6.21%
Johnson & Johnson		28,241	$	2,828,054
Merck & Company Incorporated		107,505		6,480,401
Novartis AG ADR		36,192		3,525,101
Pfizer Incorporated		155,799		4,868,719
				17,702,275
Industrials: 11.34%
Aerospace & Defense: 1.53%
Raytheon Company		20,436		2,044,622
Triumph Group Incorporated		40,626		2,318,120
				4,362,742
Airlines: 1.53%
United Continental Holdings Incorporated †		62,917		4,364,552
Commercial Services & Supplies: 1.13%
West Corporation		98,631		3,225,234
Electrical Equipment: 0.68%
Eaton Corporation plc		30,956		1,953,014
Industrial Conglomerates: 1.34%
General Electric Company		159,693		3,815,066
Machinery: 4.00%
Crane Company		33,856		2,063,523
Oshkosh Corporation		66,548		2,851,582
Stanley Black & Decker Incorporated		50,488		4,728,201
The Timken Company		46,019		1,749,182
				11,392,488
Road & Rail: 0.54%
AMERCO		5,336		1,526,683
Trading Companies & Distributors: 0.59%
WESCO International Incorporated †		25,412		1,696,505
Information Technology: 12.07%
Electronic Equipment, Instruments & Components: 1.93%
Synnex Corporation		51,718		3,836,958
TE Connectivity Limited		25,331		1,681,725
				5,518,683
Internet Software & Services: 2.59%
AOL Incorporated †		56,140		2,428,055
Google Incorporated Class C †		5,547		2,964,982
Yahoo! Incorporated †		45,063		1,982,321
				7,375,358

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

10 Wells Fargo Advantage Large Company Value Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name		Shares		Value
IT Services: 0.53%
Teradata Corporation †			34,027	$	1,516,243
Semiconductors & Semiconductor Equipment: 2.00%
NXP Semiconductors NV †			27,284		2,164,713
Skyworks Solutions Incorporated			42,521		3,531,369
					5,696,082
Technology Hardware, Storage & Peripherals: 5.02%
Apple Incorporated			26,071		3,054,478
EMC Corporation			158,446		4,108,505
Hewlett-Packard Company			77,342		2,794,366
NCR Corporation †			116,486		2,958,744
Seagate Technology plc			24,683		1,393,109
					14,309,202
Materials: 4.33%
Chemicals: 1.76%
Cabot Corporation			44,117		1,871,002
Huntsman Corporation			142,859		3,137,184
					5,008,186
Containers & Packaging: 0.98%
Crown Holdings Incorporated †			63,297		2,804,690
Metals & Mining: 0.94%
United States Steel Corporation			109,925		2,686,567
Paper & Forest Products: 0.65%
International Paper Company			35,230		1,855,212
Telecommunication Services: 1.81%
Diversified Telecommunication Services: 1.81%
CenturyLink Incorporated			58,542		2,176,006
Verizon Communications Incorporated			65,339		2,986,646
					5,162,652
Utilities: 4.20%
Electric Utilities: 3.38%
Duke Energy Corporation			55,637		4,848,208
The Southern Company			94,742		4,805,314
					9,653,522
Independent Power & Renewable Electricity Producers: 0.82%
AES Corporation			190,636		2,329,572
Total Common Stocks (Cost $230,422,954)					280,522,566
	��

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Large Company Value Fund 11

Security name	Yield			Shares		Value
Short-Term Investments: 2.97%
Investment Companies: 2.97%
Securities Lending Cash Investments, LLC (l)(u)(r)		0.13	%		966,400	$	966,400
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10			7,510,112		7,510,112
Total Short-Term Investments (Cost $8,476,512)							8,476,512

Total investments in securities (Cost $238,899,466) *	101.35	%		288,999,078
Other assets and liabilities, net	(1.35	)		(3,854,570	)
Total net assets	100.00	%	$	285,144,508

† Non-income-earning security

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

(l) The security represents an affiliate of the Fund/Portfolio as defined in the Investment Company Act of 1940.

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

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

* Cost for federal income tax purposes is $241,832,709 and unrealized gains (losses) consists of:

Gross unrealized gains	$	58,834,906
Gross unrealized losses		(11,668,537	)
Net unrealized gains	$	47,166,369

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

12 Wells Fargo Advantage Large Company Value Fund Statement of assets and liabilities—January 31, 2015 (unaudited)

Assets
Investments
In unaffiliated securities (including $943,448 of securities loaned), at value (cost $230,422,954)	$	280,522,566
In affiliated securities, at value (cost $8,476,512)		8,476,512
Total investments, at value (cost $238,899,466)		288,999,078
Receivable for Fund shares sold		16,147
Receivable for dividends		268,587
Receivable for securities lending income		2,291
Prepaid expenses and other assets		32,192
Total assets		289,318,295
Liabilities
Payable for investments purchased		2,569,651
Payable for Fund shares redeemed		313,509
Payable upon receipt of securities loaned		966,400
Advisory fee payable		119,197
Distribution fee payable		3,148
Administration fees payable		82,269
Accrued expenses and other liabilities		119,613
Total liabilities		4,173,787
Total net assets	$	285,144,508
NET ASSETS CONSIST OF
Paid-in capital	$	234,205,097
Undistributed net investment income		28,512
Accumulated net realized gains on investments		811,287
Net unrealized gains on investments		50,099,612
Total net assets	$	285,144,508
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	106,200,787
Shares outstanding – Class A1		6,938,987
Net asset value per share – Class A		$15.30
Maximum offering price per share – Class A2		$16.23
Net assets – Class C	$	4,538,097
Shares outstanding – Class C1		290,806
Net asset value per share – Class C		$15.61
Net assets – Administrator Class	$	32,741,903
Shares outstanding – Administrator Class1		2,126,136
Net asset value per share – Administrator Class		$15.40
Net assets – Institutional Class	$	1,767,268
Shares outstanding – Institutional Class1		114,949
Net asset value per share – Institutional Class		$15.37
Net assets – Investor Class	$	139,896,453
Shares outstanding – Investor Class1		8,883,412
Net asset value per share – Investor Class		$15.75

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2015 (unaudited) Wells Fargo Advantage Large Company Value Fund 13

Investment income
Dividends	$	2,519,958
Securities lending income, net		15,932
Income from affiliated securities		2,285
Total investment income		2,538,175
Expenses
Advisory fee		993,227
Administration fees
Fund level		76,402
Class A		148,918
Class C		6,102
Administrator Class		18,086
Institutional Class		528
Investor Class		238,191
Shareholder servicing fees
Class A		143,190
Class C		5,867
Administrator Class		45,216
Investor Class		185,663
Distribution fee
Class C		17,603
Custody and accounting fees		11,067
Professional fees		22,923
Registration fees		29,365
Shareholder report expenses		26,977
Trustees’ fees and expenses		5,914
Other fees and expenses		5,224
Total expenses		1,980,463
Less: Fee waivers and/or expense reimbursements		(285,541	)
Net expenses		1,694,922
Net investment income		843,253
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		20,656,397
Net change in unrealized gains (losses) on investments		(20,768,784	)
Net realized and unrealized gains (losses) on investments		(112,387	)
Net increase in net assets resulting from operations	$	730,866

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

14 Wells Fargo Advantage Large Company Value Fund Statement of changes in net assets

	Six months ended January 31, 2015 (unaudited)						Year ended July 31, 2014
Operations
Net investment income				$	843,253					$	1,848,473
Net realized gains on investments					20,656,397						39,715,628
Net change in unrealized gains (losses) on investments					(20,768,784	)					(2,444,555	)
Net increase in net assets resulting from operations					730,866						39,119,546
Distributions to shareholders from
Net investment income
Class A					(419,357	)					(625,503	)
Class C					0						(2,997	)
Administrator Class					(205,797	)					(269,425	)
Institutional Class					(10,621	)					(12,375	)
Investor Class					(468,512	)					(668,519	)
Net realized gains
Class A					(9,704,404	)					(11,065,973	)
Class C					(389,854	)					(448,468	)
Administrator Class					(3,048,826	)					(3,552,432	)
Institutional Class					(160,301	)					(122,590	)
Investor Class					(12,477,097	)					(13,095,944	)
Total distributions to shareholders					(26,884,769	)					(29,864,226	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		78,147			1,284,015			206,529			3,419,892
Class C		29,797			493,020			34,216			581,634
Administrator Class		86,844			1,461,493			224,328			3,712,144
Institutional Class		64,018			1,110,032			8,867			147,541
Investor Class		171,020			2,937,553			416,128			7,103,375
					7,286,113						14,964,586
Reinvestment of distributions
Class A		623,860			9,812,875			712,472			11,432,349
Class C		21,192			339,283			24,127			394,545
Administrator Class		188,165			2,981,872			209,544			3,383,843
Institutional Class		5,713			90,443			7,706			124,367
Investor Class		768,731			12,436,168			797,069			13,123,493
					25,660,641						28,458,597
Payment for shares redeemed
Class A		(682,529	)		(11,521,741	)		(1,072,642	)		(17,848,323	)
Class C		(32,219	)		(547,609	)		(58,373	)		(969,833	)
Administrator Class		(275,545	)		(4,628,226	)		(662,954	)		(11,056,702	)
Institutional Class		(5,838	)		(100,017	)		(166,124	)		(2,726,544	)
Investor Class		(555,989	)		(9,496,407	)		(974,086	)		(16,531,264	)
					(26,294,000	)					(49,132,666	)
Net increase (decrease) in net assets resulting from capital share transactions					6,652,754						(5,709,483	)
Total increase (decrease) in net assets					(19,501,149	)					3,545,837
Net assets
Beginning of period					304,645,657						301,099,820
End of period				$	285,144,508					$	304,645,657
Undistributed net investment income				$	28,512					$	289,546

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

Financial highlights Wells Fargo Advantage Large Company Value Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS A				2014			2013			2012			2011			2010
Net asset value, beginning of period		$16.82			$16.39			$12.96			$12.61			$11.04			$9.84
Net investment income		0.05			0.10			0.14			0.17			0.12			0.09
Net realized and unrealized gains (losses) on investments		(0.01	)		2.04			3.48			0.35			1.51			1.21
Total from investment operations		0.04			2.14			3.62			0.52			1.63			1.30
Distributions to shareholders from
Net investment income		(0.06	)		(0.09	)		(0.19	)		(0.17	)		(0.06	)		(0.10	)
Net realized gains		(1.50	)		(1.62	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.56	)		(1.71	)		(0.19	)		(0.17	)		(0.06	)		(0.10	)
Net asset value, end of period		$15.30			$16.82			$16.39			$12.96			$12.61			$11.04
Total return1		0.04	%		13.68	%		28.16	%		4.21	%		14.77	%		13.22	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.28	%		1.28	%		1.27	%		1.32	%		1.42	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.25	%		1.25	%
Net investment income		0.56	%		0.61	%		1.00	%		1.29	%		0.74	%		0.74	%
Supplemental data
Portfolio turnover rate		43	%		59	%		78	%		37	%		35	%		42	%
Net assets, end of period (000s omitted)		$106,201			$116,398			$115,895			$103,195			$642			$362

