Allspring Special Mid Cap Value Fund NCSR Certified annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Registrant is making a filing for 10 of its series:

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.

Date of reporting period: July 31, 2015

ITEM 1. REPORT TO STOCKHOLDERS

Wells Fargo Advantage Capital Growth Fund

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Annual Report

July 31, 2015

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Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

Financial statements
Statement of assets and liabilities			13
Statement of operations			14
Statement of changes in net assets			15
Financial highlights			16

Notes to financial statements			23

Report of independent registered public accounting firm			28

Other information			29

List of abbreviations			35

The views expressed and any forward-looking statements are as of July 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)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Generally improving U.S. economic data helped drive a positive return for U.S. large-cap stocks for the reporting period

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Capital Growth Fund for the 12-month period that ended July 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. large-cap 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 market volatility in the last five months of 2014.

Following a negative monthly return for July 2014, the S&P 500 Index bounced back in August on a string of positive economic news, led by a 4.2% revised second-quarter 2014 gross domestic product (GDP) reading. The S&P 500 Index gave back some of its August gains in September, however; stock market volatility increased as positive economic data became overshadowed at times by growing discomfort over escalating tensions in Ukraine and the Middle East and slowing growth in Europe and China. Ultimately, U.S. stocks ended the third quarter up slightly overall, buoyed largely by strong corporate earnings and another upward revision of second-quarter GDP growth (to 4.6%).

The fourth quarter of 2014 brought continued improvement in the U.S.; international economies remained challenged. Strong fourth-quarter results by U.S. stocks 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 U.S. Federal Reserve (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. In addition, the U.S. economy’s third-quarter growth rate was revised upward to 5.0% during the quarter, and 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. As the U.S. chugged forward, though, major economies elsewhere in the world faced ongoing challenges. While Japan eased out of a two-quarter contraction, growth in China continued to slow and Russia’s economy contracted for the first time since 2009. In the eurozone, growth remained sluggish; this situation was exacerbated in December by renewed concerns about Greece after its parliament failed to avert a general election that could jeopardize the country’s financial agreements with its creditors.

In the first quarter of 2015, U.S. large caps delivered positive results but underperformed small- and mid-cap stocks; major markets elsewhere rallied.

U.S. large-, mid-, and small-cap stocks tended to move similarly during the quarter until early March, when results began to diverge by market capitalization. Larger caps slipped that month as investor concern grew over the strengthening U.S. dollar’s potentially negative effect on the profits of large U.S. multinational firms; however, stocks of small and midsize companies, which tend to be less affected by movements in the dollar, performed better. Positive stock results were supported by a gradually improving U.S. economy. The labor market continued to grow, along with personal income and consumer confidence. For U.S. businesses, the quarter’s data were mixed; while many companies reported strong earnings, other data indicated potential weakening in manufacturing. Elsewhere in the world, major markets enjoyed positive returns spurred by accommodative monetary policies from major central banks and signs of improvement in some struggling economies.

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

U.S. large caps experienced challenges during the second quarter of 2015.

The S&P 500 Index fluctuated widely during this quarter, eventually eking out a 0.28% gain for the period. Larger-cap stocks at times were pressured by ongoing investor concerns over the potentially negative effects of financially troubled overseas economies and the strengthening U.S. dollar. The U.S. economy picked up traction during the quarter; consumer spending improved, and positive trends were evident in construction and new-home sales. Jobs growth remained a bright spot as well. Fed officials, who have kept interest rates low while waiting for the U.S. jobs market to sufficiently improve and for inflation to approach their 2% target, made clear that they could take action soon. Throughout the quarter, markets outside the U.S. continued to experience volatility, triggered by uncertainty over the potential impact of financial challenges in other locations—most notably in Greece and Puerto Rico. Questions over slower growth in China caused investor concern as well.

July 2015 brought a bounce-back for U.S. large caps.

U.S. large-cap stocks delivered 2.10% for the month (as measured by the S&P 500 Index). The boost was supported by encouraging U.S. economic data, including positive earnings reports from a range of U.S. companies, increased retail spending by U.S. consumers, and further improvement in the jobs market.

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 in Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

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.

Notice to shareholders

At a meeting held on August 11–12, 2015, the Board of Trustees of the Fund approved a change in the name of the Fund whereby the word “Advantage” will be removed from its name, effective December 15, 2015.

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.


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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Average annual total returns¹ (%) as of July 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		4.62		14.05		5.76		11.00		15.41		6.39		1.21		1.11
Class C (WFCCX)	7-31-2007		9.15		14.54		5.64		10.15		14.54		5.64		1.96		1.86
Class R4 (WCGRX)	11-30-2012		–		–		–		11.35		15.88		6.89		0.93		0.75
Class R6 (WFCRX)	11-30-2012		–		–		–		11.54		15.98		6.94		0.78		0.60
Administrator Class (WFCDX)	6-30-2003		–		–		–		11.22		15.66		6.70		1.13		0.90
Institutional Class (WWCIX)	4-8-2005		–		–		–		11.50		15.98		6.94		0.88		0.65
Investor Class (SLGIX)	11-3-1997		–		–		–		10.86		15.33		6.31		1.32		1.17
Russell 1000^® Growth Index⁴	–		–		–		–		16.08		17.75		8.95		–		–

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

Growth of $10,000 investment⁵ as of July 31, 2015

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.

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

The manager has contractually committed through November 30, 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 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 chart compares the performance of Class A shares for the most recent ten years with the Russell 1000 Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

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


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

MANAGER’S DISCUSSION

Fund highlights

The Fund underperformed its benchmark, the Russell 1000 Growth Index, for the 12-month period that ended July 31, 2015.

Results in the Fund’s energy, consumer discretionary, and industrials sectors detracted from performance.

Strong returns in the health care and consumer staples sectors contributed positively to Fund performance.

The U.S. stock market performed strongly over the 12-month period, responding positively to improving economic data that pointed to continued recovery in the U.S. economy. While other countries, such as China and several eurozone nations, struggled with slowing growth and deflation concerns, the U.S. improved steadily in a wide range of metrics. As a result, investing in the U.S. tended to appear more attractive compared with investing in many other areas of the world.


Ten largest holdings⁶ (%) as of July 31, 2015
Apple Incorporated			7.41
Amazon.com Incorporated			4.15
Google Incorporated Class A			3.45
Facebook Incorporated Class A			3.44
Visa Incorporated Class A			3.29
The Walt Disney Company			2.89
Celgene Corporation			2.35
McGraw Hill Financial Incorporated			2.14
The Home Depot Incorporated			2.13
Bristol-Myers Squibb Company			2.12

The Fund’s holdings in the energy, consumer discretionary, and industrials sectors hindered performance relative to the Russell 1000 Growth Index.

movements in oil prices. However, the sector’s recent performance left little doubt that investors have been treating many E&P companies as proxies for oil prices; holdings such as Antero Resources Corporation and Pioneer Natural Resources Company detracted from performance, illustrating this extreme volatility. As falling commodity prices led to significant drops in production, energy equipment and service providers were especially hard hit; as a result, both Halliburton Company and Nabors Industries Limited detracted significantly from performance. In recent months, we exited all Fund positions in this sector, including these four companies, given elevated risks within energy. The significant oil-price decline also hurt select holdings in the industrials sector, including Union Pacific Company. U.S. railroads had benefited from a renaissance in energy production and manufacturing in recent years. However, a material slowdown in energy-related industries, general softness in transportation and agriculture, and plunging coal volumes led to declines for some rail stocks.

In the Fund’s consumer discretionary sector, Las Vegas Sands Corporation* detracted significantly over the period. Although the strong gaming market in Macau had been a key growth driver for many gaming stocks, sentiment for the Macau market turned negative in 2014 as China’s government began implementing new regulations. Also, Hong Kong protests led to a rash of Macau hotel-room cancellations during a busy holiday period. While the company reported some better-than-expected results in Macau, we exited the position as negative headlines weighed on the stock.

Solid returns in the health care and consumer staples sectors aided Fund performance

In health care, strength was notable in the innovative biotech industry, where Regeneron Pharmaceuticals, Incorporated contributed significantly. The company reported strong sales of EYLEA, its flagship drug for treating macular degeneration, and announced FDA approval of EYLEA for another indication: treatment of diabetic macular edema. Regeneron also benefited from favorable phase-three data for cholesterol drug Alirocumab. Strength from Celgene Corporation boosted the Fund’s biotechnology results as well. Within the consumer staples sector, beer and wine manufacturer Constellation Brands, Incorporated rose sharply over the period, contributing substantially to Fund performance. Constellation’s results reflected a strengthening U.S. consumer and the revenue and cost synergies resulting from the company’s acquisition of Grupo Modelo S.A.B. de C.V.’s U.S. beer business. Constellation remains a true self-help story as the company continues to pay down debt and invest in new products and brand extensions.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Capital Growth Fund			7

Sector distribution⁷ as of July 31, 2015

Recent market dynamics support our confidence in the Fund’s positioning.

While summer brings blue skies and sunshine to most of the country, the forecast for the U.S. stock market may be considerably cloudier; visibility is low, and a number of economic and geopolitical factors may cause storms for investors in coming months. China continues to struggle in its attempt to reaccelerate growth, Japan remains vigilant in its fight against deflation, and Greece’s debt crisis remains a lingering black cloud over global financial markets. Despite the situation in Greece, signs of stabilization have become evident elsewhere in Europe. In Germany, for example, manufacturers have been bolstered by a weak euro, and bund interest rates have spiked upward. We view the global economic picture as hazy at best.

Given our view, we have centered Fund positioning on firms and industries with a higher level of visibility, choosing to focus on firms we believe could make their own luck. While true secular growth remains scarce, we continue to find opportunities related to the U.S. consumer. Specifically, we have focused on the trend of growth in household formations driven by Millennials, which has created a virtuous cycle of consumer spending. Other consumer-related Fund holdings are focused on travel, health and wellness, and e-commerce. We also see pockets of secular growth in the traditional growth sectors of health care and information technology. Within financials, we have selected holdings that could benefit from improving conditions in commercial real estate. Also, we have maintained a few high-conviction holdings in companies tied to the cyclical U.S. industrials sector.

No one likes getting caught in traffic; at times over the past few years, however, fundamental, bottom-up managers—like us—have felt as if we were. The market has appeared to be moving down the road toward rewarding strong underlying fundamentals, only to be stymied by a macroeconomic or geopolitical event that halts progress. However, we have built a portfolio with a strong engine of secular growth that may perform well when the road opens up. In fact, recently we have seen encouraging signs of traffic clearing: Investors have begun reacting rationally to better-than-expected corporate earnings, and fundamentals seem to matter more now than they did in 2014. Although further delays may lie ahead, we will continue to drive the same as we always have: by building portfolios based on bottom-up, fundamental research; balancing risk and return; and weighting the Fund toward our highest-conviction ideas. We remain confident that our disciplined process has the potential to transport shareholders to their desired destinations.

Please see footnotes on page 5.


8		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 February 1, 2015 to July 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 2-1-2015		Ending account value 7-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,061.70	$	5.67		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.29	$	5.56		1.11	%
Class C
Actual	$	1,000.00	$	1,057.81	$	9.49		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.57	$	9.30		1.86	%
Class R4
Actual	$	1,000.00	$	1,063.99	$	3.84		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Class R6
Actual	$	1,000.00	$	1,064.30	$	3.07		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,063.47	$	4.60		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,064.41	$	3.33		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Investor Class
Actual	$	1,000.00	$	1,061.73	$	5.98		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.99	$	5.86		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—July 31, 2015		Wells Fargo Advantage Capital Growth Fund			9


Security name	Shares		Value

Common Stocks: 99.71%

Consumer Discretionary: 24.01%

Auto Components: 1.05%
Delphi Automotive plc		42,397	$	3,310,358


Hotels, Restaurants & Leisure: 2.68%
Hilton Worldwide Holdings Incorporated †		184,741		4,960,296
Starbucks Corporation		59,691		3,457,900

				8,418,196


Household Durables: 1.73%
Jarden Corporation †		98,819		5,435,045


Internet & Catalog Retail: 4.15%
Amazon.com Incorporated †		24,313		13,035,415


Media: 5.95%
Liberty Global plc Class C †		96,750		4,754,292
The Walt Disney Company		75,578		9,069,360
Time Warner Incorporated		55,237		4,863,065

				18,686,717


Specialty Retail: 3.84%
The Home Depot Incorporated		57,183		6,692,126
The TJX Companies Incorporated		53,060		3,704,649
ULTA Salon, Cosmetics and Fragrance Incorporated †		10,150		1,685,205

				12,081,980


Textiles, Apparel & Luxury Goods: 4.61%
lululemon athletica Incorporated †		65,454		4,114,438
Nike Incorporated Class B		51,157		5,894,310
Under Armour Incorporated Class A †		45,012		4,471,042

				14,479,790


Consumer Staples: 2.87%

Beverages: 1.77%
Constellation Brands Incorporated Class A		46,484		5,579,010


Food & Staples Retailing: 1.10%
Walgreens Boots Alliance Incorporated		35,750		3,454,523


Financials: 6.79%

Capital Markets: 2.05%
Charles Schwab Corporation		118,300		4,126,304
Raymond James Financial Incorporated		38,967		2,299,053

				6,425,357

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


10		Wells Fargo Advantage Capital Growth Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Diversified Financial Services: 2.97%
Intercontinental Exchange Incorporated		11,495	$	2,621,320
McGraw Hill Financial Incorporated		66,063		6,721,910

				9,343,230


Real Estate Management & Development: 1.77%
CBRE Group Incorporated Class A †		86,182		3,272,331
The Howard Hughes Corporation †		16,848		2,290,654

				5,562,985


Health Care: 21.24%

Biotechnology: 8.82%
Alexion Pharmaceuticals Incorporated †		15,800		3,119,552
Biogen Incorporated †		14,257		4,544,846
Celgene Corporation †		56,300		7,389,375
Gilead Sciences Incorporated		23,018		2,712,901
Regeneron Pharmaceuticals Incorporated †		10,831		5,996,691
Vertex Pharmaceuticals Incorporated †		29,233		3,946,455

				27,709,820


Health Care Equipment & Supplies: 1.77%
Align Technology Incorporated †		63,550		3,984,585
Edwards Lifesciences Corporation †		10,350		1,574,856

				5,559,441


Health Care Providers & Services: 1.51%
UnitedHealth Group Incorporated		39,100		4,746,740


Pharmaceuticals: 9.14%
Allergan plc †		17,150		5,679,223
Bristol-Myers Squibb Company		101,538		6,664,954
Eli Lilly & Company		32,547		2,750,547
Endo International plc †		59,195		5,181,930
Shire plc ADR		14,339		3,825,789
Zoetis Incorporated		94,419		4,624,643

				28,727,086


Industrials: 5.31%

Airlines: 1.29%
Delta Air Lines Incorporated		91,125		4,040,483


Industrial Conglomerates: 0.98%
Carlisle Companies Incorporated		30,550		3,093,493


Machinery: 0.88%
Ingersoll-Rand plc		45,176		2,773,806


Road & Rail: 0.77%
Old Dominion Freight Line Incorporated †		33,044		2,417,169

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Capital Growth Fund			11


Security name	Shares		Value

Trading Companies & Distributors: 1.39%
HD Supply Holdings Incorporated †		122,225	$	4,375,655


Information Technology: 33.12%

Communications Equipment: 1.77%
Palo Alto Networks Incorporated †		29,985		5,572,113


Electronic Equipment, Instruments & Components: 0.70%
Cognex Corporation		48,400		2,191,068


Internet Software & Services: 9.42%
Akamai Technologies Incorporated †		69,736		5,349,449
Facebook Incorporated Class A †		114,924		10,804,005
Google Incorporated Class A †		16,508		10,854,010
Tencent Holdings Limited ADR		138,900		2,584,929

				29,592,393


IT Services: 5.19%
Alliance Data Systems Corporation †		9,531		2,621,406
Cognizant Technology Solutions Corporation Class A †		53,200		3,356,920
Visa Incorporated Class A		137,233		10,339,134

				16,317,460


Semiconductors & Semiconductor Equipment: 1.92%
Avago Technologies Limited		28,550		3,572,747
Lam Research Corporation		31,950		2,455,997

				6,028,744


Software: 6.71%
Adobe Systems Incorporated †		53,500		4,386,465
Electronic Arts Incorporated †		53,400		3,820,770
Salesforce.com Incorporated †		49,930		3,659,869
ServiceNow Incorporated †		32,980		2,654,890
Splunk Incorporated †		57,100		3,993,574
Tableau Software Incorporated Class A †		24,650		2,581,841

				21,097,409


Technology Hardware, Storage & Peripherals: 7.41%
Apple Incorporated		191,976		23,286,689


Materials: 3.58%

Chemicals: 2.57%
Axalta Coating Systems Limited †		142,450		4,531,335
Platform Specialty Products Corporation †		152,320		3,544,486

				8,075,821


Construction Materials: 1.01%
Vulcan Materials Company		34,825		3,169,772

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


12		Wells Fargo Advantage Capital Growth Fund		Portfolio of investments—July 31, 2015


Security name				Shares		Value

Telecommunication Services: 2.79%

Diversified Telecommunication Services: 1.54%
Level 3 Communications Incorporated †					95,604	$	4,828,002


Wireless Telecommunication Services: 1.25%
SBA Communications Corporation Class A †					32,547		3,929,074


Total Common Stocks (Cost $242,432,994)							313,344,844


	Yield
Short-Term Investments: 1.24%

Investment Companies: 1.24%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13	%		3,887,428		3,887,428