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

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

16 Wells Fargo Advantage Large Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS C				2014			2013			2012			2011			2010
Net asset value, beginning of period		$17.12			$16.70			$13.21			$12.81			$11.26			$10.03
Net investment income (loss)		(0.01	)		(0.02	)		0.04			0.09			0.01			0.03
Net realized and unrealized gains (losses) on investments		0.00	1		2.07			3.54			0.36			1.55			1.22
Total from investment operations		(0.01	)		2.05			3.58			0.45			1.56			1.25
Distributions to shareholders from
Net investment income		0.00			(0.01	)		(0.09	)		(0.05	)		(0.01	)		(0.02	)
Net realized gains		(1.50	)		(1.62	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.50	)		(1.63	)		(0.09	)		(0.05	)		(0.01	)		(0.02	)
Net asset value, end of period		$15.61			$17.12			$16.70			$13.21			$12.81			$11.26
Total return2		(0.26	)%		12.83	%		27.17	%		3.49	%		13.85	%		12.47	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.03	%		2.03	%		2.02	%		2.08	%		2.17	%
Net expenses		1.85	%		1.85	%		1.85	%		1.85	%		2.00	%		2.00	%
Net investment income (loss)		(0.19	)%		(0.14	)%		0.25	%		0.54	%		0.04	%		0.02	%
Supplemental data
Portfolio turnover rate		43	%		59	%		78	%		37	%		35	%		42	%
Net assets, end of period (000s omitted)		$4,538			$4,659			$4,543			$4,022			$513			$438

¹  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Large Company Value Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			2010
Net asset value, beginning of period		$16.93			$16.47			$13.02			$12.68			$11.08			$9.87
Net investment income		0.07			0.15			0.21			0.19	1		0.11			0.12	1
Net realized and unrealized gains (losses) on investments		(0.01	)		2.05			3.46			0.36			1.56			1.22
Total from investment operations		0.06			2.20			3.67			0.55			1.67			1.34
Distributions to shareholders from
Net investment income		(0.09	)		(0.12	)		(0.22	)		(0.21	)		(0.07	)		(0.13	)
Net realized gains		(1.50	)		(1.62	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.59	)		(1.74	)		(0.22	)		(0.21	)		(0.07	)		(0.13	)
Net asset value, end of period		$15.40			$16.93			$16.47			$13.02			$12.68			$11.08
Total return2		0.19	%		13.94	%		28.52	%		4.47	%		15.12	%		13.53	%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.12	%		1.10	%		1.11	%		1.17	%		1.24	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.96	%		0.96	%
Net investment income		0.82	%		0.86	%		1.28	%		1.54	%		1.93	%		1.12	%
Supplemental data
Portfolio turnover rate		43	%		59	%		78	%		37	%		35	%		42	%
Net assets, end of period (000s omitted)		$32,742			$36,002			$38,798			$176,623			$667			$289

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Large Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			2010
Net asset value, beginning of period		$16.91			$16.44			$13.00			$12.68			$11.08			$9.86
Net investment income		0.08	1		0.18	1		0.26	1		0.22			0.14			0.14
Net realized and unrealized gains (losses) on investments		0.00	2		2.05			3.45			0.35			1.54			1.23
Total from investment operations		0.08			2.23			3.71			0.57			1.68			1.37
Distributions to shareholders from
Net investment income		(0.12	)		(0.14	)		(0.27	)		(0.25	)		(0.08	)		(0.15	)
Net realized gains		(1.50	)		(1.62	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.62	)		(1.76	)		(0.27	)		(0.25	)		(0.08	)		(0.15	)
Net asset value, end of period		$15.37			$16.91			$16.44			$13.00			$12.68			$11.08
Total return3		0.26	%		14.16	%		28.93	%		4.67	%		15.36	%		13.76	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.84	%		0.85	%		0.89	%		0.96	%
Net expenses		0.65	%		0.65	%		0.65	%		0.66	%		0.75	%		0.75	%
Net investment income		0.98	%		1.10	%		1.83	%		1.80	%		1.12	%		1.28	%
Supplemental data
Portfolio turnover rate		43	%		59	%		78	%		37	%		35	%		42	%
Net assets, end of period (000s omitted)		$1,767			$863			$3,299			$15,924			$14,401			$9

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Large Company Value Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INVESTOR CLASS				2014			2013			2012			2011			2010
Net asset value, beginning of period		$17.26			$16.77			$13.26			$12.89			$11.28			$10.05
Net investment income		0.04			0.09			0.14			0.16			0.09			0.08
Net realized and unrealized gains (losses) on investments		0.00	1		2.10			3.55			0.36			1.57			1.23
Total from investment operations		0.04			2.19			3.69			0.52			1.66			1.31
Distributions to shareholders from
Net investment income		(0.05	)		(0.08	)		(0.18	)		(0.15	)		(0.05	)		(0.08	)
Net realized gains		(1.50	)		(1.62	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(1.55	)		(1.70	)		(0.18	)		(0.15	)		(0.05	)		(0.08	)
Net asset value, end of period		$15.75			$17.26			$16.77			$13.26			$12.89			$11.28
Total return2		0.06	%		13.60	%		28.12	%		4.09	%		14.75	%		13.06	%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.34	%		1.34	%		1.34	%		1.40	%		1.52	%
Net expenses		1.16	%		1.16	%		1.16	%		1.18	%		1.32	%		1.35	%
Net investment income		0.50	%		0.55	%		0.94	%		1.27	%		0.74	%		0.70	%
Supplemental data
Portfolio turnover rate		43	%		59	%		78	%		37	%		35	%		42	%
Net assets, end of period (000s omitted)		$139,896			$146,723			$138,565			$123,774			$110,554			$108,703

¹  Amount is less than $0.005.

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 Advantage Large Company Value Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time).

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 primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles are fair valued at net asset value.

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

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

Security loans

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

Notes to financial statements (unaudited) Wells Fargo Advantage Large Company Value Fund 21

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statement of Operations.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $14,314,500 with $11,985,163 expiring in 2016; and $2,329,337 expiring in 2018.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

22 Wells Fargo Advantage Large Company Value Fund Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in :
Common stocks
Consumer discretionary	$	23,951,105	$	0	$	0	$	23,951,105
Consumer staples		14,136,868		0		0		14,136,868
Energy		26,296,279		0		0		26,296,279
Financials		83,964,784		0		0		83,964,784
Health care		35,921,277		0		0		35,921,277
Industrials		32,336,284		0		0		32,336,284
Information technology		34,415,568		0		0		34,415,568
Materials		12,354,655		0		0		12,354,655
Telecommunication services		5,162,652		0		0		5,162,652
Utilities		11,983,094		0		0		11,983,094
Short-term investments
Investment companies		7,510,112		966,400		0		8,476,512
Total assets	$	288,032,678	$	966,400	$	0	$	288,999,078

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.475% as the average daily net assets of the Fund increase. Prior to December 1, 2014, Funds Management was entitled to receive an annual advisory fee which started at 0.65% and declined to 0.55% as the average daily net assets of the Fund increased. For the six months ended January 31, 2015, the advisory fee was equivalent to an annual rate of 0.65% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Phocas Financial Corporation is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.29% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class C		0.26	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.32

Notes to financial statements (unaudited) Wells Fargo Advantage Large Company Value Fund 23

Funds Management has contractually waived and/or reimbursed advisory 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, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.10% for Class A shares, 1.85% for Class C shares, 0.85% for Administrator Class shares, 0.65% for Institutional Class shares and 1.16% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2015, Funds Distributor received $2,280 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2015 were $220,413,421 and $276,325,300, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 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 0.10% of the unused balance is allocated to each participating fund. For the six months ended January 31, 2015, the Fund paid $226 in commitment fees.

For the six months ended January 31, 2015, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

24 Wells Fargo Advantage Large Company Value Fund Notes to financial statements (unaudited)

9. SUBSEQUENT DISTRIBUTIONS

On March 25, 2015, the Fund declared distributions from net investment income to shareholders of record on March 24, 2015. The per share amounts payable on March 26, 2015 were as follows:

	Net investment income
Class A	$	0.03510
Class C	$	0.00844
Administrator Class	$	0.04328
Institutional Class	$	0.04995
Investor Class	$	0.03273

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the Fund’s tax year-end.

Other information (unaudited) Wells Fargo Advantage Large Company Value Fund 25

PROXY VOTING INFORMATION

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

26 Wells Fargo Advantage Large Company Value Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong 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. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	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 thereto, 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 Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	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 Delux 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. Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research 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 Advantage Large Company Value Fund 27

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. 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	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. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 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 wellsfargoadvantagefunds.com.

28 Wells Fargo Advantage Large Company Value Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.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 Wells Fargo Advantage Funds. 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 wellsfargoadvantagefunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage 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/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

231603 03-15 SA210/SAR210 01-15

Wells Fargo Advantage Omega Growth Fund

Semi-Annual Report

January 31, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	20
Other information	24
List of abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2015, 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 Advantage 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 Advantage Omega Growth Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Omega Growth Fund for the six-month period that ended January 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. stocks for the reporting period (as measured by the S&P 500 Index¹); in contrast, many economies and markets elsewhere in the world faced ongoing challenges.

Positive U.S. economic data, but increased tensions abroad, led to heightened volatility during the third quarter of 2014.

When the reporting period began on August 1, 2014, the U.S. stock market was experiencing a series of surges interrupted by bouts of volatility as interest-rate concerns in the U.S. and increased tensions abroad triggered heightened investor uncertainty. An escalating Russia/Ukraine situation and a growing perception that the U.S. Federal Reserve (Fed) would raise short-term interest rates sooner than expected caused investors to pull back near the end of July. As a result, the S&P 500 Index dropped into negative territory for July’s monthly return. However, August brought a bounce-back; the S&P 500 Index delivered its largest monthly gain since February 2014 on a string of positive economic news, led by an upwardly revised 4.2% estimate of second-quarter 2014 gross domestic product (GDP) growth. Then, in September, stock market volatility increased as positive economic data became overshadowed at times by growing discomfort over escalating tensions in Ukraine and the Middle East. Slowing growth in Europe and China also concerned investors. Ultimately, U.S. stocks ended the third quarter up slightly overall, buoyed largely by another upward revision of second-quarter GDP growth to 4.6%. Strong corporate earnings also contributed to market gains.

The fourth quarter of 2014 brought continued improvement in the U.S.; international economies remained challenged.

Strong fourth-quarter results by the U.S. stock market helped the S&P 500 Index deliver more than 50 record closes in 2014. The last several, in December, were spurred by investor optimism following Fed Chair Janet Yellen’s comment that the Fed would be patient in its timing of an interest-rate increase. U.S. stocks also were boosted by positive economic data. November’s 5.8% unemployment rate was down from 7.0% a year earlier, and the number of jobs being added continued to expand, keeping U.S. employers on pace to hire nearly three million workers during 2014. In addition, the U.S. economy’s third-quarter growth rate was revised upward during the quarter, to 5.0%—its fastest pace in 11 years. Meanwhile, U.S. companies continued to report strong earnings. The steadily brightening U.S. economy energized consumers, who were further buoyed by much lower prices at the gasoline pump. During the fourth quarter, gasoline prices fell to their lowest levels in five years, according to the American Automobile Association.

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges. In China, where growth had been slowing for some time, government regulators in December announced changes being made in an effort to stimulate growth. In Japan, which slid back into recession in the third quarter of 2014, Prime Minister Abe gained approval in late December for roughly $29 billion in fresh stimulus to help the economy. In the eurozone, growth remained sluggish, and member countries continued to face an environment of low demand, high unemployment, and weak business investment. This situation

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.

Letter to shareholders (unaudited) Wells Fargo Advantage Omega Growth Fund 3

was exacerbated in December by renewed concerns about Greece after its parliament failed to avert a general election that could jeopardize the terms of the country’s financial agreement with its international creditors. In Russia, the economy contracted for the first time since October 2009 as the country struggled under the weight of slumping oil prices, international sanctions, and massive outflows of capital.

Market volatility increased in January 2015.

Markets fluctuated in January as investors reacted to geopolitical developments and new economic data. Mid-month, the World Bank lowered its outlook for global growth based on deepening problems in the eurozone and emerging markets, stating that a strengthening U.S. economy could not, by itself, support the global economy. Later in January, Greek voters gave control of their government to opposition party Syriza, which promised to end austerity and insisted that Greece’s massive debt be renegotiated. In the U.S., various data released in January, such as consumer confidence and December’s jobless rate, showed improvement. On the last trading day of the month, however, investors learned that fourth-quarter 2014 U.S. economic growth was estimated at 2.6%, which was below consensus and lower than the 4.6% and 5.0% growth rates, respectively, for the second and third quarters of 2014.

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 Advantage Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

4 Wells Fargo Advantage Omega Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Average annual total returns¹ (%) as of January 31, 2015

		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		(2.08	)		13.61		8.83		3.90		14.96		9.48		1.32		1.30
Class B (EKOBX)*	8-2-1993		(1.22	)		13.86		8.91		3.12		14.10		8.91		2.07		2.05
Class C (EKOCX)	8-2-1993		2.14			14.10		8.67		3.14		14.10		8.67		2.07		2.05
Class R (EKORX)	10-10-2003		–			–		–		3.64		14.67		9.21		1.57		1.55
Administrator Class (EOMYX)	1-13-1997		–			–		–		4.15		15.25		9.76		1.16		1.05
Institutional Class (EKONX)	7-30-2010		–			–		–		4.42		15.51		9.89		0.89		0.80
Russell 3000® Growth Index4	–		–			–		–		13.80		16.55		8.70		–		–

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

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Omega Growth Fund 5

Ten largest equity holdings5 (%) as of January 31, 2015
Apple Incorporated	5.22
Facebook Incorporated Class A	3.63
SBA Communications Corporation Class A	2.60
Gilead Sciences Incorporated	2.53
Comcast Corporation Class A	2.32
Biogen Idec Incorporated	2.25
Micron Technology Incorporated	2.18
Celgene Corporation	2.12
Visa Incorporated Class A	2.11
Under Armour Incorporated Class A	2.03

Sector distribution⁶ as of January 31, 2015

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

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The Adviser has committed through November 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, 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 cap. Without this cap, the Fund’s returns would have been lower.

⁴  The Russell 3000^® Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

⁵  The ten largest equity holdings are calculated based on the value of the securities 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 percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Omega Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2014 to January 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2014		Ending account value 1-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,016.74	$	6.61		1.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.61		1.30	%
Class B
Actual	$	1,000.00	$	1,012.86	$	10.40		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.87	$	10.41		2.05	%
Class C
Actual	$	1,000.00	$	1,012.83	$	10.40		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.87	$	10.41		2.05	%
Class R
Actual	$	1,000.00	$	1,015.29	$	7.87		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.39	$	7.88		1.55	%
Administrator Class
Actual	$	1,000.00	$	1,017.87	$	5.34		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Institutional Class
Actual	$	1,000.00	$	1,019.22	$	4.07		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Omega Growth Fund 7

Security name	Shares		Value
Common Stocks: 98.10%
Consumer Discretionary: 21.38%
Auto Components: 1.01%
Delphi Automotive plc		139,900	$	9,615,327
Distributors: 1.59%
LKQ Corporation †		582,707		15,039,668
Hotels, Restaurants & Leisure: 2.62%
Chipotle Mexican Grill Incorporated †		24,600		17,462,064
MGM Resorts International †		377,400		7,351,752
				24,813,816
Internet & Catalog Retail: 1.76%
Amazon.com Incorporated †		47,000		16,662,910
Leisure Products: 1.59%
Polaris Industries Incorporated		104,100		15,051,819
Media: 7.11%
Comcast Corporation Class A		412,900		21,943,571
Liberty Global plc Class C †		420,125		19,153,499
Time Warner Incorporated		172,400		13,435,132
Twenty-First Century Fox Incorporated		386,100		12,803,076
				67,335,278
Specialty Retail: 2.16%
Advance Auto Parts Incorporated		95,084		15,118,356
Williams-Sonoma Incorporated		68,800		5,383,600
				20,501,956
Textiles, Apparel & Luxury Goods: 3.54%
Carter’s Incorporated		175,700		14,317,793
Under Armour Incorporated Class A †		267,400		19,274,192
				33,591,985
Consumer Staples: 1.61%
Beverages: 1.61%
Constellation Brands Incorporated Class A †		138,200		15,264,190
Energy: 1.99%
Oil, Gas & Consumable Fuels: 1.99%
Pioneer Natural Resources Company		107,186		16,134,709
Sanchez Energy Corporation †«		241,001		2,684,751
				18,819,460
Financials: 8.88%
Banks: 0.41%
Texas Capital Bancshares Incorporated †		95,249		3,890,922

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

8 Wells Fargo Advantage Omega Growth Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Capital Markets: 4.66%
Affiliated Managers Group Incorporated †		73,972	$	15,202,725
Raymond James Financial Incorporated		258,495		13,602,007
SEI Investments Company		383,300		15,397,161
				44,201,893
Diversified Financial Services: 3.81%
IntercontinentalExchange Group Incorporated		93,400		19,215,182
McGraw Hill Financial Incorporated		188,500		16,859,440
				36,074,622
Health Care: 19.82%
Biotechnology: 8.92%
Biogen Idec Incorporated †		54,800		21,325,968
Celgene Corporation †		169,000		20,138,040
Gilead Sciences Incorporated †		228,627		23,966,968
Puma Biotechnology Incorporated †		25,200		5,319,216
Regeneron Pharmaceuticals Incorporated †		12,800		5,333,248
Vertex Pharmaceuticals Incorporated †		76,600		8,436,724
				84,520,164
Health Care Providers & Services: 6.11%
Community Health Systems Incorporated †		292,100		13,749,147
DaVita HealthCare Partners Incorporated †		165,700		12,437,442
Envision Healthcare Holdings Incorporated †		428,322		14,725,710
McKesson Corporation		80,000		17,012,000
				57,924,299
Pharmaceuticals: 4.79%
AbbVie Incorporated		227,441		13,726,064
Bristol-Myers Squibb Company		147,800		8,907,906
Eli Lilly & Company		90,000		6,480,000
Perrigo Company plc		106,900		16,221,006
				45,334,976
Industrials: 10.46%
Airlines: 1.48%
Delta Air Lines Incorporated		296,500		14,027,415
Industrial Conglomerates: 1.52%
Carlisle Companies Incorporated		160,600		14,402,608
Machinery: 3.10%
Allison Transmission Holdings Incorporated		306,600		9,602,712
Proto Labs Incorporated †«		152,382		9,811,877
Wabtec Corporation		119,800		9,997,310
				29,411,899
Road & Rail: 4.36%
Canadian Pacific Railway Limited		26,300		4,593,821
Old Dominion Freight Line Incorporated †		201,970		14,162,136

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Omega Growth Fund 9

Security name	Shares		Value
Road & Rail (continued)
Swift Transportation Company †		176,800	$	4,345,744
Union Pacific Corporation		155,500		18,226,155
				41,327,856
Information Technology: 28.50%
Communications Equipment: 1.61%
Palo Alto Networks Incorporated †		120,606		15,243,392
Electronic Equipment, Instruments & Components: 2.42%
Cognex Corporation †		283,200		10,407,600
TE Connectivity Limited		189,200		12,560,988
				22,968,588
Internet Software & Services: 8.50%
Alibaba Group Holding Limited ADR †		92,924		8,277,670
Facebook Incorporated Class A †		453,200		34,402,412
Google Incorporated Class A †		15,600		8,385,780
Google Incorporated Class C †		32,400		17,318,448
LinkedIn Corporation Class A †		32,400		7,281,576
Yelp Incorporated †		92,721		4,865,071
				80,530,957
IT Services: 4.89%
Alliance Data Systems Corporation †		47,500		13,719,425
Vantiv Incorporated Class A †		366,574		12,606,480
Visa Incorporated Class A		78,601		20,036,181
				46,362,086
Semiconductors & Semiconductor Equipment: 2.18%
Micron Technology Incorporated †		706,700		20,681,576
Software: 2.35%
ServiceNow Incorporated †		168,500		12,283,650
Workday Incorporated Class A †		125,900		10,004,014
				22,287,664
Technology Hardware, Storage & Peripherals: 6.55%
Apple Incorporated		422,500		49,500,100
Western Digital Corporation		128,700		12,513,501
				62,013,601
Materials: 2.86%
Chemicals: 2.86%
Axalta Coating Systems Limited †		392,800		10,083,176
Monsanto Company		144,400		17,036,312
				27,119,488

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

10 Wells Fargo Advantage Omega Growth Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name				Shares		Value
Telecommunication Services: 2.60%
Wireless Telecommunication Services: 2.60%
SBA Communications Corporation Class A †					210,802	$	24,600,593
Total Common Stocks (Cost $750,428,455)							929,621,008
	Yield
Short-Term Investments: 0.97%
Investment Companies: 0.97%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.13	%		7,960,316		7,960,316
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10			1,277,167		1,277,167
Total Short-Term Investments (Cost $9,237,483)							9,237,483

Total investments in securities (Cost $759,665,938) *	99.07	%		938,858,491
Other assets and liabilities, net	0.93			8,816,649
Total net assets	100.00	%	$	947,675,140

† Non-income-earning security

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

(l) The security represents an affiliate of the Fund as defined in the Investment Company Act of 1940.