Total Short-Term Investments (Cost $3,887,428)							3,887,428


Total investments in securities (Cost $246,320,422) *	100.95	%		317,232,272
Other assets and liabilities, net	(0.95	)		(2,996,363	)

Total net assets	100.00	%	$	314,235,909

†	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 $246,902,306 and unrealized gains (losses) consists of:


Gross unrealized gains	$	74,620,041
Gross unrealized losses		(4,290,075	)

Net unrealized gains	$	70,329,966

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


Statement of assets and liabilities—July 31, 2015		Wells Fargo Advantage Capital Growth Fund			13




Assets
Investments
In unaffiliated securities, at value (cost $242,432,994)	$	313,344,844
In affiliated securities, at value (cost $3,887,428)		3,887,428
	��
Total investments, at value (cost $246,320,422)		317,232,272
Receivable for investments sold		3,337,474
Receivable for Fund shares sold		2,021,035
Receivable for dividends		53,327
Prepaid expenses and other assets		54,124

Total assets		322,698,232


Liabilities
Payable for investments purchased		6,301,284
Payable for Fund shares redeemed		1,870,927
Management fee payable		143,908
Distribution fee payable		2,877
Administration fees payable		38,863
Accrued expenses and other liabilities		104,464

Total liabilities		8,462,323

Total net assets	$	314,235,909


NET ASSETS CONSIST OF
Paid-in capital	$	206,869,771
Accumulated net investment loss		(359,429	)
Accumulated net realized gains on investments		36,813,717
Net unrealized gains on investments		70,911,850

Total net assets	$	314,235,909


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	17,126,397
Shares outstanding – Class A¹		985,530
Net asset value per share – Class A		$17.38
Maximum offering price per share – Class A²		$18.44
Net assets – Class C	$	4,212,456
Shares outstanding – Class C¹		264,629
Net asset value per share – Class C		$15.92
Net assets – Class R4	$	15,558
Share outstanding – Class R4¹		828
Net asset value per share – Class R4		$18.79
Net assets – Class R6	$	153,009,032
Shares outstanding – Class R6¹		8,107,941
Net asset value per share – Class R6		$18.87
Net assets – Administrator Class	$	34,886,310
Shares outstanding – Administrator Class¹		1,893,254
Net asset value per share – Administrator Class		$18.43
Net assets – Institutional Class	$	22,578,038
Shares outstanding – Institutional Class¹		1,198,557
Net asset value per share – Institutional Class		$18.84
Net assets – Investor Class	$	82,408,118
Shares outstanding – Investor Class¹		4,790,905
Net asset value per share – Investor Class		$17.20

¹	The Fund has an unlimited number of authorized shares.

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

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


14		Wells Fargo Advantage Capital Growth Fund		Statement of operations—year ended July 31, 2015




Investment income
Dividends (net of foreign withholding taxes of $2,412)	$	2,444,506
Securities lending income, net		31,504
Income from affiliated securities		3,962

Total investment income		2,479,972


Expenses
Management fee		2,410,943
Administration fees
Class A		46,137
Class C		12,108
Class R4		11
Class R6		44,980
Administrator Class		41,734
Institutional Class		35,190
Investor Class		282,552
Shareholder servicing fees
Class A		45,107
Class C		11,827
Class R4		15
Administrator Class		101,960
Investor Class		220,743
Distribution fee
Class C		35,481
Custody and accounting fees		32,268
Professional fees		49,086
Registration fees		63,869
Shareholder report expenses		36,102
Trustees’ fees and expenses		11,326
Other fees and expenses		17,946

Total expenses		3,499,385
Less: Fee waivers and/or expense reimbursements		(634,257	)

Net expenses		2,865,128

Net investment loss		(385,156	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		55,955,753
Net change in unrealized gains (losses) on investments		(17,785,562	)

Net realized and unrealized gains (losses) on investments		38,170,191

Net increase in net assets resulting from operations	$	37,785,035

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


Statement of changes in net assets		Wells Fargo Advantage Capital Growth Fund			15


	Year ended July 31, 2015						Year ended July 31, 2014

Operations
Net investment loss				$	(385,156	)				$	(663,368	)
Net realized gains on investments					55,955,753						88,987,193
Net change in unrealized gains (losses) on investments					(17,785,562	)					(1,646,000	)

Net increase in net assets resulting from operations					37,785,035						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					(9,378,628	)					(6,836,708	)
Institutional Class					(12,743,781	)					(27,083,256	)
Investor Class					(24,364,369	)					(9,335,586	)

Total distributions to shareholders					(89,606,638	)					(53,317,499	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		91,633			1,687,079			123,316			2,574,382
Class C		74,996			1,252,857			64,888			1,284,758
Class R6		698,773			13,635,803			6,758,171			147,435,533
Administrator Class		196,115			3,846,348			387,977			8,509,901
Institutional Class		569,045			11,364,181			1,004,161			22,242,288
Investor Class		429,740			7,934,159			410,708			8,576,959

					39,720,427						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		(259,975	)		(4,889,075	)		(168,093	)		(3,543,654	)
Class C		(118,419	)		(1,921,172	)		(94,005	)		(1,847,699	)
Class R6		(985,710	)		(19,513,578	)		(731,122	)		(16,244,245	)
Administrator Class		(1,888,744	)		(41,533,388	)		(744,267	)		(16,283,626	)
Institutional Class		(1,930,743	)		(37,357,917	)		(15,885,091	)		(344,673,814	)
Investor Class		(1,294,319	)		(23,062,370	)		(976,512	)		(20,433,813	)

					(128,277,500	)					(403,026,851	)

Net decrease in net assets resulting from capital share transactions					(6,553,797	)					(162,113,440	)

Total decrease in net assets					(58,375,400	)					(128,753,114	)


Net assets
Beginning of period					372,611,309						501,364,423

End of period				$	314,235,909					$	372,611,309

Accumulated net investment loss				$	(359,429	)				$	0

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)


	Year ended July 31
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$21.31			$19.87			$16.74			$16.25			$13.07
Net investment income (loss)		(0.07	)¹		(0.10	)¹		0.00	^1,2		(0.05	)¹		(0.07	)¹
Net realized and unrealized gains (losses) on investments		2.09			3.79			3.43			0.54			3.25

Total from investment operations		2.02			3.69			3.43			0.49			3.18
Distributions to shareholders from
Net investment income		0.00			(0.02	)		0.00			0.00			0.00
Net realized gains		(5.95	)		(2.23	)		(0.30	)		0.00			0.00

Total distributions to shareholders		(5.95	)		(2.25	)		(0.30	)		0.00			0.00
Net asset value, end of period		$17.38			$21.31			$19.87			$16.74			$16.25
Total return³		11.00	%		19.09	%		20.85	%		3.02	%		24.43	%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.26	%		1.26	%		1.21	%		1.21	%
Net expenses		1.11	%		1.11	%		1.14	%		1.20	%		1.20	%
Net investment income (loss)		(0.39	)%		(0.46	)%		0.01	%		(0.30	)%		(0.48	)%
Supplemental data
Portfolio turnover rate		114	%		94	%		107	%		116	%		116	%
Net assets, end of period (000s omitted)		$17,126			$18,561			$16,390			$17,784			$20,693

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

³	Total return calculations do not include any sales charges.

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


Financial highlights		Wells Fargo Advantage Capital Growth Fund			17

(For a share outstanding throughout each period)


	Year ended July 31
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$20.12			$18.98			$16.12			$15.77			$12.77
Net investment loss		(0.20	)¹		(0.24	)¹		(0.13	)¹		(0.16	)¹		(0.19	)¹
Net realized and unrealized gains (losses) on investments		1.95			3.61			3.29			0.51			3.19

Total from investment operations		1.75			3.37			3.16			0.35			3.00
Distributions to shareholders from
Net realized gains		(5.95	)		(2.23	)		(0.30	)		0.00			0.00
Net asset value, end of period		$15.92			$20.12			$18.98			$16.12			$15.77
Total return²		10.15	%		18.21	%		19.97	%		2.22	%		23.49	%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		2.01	%		2.01	%		1.96	%		1.96	%
Net expenses		1.86	%		1.86	%		1.89	%		1.95	%		1.95	%
Net investment loss		(1.14	)%		(1.20	)%		(0.73	)%		(1.05	)%		(1.23	)%
Supplemental data
Portfolio turnover rate		114	%		94	%		107	%		116	%		116	%
Net assets, end of period (000s omitted)		$4,212			$4,628			$4,503			$6,042			$8,272

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


18		Wells Fargo Advantage Capital Growth Fund		Financial highlights

(For a share outstanding throughout each period)


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

Total from investment operations		2.22			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		$18.79			$22.52			$20.83
Total return³		11.35	%		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)		(0.04	)%		(0.10	)%		0.37	%
Supplemental data
Portfolio turnover rate		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$16			$14			$12

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

²	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Capital Growth Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R6	2015			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		2.24			4.00			2.95

Total from investment operations		2.26			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		$18.87			$22.56			$20.85
Total return⁴		11.54	%		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		0.11	%		0.01	%		0.52	%
Supplemental data
Portfolio turnover rate		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$153,009			$142,754			$58

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

²	Calculated based upon average shares outstanding

³	Amount is less than $0.005 per share.

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 Capital Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$22.22			$20.61			$17.32			$16.77			$13.45
Net investment income (loss)		(0.03	)¹		(0.05	)¹		0.04	¹		(0.00	)^1,2		(0.03	)¹
Net realized and unrealized gains (losses) on investments		2.19			3.93			3.55			0.55			3.35

Total from investment operations		2.16			3.88			3.59			0.55			3.32
Distributions to shareholders from
Net investment income		0.00			(0.04	)		0.00			0.00			0.00
Net realized gains		(5.95	)		(2.23	)		(0.30	)		0.00			0.00

Total distributions to shareholders		(5.95	)		(2.27	)		(0.30	)		0.00			0.00
Net asset value, end of period		$18.43			$22.22			$20.61			$17.32			$16.77
Total return		11.22	%		19.35	%		21.15	%		3.22	%		24.68	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.09	%		1.09	%		1.05	%		1.05	%
Net expenses		0.90	%		0.90	%		0.91	%		0.94	%		0.94	%
Net investment income (loss)		(0.16	)%		(0.24	)%		0.24	%		(0.01	)%		(0.21	)%
Supplemental data
Portfolio turnover rate		114	%		94	%		107	%		116	%		116	%
Net assets, end of period (000s omitted)		$34,886			$67,830			$63,786			$74,529			$372,178

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

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


Financial highlights		Wells Fargo Advantage Capital Growth Fund			21

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$22.54			$20.84			$17.56			$16.96			$13.57
Net investment income		0.02	¹		0.01	¹		0.09	¹		0.03	¹		0.00	^1,2
Net realized and unrealized gains (losses) on investments		2.23			4.00			3.58			0.57			3.39

Total from investment operations		2.25			4.01			3.67			0.60			3.39
Distributions to shareholders from
Net investment income		0.00			(0.08	)		(0.09	)		0.00			0.00
Net realized gains		(5.95	)		(2.23	)		(0.30	)		0.00			0.00

Total distributions to shareholders		(5.95	)		(2.31	)		(0.39	)		0.00			0.00
Net asset value, end of period		$18.84			$22.54			$20.84			$17.56			$16.96
Total return		11.50	%		19.76	%		21.42	%		3.48	%		25.07	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.82	%		0.82	%		0.78	%		0.78	%
Net expenses		0.65	%		0.65	%		0.67	%		0.70	%		0.70	%
Net investment income		0.09	%		0.05	%		0.46	%		0.21	%		0.00	%
Supplemental data
Portfolio turnover rate		114	%		94	%		107	%		116	%		116	%
Net assets, end of period (000s omitted)		$22,578			$49,816			$331,310			$543,933			$988,633

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

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


22		Wells Fargo Advantage Capital Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
INVESTOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$21.17			$19.75			$16.65			$16.18			$13.02
Net investment loss		(0.08	)¹		(0.11	)¹		(0.01	)¹		(0.06	)¹		(0.08	)¹
Net realized and unrealized gains (losses) on investments		2.06			3.78			3.41			0.53			3.24

Total from investment operations		1.98			3.67			3.40			0.47			3.16
Distributions to shareholders from
Net investment income		0.00			(0.02	)		0.00			0.00			0.00
Net realized gains		(5.95	)		(2.23	)		(0.30	)		0.00			0.00

Total distributions to shareholders		(5.95	)		(2.25	)		(0.30	)		0.00			0.00
Net asset value, end of period		$17.20			$21.17			$19.75			$16.65			$16.18
Total return		10.86	%		19.08	%		20.78	%		2.90	%		24.37	%
Ratios to average net assets (annualized)
Gross expenses		1.33	%		1.32	%		1.32	%		1.28	%		1.28	%
Net expenses		1.17	%		1.17	%		1.20	%		1.27	%		1.27	%
Net investment loss		(0.45	)%		(0.51	)%		(0.06	)%		(0.37	)%		(0.55	)%
Supplemental data
Portfolio turnover rate		114	%		94	%		107	%		116	%		116	%
Net assets, end of period (000s omitted)		$82,408			$89,008			$85,306			$81,199			$96,941

¹	Calculated based upon average shares outstanding

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


Notes to financial statements		Wells Fargo Advantage Capital 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 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 that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

Equity securities that are not listed on a foreign or domestic exchange or market, but have a public trading market, are valued at the quoted bid price from an independent broker-dealer that the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”) has determined is an acceptable source.

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

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. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

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

Security loans

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


24		Wells Fargo Advantage Capital Growth Fund		Notes to financial statements

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.


Paid-in capital	Accumulated net investment loss	Accumulated net realized gains on investments
$(25,975)	$25,727	$248

As of July 31, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $1,125,140 expiring in 2016.

As of July 31, 2015, the Fund had a qualified late-year ordinary loss of $359,429 which will be recognized on the first day of the following fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS


Notes to financial statements		Wells Fargo Advantage Capital Growth Fund			25

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

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


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

Common stocks
Consumer discretionary	$	75,447,501	$	0	$	0	$	75,447,501
Consumer staples		9,033,533		0		0		9,033,533
Financials		21,331,572		0		0		21,331,572
Health care		66,743,087		0		0		66,743,087
Industrials		16,700,606		0		0		16,700,606
Information technology		104,085,876		0		0		104,085,876
Materials		11,245,593		0		0		11,245,593
Telecommunication services		8,757,076		0		0		8,757,076

Short-term investments
Investment companies		3,887,428		0		0		3,887,428
Total assets	$	317,232,272	$	0	$	0	$	317,232,272

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Prior to July 1, 2015, Funds Management provided advisory services pursuant to an investment advisory agreement. For the period from December 1, 2014 through June 30, 2015, Funds Management was entitled to receive an annual fee which started at 0.65% and declined to 0.475% as the average daily net assets of the Fund increased. From August 1, 2014 through November 30, 2014, Funds Management received an annual advisory fee which started at 0.65% and declined to 0.55% as the average daily net assets of the Fund increased. In addition, prior to July 1, 2015, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of the Fund increased. For the year ended July 31, 2015,


26		Wells Fargo Advantage Capital Growth Fund		Notes to financial statements

the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets. For financial statement purposes, advisory fees and fund-level administration fees for the year ended July 31, 2015 have been included in management fee on the Statement of Operations.

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

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


	Class-level administration fee
	Current rate			Rate prior to July 1, 2015
Class A, Class C		0.21	%		0.26	%
Class R4		0.08			0.08
Class R6		0.03			0.03
Administrator Class		0.13			0.10
Institutional Class		0.13			0.08
Investor Class		0.32			0.32

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 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 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 year ended July 31, 2015, Funds Distributor received $4,174 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 year ended July 31, 2015 were $385,133,860 and $483,736,486, respectively.


Notes to financial statements		Wells Fargo Advantage Capital Growth Fund			27

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 year ended July 31, 2015, the Fund paid $515 in commitment fees.

For the year ended July 31, 2015, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2015 and July 31, 2014 were as follows:


	Year ended July 31
	2015		2014
Ordinary income	$	26,099,552	$	3,990,305
Long-term capital gain		63,507,086	$	49,327,194

As of July 31, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed

long-term

gain

Unrealized

gains

Late-year

ordinary losses

deferred

Capital loss

carryforward

$38,520,741

$70,329,966

$(359,429)

$(1,125,140)

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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


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

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Capital Growth Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2015, by correspondence with the custodian and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Capital Growth Fund as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

September 23, 2015


Other information (unaudited)		Wells Fargo Advantage Capital Growth Fund			29

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 9.74% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2015.

Pursuant to Section 852 of the Internal Revenue Code, $63,507,086 was designated as long-term capital gain distributions for the fiscal year ended July 31, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $2,850,071 of income dividends paid during the fiscal year ended July 31, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2015, $26,099,552 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

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


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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 133 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 to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a 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 Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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 Capital Growth Fund			31


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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
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 72 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.


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

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 19-20, 2015 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Advantage Capital Growth Fund (the “Fund”): (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment management agreement (the “Management Agreement”) with Funds Management; and (iii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement combines the terms of the Advisory Agreement with the terms of the Fund’s Amended and Restated Administration Agreement (the “Administration Agreement”) applicable to Fund-level administrative services. The Advisory Agreement, the Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in March 2015, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2015. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreement for the period from June 1, 2015 through June 30, 2015, approved the Management Agreement for the period from July 1, 2015 through May 31, 2016, and approved the continuation of the Sub-Advisory Agreement for a one-year term through May 31, 2016. The Board also determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board noted that the services to be provided to the Fund pursuant to the Management Agreement combined the advisory services previously provided to the Fund pursuant to the Fund’s Advisory Agreement with the Fund-level administrative services previously provided to the Fund pursuant to the Fund’s Administration Agreement. The Board received a representation from Funds Management that combining these services would not result in any change to the nature or level of services provided by Funds Management to the Fund.


Other information (unaudited)		Wells Fargo Advantage Capital Growth Fund			33

programs and compliance records of Funds Management and the Sub-Adviser. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended March 31, 2015. The Board considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was lower than the average performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was lower than its benchmark, the Russell 1000^® Growth Index, for all periods under review.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods noted above. The Board took note of the explanations for the relative underperformance in these periods, including with respect to the market environment that affected the Fund’s performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups. The Board discussed and accepted Funds Management’s proposal to convert the Investor Class shares into Class A shares. The Board also discussed with Funds Management proposed net operating expense ratio cap increases for R4 Class, R6 Class, Institutional Class, and Administrator Class. After further discussions, the Board accepted operating expense ratio cap increases for the Institutional Class and Administrator Class that were lower than those initially proposed to the Board. In accepting such proposed new net operating expense ratio caps, the Board noted that the Fund’s new net operating expense ratios would still be lower than or equal to the median net operating expense ratios of the expense Groups. The Board and Funds Management agreed not to increase the net operating expense ratio caps on the R4 Class and R6 Class.

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

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rates that are payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rates”), both on a stand-alone basis and on a combined basis with the Fund’s fund-level and class-level contractual administration fee rates (the “Management Rates”). The Board noted that the Management Rates include transfer agency and sub-transfer agency costs. The Board also noted that the fee rate to be paid by the Fund under the Management Agreement will incorporate the advisory fee and Fund-level administration fee previously payable separately by the Fund under the Fund’s Advisory Agreement and Administration Agreement with Funds Management. The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rates”).

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


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

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

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

Profitability

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

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

Economies of scale

With respect to possible economies of scale, the Board noted the existence of breakpoints in the Fund’s advisory and management fee structures, and the Fund’s administration fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size. It considered that, for a small fund or a fund that shrinks in size, breakpoints conversely can result in higher fee levels. The Board also considered that fee waiver and expense reimbursement arrangements and competitive fee rates at the outset are means of sharing potential economies of scale with shareholders of the Fund and the fund family as a whole. The Board considered Funds Management’s view that any analyses of potential economies of scale in managing a particular fund are inherently limited in light of the joint and common costs and investments that Funds Management incurs across the fund family as a whole.

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

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreement for the period from June 1, 2015 through June 30, 2015, approved the Management Agreement for the period from July 1, 2015 through May 31, 2016, and approved the continuation of the Sub-Advisory Agreement for a one-year term through May 31, 2016. The Board also determined that the compensation payable to Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable.


List of abbreviations		Wells Fargo Advantage Capital Growth Fund			35

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

236190 09-15

A200/AR200 07-15

Wells Fargo Advantage
Disciplined U.S. Core Fund

LOGO

Annual Report

July 31, 2015

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			7

Portfolio of investments			8

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

Report of independent registered public accounting firm			26

Other information			27

List of abbreviations			33

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Generally improving U.S. economic data helped drive a positive return for U.S. large-cap stocks for the reporting period

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Disciplined U.S. Core Fund for the 12-month period that ended July 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. large-cap 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 market volatility in the last five months of 2014.

In the first quarter of 2015, U.S. large caps delivered positive results but underperformed small- and mid-cap stocks; major markets elsewhere rallied.

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

U.S. large caps experienced challenges during the second quarter of 2015.

July 2015 brought a bounce-back for U.S. large caps.

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

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

Sincerely,

LOGO

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.

Notice to shareholders


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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Golden Capital Management, LLC

Portfolio manager

Greg Golden, CFA

Average annual total returns¹ (%) as of July 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		5.59		15.19		7.27		12.01		16.57		7.90		0.88		0.88
Class C (EVSTX)	6-30-1999		10.18		15.70		7.10		11.18		15.70		7.10		1.63		1.63
Administrator Class (EVSYX)	2-21-1995		–		–		–		12.20		16.77		8.13		0.80		0.74
Institutional Class (EVSIX)	7-30-2010		–		–		–		12.55		17.10		8.28		0.55		0.48
S&P 500 Index⁴	–		–		–		–		11.21		16.24		7.72		–		–

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

Growth of $10,000 investment⁵ as of July 31, 2015

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.

The manager has contractually 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 at 0.92% for Class A, 1.67% for Class C, 0.74% for Administrator Class, and 0.48% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the 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 chart compares the performance of Class A shares for the most recent ten years with the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

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


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

MANAGER’S DISCUSSION

Fund highlights

The Fund (Class A, excluding sales charges) outperformed its benchmark, the S&P 500 Index, for the 12-month period that ended July 31, 2015.

The Fund benefited from favorable stock selection in 6 of the 10 economic sectors, led by the energy and financials sectors.

Weak stock selection in the materials and information technology (IT) sectors detracted from relative performance.


Ten largest holdings⁶ (%) as of July 31, 2015
Apple Incorporated			4.42
Exxon Mobil Corporation			2.22
General Electric Company			1.99
Pfizer Incorporated			1.91
Johnson & Johnson			1.89
The Walt Disney Company			1.84
Google Incorporated Class A			1.81
JPMorgan Chase & Company			1.73
Gilead Sciences Incorporated			1.67
Citigroup Incorporated			1.66

Sector distribution⁷ as of July 31, 2015

U.S. economic growth improved slowly during the period.

The U.S. economy’s already slow-but-steady pace appeared to slow a bit more over the 12-month period that ended July 31, 2015. Many economists and investors attributed the slowdown to transitory factors such as weather. During the period, manufacturing reports indicated modest expansion, retail sales reports reflected growth, the job market remained strong as the unemployment rate gradually improved, and consumer confidence surveys registered high readings. The U.S. Federal Reserve (Fed) completed its quantitative easing program in October 2014 and has since changed its language to prepare investors for potential interest-rate increases. Economic projections released following the Fed’s June 2015 meeting indicated that although its members had revised downward their overall expectation for growth in U.S. gross domestic product, they still anticipated making one to three increases in the federal funds target interest rate by the end of 2015.

Stock selection in the energy sector provided the top contribution to the Fund’s relative performance; stock selection in the financials sector also delivered strong results.

Within the Fund’s energy sector holdings, the strongest individual contributors included refiners Tesoro Corporation^* and Valero Energy Corporation. In the financials sector, insurers American Financial Group, Incorporated, and The Hartford Financial Services Group, Incorporated^*, generated solid performances.

Weak performance by select materials and IT holdings led to underperformance in those sectors.

Within the materials sector, declining commodity prices during the period contributed largely to poor results from Freeport-McMoRan Incorporated^* and Alcoa Incorporated^*. In the IT sector, semiconductor companies such as Micron Technology, Incorporated, and Intel Corporation struggled as they faced a challenging market environment due to declining PC sales.

We continue to follow an investment process that we believe should add value for our shareholders over time.

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

Please see footnotes on page 5.


Fund expenses (unaudited)		Wells Fargo Advantage Disciplined U.S. Core Fund			7

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

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2015		Ending account value 7-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,064.05	$	4.45		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.48	$	4.36		0.87	%
Class C
Actual	$	1,000.00	$	1,059.94	$	8.27		1.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.76	$	8.10		1.62	%
Administrator Class
Actual	$	1,000.00	$	1,064.69	$	3.74		0.73	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.17	$	3.66		0.73	%
Institutional Class
Actual	$	1,000.00	$	1,066.76	$	2.36		0.46	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.51	$	2.31		0.46	%

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).


8		Wells Fargo Advantage Disciplined U.S. Core Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Common Stocks: 99.37%

Consumer Discretionary: 13.58%

Automobiles: 1.56%
Ford Motor Company		283,394	$	4,202,733
General Motors Company		126,509		3,986,299

				8,189,032


Diversified Consumer Services: 0.32%
H&R Block Incorporated		51,130		1,702,118


Hotels, Restaurants & Leisure: 2.42%
Chipotle Mexican Grill Incorporated †		6,449		4,786,641
Darden Restaurants Incorporated		43,000		3,171,680
Starbucks Corporation		81,632		4,728,942

				12,687,263


Internet & Catalog Retail: 0.56%
Amazon.com Incorporated †		2,019		1,082,487
Expedia Incorporated		15,192		1,844,916

				2,927,403


Media: 3.36%
Comcast Corporation Class A		128,144		7,997,467
The Walt Disney Company		80,515		9,661,800

				17,659,267


Multiline Retail: 1.84%
Dollar General Corporation		51,758		4,159,790
Target Corporation		67,074		5,490,007

				9,649,797


Specialty Retail: 3.21%
Best Buy Company Incorporated		52,391		1,691,705
Lowe’s Companies Incorporated		80,128		5,557,678
The Home Depot Incorporated		72,100		8,437,863
Tractor Supply Company		12,800		1,184,256

				16,871,502


Textiles, Apparel & Luxury Goods: 0.31%
Nike Incorporated Class B		14,293		1,646,839


Consumer Staples: 8.80%

Beverages: 1.86%
Dr Pepper Snapple Group Incorporated		52,227		4,189,650
PepsiCo Incorporated		46,887		4,517,562
The Coca-Cola Company		26,076		1,071,202

				9,778,414

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Disciplined U.S. Core Fund			9


Security name	Shares		Value

Food & Staples Retailing: 2.89%
CVS Health Corporation		67,088	$	7,545,387
The Kroger Company		84,352		3,309,972
Wal-Mart Stores Incorporated		60,233		4,335,571

				15,190,930


Food Products: 1.38%
Archer Daniels Midland Company		88,547		4,198,899
ConAgra Foods Incorporated		42,406		1,868,408
Mondelez International Incorporated Class A		26,251		1,184,708

				7,252,015


Household Products: 0.88%
The Clorox Company		19,518		2,184,845
The Procter & Gamble Company		31,854		2,443,202

				4,628,047


Tobacco: 1.79%
Altria Group Incorporated		123,002		6,688,849
Philip Morris International		16,116		1,378,401
Reynolds American Incorporated		15,437		1,324,340

				9,391,590


Energy: 6.43%

Energy Equipment & Services: 0.62%
Halliburton Company		25,000		1,044,750
National Oilwell Varco Incorporated		26,239		1,105,449
Schlumberger Limited		13,320		1,103,162

				3,253,361


Oil, Gas & Consumable Fuels: 5.81%
Chevron Corporation		82,918		7,336,585
ConocoPhillips Company		60,003		3,020,551
Devon Energy Corporation		23,753		1,173,873
EQT Corporation		42,722		3,283,186
Exxon Mobil Corporation		147,033		11,646,484
Occidental Petroleum Corporation		14,000		982,800
Valero Energy Corporation		47,067		3,087,595

				30,531,074


Financials: 16.00%

Banks: 5.42%
Bank of America Corporation		250,478		4,478,547
Citigroup Incorporated		149,471		8,738,075
Huntington Bancshares Incorporated		136,137		1,588,719
JPMorgan Chase & Company		132,678		9,092,423
Regions Financial Corporation		150,000		1,558,500
SunTrust Banks Incorporated		67,872		3,009,444

				28,465,708

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


10		Wells Fargo Advantage Disciplined U.S. Core Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Capital Markets: 2.58%
Ameriprise Financial Incorporated		16,404	$	2,061,491
Goldman Sachs Group Incorporated		29,555		6,060,844
Morgan Stanley		140,144		5,443,193

				13,565,528


Consumer Finance: 0.35%
Capital One Financial Corporation		22,872		1,859,494


Diversified Financial Services: 0.98%
Berkshire Hathaway Incorporated Class B †		35,972		5,134,643


Insurance: 2.23%
ACE Limited		18,493		2,011,484
American Financial Group Incorporated		23,231		1,601,777
American International Group Incorporated		54,669		3,505,376
MetLife Incorporated		19,000		1,059,060
The Allstate Corporation		15,500		1,068,725
The Progressive Corporation		38,500		1,174,250
The Travelers Companies Incorporated		12,463		1,322,574

				11,743,246


Real Estate Management & Development: 0.77%
CBRE Group Incorporated Class A †		106,017		4,025,465


REITs: 3.67%
American Tower Corporation		44,202		4,204,052
Crown Castle International Corporation		38,928		3,188,592
General Growth Properties Incorporated		104,232		2,828,856
Host Hotels & Resorts Incorporated		201,996		3,914,682
Simon Property Group Incorporated		27,353		5,121,029

				19,257,211


Health Care: 16.39%

Biotechnology: 3.48%
Amgen Incorporated		43,583		7,696,322
Biogen Idec Incorporated †		5,651		1,801,426
Gilead Sciences Incorporated		74,480		8,778,213

				18,275,961


Health Care Equipment & Supplies: 2.16%
DexCom Incorporated †		53,885		4,561,365
Medtronic plc		86,441		6,776,110

				11,337,475


Health Care Providers & Services: 4.06%
Aetna Incorporated		31,971		3,611,764
Cigna Corporation		10,000		1,440,600
HCA Holdings Incorporated †		13,126		1,220,849
Humana Incorporated		7,611		1,385,887

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Disciplined U.S. Core Fund			11


Security name	Shares		Value

Health Care Providers & Services (continued)
McKesson Corporation		23,105	$	5,096,270
Patterson Companies Incorporated		33,319		1,671,281
UnitedHealth Group Incorporated		56,867		6,903,654

				21,330,305


Pharmaceuticals: 6.69%
AbbVie Incorporated		89,655		6,276,747
Bristol-Myers Squibb Company		40,828		2,679,950
Eli Lilly & Company		29,282		2,474,622
Johnson & Johnson		99,146		9,935,421
Merck & Company Incorporated		63,551		3,746,967
Pfizer Incorporated		278,698		10,049,850

				35,163,557


Industrials: 9.35%

Aerospace & Defense: 3.16%
General Dynamics Corporation		35,647		5,315,324
Lockheed Martin Corporation		26,308		5,448,387
The Boeing Company		40,558		5,847,247

				16,610,958


Air Freight & Logistics: 0.30%
Expeditors International of Washington Incorporated		33,213		1,556,693


Airlines: 0.69%
Southwest Airlines Company		99,837		3,614,099


Commercial Services & Supplies: 0.62%
RR Donnelley & Sons Company «		100,102		1,756,790
Waste Management Incorporated		29,058		1,485,736

				3,242,526


Industrial Conglomerates: 2.29%
3M Company		10,154		1,536,706
General Electric Company		401,206		10,471,477

				12,008,183


Machinery: 0.83%
Caterpillar Incorporated		55,497		4,363,729


Road & Rail: 1.46%
CSX Corporation		64,554		2,019,249
Union Pacific Corporation		58,097		5,669,686

				7,688,935


Information Technology: 19.94%

Communications Equipment: 2.07%
Cisco Systems Incorporated		256,682		7,294,902
F5 Networks Incorporated †		18,233		2,445,775

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


12		Wells Fargo Advantage Disciplined U.S. Core Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Communications Equipment (continued)
Harris Corporation		13,500	$	1,119,690

				10,860,367


Internet Software & Services: 4.21%
Facebook Incorporated Class A †		66,335		6,236,153
Google Incorporated Class A †		14,448		9,499,560
Google Incorporated Class C †		10,206		6,384,976

				22,120,689


IT Services: 2.26%
Accenture plc Class A		11,106		1,145,140
Computer Sciences Corporation		16,155		1,057,022
International Business Machines Corporation		14,038		2,274,016
Paychex Incorporated		30,174		1,400,074
The Western Union Company		134,761		2,727,563
Xerox Corporation		295,044		3,251,385

				11,855,200


Semiconductors & Semiconductor Equipment: 3.20%
Avago Technologies Limited		33,500		4,192,190
Intel Corporation		219,548		6,355,915
Linear Technology Corporation		24,000		984,000
Micron Technology Incorporated †		185,075		3,425,738
Skyworks Solutions Incorporated		19,635		1,878,480

				16,836,323


Software: 3.50%
CA Incorporated		63,113		1,838,797
Electronic Arts Incorporated †		60,596		4,335,644
Intuit Incorporated		40,193		4,251,214
Microsoft Corporation		170,488		7,961,790

				18,387,445


Technology Hardware, Storage & Peripherals: 4.70%
Apple Incorporated		191,316		23,206,631
EMC Corporation		54,603		1,468,275

				24,674,906


Materials: 2.54%

Chemicals: 2.21%
LyondellBasell Industries NV Class A		44,821		4,205,554
The Dow Chemical Company		99,948		4,703,553
The Mosaic Company		35,222		1,512,433
The Sherwin-Williams Company		4,185		1,162,426

				11,583,966


Containers & Packaging: 0.33%
Avery Dennison Corporation		28,715		1,747,308

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Disciplined U.S. Core Fund			13


Security name				Shares		Value

Telecommunication Services: 2.72%

Diversified Telecommunication Services: 2.72%
AT&T Incorporated					204,585	$	7,107,283
CenturyLink Incorporated					44,425		1,270,555
Verizon Communications Incorporated					126,275		5,908,407

							14,286,245


Utilities: 3.62%

Electric Utilities: 1.74%
American Electric Power Company Incorporated					18,000		1,018,260
Edison International					68,453		4,107,865
Entergy Corporation					56,285		3,997,361