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

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

* Cost for federal income tax purposes is $760,931,656 and unrealized gains (losses) consists of:

Gross unrealized gains	$	199,994,385
Gross unrealized losses		(22,067,550	)
Net unrealized gains	$	177,926,835

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

Statement of assets and liabilities—January 31, 2015 (unaudited) Wells Fargo Advantage Omega Growth Fund 11

Assets
Investments
In unaffiliated securities (including $7,762,112 of securities loaned), at value (cost $750,428,455)	$	929,621,008
In affiliated securities, at value (cost $9,237,483)		9,237,483
Total investments, at value (cost $759,665,938)		938,858,491
Receivable for investments sold		33,275,414
Receivable for Fund shares sold		1,851,545
Receivable for dividends		210,275
Receivable for securities lending income		6,138
Prepaid expenses and other assets		54,386
Total assets		974,256,249
Liabilities
Payable for investments purchased		7,307,713
Payable for Fund shares redeemed		3,534,077
Payable upon receipt of securities loaned		7,960,316
Due to custodian bank		6,546,353
Advisory fee payable		583,059
Distribution fees payable		78,408
Administration fees payable		239,048
Accrued expenses and other liabilities		332,135
Total liabilities		26,581,109
Total net assets	$	947,675,140
NET ASSETS CONSIST OF
Paid-in capital	$	750,447,454
Accumulated net investment loss		(2,523,489	)
Accumulated net realized gains on investments		20,558,622
Net unrealized gains on investments		179,192,553
Total net assets	$	947,675,140
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	665,143,330
Shares outstanding – Class A1		14,987,064
Net asset value per share – Class A		$44.38
Maximum offering price per share – Class A2		$47.09
Net assets – Class B	$	9,821,614
Shares outstanding – Class B1		284,412
Net asset value per share – Class B		$34.53
Net assets – Class C	$	101,671,709
Shares outstanding – Class C1		2,935,078
Net asset value per share – Class C		$34.64
Net assets – Class R	$	16,929,582
Shares outstanding – Class R1		394,370
Net asset value per share – Class R		$42.93
Net assets – Administrator Class	$	86,551,358
Shares outstanding – Administrator Class1		1,841,643
Net asset value per share – Administrator Class		$47.00
Net assets – Institutional Class	$	67,557,547
Shares outstanding – Institutional Class1		1,416,952
Net asset value per share – Institutional Class		$47.68

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.

12 Wells Fargo Advantage Omega Growth Fund Statement of operations—six months ended January 31, 2015 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $7,172)	$	4,325,604
Securities lending income, net		19,839
Income from affiliated securities		2,393
Total investment income		4,347,836
Expenses
Advisory fee		3,705,802
Administration fees
Fund level		256,014
Class A		929,213
Class B		14,789
Class C		141,556
Class R		24,798
Administrator Class		53,883
Institutional Class		24,868
Shareholder servicing fees
Class A		893,473
Class B		14,015
Class C		136,111
Class R		23,845
Administrator Class		130,088
Distribution fees
Class B		42,661
Class C		408,335
Class R		23,845
Custody and accounting fees		32,181
Professional fees		25,365
Registration fees		50,020
Shareholder report expenses		71,375
Trustees’ fees and expenses		5,766
Other fees and expenses		10,257
Total expenses		7,018,260
Less: Fee waivers and/or expense reimbursements		(177,247	)
Net expenses		6,841,013
Net investment loss		(2,493,177	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		34,055,912
Net change in unrealized gains (losses) on investments		(14,102,763	)
Net realized and unrealized gains (losses) on investments		19,953,149
Net increase in net assets resulting from operations	$	17,459,972

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

Statement of changes in net assets Wells Fargo Advantage Omega Growth Fund 13

	Six months ended January 31, 2015 (unaudited)						Year ended July 31, 2014
Operations
Net investment loss				$	(2,493,177	)				$	(9,015,814	)
Net realized gains on investments					34,055,912						160,298,938
Net change in unrealized gains (losses) on investments					(14,102,763	)					(6,586,133	)
Net increase in net assets resulting from operations					17,459,972						144,696,991
Distributions to shareholders from
Net realized gains
Class A					(88,485,249	)					(79,931,222	)
Class B					(1,659,485	)					(2,146,719	)
Class C					(16,860,203	)					(13,032,342	)
Class R					(2,357,246	)					(3,057,782	)
Administrator Class					(11,565,611	)					(9,323,528	)
Institutional Class					(8,555,196	)					(1,312,052	)
Total distributions to shareholders					(129,482,990	)					(108,803,645	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		586,541			28,637,177			2,629,379			131,733,853
Class B		1,839			75,313			14,628			611,739
Class C		205,208			7,782,572			725,463			29,939,937
Class R		63,352			2,888,620			261,245			12,668,404
Administrator Class		275,659			14,135,782			1,297,321			68,639,919
Institutional Class		525,262			28,520,399			914,142			49,118,738
					82,039,863						292,712,590
Reinvestment of distributions
Class A		1,824,272			82,165,203			1,527,223			74,253,607
Class B		46,774			1,640,836			53,475			2,114,420
Class C		404,364			14,229,572			265,973			10,543,167
Class R		21,691			945,291			19,145			906,888
Administrator Class		205,792			9,812,172			147,977			7,543,849
Institutional Class		136,046			6,577,836			25,487			1,312,052
					115,370,910						96,673,983
Payment for shares redeemed
Class A		(1,908,059	)		(93,571,657	)		(3,618,139	)		(181,905,297	)
Class B		(73,861	)		(2,945,334	)		(194,619	)		(8,015,592	)
Class C		(339,209	)		(13,063,844	)		(398,923	)		(16,344,006	)
Class R		(103,969	)		(4,969,022	)		(373,336	)		(18,294,389	)
Administrator Class		(835,689	)		(43,557,467	)		(634,586	)		(33,345,492	)
Institutional Class		(185,158	)		(9,611,461	)		(68,416	)		(3,559,135	)
					(167,718,785	)					(261,463,911	)
Net increase in net assets resulting from capital share transactions					29,691,988						127,922,662
Total increase (decrease) in net assets					(82,331,030	)					163,816,008
Net assets
Beginning of period					1,030,006,170						866,190,162
End of period				$	947,675,140					$	1,030,006,170
Accumulated net investment loss				$	(2,523,489	)				$	(30,312	)

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

14 Wells Fargo Advantage Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31															Year ended September 30, 20091
CLASS A				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$49.99			$47.97			$39.09			$38.29			$30.11			$28.44			$27.26
Net investment income (loss)		(0.16	)		(0.49	)		(0.02	)		(0.28	)3		(0.29	)		(0.10	)3		0.18	3
Net realized and unrealized gains (losses) on investments		1.09			8.28			10.31			1.08			8.47			1.96			1.00
Total from investment operations		0.93			7.79			10.29			0.80			8.18			1.86			1.18
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.19	)		0.00
Net realized gains		(6.54	)		(5.77	)		(1.41	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(6.54	)		(5.77	)		(1.41	)		0.00			0.00			(0.19	)		0.00
Net asset value, end of period		$44.38			$49.99			$47.97			$39.09			$38.29			$30.11			$28.44
Total return4		1.67	%		16.58	%		27.07	%		2.09	%		27.17	%		6.53	%		4.33	%
Ratios to average net assets (annualized)
Gross expenses		1.32	%		1.32	%		1.34	%		1.35	%		1.36	%		1.35	%		1.48	%
Net expenses		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%		1.34	%		1.39	%
Net investment income (loss)		(0.45	)%		(0.84	)%		(0.08	)%		(0.75	)%		(0.80	)%		(0.40	)%		0.79	%
Supplemental data
Portfolio turnover rate		42	%		101	%		88	%		101	%		123	%		116	%		26	%
Net assets, end of period (000s omitted)	$	665,143		$	724,071		$	668,992		$	550,758		$	584,871		$	460,187		$	460,082

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Omega Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class A of Evergreen Omega Fund.

²  For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

³  Calculated based upon average shares outstanding

⁴  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 Advantage Omega Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31															Year ended September 30, 20091
CLASS B				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$40.45			$40.07			$33.12			$32.68			$25.89			$24.46			$23.62
Net investment income (loss)		(0.24	)3		(0.65	)3		(0.28	)3		(0.47	)3		(0.48	)3		(0.25	)3		0.02	3
Net realized and unrealized gains (losses) on investments		0.86			6.80			8.64			0.91			7.27			1.68			0.82
Total from investment operations		0.62			6.15			8.36			0.44			6.79			1.43			0.84
Distributions to shareholders from
Net realized gains		(6.54	)		(5.77	)		(1.41	)		0.00			0.00			0.00			0.00
Net asset value, end of period		$34.53			$40.45			$40.07			$33.12			$32.68			$25.89			$24.46
Total return4		1.29	%		15.71	%		26.11	%		1.32	%		26.23	%		5.85	%		3.56	%
Ratios to average net assets (annualized)
Gross expenses		2.07	%		2.07	%		2.09	%		2.10	%		2.12	%		2.10	%		2.22	%
Net expenses		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%		2.09	%		2.13	%
Net investment income (loss)		(1.21	)%		(1.58	)%		(0.78	)%		(1.51	)%		(1.55	)%		(1.14	)%		0.10	%
Supplemental data
Portfolio turnover rate		42	%		101	%		88	%		101	%		123	%		116	%		26	%
Net assets, end of period (000s omitted)	$	9,822		$	12,526		$	17,476		$	22,271		$	40,023		$	46,434		$	51,984

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Omega Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class B of Evergreen Omega Fund.

²  For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

³  Calculated based upon average shares outstanding

⁴  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

16 Wells Fargo Advantage Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31															Year ended September 30, 20091
CLASS C				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$40.56			$40.15			$33.18			$32.75			$25.94			$24.53			$23.69
Net investment income (loss)		(0.24	)3		(0.65	)3		(0.31	)3		(0.47	)3		(0.49	)3		(0.25	)3		0.00	3,4
Net realized and unrealized gains (losses) on investments		0.86			6.83			8.69			0.90			7.30			1.68			0.84
Total from investment operations		0.62			6.18			8.38			0.43			6.81			1.43			0.84
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.02	)		0.00
Net realized gains		(6.54	)		(5.77	)		(1.41	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(6.54	)		(5.77	)		(1.41	)		0.00			0.00			(0.02	)		0.00
Net asset value, end of period		$34.64			$40.56			$40.15			$33.18			$32.75			$25.94			$24.53
Total return5		1.28	%		15.73	%		26.11	%		1.31	%		26.25	%		5.83	%		3.55	%
Ratios to average net assets (annualized)
Gross expenses		2.07	%		2.07	%		2.09	%		2.10	%		2.11	%		2.10	%		2.23	%
Net expenses		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%		2.09	%		2.14	%
Net investment income (loss)		(1.20	)%		(1.59	)%		(0.85	)%		(1.49	)%		(1.55	)%		(1.15	)%		0.02	%
Supplemental data
Portfolio turnover rate		42	%		101	%		88	%		101	%		123	%		116	%		26	%
Net assets, end of period (000s omitted)	$	101,672		$	108,073		$	83,206		$	59,481		$	58,329		$	44,892		$	43,806

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Omega Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class C of Evergreen Omega Fund.

²  For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

³  Calculated based upon average shares outstanding

⁴  Amount is less than $0.005.

⁵  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 Advantage Omega Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31															Year ended September 30, 20091
CLASS R				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$48.62			$46.90			$38.35			$37.66			$29.69			$28.09			$26.99
Net investment income (loss)		(0.19	)		(0.53	)3		(0.09	)		(0.36	)3		(0.13	)		(0.16	)3		0.08	3
Net realized and unrealized gains (losses) on investments		1.04			8.02			10.05			1.05			8.10			1.94			1.02
Total from investment operations		0.85			7.49			9.96			0.69			7.97			1.78			1.10
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.18	)		0.00
Net realized gains		(6.54	)		(5.77	)		(1.41	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(6.54	)		(5.77	)		(1.41	)		0.00			0.00			(0.18	)		0.00
Net asset value, end of period		$42.93			$48.62			$46.90			$38.35			$37.66			$29.69			$28.09
Total return4		1.53	%		16.30	%		26.73	%		1.83	%		26.89	%		6.29	%		4.08	%
Ratios to average net assets (annualized)
Gross expenses		1.57	%		1.57	%		1.59	%		1.60	%		1.59	%		1.60	%		1.76	%
Net expenses		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%		1.59	%		1.67	%
Net investment income (loss)		(0.71	)%		(1.09	)%		(0.38	)%		(0.99	)%		(1.08	)%		(0.65	)%		0.35	%
Supplemental data
Portfolio turnover rate		42	%		101	%		88	%		101	%		123	%		116	%		26	%
Net assets, end of period (000s omitted)		$16,930			$20,095			$23,745			$15,408			$6,515			$1,523			$838

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Omega Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class R of Evergreen Omega Fund.

²  For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

³  Calculated based upon average shares outstanding

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 Advantage Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31															Year ended September 30, 20091
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$52.50			$50.00			$40.60			$39.67			$31.12			$29.39			$28.10
Net investment income (loss)		(0.06	)3		(0.31	)3		0.07	3		(0.19	)3		(0.21	)3		(0.04	)3		0.24	3
Net realized and unrealized gains (losses) on investments		1.10			8.58			10.74			1.12			8.76			2.02			1.05
Total from investment operations		1.04			8.27			10.81			0.93			8.55			1.98			1.29
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.25	)		0.00
Net realized gains		(6.54	)		(5.77	)		(1.41	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(6.54	)		(5.77	)		(1.41	)		0.00			0.00			(0.25	)		0.00
Net asset value, end of period		$47.00			$52.50			$50.00			$40.60			$39.67			$31.12			$29.39
Total return4		1.79	%		16.89	%		27.35	%		2.34	%		27.47	%		6.75	%		4.59	%
Ratios to average net assets (annualized)
Gross expenses		1.15	%		1.15	%		1.17	%		1.17	%		1.18	%		1.11	%		1.23	%
Net expenses		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.09	%		1.14	%
Net investment income (loss)		(0.22	)%		(0.59	)%		0.16	%		(0.49	)%		(0.56	)%		(0.16	)%		1.00	%
Supplemental data
Portfolio turnover rate		42	%		101	%		88	%		101	%		123	%		116	%		26	%
Net assets, end of period (000s omitted)	$	86,551		$	115,281		$	69,264		$	51,560		$	41,242		$	29,724		$	32,437

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Omega Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class I of Evergreen Omega Fund.

²  For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

³  Calculated based upon average shares outstanding

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 Advantage Omega Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$53.10			$50.40			$40.81			$39.77			$31.12			$31.12
Net investment income (loss)		0.02	2		(0.24	)		0.11	2		(0.10	)		(0.03	)		0.00
Net realized and unrealized gains (losses) on investments		1.10			8.71			10.89			1.14			8.68			0.00
Total from investment operations		1.12			8.47			11.00			1.04			8.65			0.00
Distributions to shareholders from
Net realized gains		(6.54	)		(5.77	)		(1.41	)		0.00			0.00			0.00
Net asset value, end of period		$47.68			$53.10			$50.40			$40.81			$39.77			$31.12
Total return3		1.92	%		17.17	%		27.68	%		2.62	%		27.80	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.89	%		0.91	%		0.92	%		0.88	%		0.00	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.00	%
Net investment income (loss)		0.09	%		(0.36	)%		0.24	%		(0.24	)%		(0.34	)%		0.00	%
Supplemental data
Portfolio turnover rate		42	%		101	%		88	%		101	%		123	%		116	%
Net assets, end of period (000s omitted)	$	67,558		$	49,960		$	3,507		$	779		$	656		$	10

¹  For the period from July 30, 2010 (commencement of class operations) to July 31, 2010

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 Advantage Omega Growth Fund Notes to financial statements (unaudited)

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time).

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 primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles are fair valued at net asset value.

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

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

Security loans

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

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statement of Operations.

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	202,612,759	$	0	$	0	$	202,612,759
Consumer staples		15,264,190		0		0		15,264,190
Energy		18,819,460		0		0		18,819,460
Financials		84,167,437		0		0		84,167,437
Health care		187,779,439		0		0		187,779,439
Industrials		99,169,778		0		0		99,169,778
Information technology		270,087,864		0		0		270,087,864
Materials		27,119,488		0		0		27,119,488
Telecommunication services		24,600,593		0		0		24,600,593
Short-term investments
Investment companies		1,277,167		7,960,316		0		9,237,483
Total assets	$	930,898,175	$	7,960,316	$	0	$	938,858,491

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.75% and declining to 0.525% as the average daily net assets of the Fund increase. Prior to December 1, 2014, Funds Management was entitled to receive an annual advisory fee which started at 0.75% and declined to 0.55% as the average daily net assets of the Fund increased. For the six months ended January 31, 2015, the advisory fee was equivalent to an annual rate of 0.72% 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, 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 0.45% and declining to 0.30% as the average daily net assets of the Fund increase.

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class B, Class C, Class R		0.26	%
Administrator Class		0.10
Institutional Class		0.08

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

Funds Management has contractually waived and/or reimbursed advisory 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, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.30% for Class A shares, 2.05% for Class B shares, 2.05% for Class C shares, 1.55% for Class R, 1.05% for Administrator Class shares, and 0.80% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution 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 for 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 shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended January 31, 2015, Funds Distributor received $13,509 from the sale of Class A shares and $236 and $271 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

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 is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2015 were $419,215,729 and $529,941,244, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 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 0.10% of the unused balance is allocated to each participating fund. For the six months ended January 31, 2015, the Fund paid $759 in commitment fees.

For the six months ended January 31, 2015, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

24 Wells Fargo Advantage Omega Growth Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

Other information (unaudited) Wells Fargo Advantage Omega Growth Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 134 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	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong 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. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	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 thereto, 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 Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	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 Delux 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. Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

26 Wells Fargo Advantage Omega Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. 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	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. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 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 wellsfargoadvantagefunds.com.

List of abbreviations Wells Fargo Advantage Omega Growth Fund 27

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.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 Wells Fargo Advantage Funds. 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 wellsfargoadvantagefunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage 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/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

231604 03-15 SA211/SAR211 01-15

Wells Fargo Advantage

Premier Large Company Growth Fund

Semi-Annual Report

January 31, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	23
Other information	27
List of abbreviations	30

The views expressed and any forward-looking statements are as of January 31, 2015, 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 Advantage 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 Advantage Premier Large Company Growth Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Premier Large Company Growth Fund for the six-month period that ended January 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. stocks for the reporting period (as measured by the S&P 500 Index¹); in contrast, many economies and markets elsewhere in the world faced ongoing challenges.

Positive U.S. economic data, but increased tensions abroad, led to heightened volatility during the third quarter of 2014.

When the reporting period began on August 1, 2014, the U.S. stock market was experiencing a series of surges interrupted by bouts of volatility as interest-rate concerns in the U.S. and increased tensions abroad triggered heightened investor uncertainty. An escalating Russia/Ukraine situation and a growing perception that the U.S. Federal Reserve (Fed) would raise short-term interest rates sooner than expected caused investors to pull back near the end of July. As a result, the S&P 500 Index dropped into negative territory for July’s monthly return. However, August brought a bounce-back; the S&P 500 Index delivered its largest monthly gain since February 2014 on a string of positive economic news, led by an upwardly revised 4.2% estimate of second-quarter 2014 gross domestic product (GDP) growth. Then, in September, stock market volatility increased as positive economic data became overshadowed at times by growing discomfort over escalating tensions in Ukraine and the Middle East. Slowing growth in Europe and China also concerned investors. Ultimately, U.S. stocks ended the third quarter up slightly overall, buoyed largely by another upward revision of second-quarter GDP growth to 4.6%. Strong corporate earnings also contributed to market gains.

The fourth quarter of 2014 brought continued improvement in the U.S.; international economies remained challenged.

Strong fourth-quarter results by the U.S. stock market helped the S&P 500 Index deliver more than 50 record closes in 2014. The last several, in December, were spurred by investor optimism following Fed Chair Janet Yellen’s comment that the Fed would be patient in its timing of an interest-rate increase. U.S. stocks also were boosted by positive economic data. November’s 5.8% unemployment rate was down from 7.0% a year earlier, and the number of jobs being added continued to expand, keeping U.S. employers on pace to hire nearly three million workers during 2014. In addition, the U.S. economy’s third-quarter growth rate was revised upward during the quarter, to 5.0%—its fastest pace in 11 years. Meanwhile, U.S. companies continued to report strong earnings. The steadily brightening U.S. economy energized consumers, who were further buoyed by much lower prices at the gasoline pump. During the fourth quarter, gasoline prices fell to their lowest levels in five years, according to the American Automobile Association.

As the U.S. churned forward, major economies elsewhere in the world faced significant ongoing challenges. In China, where growth had been slowing for some time, government regulators in December announced changes being made in an effort to stimulate growth. In Japan, which slid back into recession in the third quarter of 2014, Prime Minister Abe gained approval in late December for roughly $29 billion in fresh stimulus to help the economy. In the eurozone, growth remained sluggish, and member countries continued to face an environment of

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.

Letter to shareholders (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 3

low demand, high unemployment, and weak business investment. This situation was exacerbated in December by renewed concerns about Greece after its parliament failed to avert a general election that could jeopardize the terms of the country’s financial agreement with its international creditors. In Russia, the economy contracted for the first time since October 2009 as the country struggled under the weight of slumping oil prices, international sanctions, and massive outflows of capital.

Market volatility increased in January 2015.

Markets fluctuated in January as investors reacted to geopolitical developments and new economic data. Mid-month, the World Bank lowered its outlook for global growth based on deepening problems in the eurozone and emerging markets, stating that a strengthening U.S. economy could not, by itself, support the global economy. Later in January, Greek voters gave control of their government to opposition party Syriza, which promised to end austerity and insisted that Greece’s massive debt be renegotiated. In the U.S., various data released in January, such as consumer confidence and December’s jobless rate, showed improvement. On the last trading day of the month, however, investors learned that fourth-quarter 2014 U.S. economic growth was estimated at 2.6%, which was below consensus and lower than the 4.6% and 5.0% growth rates, respectively, for the second and third quarters of 2014.

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 Advantage Funds offers more than 100 mutual funds spanning a wide range of asset classes and investment styles. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

4 Wells Fargo Advantage Premier Large Company Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Joseph M. Eberhardy, CFA, CPA

Average annual total returns¹ (%) as of January 31, 2015

		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		2.91		14.14		9.24		9.15		15.52		9.89		1.17		1.12
Class B (EKJBX)*	9-11-1935		3.35		14.42		9.33		8.35		14.65		9.33		1.92		1.87
Class C (EKJCX)	1-22-1998		7.37		14.67		9.08		8.37		14.67		9.08		1.92		1.87
Class R4 (EKJRX)	11-30-2012		–		–		–		9.53		15.89		10.22		0.84		0.80
Class R6 (EKJFX)	11-30-2012		–		–		–		9.74		15.97		10.26		0.69		0.65
Administrator Class (WFPDX)	7-16-2010		–		–		–		9.32		15.67		10.01		1.01		0.95
Institutional Class (EKJYX)	6-30-1999		–		–		–		9.67		15.95		10.25		0.74		0.70
Investor Class (WFPNX)	7-16-2010		–		–		–		9.18		15.44		9.82		1.23		1.18
Russell 1000® Growth Index4	–		–		–		–		14.59		16.49		8.69		–		–

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

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

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4, Class R6, Administrator Class, Institutional Class, and Investor 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 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 Advantage Premier Large Company Growth Fund 5

Ten largest equity holdings5 (%) as of January 31, 2015
Apple Incorporated	3.10
Alexion Pharmaceuticals Incorporated	2.92
Union Pacific Corporation	2.87
Google Incorporated Class A	2.39
Dollar Tree Incorporated	2.35
Biogen Idec Incorporated	2.17
Facebook Incorporated Class A	2.11
Microchip Technology Incorporated	2.09
Starbucks Corporation	2.08
Google Incorporated Class C	1.98

Sector distribution⁶ as of January 31, 2015

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

²  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

³  The Adviser has committed through November 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, 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 cap. Without this cap, the Fund’s returns would have been lower.