							9,123,486


Independent Power & Renewable Electricity Producers: 0.19%
AES Corporation					79,000		1,011,200


Multi-Utilities: 1.69%
CMS Energy Corporation					79,247		2,715,002
DTE Energy Company					14,000		1,126,440
PG&E Corporation					30,693		1,611,689
Public Service Enterprise Group Incorporated					82,385		3,432,982

							8,886,113


Total Common Stocks (Cost $372,470,402)							521,975,616


	Yield
Short-Term Investments: 0.74%

Investment Companies: 0.74%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.14	%		1,020,625		1,020,625
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13			2,853,830		2,853,830

Total Short-Term Investments (Cost $3,874,455)							3,874,455


Total investments in securities (Cost $376,344,857) *	100.11	%		525,850,071
Other assets and liabilities, net	(0.11	)		(601,430	)

Total net assets	100.00	%	$	525,248,641

†	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 $377,346,672 and unrealized gains (losses) consists of:


Gross unrealized gains	$	158,750,296
Gross unrealized losses		(10,246,897	)

Net unrealized gains	$	148,503,399

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—July 31, 2015




Assets
Investments
In unaffiliated securities (including $1,009,125 of securities loaned), at value (cost $372,470,402)	$	521,975,616
In affiliated securities, at value (cost $3,874,455)		3,874,455

Total investments, at value (cost $376,344,857)		525,850,071
Receivable for Fund shares sold		438,118
Receivable for dividends		541,343
Receivable for securities lending income		404
Prepaid expenses and other assets		112,271

Total assets		526,942,207


Liabilities
Payable for Fund shares redeemed		135,370
Payable upon receipt of securities loaned		1,020,625
Management fee payable		165,023
Distribution fee payable		11,983
Administration fees payable		86,766
Shareholder servicing fees payable		93,303
Accrued expenses and other liabilities		180,496

Total liabilities		1,693,566

Total net assets	$	525,248,641


NET ASSETS CONSIST OF
Paid-in capital	$	319,724,542
Undistributed net investment income		7,431,071
Accumulated net realized gains on investments		48,587,814
Net unrealized gains on investments		149,505,214

Total net assets	$	525,248,641


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	331,123,346
Shares outstanding – Class A¹		21,429,656
Net asset value per share – Class A		$15.45
Maximum offering price per share – Class A²		$16.39
Net assets – Class C	$	20,679,898
Shares outstanding – Class C¹		1,425,939
Net asset value per share – Class C		$14.50
Net assets – Administrator Class	$	63,544,341
Shares outstanding – Administrator Class¹		4,020,575
Net asset value per share – Administrator Class		$15.80
Net assets – Institutional Class	$	109,901,056
Shares outstanding – Institutional Class¹		7,019,392
Net asset value per share – Institutional Class		$15.66

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—year ended July 31, 2015		Wells Fargo Advantage Disciplined U.S. Core Fund			15




Investment income
Dividends	$	11,554,924
Securities lending income, net		30,057
Income from affiliated securities		5,390

Total investment income		11,590,371


Expenses
Management fee		1,755,555
Administration fees
Class A		830,779
Class C		40,663
Administrator Class		57,736
Institutional Class		88,430
Shareholder servicing fees
Class A		813,146
Class C		39,982
Administrator Class		140,065
Distribution fee
Class C		119,945
Custody and accounting fees		26,029
Professional fees		44,092
Registration fees		27,912
Shareholder report expenses		42,884
Trustees’ fees and expenses		8,331
Other fees and expenses		19,219

Total expenses		4,054,768
Less: Fee waivers and/or expense reimbursements		(2,432	)

Net expenses		4,052,336

Net investment income		7,538,035


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		49,570,546
Net change in unrealized gains (losses) on investments		(1,189,230	)

Net realized and unrealized gains (losses) on investments		48,381,316

Net increase in net assets resulting from operations	$	55,919,351

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


	Year ended July 31, 2015						Year ended July 31, 2014

Operations
Net investment income				$	7,538,035					$	5,821,768
Net realized gains on investments					49,570,546						71,674,199
Net change in unrealized gains (losses) on investments					(1,189,230	)					(9,441,808	)

Net increase in net assets resulting from operations					55,919,351						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					(1,537,330	)					(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					(77,533,927	)					(64,001,574	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,148,617			33,269,672			678,932			10,775,202
Class C		823,111			12,057,914			94,568			1,412,231
Administrator Class		1,319,355			20,847,005			242,716			3,925,319
Institutional Class		3,114,670			50,079,007			6,582,647			106,283,524

					116,253,598						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		(2,705,765	)		(42,183,445	)		(2,255,673	)		(35,863,720	)
Class C		(207,673	)		(3,079,680	)		(74,785	)		(1,139,432	)
Administrator Class		(832,349	)		(13,437,852	)		(5,335,919	)		(86,377,733	)
Institutional Class		(2,190,447	)		(34,044,476	)		(1,259,512	)		(20,243,867	)

					(92,745,453	)					(143,624,752	)

Net increase in net assets resulting from capital share transactions					88,731,361						29,495,754

Total increase in net assets					67,116,785						33,548,339


Net assets
Beginning of period					458,131,856						424,583,517

End of period				$	525,248,641					$	458,131,856

Undistributed net investment income				$	7,431,071					$	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)


	Year ended July 31
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.29			$16.27			$14.65			$14.25			$11.93
Net investment income		0.21			0.19			0.24			0.20			0.16
Net realized and unrealized gains (losses) on investments		1.60			2.35			3.25			0.93			2.17

Total from investment operations		1.81			2.54			3.49			1.13			2.33
Distributions to shareholders from
Net investment income		(0.16	)		(0.24	)		(0.24	)		(0.23	)		(0.01	)
Net realized gains		(2.49	)		(2.28	)		(1.63	)		(0.50	)		0.00

Total distributions to shareholders		(2.65	)		(2.52	)		(1.87	)		(0.73	)		(0.01	)
Net asset value, end of period		$15.45			$16.29			$16.27			$14.65			$14.25
Total return¹		12.01	%		17.00	%		26.62	%		8.54	%		19.50	%
Ratios to average net assets (annualized)
Gross expenses		0.89	%		0.93	%		0.94	%		0.92	%		0.93	%
Net expenses		0.89	%		0.92	%		0.92	%		0.92	%		0.92	%
Net investment income		1.43	%		1.27	%		1.66	%		1.43	%		1.18	%
Supplemental data
Portfolio turnover rate		53	%		71	%		64	%		82	%		64	%
Net assets, end of period (000s omitted)		$331,123			$305,577			$285,780			$254,272			$268,460

¹	Total return calculations do not include any sales charges.

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)


	Year ended July 31
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$15.47			$15.58			$14.10			$13.69			$11.54
Net investment income		0.13			0.08			0.12			0.09			0.05
Net realized and unrealized gains (losses) on investments		1.48			2.23			3.12			0.90			2.10

Total from investment operations		1.61			2.31			3.24			0.99			2.15
Distributions to shareholders from
Net investment income		(0.09	)		(0.14	)		(0.13	)		(0.08	)		0.00
Net realized gains		(2.49	)		(2.28	)		(1.63	)		(0.50	)		0.00

Total distributions to shareholders		(2.58	)		(2.42	)		(1.76	)		(0.58	)		0.00
Net asset value, end of period		$14.50			$15.47			$15.58			$14.10			$13.69
Total return¹		11.18	%		16.10	%		25.65	%		7.75	%		18.63	%
Ratios to average net assets (annualized)
Gross expenses		1.64	%		1.68	%		1.69	%		1.67	%		1.68	%
Net expenses		1.64	%		1.67	%		1.67	%		1.67	%		1.67	%
Net investment income		0.66	%		0.51	%		0.92	%		0.68	%		0.44	%
Supplemental data
Portfolio turnover rate		53	%		71	%		64	%		82	%		64	%
Net assets, end of period (000s omitted)		$20,680			$10,913			$9,544			$8,590			$8,768

¹	Total return calculations do not include any sales charges.

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


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

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.60			$16.47			$14.79			$14.36			$11.99
Net investment income		0.25	¹		0.25	¹		0.28	¹		0.23	¹		0.19	¹
Net realized and unrealized gains (losses) on investments		1.63			2.35			3.27			0.93			2.19

Total from investment operations		1.88			2.60			3.55			1.16			2.38
Distributions to shareholders from
Net investment income		(0.19	)		(0.19	)		(0.24	)		(0.23	)		(0.01	)
Net realized gains		(2.49	)		(2.28	)		(1.63	)		(0.50	)		0.00

Total distributions to shareholders		(2.68	)		(2.47	)		(1.87	)		(0.73	)		(0.01	)
Net asset value, end of period		$15.80			$16.60			$16.47			$14.79			$14.36
Total return		12.20	%		17.12	%		26.82	%		8.72	%		19.84	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.76	%		0.78	%		0.75	%		0.77	%
Net expenses		0.73	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income		1.58	%		1.56	%		1.87	%		1.63	%		1.37	%
Supplemental data
Portfolio turnover rate		53	%		71	%		64	%		82	%		64	%
Net assets, end of period (000s omitted)		$63,544			$50,498			$127,384			$150,408			$244,716

¹	Calculated based upon average shares outstanding

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)


	Year ended July 31
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.47			$16.43			$14.78			$14.39			$11.99
Net investment income		0.30			0.26	¹		0.35			0.26	¹		0.22
Net realized and unrealized gains (losses) on investments		1.61			2.37			3.23			0.93			2.19

Total from investment operations		1.91			2.63			3.58			1.19			2.41
Distributions to shareholders from
Net investment income		(0.23	)		(0.31	)		(0.30	)		(0.30	)		(0.01	)
Net realized gains		(2.49	)		(2.28	)		(1.63	)		(0.50	)		0.00

Total distributions to shareholders		(2.72	)		(2.59	)		(1.93	)		(0.80	)		(0.01	)
Net asset value, end of period		$15.66			$16.47			$16.43			$14.78			$14.39
Total return		12.55	%		17.48	%		27.16	%		9.02	%		20.10	%
Ratios to average net assets (annualized)
Gross expenses		0.47	%		0.50	%		0.51	%		0.49	%		0.51	%
Net expenses		0.47	%		0.48	%		0.48	%		0.48	%		0.47	%
Net investment income		1.86	%		1.63	%		2.08	%		1.80	%		1.62	%
Supplemental data
Portfolio turnover rate		53	%		71	%		64	%		82	%		64	%
Net assets, end of period (000s omitted)		$109,901			$91,144			$1,875			$1,215			$12

¹	Calculated based upon average shares outstanding

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


Notes to financial statements		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

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).

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

Security loans


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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Federal and other taxes

Undistributed net

investment income

Accumulated net

realized gains

on investments

$(46,176)

$46,176

Class allocations

3. FAIR VALUATION MEASUREMENTS


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

Level 1 – quoted prices in active markets for identical securities

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

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

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

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


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

Common stocks
Consumer discretionary	$	71,333,221	$	0	$	0	$	71,333,221
Consumer staples		46,240,996		0		0		46,240,996
Energy		33,784,435		0		0		33,784,435
Financials		84,051,295		0		0		84,051,295
Health care		86,107,298		0		0		86,107,298
Industrials		49,085,123		0		0		49,085,123
Information technology		104,734,930		0		0		104,734,930
Materials		13,331,274		0		0		13,331,274
Telecommunication services		14,286,245		0		0		14,286,245
Utilities		19,020,799		0		0		19,020,799

Short-term investments
Investment companies		2,853,830		1,020,625		0		3,874,455
Total assets	$	524,829,446	$	1,020,625	$	0	$	525,850,071

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

Prior to July 1, 2015, Funds Management provided advisory services pursuant to an investment advisory agreement and was entitled to receive an annual fee which started at 0.30% and declined to 0.25% as the average daily net assets of the Fund increased. In addition, prior to July 1, 2015, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of the Fund increased. For the year ended July 31, 2015, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets. For financial statement purposes, advisory fees and fund-level administration fees for the year ended July 31, 2015 have been included in management fee on the Statement of Operations.


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

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

Administration fees


	Class-level administration fee
	Current rate			Rate prior to July 1, 2015
Class A, Class C		0.21	%		0.26	%
Administrator Class		0.13			0.10
Institutional Class		0.13			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 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 C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Wells Fargo Funds Distributor, LLC (“Funds Distributor”), the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended July 31, 2015, Funds Distributor received $26,255 from the sale of Class A shares and $657 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 year ended July 31, 2015 were $289,038,875 and $259,232,452, respectively.

6. BANK BORROWINGS


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

For the year ended July 31, 2015, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2015 and July 31, 2014 were as follows:


	Year ended July 31
	2015		2014
Ordinary income	$	19,437,900	$	20,207,742
Long-term capital gain		58,096,027		43,793,832

As of July 31, 2015, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$14,963,573	$42,110,625	$148,503,399

8. INDEMNIFICATION


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

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Disciplined U.S. Core Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Disciplined U.S. Core Fund as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

September 23, 2015


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

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 43.10% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2015.

Pursuant to Section 852 of the Internal Revenue Code, $58,096,027 was designated as long-term capital gain distributions for the fiscal year ended July 31, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $8,603,340 of income dividends paid during the fiscal year ended July 31, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2015, $13,647,087 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PORTFOLIO HOLDINGS INFORMATION

PROXY VOTING INFORMATION


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

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a 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 Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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 Disciplined U.S. Core Fund			29


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
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 72 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 Disciplined U.S. Core Fund		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 19-20, 2015 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Advantage Disciplined U.S. Core Fund (the “Fund”): (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment management agreement (the “Management Agreement”) with Funds Management; and (iii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Golden Capital Management, LLC (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement combines the terms of the Advisory Agreement with the terms of the Fund’s Amended and Restated Administration Agreement (the “Administration Agreement”) applicable to Fund-level administrative services. The Advisory Agreement, the Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services


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

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended March 31, 2015. The Board considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than its benchmark, the S&P 500 Index, for all periods under review.

Investment advisory and sub-advisory fee rates


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

Profitability

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

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

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

Conclusion


List of abbreviations		Wells Fargo Advantage Disciplined U.S. Core Fund			33

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

236192 09-15

A203/AR203 07-15

Wells Fargo Advantage Endeavor Select Fund

LOGO

Annual Report

July 31, 2015

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

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

Notes to financial statements			20

Report of independent registered public accounting firm			25

Other information			26

List of abbreviations			32

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Generally improving U.S. economic data helped drive a positive return for U.S. large-cap stocks for the reporting period

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Endeavor Select Fund for the 12-month period that ended July 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. large-cap 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 market volatility in the last five months of 2014.

In the first quarter of 2015, U.S. large caps delivered positive results but underperformed small- and mid-cap stocks; major markets elsewhere rallied.

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

U.S. large caps experienced challenges during the second quarter of 2015.

July 2015 brought a bounce-back for U.S. large caps.

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

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

Sincerely,

LOGO

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.

Notice to shareholders


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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

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


		Including sales charge						Excluding sales charge						Expense ratios¹ (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net²
Class A (STAEX)	12-29-2000		5.70		14.03		5.80		12.14		15.41		6.43		1.20		1.20
Class B (WECBX)*	12-29-2000		6.31		14.32		5.86		11.31		14.55		5.86		1.95		1.95
Class C (WECCX)	12-29-2000		10.21		14.55		5.63		11.21		14.55		5.63		1.95		1.95
Administrator Class (WECDX)	4-8-2005		–		–		–		12.38		15.70		6.70		1.12		1.00
Institutional Class (WFCIX)	4-8-2005		–		–		–		12.63		15.93		6.91		0.87		0.80
Russell 1000^® Growth Index³	–		–		–		–		16.08		17.75		8.95		–		–

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

Growth of $10,000 investment⁴ as of July 31, 2015

¹	Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

The manager has contractually committed through November 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

⁴	The chart compares the performance of Class A shares for the most recent ten years with the Russell 1000 Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁵	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁶	Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.


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

MANAGER’S DISCUSSION

Fund highlights

The Fund underperformed its benchmark, the Russell 1000 Growth Index, for the 12-month period that ended July 31, 2015.

Negative results in the consumer discretionary and energy sectors detracted the most from performance.

Select holdings in the consumer staples and information technology (IT) sectors benefited performance.


Ten largest holdings⁵ (%) as of July 31, 2015
Apple Incorporated			7.81
Amazon.com Incorporated			4.67
Visa Incorporated Class A			4.51
Facebook Incorporated Class A			4.19
The Home Depot Incorporated			3.74
Liberty Global plc Class C			2.92
Nike Incorporated Class B			2.92
Celgene Corporation			2.89
Time Warner Incorporated			2.67
Constellation Brands Incorporated Class A			2.62

The Fund’s holdings in the consumer discretionary and energy sectors hindered performance.

In the Fund’s consumer discretionary sector, Las Vegas Sands Corporation detracted significantly over the period. Although the strong gaming market in Macau had been a key growth driver for many gaming stocks, sentiment for the Macau market turned negative in 2014 as China’s government began implementing new regulations. Also, Hong Kong protests led to a rash of Macau hotel-room cancellations during a busy holiday period. While the company reported some better-than-expected results in Macau, we exited the position as negative headlines weighed on the stock.

Historically, our fundamentally based investment process generally has been challenged during times when stock prices were driven by macroeconomic factors rather than by company-specific fundamentals. This dynamic was apparent over the reporting period within the energy sector, where crude-oil prices and the majority of energy-related stocks experienced extreme price volatility. Our energy stock selection has focused primarily on quality U.S. exploration and production (E&P) companies with strong production growth in attractive basins. We have invested in producers we believed could grow profitably despite the movements in oil prices. However, the sector’s recent performance left little doubt that investors have been treating many E&P companies as proxies for oil prices; holdings such as Antero Resources Corporation and Pioneer Natural Resources Company detracted from performance, illustrating this extreme volatility. As falling commodity prices led to significant drops in production, energy equipment and service providers were especially hard hit; as a result, both Halliburton Company and Nabors Industries Limited detracted significantly from performance. In recent months, we exited all Fund positions in this sector, including these four companies, given elevated risks within energy.

Sector distribution⁶ as of July 31, 2015

Select holdings in the consumer staples and IT sectors aided Fund performance.

Within the consumer staples sector, beer and wine manufacturer Constellation Brands Incorporated, rose sharply over the period, contributing substantially to Fund performance. Constellation’s results reflected a strengthening U.S. consumer and the revenue and cost synergies resulting from the company’s acquisition of Grupo Modelo S.A.B. de C.V.’s U.S. beer business. Constellation remains a true self-help story as the company continues to pay down debt and invest in new products and brand extensions. In the IT sector, Facebook, Incorporated contributed positively as solid results confirmed that the company’s core business

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Endeavor Select Fund			7

remained strong with mobile advertising revenues growing rapidly. Also, concerns about Facebook’s ability to monetize its video and Instagram assets proved to be misplaced. We look for the company’s fundamentals to continue to deliver positive surprises, and we maintain our conviction in the stock.

Recent market dynamics support our confidence in the Fund’s positioning.

Given our view, we have centered Fund positioning on firms and industries with a higher level of visibility, choosing to focus on firms we believe could make their own luck. While true secular growth remains scarce, we continue to find opportunities related to the U.S. consumer. Specifically, we have focused on the trend of growth in household formations driven by Millennials, which has created a virtuous cycle of consumer spending. Other consumer-related Fund holdings are focused on travel, health and wellness, and e-commerce. We also see pockets of secular growth in the traditional growth sectors of health care and IT. Within financials, we have selected holdings that could benefit from improving conditions in commercial real estate. Also, we have maintained a few high-conviction holdings in companies tied to the cyclical U.S. industrials sector.

No one likes getting caught in traffic; at times over the past few years, however, fundamental, bottom-up managers—like us—have felt as if we were. The market has appeared to be moving down the road toward rewarding strong underlying fundamentals, only to be stymied by a macroeconomic or geopolitical event that halts progress. However, we have built a portfolio with a strong engine of secular growth that may perform well when the road opens up. In fact, recently, we have seen encouraging signs of traffic clearing: Investors have begun reacting rationally to better-than-expected corporate earnings, and fundamentals seem to matter more now than they did in 2014. Although further delays may lie ahead, we will continue to drive the same as we always have: by building portfolios based on bottom-up, fundamental research; balancing risk and return; and weighting the Fund toward our highest-conviction ideas. We remain confident that our disciplined process has the potential to transport shareholders to their desired destinations.

Please see footnotes on page 5.


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

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

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2015		Ending account value 7-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,076.80	$	6.33		1.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.16		1.23	%
Class B
Actual	$	1,000.00	$	1,073.81	$	10.18		1.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.98	$	9.89		1.98	%
Class C
Actual	$	1,000.00	$	1,072.84	$	10.23		1.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.93	$	9.94		1.99	%
Administrator Class
Actual	$	1,000.00	$	1,078.63	$	5.05		0.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.93	$	4.91		0.98	%
Institutional Class
Actual	$	1,000.00	$	1,079.52	$	4.12		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Endeavor Select Fund			9


Security name	Shares		Value

Common Stocks: 96.77%

Consumer Discretionary: 27.50%

Auto Components: 1.99%
Delphi Automotive plc		75,977	$	5,932,284


Hotels, Restaurants & Leisure: 2.38%
Hilton Worldwide Holdings Incorporated †		263,370		7,071,485


Household Durables: 2.47%
Jarden Corporation †		133,942		7,366,810


Internet & Catalog Retail: 4.67%
Amazon.com Incorporated †		25,953		13,914,701


Media: 5.59%
Liberty Global plc Class C †		177,126		8,703,972
Time Warner Incorporated		90,360		7,955,294

				16,659,266


Specialty Retail: 5.66%
The Home Depot Incorporated		95,283		11,150,969
The TJX Companies Incorporated		81,517		5,691,517

				16,842,486


Textiles, Apparel & Luxury Goods: 4.74%
Nike Incorporated Class B		75,486		8,697,497
Under Armour Incorporated Class A †		54,437		5,407,227

				14,104,724


Consumer Staples: 4.36%

Beverages: 2.62%
Constellation Brands Incorporated Class A		65,115		7,815,102


Food & Staples Retailing: 1.74%
Walgreens Boots Alliance Incorporated		53,600		5,179,368


Financials: 5.66%

Capital Markets: 1.40%
Charles Schwab Corporation		119,300		4,161,184


Diversified Financial Services: 4.26%
Intercontinental Exchange Incorporated		23,883		5,446,279
McGraw Hill Financial Incorporated		71,078		7,232,187

				12,678,466


Health Care: 18.12%

Biotechnology: 7.98%
Alexion Pharmaceuticals Incorporated †		29,100		5,745,504
Celgene Corporation †		65,679		8,620,369

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


10		Wells Fargo Advantage Endeavor Select Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Biotechnology (continued)
Gilead Sciences Incorporated		28,025	$	3,303,027
Regeneron Pharmaceuticals Incorporated †		11,000		6,090,260

				23,759,160


Pharmaceuticals: 10.14%
Allergan plc †		23,000		7,616,450
Endo International plc †		84,141		7,365,703
Shire plc ADR		27,902		7,444,533
Zoetis Incorporated		158,460		7,761,371

				30,188,057


Industrials: 3.47%

Airlines: 1.47%
Delta Air Lines Incorporated		98,679		4,375,427


Industrial Conglomerates: 2.00%
Carlisle Companies Incorporated		58,900		5,964,214


Information Technology: 30.77%

Communications Equipment: 1.73%
Palo Alto Networks Incorporated †		27,625		5,133,554


Internet Software & Services: 11.06%
Akamai Technologies Incorporated †		98,221		7,534,533
Facebook Incorporated Class A †		132,649		12,470,332
Google Incorporated Class A †		11,399		7,494,843
Google Incorporated Class C †		8,700		5,442,807

				32,942,515


IT Services: 4.51%
Visa Incorporated Class A		178,258		13,429,958


Software: 5.66%
Adobe Systems Incorporated †		76,800		6,296,832
Salesforce.com Incorporated †		65,400		4,793,820
ServiceNow Incorporated †		71,468		5,753,174

				16,843,826


Technology Hardware, Storage & Peripherals: 7.81%
Apple Incorporated		191,783		23,263,278


Materials: 2.17%

Chemicals: 2.17%
Axalta Coating Systems Limited †		203,500		6,473,335


Telecommunication Services: 4.72%

Diversified Telecommunication Services: 2.28%
Level 3 Communications Incorporated †		134,747		6,804,724

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Endeavor Select Fund			11


Security name				Shares		Value

Wireless Telecommunication Services: 2.44%
SBA Communications Corporation Class A †					60,125	$	7,258,288


Total Common Stocks (Cost $206,217,879)							288,162,212


	Yield
Short-Term Investments: 3.50%

Investment Companies: 3.50%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13	%		10,422,396		10,422,396


Total Short-Term Investments (Cost $10,422,396)							10,422,396


Total investments in securities (Cost $216,640,275) *	100.27	%		298,584,608
Other assets and liabilities, net	(0.27	)		(792,605	)

Total net assets	100.00	%	$	297,792,003

†	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 $217,193,387 and unrealized gains (losses) consists of:


Gross unrealized gains	$	82,979,262
Gross unrealized losses		(1,588,041	)

Net unrealized gains	$	81,391,221

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


12		Wells Fargo Advantage Endeavor Select Fund		Statement of assets and liabilities—July 31, 2015




Assets
Investments
In unaffiliated securities, at value (cost $206,217,879)	$	288,162,212
In affiliated securities, at value (cost $10,422,396)		10,422,396

Total investments, at value (cost $216,640,275)		298,584,608
Receivable for investments sold		5,702,717
Receivable for Fund shares sold		37,178
Receivable for dividends		156,740
Prepaid expenses and other assets		40,460

Total assets		304,521,703


Liabilities
Payable for investments purchased		6,060,566
Payable for Fund shares redeemed		376,031
Management fee payable		165,362
Distribution fees payable		4,752
Administration fees payable		37,102
Accrued expenses and other liabilities		85,887

Total liabilities		6,729,700

Total net assets	$	297,792,003


NET ASSETS CONSIST OF
Paid-in capital	$	139,612,773
Accumulated net realized gains on investments		76,234,897
Net unrealized gains on investments		81,944,333

Total net assets	$	297,792,003


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	26,196,794
Shares outstanding – Class A¹		1,906,402
Net asset value per share – Class A		$13.74
Maximum offering price per share – Class A²		$14.58
Net assets – Class B	$	103,902
Shares outstanding – Class B¹		8,710
Net asset value per share – Class B		$11.93
Net assets – Class C	$	6,914,357
Shares outstanding – Class C¹		579,373
Net asset value per share – Class C		$11.93
Net assets – Administrator Class	$	42,776,448
Shares outstanding – Administrator Class¹		3,027,501
Net asset value per share – Administrator Class		$14.13
Net assets – Institutional Class	$	221,800,502
Shares outstanding – Institutional Class¹		15,413,211
Net asset value per share – Institutional Class		$14.39

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—year ended July 31, 2015		Wells Fargo Advantage Endeavor Select Fund			13




Investment income
Dividends (net of foreign withholding taxes of $7,528)	$	4,097,283
Income from affiliated securities		11,229
Securities lending income, net		6,429

Total investment income		4,114,941


Expenses
Management fee		4,065,863
Administration fees
Class A		78,363
Class B		437
Class C		18,048
Administrator Class		48,001
Institutional Class		410,962
Shareholder servicing fees
Class A		76,470
Class B		424
Class C		17,654
Administrator Class		100,057
Distribution fees
Class B		1,273
Class C		52,962
Custody and accounting fees		38,756
Professional fees		43,101
Registration fees		61,645
Shareholder report expenses		51,162
Trustees’ fees and expenses		12,008
Interest expense		1,146
Other fees and expenses		12,340

Total expenses		5,090,672
Less: Fee waivers and/or expense reimbursements		(94,754	)

Net expenses		4,995,918

Net investment loss		(880,977	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		133,384,136
Net change in unrealized gains (losses) on investments		(60,133,598	)

Net realized and unrealized gains (losses) on investments		73,250,538

Net increase in net assets resulting from operations	$	72,369,561

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


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


	Year ended July 31, 2015						Year ended July 31, 2014

Operations
Net investment loss				$	(880,977	)				$	(1,901,929	)
Net realized gains on investments					133,384,136						115,526,129
Net change in unrealized gains (losses) on investments					(60,133,598	)					3,258,076

Net increase in net assets resulting from operations					72,369,561						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		155,038			2,127,588			262,020			3,578,072
Class B		0			0			2,013			24,431
Class C		80,725			950,480			57,270			710,640
Administrator Class		353,463			4,955,910			487,193			6,799,164
Institutional Class		4,502,805			64,783,218			9,878,304			139,039,120

					72,817,196						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		(1,513,775	)		(21,046,656	)		(985,474	)		(13,604,809	)
Class B		(13,638	)		(161,929	)		(27,816	)		(338,489	)
Class C		(127,822	)		(1,483,495	)		(109,981	)		(1,352,148	)
Administrator Class		(1,166,520	)		(16,155,945	)		(2,689,608	)		(37,603,302	)
Institutional Class		(37,137,527	)		(520,427,263	)		(8,839,212	)		(124,313,851	)

					(559,275,288	)					(177,212,599	)

Net increase (decrease) in net assets resulting from capital share transactions					(397,357,088	)					4,751,565

Total increase (decrease) in net assets					(417,973,371	)					87,612,511


Net assets
Beginning of period					715,765,374						628,152,863

End of period				$	297,792,003					$	715,765,374

Undistributed net investment income				$	0					$	0

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)


	Year ended July 31
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.13			$12.52			$10.45			$10.12			$8.12
Net investment income (loss)		(0.08	)¹		(0.09	)¹		0.00	^1,2		(0.05	)¹		(0.05	)¹
Net realized and unrealized gains (losses) on investments		1.65			2.37			2.07			0.38			2.05

Total from investment operations		1.57			2.28			2.07			0.33			2.00
Distributions to shareholders from
Net realized gains		(1.96	)		(0.67	)		0.00			0.00			0.00
Net asset value, end of period		$13.74			$14.13			$12.52			$10.45			$10.12
Total return³		12.14	%		18.40	%		19.81	%		3.26	%		24.63	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.25	%		1.26	%		1.23	%		1.23	%
Net expenses		1.23	%		1.24	%		1.25	%		1.23	%		1.23	%
Net investment income (loss)		(0.55	)%		(0.66	)%		0.03	%		(0.49	)%		(0.52	)%
Supplemental data
Portfolio turnover rate		126	%		100	%		97	%		94	%		100	%
Net assets, end of period (000s omitted)		$26,197			$41,708			$44,041			$47,233			$94,704

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

³	Total return calculations do not include any sales charges.

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


16		Wells Fargo Advantage Endeavor Select Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS B	2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.60			$11.31			$9.51			$9.28			$7.50
Net investment loss		(0.16	)¹		(0.17	)¹		(0.07	)¹		(0.11	)¹		(0.11	)¹
Net realized and unrealized gains (losses) on investments		1.45			2.13			1.87			0.34			1.89

Total from investment operations		1.29			1.96			1.80			0.23			1.78
Distributions to shareholders from
Net realized gains		(1.96	)		(0.67	)		0.00			0.00			0.00
Net asset value, end of period		$11.93			$12.60			$11.31			$9.51			$9.28
Total return²		11.31	%		17.50	%		18.93	%		2.48	%		23.73	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		2.00	%		2.00	%		1.98	%		1.98	%
Net expenses		1.98	%		1.99	%		2.00	%		1.98	%		1.98	%
Net investment loss		(1.29	)%		(1.41	)%		(0.67	)%		(1.24	)%		(1.26	)%
Supplemental data
Portfolio turnover rate		126	%		100	%		97	%		94	%		100	%
Net assets, end of period (000s omitted)		$104			$248			$495			$1,095			$1,633

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


Financial highlights		Wells Fargo Advantage Endeavor Select Fund			17

(For a share outstanding throughout each period)


	Year ended July 31
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.61			$11.32			$9.51			$9.28			$7.50
Net investment loss		(0.16	)¹		(0.17	)¹		(0.07	)¹		(0.11	)¹		(0.11	)¹
Net realized and unrealized gains (losses) on investments		1.44			2.13			1.88			0.34			1.89

Total from investment operations		1.28			1.96			1.81			0.23			1.78
Distributions to shareholders from
Net realized gains		(1.96	)		(0.67	)		0.00			0.00			0.00
Net asset value, end of period		$11.93			$12.61			$11.32			$9.51			$9.28
Total return²		11.21	%		17.60	%		18.93	%		2.48	%		23.73	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		2.00	%		2.01	%		1.98	%		1.98	%
Net expenses		1.99	%		1.99	%		2.00	%		1.98	%		1.98	%
Net investment loss		(1.32	)%		(1.41	)%		(0.72	)%		(1.25	)%		(1.27	)%
Supplemental data
Portfolio turnover rate		126	%		100	%		97	%		94	%		100	%
Net assets, end of period (000s omitted)		$6,914			$6,747			$6,320			$6,199			$7,448

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


18		Wells Fargo Advantage Endeavor Select Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.45			$12.78			$10.63			$10.26			$8.22
Net investment income (loss)		(0.05	)¹		(0.06	)¹		0.03	¹		(0.03	)¹		(0.03	)¹
Net realized and unrealized gains (losses) on investments		1.69			2.42			2.12			0.40			2.07

Total from investment operations		1.64			2.36			2.15			0.37			2.04
Distributions to shareholders from
Net investment income		0.00			(0.02	)		0.00			0.00			0.00
Net realized gains		(1.96	)		(0.67	)		0.00			0.00			0.00

Total distributions to shareholders		(1.96	)		(0.69	)		0.00			0.00			0.00
Net asset value, end of period		$14.13			$14.45			$12.78			$10.63			$10.26
Total return		12.38	%		18.77	%		20.13	%		3.51	%		24.94	%
Ratios to average net assets (annualized)
Gross expenses		1.05	%		1.06	%		1.08	%		1.07	%		1.07	%
Net expenses		0.99	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		(0.32	)%		(0.42	)%		0.23	%		(0.27	)%		(0.29	)%
Supplemental data
Portfolio turnover rate		126	%		100	%		97	%		94	%		100	%
Net assets, end of period (000s omitted)		$42,776			$48,560			$68,611			$57,533			$232,954

¹	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Advantage Endeavor Select Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.65			$12.95			$10.75			$10.37			$8.28
Net investment income (loss)		(0.01	)¹		(0.03	)¹		0.06	¹		(0.01	)¹		(0.01	)¹
Net realized and unrealized gains (losses) on investments		1.71			2.45			2.14			0.39			2.10

Total from investment operations		1.70			2.42			2.20			0.38			2.09
Distributions to shareholders from
Net investment income		0.00			(0.05	)		0.00			0.00			0.00
Net realized gains		(1.96	)		(0.67	)		0.00			0.00			0.00

Total distributions to shareholders		(1.96	)		(0.72	)		0.00			0.00			0.00
Net asset value, end of period		$14.39			$14.65			$12.95			$10.75			$10.37
Total return		12.63	%		18.98	%		20.37	%		3.66	%		25.24	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.82	%		0.83	%		0.80	%		0.80	%
Net expenses		0.80	%		0.80	%		0.80	%		0.79	%		0.80	%
Net investment income (loss)		(0.09	)%		(0.22	)%		0.50	%		(0.06	)%		(0.08	)%
Supplemental data
Portfolio turnover rate		126	%		100	%		97	%		94	%		100	%
Net assets, end of period (000s omitted)		$221,801			$618,502			$508,685			$735,633			$853,494

¹	Calculated based upon average shares outstanding

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


20		Wells Fargo Advantage Endeavor Select Fund		Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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).