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

⁵  The ten largest equity holdings are calculated based on the value of the securities 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 percentages are subject to change and may have changed since the date specified.

6 Wells Fargo Advantage Premier Large Company Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2014 to January 31, 2015.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2014		Ending account value 1-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,050.98	$	5.79		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class B
Actual	$	1,000.00	$	1,047.40	$	9.65		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Class C
Actual	$	1,000.00	$	1,047.52	$	9.65		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.78	$	9.50		1.87	%
Class R4
Actual	$	1,000.00	$	1,053.01	$	4.14		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class R6
Actual	$	1,000.00	$	1,053.57	$	3.36		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,052.06	$	4.91		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,053.61	$	3.62		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Investor Class
Actual	$	1,000.00	$	1,051.15	$	6.10		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.26	$	6.01		1.18	%

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 7

Security name	Shares		Value
Common Stocks: 99.23%
Consumer Discretionary: 19.94%
Auto Components: 1.00%
BorgWarner Incorporated		343,260	$	18,539,473
Delphi Automotive plc		507,490		34,879,788
				53,419,261
Automobiles: 0.15%
Harley-Davidson Incorporated		125,500		7,743,350
Distributors: 1.41%
LKQ Corporation †		2,908,520		75,068,901
Hotels, Restaurants & Leisure: 3.95%
Chipotle Mexican Grill Incorporated †		111,910		79,438,194
Las Vegas Sands Corporation		153,500		8,345,795
Starbucks Corporation		1,265,440		110,763,963
Wynn Resorts Limited		83,000		12,279,850
				210,827,802
Internet & Catalog Retail: 1.92%
Amazon.com Incorporated †		194,050		68,796,547
The Priceline Group Incorporated †		33,438		33,754,992
				102,551,539
Media: 2.61%
Charter Communication Incorporated †		84,000		12,693,660
Comcast Corporation Class A		763,000		40,549,635
The Walt Disney Company		945,500		86,002,680
				139,245,975
Multiline Retail: 2.35%
Dollar Tree Incorporated †		1,761,610		125,250,471
Specialty Retail: 4.67%
Cabela’s Incorporated †		294,200		16,166,290
CarMax Incorporated †		1,480,690		91,950,849
TJX Companies Incorporated		695,500		45,861,270
Tractor Supply Company		1,167,380		94,756,235
				248,734,644
Textiles, Apparel & Luxury Goods: 1.88%
Nike Incorporated Class B		456,390		42,101,978
Under Armour Incorporated Class A †		631,220		45,498,338
VF Corporation		185,500		12,868,135
				100,468,451
Consumer Staples: 5.08%
Beverages: 0.66%
The Coca-Cola Company		855,000		35,200,350

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

8 Wells Fargo Advantage Premier Large Company Growth Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Food & Staples Retailing: 3.24%
Costco Wholesale Corporation		449,790	$	64,315,472
CVS Health Corporation		501,500		49,227,240
Sprouts Farmers Market Incorporated †		1,631,832		59,415,003
				172,957,715
Household Products: 0.51%
Colgate-Palmolive Company		398,000		26,872,960
Personal Products: 0.67%
Estee Lauder Companies Incorporated Class A		507,190		35,802,542
Energy: 4.25%
Energy Equipment & Services: 0.61%
Schlumberger Limited		398,970		32,871,138
Oil, Gas & Consumable Fuels: 3.64%
Concho Resources Incorporated †		861,710		95,520,554
EOG Resources Incorporated		420,000		37,392,600
Pioneer Natural Resources Company		405,570		61,050,452
				193,963,606
Financials: 6.49%
Capital Markets: 2.84%
Ameriprise Financial Incorporated		464,720		58,062,117
TD Ameritrade Holding Corporation		2,890,000		93,607,100
				151,669,217
Consumer Finance: 2.79%
American Express Company		1,045,700		84,377,533
Discover Financial Services		1,189,390		64,679,028
				149,056,561
REITs: 0.86%
American Tower Corporation		470,500		45,614,975
Health Care: 19.30%
Biotechnology: 10.92%
Alexion Pharmaceuticals Incorporated †		850,990		155,935,408
Biogen Idec Incorporated †		298,040		115,985,246
BioMarin Pharmaceutical Incorporated †		266,550		25,897,998
Celgene Corporation †		704,718		83,974,197
Gilead Sciences Incorporated †		710,130		74,442,928
Medivation Incorporated †		326,500		35,529,730
Regeneron Pharmaceuticals Incorporated †		217,630		90,677,716
				582,443,223
Health Care Equipment & Supplies: 0.96%
Medtronic plc		718,902		51,329,634

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 9

Security name	Shares			Value
Health Care Providers & Services: 2.11%
AmerisourceBergen Corporation		682,400		$	64,862,120
Envision Healthcare Holdings Incorporated †		938,204			32,255,454
McKesson Corporation		71,500			15,204,475
					112,322,049
Health Care Technology: 1.71%
Cerner Corporation †		1,375,140			91,240,539
Life Sciences Tools & Services: 1.51%
Mettler-Toledo International Incorporated †		167,720			50,978,494
Quintiles Transnational Holdings Incorporated †		484,797			29,330,219
					80,308,713
Pharmaceuticals: 2.09%
Actavis plc †		69,000			18,391,260
Merck & Company Incorporated		541,000			32,611,480
Perrigo Company plc		398,380			60,450,181
					111,452,921
Industrials: 13.98%
Aerospace & Defense: 1.18%
The Boeing Company		203,660			29,606,054
United Technologies Corporation		289,600			33,240,288
					62,846,342
Air Freight & Logistics: 1.34%
United Parcel Service Incorporated Class B		722,640			71,425,738
Airlines: 0.81%
Southwest Airlines Company		957,160			43,244,489
Commercial Services & Supplies: 0.39%
Tyco International plc		511,000			20,853,910
Electrical Equipment: 0.80%
Rockwell Automation Incorporated		391,000			42,587,720
Industrial Conglomerates: 0.69%
Danaher Corporation		449,230			37,007,567
Machinery: 0.35%
Pentair plc		300,500			18,573,905
Road & Rail: 7.86%
CSX Corporation		2,099,500	��		69,913,350
Genesee & Wyoming Incorporated Class A †		317,500			26,177,875
Kansas City Southern		821,900			90,482,971
Norfolk Southern Corporation		778,840			79,418,315
Union Pacific Corporation		1,306,140			153,092,669
					419,085,180

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

10 Wells Fargo Advantage Premier Large Company Growth Fund Portfolio of investments—January 31, 2015 (unaudited)

Security name	Shares		Value
Trading Companies & Distributors: 0.56%
W.W. Grainger Incorporated		127,500	$	30,069,600
Information Technology: 26.88%
Communications Equipment: 2.15%
Cisco Systems Incorporated		1,314,500		34,656,793
F5 Networks Incorporated †		239,000		26,677,180
QUALCOMM Incorporated		853,980		53,339,591
				114,673,564
Internet Software & Services: 8.28%
Akamai Technologies Incorporated †		1,487,210		86,488,698
Facebook Incorporated Class A †		1,479,490		112,308,086
Google Incorporated Class A †		236,720		127,248,836
Google Incorporated Class C †		197,220		105,418,034
Pandora Media Incorporated †		608,500		10,101,100
				441,564,754
IT Services: 5.96%
Accenture plc		659,000		55,375,770
Alliance Data Systems Corporation †		299,780		86,585,457
MasterCard Incorporated Class A		1,155,800		94,810,274
Visa Incorporated Class A		318,740		81,250,013
				318,021,514
Semiconductors & Semiconductor Equipment: 3.47%
ARM Holdings plc ADR		951,000		44,544,840
Microchip Technology Incorporated		2,468,670		111,337,017
Texas Instruments Incorporated		544,000		29,076,800
				184,958,657
Software: 3.92%
Adobe Systems Incorporated †		487,000		34,153,310
Microsoft Corporation		1,070,500		43,248,200
Salesforce.com Incorporated †		815,950		46,060,378
ServiceNow Incorporated †		482,000		35,137,800
Splunk Incorporated †		388,500		20,066,025
Tableau Software Incorporated Class A †		233,000		18,817,080
VMware Incorporated †		145,500		11,218,050
				208,700,843
Technology Hardware, Storage & Peripherals: 3.10%
Apple Incorporated		1,412,160		165,448,666
Materials: 3.31%
Chemicals: 3.31%
Airgas Incorporated		168,800		19,013,632
Ecolab Incorporated		321,500		33,362,055
Monsanto Company		260,340		30,714,913

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

Portfolio of investments—January 31, 2015 (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 11

Security name				Shares		Value
Chemicals (continued)
Praxair Incorporated					777,100	$	93,710,487
							176,801,087
Total Common Stocks (Cost $3,771,862,568)							5,292,280,073
	Yield
Short-Term Investments: 1.32%
Investment Companies: 1.32%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.10	%		70,168,079		70,168,079
Total Short-Term Investments (Cost $70,168,079)							70,168,079

Total investments in securities (Cost $3,842,030,647) *	100.55	%		5,362,448,152
Other assets and liabilities, net	(0.55	)		(29,124,605	)
Total net assets	100.00	%	$	5,333,323,547

† Non-income-earning security

(l) The security represents an affiliate 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 $3,850,130,635 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,563,430,162
Gross unrealized losses		(51,112,645	)
Net unrealized gains	$	1,512,317,517