Security loans


Notes to financial statements		Wells Fargo Advantage Endeavor Select Fund			21

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

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. In addition, the Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to equalization payments and net operating losses. At July 31, 2015, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Paid-in capital

Accumulated net

investment loss

Accumulated net

realized gains

on investments

$45,134,132

$880,977

$(46,015,109)

Class allocations


22		Wells Fargo Advantage Endeavor Select Fund		Notes to financial statements

3. FAIR VALUATION MEASUREMENTS

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

Level 1 – quoted prices in active markets for identical securities

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

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

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

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


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

Common stocks
Consumer discretionary	$	81,891,756	$	0	$	0	$	81,891,756
Consumer staples		12,994,470		0		0		12,994,470
Financials		16,839,650		0		0		16,839,650
Health care		53,947,217		0		0		53,947,217
Industrials		10,339,641		0		0		10,339,641
Information technology		91,613,131		0		0		91,613,131
Materials		6,473,335		0		0		6,473,335
Telecommunication services		14,063,012		0		0		14,063,012

Short-term investments
Investment companies		10,422,396		0		0		10,422,396
Total assets	$	298,584,608	$	0	$	0	$	298,584,608

4. TRANSACTIONS WITH AFFILIATES

Management fee


Notes to financial statements		Wells Fargo Advantage Endeavor Select Fund			23

0.55% as the average daily net assets of the Fund increased. In addition, prior to July 1, 2015, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of the Fund increased. For the year ended July 31, 2015, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets. For financial statement purposes, advisory fees and fund-level administration fees for the year ended July 31, 2015 have been included in management fee on the Statement of Operations.

Administration fees


	Class-level administration fee
	Current rate			Rate prior to July 1, 2015
Class A, Class B, Class C		0.21	%		0.26	%
Administrator Class		0.13			0.10
Institutional Class		0.13			0.08

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.20% for Class A shares, 1.95% for Class B shares, 1.95% for Class C shares, 1.00% for Administrator Class shares, and 0.80% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to July 1, 2015, the Fund’s expenses were capped at 1.25% for Class A shares, 2.00% for Class B shares, and 2.00% for Class C shares.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended July 31, 2015, Funds Distributor received $5,425 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 year ended July 31, 2015 were $714,659,009 and $1,207,697,885, respectively.


24		Wells Fargo Advantage Endeavor Select Fund		Notes to financial statements

6. BANK BORROWINGS

During the year ended July 31, 2015, the Fund had average borrowings outstanding of $81,277 at an average rate of 1.41% and paid interest in the amount of $1,146.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2015 and July 31, 2014 were as follows:


	Year ended July 31
	2015		2014
Ordinary Income	$	31,666,488	$	2,332,252
Long-term capital gain		61,319,356		31,689,078

As of July 31, 2015, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$7,366,840	$69,421,169	$81,391,221

8. CONCENTRATION RISK

9. INDEMNIFICATION


Report of independent registered public accounting firm		Wells Fargo Advantage Endeavor Select Fund			25

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Endeavor Select Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Endeavor Select Fund as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

September 23, 2015


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

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 10.35% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2015.

Pursuant to Section 852 of the Internal Revenue Code, $106,453,488 was designated as long-term capital gain distributions for the fiscal year ended July 31, 2015. Long-term capital gains in the amount of $45,134,132 were distributed in connection with Fund share redemptions.

Pursuant to Section 854 of the Internal Revenue Code, $3,929,060 of income dividends paid during the fiscal year ended July 31, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2015, $31,666,488 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Endeavor Select Fund			27

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a 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 Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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 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
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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
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 72 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.


Other information (unaudited)		Wells Fargo Advantage Endeavor Select Fund			29

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 19-20, 2015 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Advantage Endeavor Select Fund (the “Fund”): (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment management agreement (the “Management Agreement”) with Funds Management; and (iii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement combines the terms of the Advisory Agreement with the terms of the Fund’s Amended and Restated Administration Agreement (the “Administration Agreement”) applicable to Fund-level administrative services. The Advisory Agreement, the Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services

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


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

Fund performance and expenses

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for all periods under review. The Board took note of the explanations for the relative underperformance, including with respect to market factors that affected the Fund’s performance.

Investment advisory and sub-advisory fee rates


Other information (unaudited)		Wells Fargo Advantage Endeavor Select Fund			31

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


32		Wells Fargo Advantage Endeavor Select Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

236193 09-15

A205/AR205 07-15

Wells Fargo Advantage Growth Fund

LOGO

Annual Report

July 31, 2015

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

Financial statements
Statement of assets and liabilities			14
Statement of operations			15
Statement of changes in net assets			16
Financial highlights			17

Notes to financial statements			22

Report of independent registered public accounting firm			27

Other information			28

List of abbreviations			34

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Generally improving U.S. economic data helped drive a positive return for U.S. large-cap stocks for the reporting period

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Growth Fund for the 12-month period that ended July 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. large-cap 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 market volatility in the last five months of 2014.

In the first quarter of 2015, U.S. large caps delivered positive results but underperformed small- and mid-cap stocks; major markets elsewhere rallied.

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

markets enjoyed positive returns spurred by accommodative monetary policies from major central banks and signs of improvement in some struggling economies.

U.S. large caps experienced challenges during the second quarter of 2015.

July 2015 brought a bounce-back for U.S. large caps.

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

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

Sincerely,

LOGO

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.

Notice to shareholders


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.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA, CPA

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Average annual total returns² (%) as of July 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)	2-24-2000		8.40		16.86		11.11		15.01		18.25		11.77		1.13		1.13
Class C (WGFCX)	12-26-2002		13.16		17.37		10.94		14.16		17.37		10.94		1.88		1.88
Administrator Class (SGRKX)	8-30-2002		–		–		–		15.28		18.53		12.09		1.05		0.96
Institutional Class (SGRNX)	2-24-2000		–		–		–		15.53		18.77		12.28		0.80		0.75
Investor Class (SGROX)	12-31-1993		–		–		–		14.96		18.17		11.66		1.24		1.24
Russell 3000^® Growth Index⁵	–		–		–		–		16.37		17.76		8.96		–		–

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.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Growth Fund			5

Growth of $10,000 investment⁶ as of July 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 manager has contractually 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 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 chart compares the performance of Class A shares for the most recent ten years with the Russell 3000 Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁷	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁸	Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.


6		Wells Fargo Advantage Growth Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

The Fund underperformed its benchmark, the Russell 3000 Growth Index, for the 12-month period that ended July 31, 2015.

The period’s steep decline in the prices of energy commodities negatively affected many of the Fund’s holdings within the energy sector along with its railroad holdings in the industrials sector.

The Fund benefited from favorable stock selection within the health care and consumer discretionary sectors.

Growth stocks exhibited strength over the 12-month period, as evidenced by the Russell 3000 Growth Index’s 16.37% return.

Corporate earnings growth and favorable monetary policy helped drive the impressive results. Strong gains were visible across several market sectors, despite fluctuations in the U.S. economy and ongoing concerns regarding economic conditions outside the U.S. We continued to focus on companies with the potential to thrive in a variety of economic environments through company-specific catalysts.


Ten largest holdings⁷ (%) as of July 31, 2015
Alexion Pharmaceuticals Incorporated			4.05
Google Incorporated Class A			3.05
Facebook Incorporated Class A			2.64
Apple Incorporated			2.52
Alliance Data Systems Corporation			2.47
MasterCard Incorporated Class A			2.26
Microchip Technology Incorporated			2.21
Dollar Tree Incorporated			2.20
Union Pacific Corporation			2.12
LKQ Corporation			1.95

Sector distribution⁸ as of July 31, 2015

Stock selection within the energy and industrials sectors hindered the Fund’s relative performance.

Within the energy sector, exploration and production (E&P) holdings, including Pioneer Natural Resources Company, experienced share-price weakness in the midst of a significant decline in crude-oil prices. We recently reduced the Fund’s weighting to the energy sector due to our concern that some E&P companies were moving too quickly to ramp up production in light of the low expectations for crude-oil and natural gas prices. Within the industrials sector, the Fund’s railroad holdings suffered overall from declining transportation volumes in areas such as coal and from items related to energy infrastructure. Railroads continue to be challenged by lower-than-expected volumes driven primarily by decreased demand for coal. Although our long-term thesis—predicated on cost efficiencies, diversified product mixes, and pricing power—remains intact, we trimmed the sizes of some positions as a risk adjustment while we work through these transitory issues.

The Fund benefited from solid performance by holdings with strong secular growth in the health care and consumer discretionary sectors.

Within the health care sector, the Fund’s biotechnology holdings advanced significantly over this period. Key contributors benefited from multiple catalysts, including strong sales growth of existing medical solutions, promising pipeline developments, FDA drug approvals, and favorable merger and acquisition activity. Regeneron

Pharmaceuticals Incorporated delivered strong sales growth and received approval for an additional application of EYLEA, its key medical solution, for treating diabetic macular edema. Synageva BioPharma Corporation and NPS Pharmaceuticals Incorporated advanced strongly over the period as they were acquired for attractive premiums. Biotechnology remains one of our largest overweight positions in the Fund; many holdings within this industry have continued to trade at valuations that we view as attractive relative to the growth they could generate in coming years. The Fund also delivered outperformance in the consumer discretionary sector, due partly to Dollar Tree Incorporated,

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Growth Fund			7

and Tractor Supply Company. Dollar Tree benefited from same-store sales growth, an increased store count, and anticipated synergies from its pending acquisition of Family Dollar Stores Incorporated. Tractor Supply advanced 50% during the period, driven by strong customer demand for its differentiated product offerings.

Our outlook remains positive.

We believe the Fed is likely to exercise prudence in raising interest rates, taking relevant factors into consideration in making these decisions. Given the U.S. dollar’s current strength relative to other currencies and the low-interest-rate environment in much of the world, we anticipate that any rate increases implemented in the U.S. likely will be accompanied by meaningful expansion in the U.S. economy. Growth stocks tend to be challenged in a rising-interest-rate environment; however, given many investors’ pervasive thirst for dividend yield at times over the past few years, we believe a measured rise in interest rates could lead investors to continue refocusing on companies with strong growth fundamentals, which could be a positive for the Fund.

We continue to feel comfortable with the valuations of the rapidly growing companies within the Fund relative to the valuations of their slower-growing counterparts. Holdings in a variety of sectors have either met or exceeded consensus expectations. For example, data analytics and security holdings within the information technology sector have continued to deliver strong results. Also within this sector, companies using cloud-based architecture to create efficiencies for businesses through online service platforms have added value as many firms have adopted new technology infrastructures. Overall, many of the Fund’s holdings have been trading at valuations close to their average historical levels and remain attractive to us relative to the rest of the market.

Going forward, investors may further recognize the growth potential of the Fund’s holdings and reward them accordingly, especially as higher interest rates make slower-growing, higher-dividend-yielding stocks less attractive. We believe our investment style—seeking robust growth companies with sustainable business models that are underappreciated by investors—positions us well to take advantage of future opportunities within the market.

Please see footnotes on page 5.


8		Wells Fargo Advantage Growth Fund		Fund expenses (unaudited)

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

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2015		Ending account value 7-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,094.65	$	6.08		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.99	$	5.86		1.17	%
Class C
Actual	$	1,000.00	$	1,090.66	$	9.95		1.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.27	$	9.59		1.92	%
Administrator Class
Actual	$	1,000.00	$	1,096.00	$	4.99		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.03	$	4.81		0.96	%
Institutional Class
Actual	$	1,000.00	$	1,096.95	$	3.90		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Investor Class
Actual	$	1,000.00	$	1,094.38	$	6.44		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.21		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—July 31, 2015		Wells Fargo Advantage Growth Fund			9


Security name	Shares		Value

Common Stocks: 98.55%

Consumer Discretionary: 23.34%

Auto Components: 0.89%
BorgWarner Incorporated		246,000	$	12,228,660
Delphi Automotive plc		1,016,510		79,369,101

				91,597,761


Distributors: 1.95%
LKQ Corporation †		6,362,750		200,172,115


Diversified Consumer Services: 1.65%
Grand Canyon Education Incorporated †(l)		3,903,000		169,507,290


Hotels, Restaurants & Leisure: 5.68%
Chipotle Mexican Grill Incorporated †		188,050		139,576,352
Fiesta Restaurant Group Incorporated †(l)		2,098,000		121,956,740
Hilton Worldwide Holdings Incorporated †		1,922,000		51,605,700
Jack in the Box Incorporated		751,000		71,345,000
Starbucks Corporation		3,409,720		197,525,080

				582,008,872


Household Durables: 0.27%
Harman International Industries Incorporated		252,800		27,216,448


Internet & Catalog Retail: 1.98%
Amazon.com Incorporated †		369,930		198,337,970
The Priceline Group Incorporated †		3,610		4,489,288

				202,827,258


Media: 1.28%
The Walt Disney Company		1,092,810		131,137,200


Multiline Retail: 3.47%
Burlington Stores Incorporated †		2,358,100		129,789,824
Dollar Tree Incorporated †		2,894,660		225,870,320

				355,660,144


Specialty Retail: 4.73%
Boot Barn Holdings Incorporated †		88,300		2,790,280
CarMax Incorporated †		2,690,000		173,531,900
Five Below Incorporated †		2,468,378		91,009,097
Tractor Supply Company		2,132,230		197,273,920
ULTA Salon, Cosmetics and Fragrance Incorporated †		123,000		20,421,690

				485,026,887


Textiles, Apparel & Luxury Goods: 1.44%
Skechers U.S.A. Incorporated Class A †		367,489		55,288,720
Under Armour Incorporated Class A †		924,000		91,780,920

				147,069,640

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


10		Wells Fargo Advantage Growth Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Consumer Staples: 3.33%

Food & Staples Retailing: 2.55%
Costco Wholesale Corporation		583,270	$	84,749,131
Sprouts Farmers Market Incorporated †		6,850,000		167,962,000
United Natural Foods Incorporated †		204,266		9,300,231

				262,011,362


Food Products: 0.03%
Blue Buffalo Pet Products Incorporated †		107,298		2,997,906


Personal Products: 0.75%
The Estee Lauder Companies Incorporated Class A		859,550		76,594,501


Energy: 1.57%

Energy Equipment & Services: 0.02%
Oil States International Incorporated †		69,000		2,077,590


Oil, Gas & Consumable Fuels: 1.55%
Concho Resources Incorporated †		1,212,000		129,150,720
Memorial Resource Development Corporation †		256,095		3,918,254
Pioneer Natural Resources Company		193,000		24,466,610
Whiting Petroleum Corporation †		51,000		1,044,990

				158,580,574


Financials: 4.65%

Capital Markets: 2.91%
Financial Engines Incorporated «		1,000,490		45,882,471
Raymond James Financial Incorporated		1,047,000		61,773,000
TD Ameritrade Holding Corporation		5,194,630		190,798,760

				298,454,231


Diversified Financial Services: 1.74%
MarketAxess Holdings Incorporated		1,817,130		177,715,314


Health Care: 21.95%

Biotechnology: 12.70%
Alexion Pharmaceuticals Incorporated †		2,104,456		415,503,793
Biogen Idec Incorporated †		320,700		102,232,746
Celgene Corporation †		1,149,860		150,919,125
Gilead Sciences Incorporated		1,184,670		139,625,206
Incyte Corporation †		418,000		43,589,040
Intercept Pharmaceuticals Incorporated †		83,000		21,896,230
Medivation Incorporated †		926,820		97,621,951
PTC Therapeutics Incorporated †		703,000		36,000,630
Receptos Incorporated †		237,000		54,002,820
Regeneron Pharmaceuticals Incorporated †		356,910		197,606,791
Ultragenyx Pharmaceutical Incorporated †		353,000		42,688,290

				1,301,686,622

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Growth Fund			11


Security name	Shares		Value

Health Care Equipment & Supplies: 1.68%
Align Technology Incorporated †		361,000	$	22,634,700
Intuitive Surgical Incorporated †		103,000		54,916,510
Medtronic plc		1,206,951		94,612,889

				172,164,099


Health Care Providers & Services: 3.11%
Acadia Healthcare Company Incorporated †		557,475		44,475,356
AmerisourceBergen Corporation		1,308,840		138,409,830
Envision Healthcare Holdings Incorporated †		2,650,990		118,764,352
VCA Incorporated †		270,824		16,663,801

				318,313,339


Health Care Technology: 2.32%
Cerner Corporation †		1,818,000		130,386,960
Inovalon Holdings Incorporated «†(l)		1,629,037		39,357,534
Veeva Systems Incorporated Class A †		2,525,000		67,973,000