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

12 Wells Fargo Advantage Premier Large Company Growth Fund Statement of assets and liabilities—January 31, 2015 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $3,771,862,568)	$	5,292,280,073
In affiliated securities, at value (cost $70,168,079)		70,168,079
Total investments, at value (cost $3,842,030,647)		5,362,448,152
Receivable for investments sold		14,418,257
Receivable for Fund shares sold		8,060,852
Receivable for dividends		1,141,982
Receivable for securities lending income		885
Prepaid expenses and other assets		209,080
Total assets		5,386,279,208
Liabilities
Payable for investments purchased		38,859,686
Payable for Fund shares redeemed		9,221,729
Advisory fee payable		2,560,344
Distribution fees payable		256,118
Administration fees payable		1,076,571
Accrued expenses and other liabilities		981,213
Total liabilities		52,955,661
Total net assets	$	5,333,323,547
NET ASSETS CONSIST OF
Paid-in capital	$	3,773,898,660
Accumulated net investment loss		(14,635,574	)
Accumulated net realized gains on investments		53,642,956
Net unrealized gains on investments		1,520,417,505
Total net assets	$	5,333,323,547
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	2,190,121,708
Shares outstanding – Class A1		145,225,988
Net asset value per share – Class A		$15.08
Maximum offering price per share – Class A2		$16.00
Net assets – Class B	$	3,052,830
Shares outstanding – Class B1		229,532
Net asset value per share – Class B		$13.30
Net assets – Class C	$	384,091,129
Shares outstanding – Class C1		28,948,438
Net asset value per share – Class C		$13.27
Net assets – Class R4	$	1,941,985
Share outstanding – Class R41		126,802
Net asset value per share – Class R4		$15.32
Net assets – Class R6	$	167,740,988
Shares outstanding – Class R61		10,923,056
Net asset value per share – Class R6		$15.36
Net assets – Administrator Class	$	1,247,214,841
Shares outstanding – Administrator Class1		82,144,618
Net asset value per share – Administrator Class		$15.18
Net assets – Institutional Class	$	1,142,892,655
Shares outstanding – Institutional Class1		74,446,272
Net asset value per share – Institutional Class		$15.35
Net assets – Investor Class	$	196,267,411
Shares outstanding – Investor Class1		13,061,208
Net asset value per share – Investor Class		$15.03

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2015 (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 13

Investment income
Dividends	$	21,521,703
Securities lending income, net		79,894
Income from affiliated securities		32,883
Total investment income		21,634,480
Expenses
Advisory fee		15,292,271
Administration fees
Fund level		1,295,463
Class A		2,544,334
Class B		4,722
Class C		506,333
Class R4		758
Class R6		25,425
Administrator Class		667,563
Institutional Class		462,955
Investor Class		321,664
Shareholder servicing fees
Class A		2,446,475
Class B		4,540
Class C		486,859
Class R4		948
Administrator Class		1,668,672
Investor Class		249,685
Distribution fees
Class B		13,621
Class C		1,460,575
Custody and accounting fees		134,492
Professional fees		28,684
Registration fees		138,565
Shareholder report expenses		146,276
Trustees’ fees and expenses		6,680
Other fees and expenses		39,581
Total expenses		27,947,141
Less: Fee waivers and/or expense reimbursements		(1,173,977	)
Net expenses		26,773,164
Net investment loss		(5,138,684	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		104,835,225
Net change in unrealized gains (losses) on investments		148,301,187
Net realized and unrealized gains (losses) on investments		253,136,412
Net increase in net assets resulting from operations	$	247,997,728

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

14 Wells Fargo Advantage Premier Large Company Growth Fund Statement of changes in net assets

	Six months ended January 31, 2015 (unaudited)						Year ended July 31, 2014
Operations
Net investment loss				$	(5,138,684	)				$	(12,002,037	)
Net realized gains on investments					104,835,225						131,365,067
Net change in unrealized gains (losses) on investments					148,301,187						546,350,666
Net increase in net assets resulting from operations					247,997,728						665,713,696
Distributions to shareholders from
Net realized gains
Class A					(25,289,106	)					0
Class B					(52,310	)					0
Class C					(6,075,432	)					0
Class R4					(26,355	)					0
Class R6					(2,294,051	)					0
Administrator Class					(17,637,288	)					0
Institutional Class					(16,043,030	)					0
Investor Class					(2,767,968	)					0
Total distributions to shareholders					(70,185,540	)					0
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		35,775,212			547,451,380			42,606,662			593,794,550
Class B		2,687			36,087			27,890			341,694
Class C		2,623,691			34,607,200			8,601,633			106,017,995
Class R4		80,669			1,190,605			41,808			609,423
Class R6		693,194			10,632,813			12,608,190			170,307,516
Administrator Class		7,240,800			108,938,135			73,161,085			1,038,797,296
Institutional Class		13,243,603			202,094,097			34,278,958			482,686,241
Investor Class		761,110			11,400,247			3,565,063			49,308,160
					916,350,564						2,441,862,875
Reinvestment of distributions
Class A		1,553,406			23,409,833			0			0
Class B		3,219			42,848			0			0
Class C		333,914			4,431,032			0			0
Class R4		1,723			26,355			0			0
Class R6		141,898			2,176,712			0			0
Administrator Class		1,033,233			15,674,143			0			0
Institutional Class		854,381			13,097,664			0			0
Investor Class		181,619			2,727,921			0			0
					61,586,508						0
Payment for shares redeemed
Class A		(23,290,400	)		(349,846,800	)		(32,025,660	)		(452,294,693	)
Class B		(86,438	)		(1,146,179	)		(219,715	)		(2,727,974	)
Class C		(3,075,145	)		(40,621,579	)		(4,454,199	)		(55,420,848	)
Class R4		(7,456	)		(114,286	)		(265	)		(3,714	)
Class R6		(1,003,245	)		(15,362,384	)		(1,881,186	)		(26,918,328	)
Administrator Class		(16,739,721	)		(254,451,681	)		(33,287,121	)		(466,226,494	)
Institutional Class		(9,499,986	)		(145,007,130	)		(69,016,664	)		(995,396,571	)
Investor Class		(1,526,463	)		(22,807,794	)		(2,225,843	)		(30,843,706	)
					(829,357,833	)					(2,029,832,328	)
Net increase in net assets resulting from capital share transactions					148,579,239						412,030,547
Total increase in net assets					326,391,427						1,077,744,243
Net assets
Beginning of period					5,006,932,120						3,929,187,877
End of period				$	5,333,323,547					$	5,006,932,120
Accumulated net investment loss				$	(14,635,574	)				$	(9,496,890	)

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

Financial highlights Wells Fargo Advantage Premier Large Company Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31															Year ended September 30, 20091
CLASS A				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$14.55			$12.57			$10.21			$9.89			$7.75			$7.23			$7.20
Net investment income (loss)		(0.02	)		(0.05	)		(0.02	)		(0.03	)3		(0.01	)		0.00	3,4		0.05	3
Net realized and unrealized gains (losses) on investments		0.76			2.03			2.38			0.60			2.15			0.57			0.02
Total from investment operations		0.74			1.98			2.36			0.57			2.14			0.57			0.07
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.00	)4		(0.05	)		(0.04	)
Net realized gains		(0.21	)		0.00			0.00			(0.25	)		0.00			0.00			0.00
Total distributions to shareholders		(0.21	)		0.00			0.00			(0.25	)		(0.00	)4		(0.05	)		(0.04	)
Net asset value, end of period		$15.08			$14.55			$12.57			$10.21			$9.89			$7.75			$7.23
Total return5		5.10	%		15.75	%		23.11	%		6.08	%		27.55	%		7.93	%		1.04	%
Ratios to average net assets (annualized)
Gross expenses		1.17	%		1.17	%		1.19	%		1.23	%		1.24	%		1.09	%		1.12	%
Net expenses		1.12	%		1.12	%		1.12	%		1.12	%		1.12	%		1.08	%		1.12	%
Net investment income (loss)		(0.30	)%		(0.36	)%		(0.15	)%		(0.30	)%		(0.13	)%		0.06	%		0.86	%
Supplemental data
Portfolio turnover rate		25	%		37	%		32	%		51	%		65	%		89	%		24	%
Net assets, end of period (000s omitted)		$2,190,122			$1,908,455			$1,515,862			$932,106			$620,262			$491,290			$268,422

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund. Evergreen Large Company Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class A of Evergreen Large Company Growth Fund.

²  For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

³  Calculated based upon average shares outstanding

⁴  Amount is less than $0.005.

⁵  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

16 Wells Fargo Advantage Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31															Year ended September 30, 20091
CLASS B				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$12.90			$11.23			$9.19			$8.99			$7.10			$6.62			$6.60
Net investment income (loss)		(0.07	)3		(0.13	)3		(0.09	)3		(0.09	)3		(0.07	)3		(0.04	)3		0.01	3
Net realized and unrealized gains (losses) on investments		0.68			1.80			2.13			0.54			1.96			0.52			0.01
Total from investment operations		0.61			1.67			2.04			0.45			1.89			0.48			0.02
Distributions to shareholders from
Net realized gains		(0.21	)		0.00			0.00			(0.25	)		0.00			0.00			0.00
Net asset value, end of period		$13.30			$12.90			$11.23			$9.19			$8.99			$7.10			$6.62
Total return4		4.74	%		14.87	%		22.20	%		5.22	%		26.62	%		7.25	%		0.30	%
Ratios to average net assets (annualized)
Gross expenses		1.91	%		1.91	%		1.94	%		1.97	%		2.00	%		1.84	%		1.87	%
Net expenses		1.87	%		1.87	%		1.87	%		1.87	%		1.87	%		1.83	%		1.87	%
Net investment income (loss)		(1.02	)%		(1.09	)%		(0.87	)%		(1.04	)%		(0.85	)%		(0.69	)%		0.11	%
Supplemental data
Portfolio turnover rate		25	%		37	%		32	%		51	%		65	%		89	%		24	%
Net assets, end of period (000s omitted)		$3,053			$4,001			$5,637			$6,962			$10,244			$13,957			$7,951

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund. Evergreen Large Company Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class B of Evergreen Large Company Growth Fund.

²  For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

³  Calculated based upon average shares outstanding

⁴  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 Advantage Premier Large Company Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31																Year ended September 30, 20091
CLASS C				2014			2013			2012				2011			20101,2
Net asset value, beginning of period		$12.87			$11.20			$9.17			$8.97				$7.08			$6.62			$6.59
Net investment income (loss)		(0.07	)		(0.14	)3		(0.09	)3		(0.10	)3			(0.08	)3		(0.04	)3		0.00	3,4
Net realized and unrealized gains (losses) on investments		0.68			1.81			2.12			0.55				1.97			0.52			0.03
Total from investment operations		0.61			1.67			2.03			0.45				1.89			0.48			0.03
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00				0.00			(0.02	)		0.00
Net realized gains		(0.21	)		0.00			0.00			(0.25	)			0.00			0.00			0.00
Total distributions to shareholders		(0.21	)		0.00			0.00			(0.25	)			0.00			(0.02	)		0.00
Net asset value, end of period		$13.27			$12.87			$11.20			$9.17				$8.97			$7.08			$6.62
Total return5		4.75	%		14.91	%		22.14	%		5.24	%			26.69	%		7.18	%		0.46	%
Ratios to average net assets (annualized)
Gross expenses		1.92	%		1.92	%		1.94	%		1.98	%			1.99	%		1.84	%		1.87	%
Net expenses		1.87	%		1.87	%		1.87	%		1.87	%			1.87	%		1.83	%		1.87	%
Net investment income (loss)		(1.04	)%		(1.11	)%		(0.91	)%		(1.07	)%			(0.90	)%		(0.68	)%		0.08	%
Supplemental data													��
Portfolio turnover rate		25	%		37	%		32	%		51	%			65	%		89	%		24	%
Net assets, end of period (000s omitted)		$384,091			$374,136			$279,203			$129,980				$35,783			$22,246			$13,717

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund. Evergreen Large Company Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class C of Evergreen Large Company Growth Fund.

² For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

³ Calculated based upon average shares outstanding

⁴ Amount is less than $0.005.