				237,717,494


Life Sciences Tools & Services: 1.33%
Mettler-Toledo International Incorporated †		291,240		98,322,624
Quintiles Transnational Holdings Incorporated †		499,360		38,310,899

				136,633,523


Pharmaceuticals: 0.81%
Perrigo Company plc		433,970		83,409,034


Industrials: 9.37%

Aerospace & Defense: 0.92%
The Boeing Company		350,350		50,509,960
United Technologies Corporation		434,580		43,592,720

				94,102,680


Air Freight & Logistics: 0.94%
United Parcel Service Incorporated Class B		941,000		96,320,760


Building Products: 0.58%
A.O. Smith Corporation		835,170		59,981,909


Commercial Services & Supplies: 1.53%
KAR Auction Services Incorporated		1,219,000		47,455,670
Waste Connections Incorporated		2,192,850		109,927,571

				157,383,241


Industrial Conglomerates: 0.21%
Danaher Corporation		232,440		21,282,206


Machinery: 0.41%
ITT Corporation		1,103,000		41,914,000

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


12		Wells Fargo Advantage Growth Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Road & Rail: 4.78%
Genesee & Wyoming Incorporated Class A †		1,191,490	$	84,857,918
Kansas City Southern		1,010,000		100,181,900
Norfolk Southern Corporation		1,032,390		87,061,449
Union Pacific Corporation		2,227,940		217,424,665

				489,525,932


Information Technology: 32.28%

Communications Equipment: 0.63%
Arista Networks Incorporated «†		372,810		31,491,261
QUALCOMM Incorporated		514,370		33,120,284

				64,611,545


Internet Software & Services: 12.34%
Akamai Technologies Incorporated †		2,221,000		170,372,910
CoStar Group Incorporated †		445,950		89,765,276
Demandware Incorporated †		493,040		37,254,102
Envestnet Incorporated †(l)		3,268,908		148,048,843
Everyday Health Incorporated †		337,000		4,000,190
Facebook Incorporated Class A †		2,879,760		270,726,238
Google Incorporated Class A †		475,770		312,818,775
Google Incorporated Class C †		56,681		35,460,200
HomeAway Incorporated †		1,744,980		52,419,199
New Relic Incorporated †		1,010,000		35,148,000
Shutterstock Incorporated «†(l)		2,028,000		108,356,040

				1,264,369,773


IT Services: 7.64%
Alliance Data Systems Corporation †		921,603		253,477,689
Global Payments Incorporated		449,000		50,328,410
MasterCard Incorporated Class A		2,381,880		231,995,112
Vantiv Incorporated Class A †		1,595,690		70,210,360
Visa Incorporated Class A		2,350,300		177,071,602

				783,083,173


Semiconductors & Semiconductor Equipment: 2.62%
Microchip Technology Incorporated		5,280,260		226,206,338
Silicon Laboratories Incorporated †		935,818		42,102,452

				268,308,790


Software: 6.53%
Adobe Systems Incorporated †		273,080		22,389,829
Fleetmatics Group plc †		119,000		5,696,530
Fortinet Incorporated †		1,946,910		92,945,483
Paycom Software Incorporated †		1,394,440		44,622,080
Paylocity Holding Corporation †		1,014,485		36,440,301
Proofpoint Incorporated †		842,000		54,477,400
Salesforce.com Incorporated †		838,000		61,425,400
ServiceNow Incorporated †		897,200		72,224,600

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Growth Fund			13


Security name				Shares		Value

Software (continued)
Splunk Incorporated †					1,547,912	$	108,260,965
Synchronoss Technologies Incorporated †					567,960		27,148,488
Tableau Software Incorporated Class A †					577,197		60,455,614
Ultimate Software Group Incorporated †					321,630		59,247,462
VMware Incorporated Class A †					269,480		24,018,752

							669,352,904


Technology Hardware, Storage & Peripherals: 2.52%
Apple Incorporated					2,131,610		258,564,293


Materials: 2.06%

Chemicals: 2.06%
Airgas Incorporated					488,670		49,854,113
Ecolab Incorporated					556,000		64,390,360
Praxair Incorporated					849,630		96,976,765

							211,221,238


Total Common Stocks (Cost $6,126,015,391)							10,100,601,648


	Yield
Short-Term Investments: 2.90%

Investment Companies: 2.90%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.14	%		193,449,286		193,449,286
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13			103,676,888		103,676,888

Total Short-Term Investments (Cost $297,126,174)							297,126,174


Total investments in securities (Cost $6,423,141,565) *	101.45	%		10,397,727,822
Other assets and liabilities, net	(1.45	)		(148,781,257	)

Total net assets	100.00	%	$	10,248,946,565

†	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 $6,442,641,115 and unrealized gains (losses) consists of:


Gross unrealized gains	$	4,094,141,441
Gross unrealized losses		(139,054,734	)

Net unrealized gains	$	3,955,086,707

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


14		Wells Fargo Advantage Growth Fund		Statement of assets and liabilities—July 31, 2015




Assets
Investments
In unaffiliated securities (including $191,132,649 of securities loaned), at value (cost $5,539,129,229)	$	9,513,375,201
In affiliated securities, at value (cost $884,012,336)		884,352,621

Total investments, at value (cost $6,423,141,565)		10,397,727,822
Cash		3,328,875
Receivable for investments sold		133,467,713
Receivable for Fund shares sold		7,505,470
Receivable for dividends		1,336,230
Receivable for securities lending income		65,460
Prepaid expenses and other assets		53,731

Total assets		10,543,485,301


Liabilities
Payable for investments purchased		81,843,735
Payable for Fund shares redeemed		9,778,634
Payable upon receipt of securities loaned		193,449,286
Management fee payable		5,704,945
Distribution fee payable		314,407
Administration fees payable		1,696,902
Accrued expenses and other liabilities		1,750,827

Total liabilities		294,538,736

Total net assets	$	10,248,946,565


NET ASSETS CONSIST OF
Paid-in capital	$	5,482,067,706
Accumulated net realized gains on investments		792,292,602
Net unrealized gains on investments		3,974,586,257

Total net assets	$	10,248,946,565


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	1,465,642,548
Shares outstanding – Class A¹		29,607,334
Net asset value per share – Class A		$49.50
Maximum offering price per share – Class A²		$52.52
Net assets – Class C	$	465,832,534
Shares outstanding – Class C¹		10,466,327
Net asset value per share – Class C		$44.51
Net assets – Administrator Class	$	2,349,359,058
Shares outstanding – Administrator Class¹		44,448,696
Net asset value per share – Administrator Class		$52.86
Net assets – Institutional Class	$	3,863,195,993
Shares outstanding – Institutional Class¹		70,246,563
Net asset value per share – Institutional Class		$54.99
Net assets – Investor Class	$	2,104,916,432
Shares outstanding – Investor Class¹		42,716,417
Net asset value per share – Investor Class		$49.28

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—year ended July 31, 2015		Wells Fargo Advantage Growth Fund			15




Investment income
Dividends	$	60,587,920
Securities lending income, net		1,805,195
Income from affiliated securities		69,389

Total investment income		62,462,504


Expenses
Management fee		70,494,708
Administration fees
Class A		4,240,123
Class C		1,275,846
Administrator Class		2,659,161
Institutional Class		3,194,854
Investor Class		6,939,158
Shareholder servicing fees
Class A		4,140,512
Class C		1,246,929
Administrator Class		6,465,866
Investor Class		5,412,705
Distribution fee
Class C		3,740,788
Custody and accounting fees		540,010
Professional fees		40,939
Registration fees		98,158
Shareholder report expenses		468,134
Trustees’ fees and expenses		10,313
Other fees and expenses		188,010

Total expenses		111,156,214
Less: Fee waivers and/or expense reimbursements		(1,899,546	)

Net expenses		109,256,668

Net investment loss		(46,794,164	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains on:
Unaffiliated securities		1,210,971,663
Affiliated securities		8,398,491

Net realized gains on investments		1,219,370,154


Net change in unrealized gains (losses) on:
Unaffiliated securities		322,133,509
Affiliated securities		6,704,475

Net change in unrealized gains (losses) on investments		328,837,984

Net realized and unrealized gains (losses) on investments		1,548,208,138

Net increase in net assets resulting from operations	$	1,501,413,974

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


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


	Year ended July 31, 2015						Year ended July 31, 2014

Operations
Net investment loss				$	(46,794,164	)				$	(62,366,268	)
Net realized gains on investments					1,219,370,154						1,343,449,019
Net change in unrealized gains (losses) on investments					328,837,984						(75,757,847	)

Net increase in net assets resulting from operations					1,501,413,974						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					(343,165,487	)					(118,713,858	)
Institutional Class					(470,228,817	)					(93,848,760	)
Investor Class					(300,177,941	)					(85,239,966	)

Total distributions to shareholders					(1,420,406,160	)					(411,077,658	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,096,946			149,093,930			6,002,013			300,443,610
Class C		687,649			28,728,045			807,695			37,350,141
Administrator Class		7,685,162			396,601,510			14,056,652			739,933,638
Institutional Class		29,073,710			1,572,598,987			15,992,448			869,345,348
Investor Class		1,516,862			73,282,154			3,721,720			184,011,064

					2,220,304,626						2,131,083,801

Reinvestment of distributions
Class A		4,653,339			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			325,601,120			2,144,767			112,428,674
Institutional Class		9,196,950			455,984,759			1,666,975			90,150,024
Investor Class		6,596,013			293,918,329			1,690,907			83,784,433

					1,337,579,578						385,745,481

Payment for shares redeemed
Class A		(19,102,932	)		(941,145,013	)		(19,450,696	)		(960,828,794	)
Class C		(3,749,283	)		(167,465,881	)		(2,539,818	)		(116,715,446	)
Administrator Class		(33,692,681	)		(1,742,600,427	)		(19,888,444	)		(1,043,440,117	)
Institutional Class		(22,580,802	)		(1,219,410,764	)		(15,421,161	)		(835,534,173	)
Investor Class		(10,699,627	)		(519,360,449	)		(9,522,188	)		(470,424,557	)

					(4,589,982,534	)					(3,426,943,087	)

Net decrease in net assets resulting from capital share transactions					(1,032,098,330	)					(910,113,805	)

Total decrease in net assets					(951,090,516	)					(115,866,559	)


Net assets
Beginning of period					11,200,037,081						11,315,903,640

End of period				$	10,248,946,565					$	11,200,037,081

Accumulated net investment loss				$	0					$	(13,135,318	)

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)


	Year ended July 31
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$49.99			$46.74			$37.85			$35.88			$26.10
Net investment loss		(0.29	)¹		(0.32	)¹		(0.17	)¹		(0.21	)¹		(0.27	)¹
Net realized and unrealized gains (losses) on investments		7.03			5.34			9.06			2.65			10.05

Total from investment operations		6.74			5.02			8.89			2.44			9.78
Distributions to shareholders from
Net realized gains		(7.23	)		(1.77	)		0.00			(0.47	)		0.00
Net asset value, end of period		$49.50			$49.99			$46.74			$37.85			$35.88
Total return²		15.01	%		10.77	%		23.49	%		6.93	%		37.43	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.18	%		1.19	%		1.20	%		1.24	%
Net expenses		1.18	%		1.18	%		1.19	%		1.20	%		1.24	%
Net investment loss		(0.59	)%		(0.64	)%		(0.41	)%		(0.56	)%		(0.81	)%
Supplemental data
Portfolio turnover rate		35	%		42	%		38	%		47	%		54	%
Net assets, end of period (000s omitted)		$1,465,643			$2,047,410			$2,464,533			$2,265,845			$1,204,675

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


18		Wells Fargo Advantage Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$45.95			$43.41			$35.42			$33.86			$24.81
Net investment loss		(0.60	)¹		(0.64	)¹		(0.45	)¹		(0.46	)¹		(0.51	)¹
Net realized and unrealized gains (losses) on investments		6.39			4.95			8.44			2.49			9.56

Total from investment operations		5.79			4.31			7.99			2.03			9.05
Distributions to shareholders from
Net realized gains		(7.23	)		(1.77	)		0.00			(0.47	)		0.00
Net asset value, end of period		$44.51			$45.95			$43.41			$35.42			$33.86
Total return²		14.16	%		9.96	%		22.56	%		6.12	%		36.44	%
Ratios to average net assets (annualized)
Gross expenses		1.93	%		1.93	%		1.94	%		1.95	%		1.99	%
Net expenses		1.93	%		1.93	%		1.94	%		1.95	%		1.99	%
Net investment loss		(1.34	)%		(1.39	)%		(1.16	)%		(1.32	)%		(1.57	)%
Supplemental data
Portfolio turnover rate		35	%		42	%		38	%		47	%		54	%
Net assets, end of period (000s omitted)		$465,833			$560,481			$589,402			$525,285			$233,114

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


Financial highlights		Wells Fargo Advantage Growth Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$52.80			$49.16			$39.72			$37.54			$27.24
Net investment loss		(0.20	)¹		(0.23	)		(0.08	)¹		(0.13	)¹		(0.18	)¹
Net realized and unrealized gains (losses) on investments		7.49			5.64			9.52			2.78			10.48

Total from investment operations		7.29			5.41			9.44			2.65			10.30
Distributions to shareholders from
Net realized gains		(7.23	)		(1.77	)		0.00			(0.47	)		0.00
Net asset value, end of period		$52.86			$52.80			$49.16			$39.72			$37.54
Total return		15.28	%		11.04	%		23.77	%		7.15	%		37.81	%
Ratios to average net assets (annualized)
Gross expenses		1.02	%		1.02	%		1.03	%		1.03	%		1.08	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.37	)%		(0.42	)%		(0.18	)%		(0.33	)%		(0.51	)%
Supplemental data
Portfolio turnover rate		35	%		42	%		38	%		47	%		54	%
Net assets, end of period (000s omitted)		$2,349,359			$3,359,480			$3,309,683			$2,984,775			$1,339,245

¹	Calculated based upon average shares outstanding

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


20		Wells Fargo Advantage Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$54.54			$50.63			$40.83			$38.49			$27.88
Net investment income (loss)		(0.09	)¹		(0.13	)		0.01	¹		(0.05	)¹		(0.12	)¹
Net realized and unrealized gains (losses) on investments		7.77			5.81			9.79			2.86			10.73

Total from investment operations		7.68			5.68			9.80			2.81			10.61
Distributions to shareholders from
Net realized gains		(7.23	)		(1.77	)		0.00			(0.47	)		0.00
Net asset value, end of period		$54.99			$54.54			$50.63			$40.83			$38.49
Total return		15.53	%		11.26	%		24.03	%		7.37	%		38.06	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.75	%		0.76	%		0.77	%		0.81	%
Net expenses		0.75	%		0.75	%		0.75	%		0.76	%		0.80	%
Net investment income (loss)		(0.17	)%		(0.21	)%		0.02	%		(0.13	)%		(0.35	)%
Supplemental data
Portfolio turnover rate		35	%		42	%		38	%		47	%		54	%
Net assets, end of period (000s omitted)		$3,863,196			$2,975,721			$2,649,095			$2,312,074			$992,748

¹	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Advantage Growth Fund			21

(For a share outstanding throughout each period)


	Year ended July 31
INVESTOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$49.82			$46.61			$37.77			$35.83			$26.09
Net investment loss		(0.32	)¹		(0.43	)		(0.19	)¹		(0.23	)¹		(0.28	)¹
Net realized and unrealized gains (losses) on investments		7.01			5.41			9.03			2.64			10.02

Total from investment operations		6.69			4.98			8.84			2.41			9.74
Distributions to shareholders from
Net realized gains		(7.23	)		(1.77	)		0.00			(0.47	)		0.00
Net asset value, end of period		$49.28			$49.82			$46.61			$37.77			$35.83
Total return		14.96	%		10.71	%		23.40	%		6.85	%		37.29	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.24	%		1.25	%		1.26	%		1.31	%
Net expenses		1.24	%		1.24	%		1.25	%		1.26	%		1.31	%
Net investment loss		(0.66	)%		(0.70	)%		(0.47	)%		(0.64	)%		(0.85	)%
Supplemental data
Portfolio turnover rate		35	%		42	%		38	%		47	%		54	%
Net assets, end of period (000s omitted)		$2,104,916			$2,256,945			$2,303,191			$2,207,964			$1,707,285

¹	Calculated based upon average shares outstanding

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


22		Wells Fargo Advantage Growth Fund		Notes to financial statements

1. ORGANIZATION

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

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).

Security loans


Notes to financial statements		Wells Fargo Advantage Growth Fund			23

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Federal and other taxes

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to dividends from certain securities and net operating losses. At July 31, 2015, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Accumulated net

investment loss

Accumulated net
realized gains
on investments

$59,929,482

$(59,929,482)

Class allocations

3. FAIR VALUATION MEASUREMENTS


24		Wells Fargo Advantage Growth Fund		Notes to financial statements

Level 1 – quoted prices in active markets for identical securities

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

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

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

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


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

Common stocks
Consumer discretionary	$	2,392,223,615	$	0	$	0	$	2,392,223,615
Consumer staples		341,603,769		0		0		341,603,769
Energy		160,658,164		0		0		160,658,164
Financials		476,169,545		0		0		476,169,545
Health care		2,249,924,111		0		0		2,249,924,111
Industrials		960,510,728		0		0		960,510,728
Information technology		3,308,290,478		0		0		3,308,290,478
Materials		211,221,238		0		0		211,221,238

Short-term investments
Investment companies		103,676,888		193,449,286		0		297,126,174
Total assets	$	10,204,278,536	$	193,449,286	$	0	$	10,397,727,822

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.80% and declining to 0.555% as the average daily net assets of the Fund increase.