⁵ 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 Advantage Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS R4				2014			20131
Net asset value, beginning of period		$14.75			$12.70			$10.81
Net investment income (loss)		0.00	2		(0.01	)		0.00	2
Net realized and unrealized gains (losses) on investments		0.78			2.06			1.89
Total from investment operations		0.78			2.05			1.89
Distributions to shareholders from
Net realized gains		(0.21	)		0.00			0.00
Net asset value, end of period		$15.32			$14.75			$12.70
Total return3		5.30	%		16.14	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.84	%		0.85	%
Net expenses		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.02	%		(0.11	)%		0.06	%
Supplemental data
Portfolio turnover rate		25	%		37	%		32	%
Net assets, end of period (000s omitted)		$1,942			$765			$131

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

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Premier Large Company Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
CLASS R6				2014			20131
Net asset value, beginning of period		$14.77			$12.71			$10.81
Net investment income		0.01			0.01			0.00	2
Net realized and unrealized gains (losses) on investments		0.79			2.05			1.90
Total from investment operations		0.80			2.06			1.90
Distributions to shareholders from
Net realized gains		(0.21	)		0.00			0.00
Net asset value, end of period		$15.36			$14.77			$12.71
Total return3		5.36	%		16.29	%		17.58	%
Ratios to average net assets (annualized)
Gross expenses		0.69	%		0.69	%		0.71	%
Net expenses		0.65	%		0.65	%		0.65	%
Net investment income		0.19	%		0.09	%		0.05	%
Supplemental data
Portfolio turnover rate		25	%		37	%		32	%
Net assets, end of period (000s omitted)		$167,741			$163,871			$4,629

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

²  Amount is less than $0.005.

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

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

20 Wells Fargo Advantage Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$14.63			$12.62			$10.24			$9.90			$7.75			$7.53
Net investment income (loss)		(0.01	)		(0.02	)		(0.00	)2		(0.02	)		0.00	2		(0.00	)2
Net realized and unrealized gains (losses) on investments		0.77			2.03			2.38			0.61			2.16			0.22
Total from investment operations		0.76			2.01			2.38			0.59			2.16			0.22
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.01	)		0.00
Net realized gains		(0.21	)		0.00			0.00			(0.25	)		0.00			0.00
Total distributions to shareholders		(0.21	)		0.00			0.00			(0.25	)		(0.01	)		0.00
Net asset value, end of period		$15.18			$14.63			$12.62			$10.24			$9.90			$7.75
Total return3		5.21	%		15.93	%		23.24	%		6.28	%		27.75	%		2.92	%
Ratios to average net assets (annualized)
Gross expenses		1.00	%		1.00	%		1.04	%		1.07	%		1.08	%		1.13	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.11	)%		(0.19	)%		(0.01	)%		(0.16	)%		0.01	%		(0.34	)%
Supplemental data
Portfolio turnover rate		25	%		37	%		32	%		51	%		65	%		89	%
Net assets, end of period (000s omitted)		$1,247,215			$1,325,864			$640,494			$251,759			$54,335			$36,508

¹  For the period from July 16, 2010 (commencement of class operations) to July 31, 2010

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Advantage Premier Large Company Growth Fund 21

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31															Year ended September 30, 20091
INSTITUTIONAL CLASS				2014			2013			2012			2011			20101,2
Net asset value, beginning of period		$14.77			$12.71			$10.28			$9.91			$7.75			$7.24			$7.22
Net investment income		0.01			0.01	4		(0.00	)3		0.00	3,4		0.02	4		0.02			0.06	4
Net realized and unrealized gains (losses) on investments		0.78			2.05			2.43			0.62			2.15			0.57			0.02
Total from investment operations		0.79			2.06			2.43			0.62			2.17			0.59			0.08
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.01	)		(0.08	)		(0.06	)
Net realized gains		(0.21	)		0.00			0.00			(0.25	)		0.00			0.00			0.00
Total distributions to shareholders		(0.21	)		0.00			0.00			(0.25	)		(0.01	)		(0.08	)		(0.06	)
Net asset value, end of period		$15.35			$14.77			$12.71			$10.28			$9.91			$7.75			$7.24
Total return5		5.36	%		16.21	%		23.64	%		6.48	%		28.03	%		8.20	%		1.28	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.74	%		0.76	%		0.79	%		0.81	%		0.83	%		0.87	%
Net expenses		0.70	%		0.70	%		0.71	%		0.75	%		0.75	%		0.82	%		0.87	%
Net investment income		0.13	%		0.07	%		0.16	%		0.04	%		0.22	%		0.34	%		1.04	%
Supplemental data
Portfolio turnover rate		25	%		37	%		32	%		51	%		65	%		89	%		24	%
Net assets, end of period (000s omitted)		$1,142,893			$1,031,979			$1,328,994			$223,616			$30,493			$18,841			$11,335

¹  After the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Large Company Growth Fund and Wells Fargo Advantage Large Company Growth Fund. Evergreen Large Company Growth Fund became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Class I of Evergreen Large Company Growth Fund.

²  For the ten months ended July 31, 2010. The Fund changed its fiscal year end from September 30 to July 31, effective July 31, 2010.

³  Amount is less than $0.005.

⁴  Calculated based upon average shares outstanding

⁵  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 Advantage Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2015 (unaudited)			Year ended July 31
INVESTOR CLASS				2014			2013			2012			2011			20101
Net asset value, beginning of period		$14.50			$12.53			$10.19			$9.87			$7.75			$7.54
Net investment loss		(0.03	)		(0.05	)		(0.02	)		(0.03	)		(0.02	)		(0.00	)2
Net realized and unrealized gains (losses) on investments		0.77			2.02			2.36			0.60			2.15			0.21
Total from investment operations		0.74			1.97			2.34			0.57			2.13			0.21
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.01	)		0.00
Net realized gains		(0.21	)		0.00			0.00			(0.25	)		0.00			0.00
Total distributions to shareholders		(0.21	)		0.00			0.00			(0.25	)		(0.01	)		0.00
Net asset value, end of period		$15.03			$14.50			$12.53			$10.19			$9.87			$7.75
Total return3		5.12	%		15.72	%		22.96	%		5.99	%		27.48	%		2.79	%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.23	%		1.25	%		1.29	%		1.31	%		1.36	%
Net expenses		1.18	%		1.18	%		1.18	%		1.19	%		1.19	%		1.19	%
Net investment loss		(0.34	)%		(0.42	)%		(0.21	)%		(0.37	)%		(0.20	)%		(0.59	)%
Supplemental data
Portfolio turnover rate		25	%		37	%		32	%		51	%		65	%		89	%
Net assets, end of period (000s omitted)		$196,267			$197,861			$154,238			$99,675			$79,464			$64,781

¹ For the period from July 16, 2010 (commencement of class operations) to July 31, 2010

²  Amount is less than $0.005.

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time).

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 primary exchange or market for the security that day, the prior day’s price will be deemed “stale” and fair values will be determined in accordance with the Fund’s Valuation Procedures.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles are fair valued at net asset value.

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

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

Security loans

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

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”).

24 Wells Fargo Advantage Premier Large Company Growth Fund Notes to financial statements (unaudited)

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”). 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 fair valued based upon the amortized cost valuation technique. Income earned from investment in the Securities Lending Fund is included in securities lending income on the Statement of Operations.

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31 2014, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $36,911,214 with $18,691,738 expiring in 2016 and $18,219,476 expiring in 2017.

As of July 31, 2014, the Fund had a qualified late-year ordinary loss of $9,473,523 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 25

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	1,063,310,394	$	0	$	0	$	1,063,310,394
Consumer staples		270,833,567		0		0		270,833,567
Energy		226,834,744		0		0		226,834,744
Financials		346,340,753		0		0		346,340,753
Health care		1,029,097,079		0		0		1,029,097,079
Industrials		745,694,451		0		0		745,694,451
Information technology		1,433,367,998		0		0		1,433,367,998
Materials		176,801,087		0		0		176,801,087
Short-term investments
Investment companies		70,168,079		0		0		70,168,079
Total assets	$	5,362,448,152	$	0	$	0	$	5,362,448,152

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.65% and declining to 0.475% as the average daily net assets of the Fund increase. Prior to December 1, 2014, Funds Management was entitled to receive an annual advisory fee which started at 0.65% and declined to 0.55% as the average daily net assets of the Fund increased. For the six months ended January 31, 2015, the advisory fee was equivalent to an annual rate of 0.59% 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, 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 0.275% as the average daily net assets of the Fund increase.

Administration fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from the Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of the Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class B, Class C	0.26%
Class R4, Institutional Class	0.08
Class R6	0.03
Administrator Class	0.10
Investor Class	0.32

26 Wells Fargo Advantage Premier Large Company Growth Fund Notes to financial statements (unaudited)

Funds Management has contractually waived and/or reimbursed advisory 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, 2015 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.12% for Class A shares, 1.87% for Class B shares, 1.87% for Class C shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, 0.70% for Institutional Class shares, and 1.18% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

The Trust has adopted a Distribution Plan for Class 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 shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended January 31, 2015, Funds Distributor received $52,331 from the sale of Class A shares and $31 and $1,327 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2015 were $1,358,450,641 and $1,251,828,793, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 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 0.10% of the unused balance is allocated to each participating fund. For the six months ended January 31, 2015, the Fund paid $3,745 in commitment fees.

For the six months ended January 31, 2015, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Advantage Premier Large Company Growth Fund 27

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, in addition to 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 wellsfargoadvantagefunds.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 (wellsfargoadvantagefunds.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 Advantage Premier Large Company 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 Advantage family of funds, which consists of 134 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	Other directorships during past five years
William R. Ebsworth (Born 1957)	Trustee, since 2015**	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. in Boston, Tokyo, and Hong Kong 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. Mr. Ebsworth is an Adjunct Lecturer, Finance, at Babson College and a Chartered Financial Analyst.	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 thereto, 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 Chartered Financial Analyst (inactive), Chair of Taproot Foundation (non-profit organization) and a Board Member of Ruth Bancroft Garden (non-profit organization).	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 Delux 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. Mr. Harris is a certified public accountant.	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, Morgan Stanley Director of the Center for Leadership Development and Research 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 Advantage Premier Large Company Growth Fund 29

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other directorships during past five years
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	Asset Allocation Trust
Michael S. Scofield (Born 1943)	Trustee, since 2010	Served on the Investment Company Institute’s Board of Governors and Executive Committee from 2008-2011 as well the Governing Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from 2008-2011. Chairman of the IDC from 2008-2010. Institutional Investor (Fund Directions) Trustee of Year in 2007. Trustee of the Evergreen Funds complex (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

** William R. Ebsworth and Jane A. Freeman each became a Trustee effective January 1, 2015.

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
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. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. 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	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. Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2007 and Chief Compliance Officer from 2007 to 2014. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007 and Senior Audit Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
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. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 61 funds and Assistant Treasurer of 73 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 wellsfargoadvantagefunds.com.

30 Wells Fargo Advantage 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

COP —  Columbian Peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.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 Wells Fargo Advantage Funds. 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 wellsfargoadvantagefunds.com. Read the prospectus carefully before you invest or send money.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage 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/SIPC, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2015 Wells Fargo Funds Management, LLC. All rights reserved.

231605 03-15 SA212/SAR212 01-15

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date:	March 25, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date: March 25, 2015
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	March 25, 2015