Prior to July 1, 2015, Funds Management provided advisory services pursuant to an investment advisory agreement. For the period from December 1, 2014 through June 30, 2015, Funds Management was entitled to receive an annual fee which started at 0.75% and declined to 0.525% as the average daily net assets of the Fund increased. From August 1, 2014 through November 30, 2014, Funds Management received an annual advisory fee which started at 0.75% and declined to 0.55% as the average daily net assets of the Fund increased. In addition, prior to July 1, 2015, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of the Fund increased. For the year ended July 31, 2015, the management fee was equivalent to an annual rate of 0.66% of the Fund’s average daily net assets. For financial statement purposes, advisory fees and fund-level administration fees for the year ended July 31, 2015 have been included in management fee on the Statement of Operations.


Notes to financial statements		Wells Fargo Advantage Growth Fund			25

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


	Class-level administration fee
	Current rate			Rate prior to July 1, 2015
Class A, Class C		0.21	%		0.26	%
Administrator Class		0.13			0.10
Institutional Class		0.13			0.08
Investor Class		0.32			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 1.21% 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, the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2015, Funds Distributor received $25,659 from the sale of Class A shares and $1,788 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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 year ended July 31 2015 were $3,708,466,015 and $6,154,989,275, respectively.


26		Wells Fargo Advantage Growth Fund		Notes to financial statements

6. INVESTMENTS IN AFFILIATES

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


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		Income from affiliated securities		Realized gains (losses)
Annie’s Incorporated*		909,470		0		909,470		0	$	0	$	0	$	(222,642	)
Envestnet Incorporated		2,546,800		772,308		50,200		3,268,908		148,048,843		0		(4,129	)
Fiesta Restaurant Group Incorporated		0		2,098,000		0		2,098,000		121,956,740		0		0
Five Below Incorporated*		3,193,226		471,000		1,195,848		2,468,378		91,009,097		0		(11,036,452	)
Fleetmatics Group plc*		2,214,300		0		2,095,300		119,000		5,696,530		0		20,842,066
Grand Canyon Education Incorporated		2,459,000		1,574,629		130,629		3,903,000		169,507,290		0		(220,323	)
Inovalon Holdings Incorporated		0		1,659,037		30,000		1,629,037		39,357,534		0		(128,845	)
Shutterstock Incorporated		613,378		1,582,912		168,290		2,028,000		108,356,040		0		(831,184	)
											$	0	$	8,398,491

*	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 year ended July 31, 2015, the Fund paid $15,817 in commitment fees.

For the year ended July 31, 2015, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2015 and July 31, 2014 were as follows:


	Year ended July 31
	2015		2014
Ordinary income	$	0	$	33,616,684
Long-term capital gain		1,420,406,160		377,460,974

As of July 31, 2015, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$22,940,734	$788,851,418	$3,955,086,707

9. CONCENTRATION RISK

10. INDEMNIFICATION


Report of independent registered public accounting firm		Wells Fargo Advantage Growth Fund			27

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Growth Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Growth Fund as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

September 23, 2015


28		Wells Fargo Advantage Growth Fund		Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $1,420,406,160 was designated as long-term capital gain distributions for the fiscal year ended July 31, 2015.

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Growth Fund			29

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a 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 Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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


30		Wells Fargo Advantage 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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
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 72 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.


Other information (unaudited)		Wells Fargo Advantage Growth Fund			31

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 19-20, 2015 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Advantage Growth Fund (the “Fund”): (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment management agreement (the “Management Agreement”) with Funds Management; and (iii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement combines the terms of the Advisory Agreement with the terms of the Fund’s Amended and Restated Administration Agreement (the “Administration Agreement”) applicable to Fund-level administrative services. The Advisory Agreement, the Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services


32		Wells Fargo Advantage Growth Fund		Other information (unaudited)

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended March 31, 2015. The Board considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than the average performance of the Universe for all periods under review except the one- and three-year periods. The Board also noted that the performance of the Fund was higher than its benchmark, the Russell 3000^® Growth Index, for all periods under review except the one- and three-year periods.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods noted above. The Board took note of the explanations for the relative underperformance in these periods, including with respect to market factors that affected the Fund’s performance and of longer term and recent outperformance.

Investment advisory and sub-advisory fee rates


Other information (unaudited)		Wells Fargo Advantage Growth Fund			33

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


34		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	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

236194 09-15

A206/AR206 07-15

Wells Fargo Advantage Intrinsic Value Fund

LOGO

Annual Report

July 31, 2015

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

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

Notes to financial statements			23

Report of independent registered public accounting firm			28

Other information			29

List of abbreviations			35

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Generally improving U.S. economic data helped drive a positive return for U.S. large-cap stocks for the reporting period

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Intrinsic Value Fund for the 12-month period that ended July 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. large-cap 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 market volatility in the last five months of 2014.

In the first quarter of 2015, U.S. large caps delivered positive results but underperformed small- and mid-cap stocks; major markets elsewhere rallied.

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

U.S. large caps experienced challenges during the second quarter of 2015.

July 2015 brought a bounce-back for U.S. large caps.

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

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

Sincerely,

LOGO

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.

Notice to shareholders


4		Wells Fargo Advantage Intrinsic Value Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Metropolitan West Capital Management. LLC

Portfolio managers

Miguel E. Giaconi, CFA

Jean-Baptiste Nadal, CFA

Jeffrey Peck

Average annual total returns¹ (%) as of July 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	2.91	12.98	7.58		9.19		14.32		8.29	1.17	1.11
Class B (EIVBX)*	8-1-2006	3.36	13.22	7.67		8.36		13.46		7.67	1.92	1.86
Class C (EIVCX)	8-1-2006	7.42	13.47	7.49		8.42		13.47		7.49	1.92	1.86
Class R (EIVTX)	3-1-2013	–	–	–		8.96		14.08		8.05	1.42	1.36
Class R4 (EIVRX)	11-30-2012	–	–	–		9.53		14.71		8.60	0.89	0.80
Class R6 (EIVFX)	11-30-2012	–	–	–		9.74		14.71		8.60	0.74	0.65
Administrator Class (EIVDX)	7-30-2010	–	–	–		9.42		14.58		8.48	1.09	0.95
Institutional Class (EIVIX)	8-1-2006	–	–	–		9.66		14.78		8.64	0.84	0.70
Russell 1000^® Value Index⁴	–	–	–	–		6.40		15.08		6.30	–	–

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

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.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Intrinsic Value Fund			5

Growth of $10,000 investment⁵ as of July 31, 2015

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.

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 chart compares the performance of Class A shares since inception with the Russell 1000 Value Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

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


6		Wells Fargo Advantage Intrinsic Value Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

The Fund outperformed the Russell 1000 Value Index for the 12-month period that ended July 31, 2015.

Security selection in industrials and financials were the primary contributors to relative performance. An underweight to the worst-performing energy sector also added value. The positive impact of stock selection in financials, the second best performing sector, was partially offset by the Fund’s underweight to the sector. Meanwhile, stock selection in consumer staples detracted the most from the Fund’s relative performance.

Amid strong market performance, we adhered to our disciplined investment process. We continued to focus on individual companies rather than on broad, top-down economic or sector forecasts. In an attempt to manage risk, we maintained the Fund’s broad diversification by sector, industry, and position.


Ten largest holdings⁶ (%) as of July 31, 2015
BB&T Corporation			3.26
Goldman Sachs Group Incorporated			3.22
The Boeing Company			2.79
Abbott Laboratories			2.75
The Walt Disney Company			2.74
Lockheed Martin Corporation			2.71
Time Warner Incorporated			2.71
Anheuser-Busch InBev NV ADR			2.66
The TJX Companies Incorporated			2.57
Honeywell International Incorporated			2.54

The Fund outperformed its benchmark for the reporting period.

Security selection in industrials and financials contributed to the Fund’s performance. The largest contributors in industrials were aircraft manufacturer The Boeing Company and shipbuilder Huntington Ingalls Industries Incorporated^*. Property and casualty insurance company The Chubb Corporation was the largest contributor to performance in financials.

On the negative side, stock selection in consumer staples detracted the most from relative return. The primary detractor was global leader in premium spirits Diageo plc.

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

As a result of trades, stock price movements, and the annual reconstitution of the Russell indexes, the Fund’s positioning relative to its benchmark shifted noticeably during the period. The Fund’s underweight to energy increased due to our reduced position in oil and gas exploration and production company Occidental Petroleum Corporation.

The Fund reduced its sizeable overweight to the consumer discretionary sector through the divestment of the world’s largest home-improvement retailer The Home Depot Incorporated; global auto supplier TRW Automotive Holdings Corporation; and luxury and sports and lifestyle conglomerate Kering, as well as trims of diversified entertainment provider The Walt Disney Company. Meanwhile, the Fund’s slight underweight to health care shifted to a slight overweight with the purchase of pharmaceutical company Merck & Company Incorporated, along with adds to research-based biopharmaceutical company AbbVie Incorporated. However, these purchases were partially offset by the sale of global, diversified health care company Baxter International Incorporated. A decrease in the Fund’s telecommunication services sector underweight resulted from the purchase of Verizon Communications Incorporated. In all cases, the trades were made based on fundamental, bottom-up research rather than top-down sector allocation decisions.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Intrinsic Value Fund			7

Sector distribution⁷ as of July 31, 2015

We continue to focus on our investment strategy and process.

The current environment possesses the risks of rising interest rates, decelerating earnings growth, and increasing equity market volatility. These factors have historically been beneficial to high-quality companies, as companies with strong free cash flow, shareholder-receptive management, and sufficient margins of safety can better navigate this riskier environment. At Metropolitan West Capital Management, LLC, we remain confident in the high-quality companies that the Fund owns. Furthermore, we believe our long-term focus on company fundamentals, our determination to seek out mispricing opportunities in the marketplace, and our ability to identify catalysts that will create or unlock value over our investment time horizon should continue to return value for shareholders over a complete market cycle.

Please see footnotes on page 5.


8		Wells Fargo Advantage Intrinsic Value Fund		Fund expenses (unaudited)

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

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2015		Ending account value 7-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,074.33	$	5.91		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.09	$	5.76		1.15	%
Class B
Actual	$	1,000.00	$	1,069.51	$	9.75		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.37	$	9.49		1.90	%
Class C
Actual	$	1,000.00	$	1,070.01	$	9.75		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.37	$	9.49		1.90	%
Class R
Actual	$	1,000.00	$	1,073.04	$	7.20		1.40	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.00		1.40	%
Class R4
Actual	$	1,000.00	$	1,075.72	$	4.12		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class R6
Actual	$	1,000.00	$	1,076.68	$	3.35		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,074.66	$	4.89		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,076.44	$	3.60		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Intrinsic Value Fund			9


Security name	Shares		Value

Common Stocks: 95.29%

Consumer Discretionary: 10.02%

Hotels, Restaurants & Leisure: 2.00%
Marriott International Incorporated Class A		329,207	$	23,903,720


Media: 5.45%
The Walt Disney Company		272,955		32,754,600
Time Warner Incorporated		368,132		32,410,341

				65,164,941


Specialty Retail: 2.57%
The TJX Companies Incorporated		440,420		30,750,124


Consumer Staples: 10.08%

Beverages: 5.78%
Anheuser-Busch InBev NV ADR		266,137		31,816,678
Diageo plc ADR		104,501		11,736,507
PepsiCo Incorporated		265,014		25,534,099

				69,087,284


Household Products: 2.21%
The Procter & Gamble Company		344,729		26,440,714


Personal Products: 2.09%
Unilever NV ADR		557,522		24,993,711


Energy: 7.93%

Energy Equipment & Services: 3.49%
FMC Technologies Incorporated †		531,692		17,418,230
Schlumberger Limited		293,330		24,293,591

				41,711,821


Oil, Gas & Consumable Fuels: 4.44%
BG Group plc ADR		928,502		15,942,379
EOG Resources Incorporated		331,535		25,591,187
Occidental Petroleum Corporation		164,901		11,576,050

				53,109,616


Financials: 19.70%

Banks: 7.51%
BB&T Corporation		966,524		38,921,921
CIT Group Incorporated		468,923		22,058,138
SunTrust Banks Incorporated		648,989		28,776,172

				89,756,231


Capital Markets: 9.70%
Charles Schwab Corporation		652,979		22,775,908
Goldman Sachs Group Incorporated		187,525		38,455,752
Northern Trust Corporation		385,920		29,519,021
UBS Group AG		1,096,434		25,283,768

				116,034,449

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


10		Wells Fargo Advantage Intrinsic Value Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Consumer Finance: 1.14%
Synchrony Financial «†		397,070	$	13,643,325


Insurance: 1.35%
The Chubb Corporation		129,682		16,123,363


Health Care: 11.65%

Health Care Equipment & Supplies: 2.76%
Abbott Laboratories		649,149		32,905,363


Health Care Providers & Services: 4.10%
Cigna Corporation		148,644		21,413,655
Express Scripts Holding Company †		306,766		27,630,414

				49,044,069


Pharmaceuticals: 4.79%
AbbVie Incorporated		402,805		28,200,378
Merck & Company Incorporated		493,307		29,085,381

				57,285,759


Industrials: 12.52%

Aerospace & Defense: 8.04%
Honeywell International Incorporated		288,778		30,336,129
Lockheed Martin Corporation		156,704		32,453,398
The Boeing Company		231,082		33,315,092

				96,104,619


Air Freight & Logistics: 2.10%
United Parcel Service Incorporated Class B		244,920		25,070,011


Electrical Equipment: 2.38%
Sensata Technologies Holding NV †		554,253		28,444,264


Information Technology: 16.03%

Communications Equipment: 3.47%
Motorola Solutions Incorporated		414,664		24,946,186
QUALCOMM Incorporated		256,611		16,523,182

				41,469,368


IT Services: 2.34%
The Western Union Company		1,383,849		28,009,104


Semiconductors & Semiconductor Equipment: 1.88%
Texas Instruments Incorporated		448,669		22,424,477


Software: 4.58%
Microsoft Corporation		618,727		28,894,551
Oracle Corporation		647,324		25,854,121

				54,748,672

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Intrinsic Value Fund			11


Security name				Shares		Value


Technology Hardware, Storage & Peripherals: 3.76%
Apple Incorporated					203,348	$	24,666,112
EMC Corporation					755,816		20,323,892

							44,990,004


Materials: 1.42%

Chemicals: 1.42%
E.I. du Pont de Nemours & Company					303,939		16,947,639


Telecommunication Services: 1.83%

Diversified Telecommunication Services: 1.83%
Verizon Communications Incorporated					468,241		21,908,996


Utilities: 4.11%

Electric Utilities: 4.11%
Eversource Energy					406,415		20,206,954
NextEra Energy Incorporated					274,840		28,913,169

							49,120,123


Total Common Stocks (Cost $895,441,138)							1,139,191,767


	Yield
Short-Term Investments: 5.03%

Investment Companies: 5.03%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.14	%		7,206,500		7,206,500
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13			52,947,155		52,947,155

Total Short-Term Investments (Cost $60,153,655)							60,153,655


Total investments in securities (Cost $955,594,793) *	100.32	%		1,199,345,422
Other assets and liabilities, net	(0.32	)		(3,774,005	)

Total net assets	100.00	%	$	1,195,571,417

†	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 $955,885,729 and unrealized gains (losses) consists of:


Gross unrealized gains	$	264,034,743
Gross unrealized losses		(20,575,050	)

Net unrealized gains	$	243,459,693

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


12		Wells Fargo Advantage Intrinsic Value Fund		Statement of assets and liabilities—July 31, 2015




Assets
Investments
In unaffiliated securities (including $6,975,080 of securities loaned), at value (cost $895,441,138)	$	1,139,191,767
In affiliated securities, at value (cost $60,153,655)		60,153,655

Total investments, at value (cost $955,594,793)		1,199,345,422
Receivable for investments sold		3,700,789
Receivable for Fund shares sold		175,696
Receivable for dividends		1,163,488
Receivable for securities lending income		2,733
Prepaid expenses and other assets		62,448

Total assets		1,204,450,576


Liabilities
Payable for Fund shares redeemed		438,085
Payable upon receipt of securities loaned		7,206,500
Management fee payable		619,092
Distribution fees payable		25,875
Administration fees payable		170,392
Accrued expenses and other liabilities		419,215

Total liabilities		8,879,159

Total net assets	$	1,195,571,417


NET ASSETS CONSIST OF
Paid-in capital	$	867,138,490
Undistributed net investment income		6,065,222
Accumulated net realized gains on investments		78,617,076
Net unrealized gains on investments		243,750,629

Total net assets	$	1,195,571,417


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	372,442,774
Shares outstanding – Class A¹		27,131,094
Net asset value per share – Class A		$13.73
Maximum offering price per share – Class A²		$14.57
Net assets – Class B	$	1,946,531
Shares outstanding – Class B¹		143,744
Net asset value per share – Class B		$13.54
Net assets – Class C	$	36,098,273
Shares outstanding – Class C¹		2,684,279
Net asset value per share – Class C		$13.45
Net assets – Class R	$	41,031
Shares outstanding – Class R¹		2,971
Net asset value per share – Class R		$13.81
Net assets – Class R4	$	15,142
Share outstanding – Class R4¹		1,099
Net asset value per share – Class R4		$13.78
Net assets – Class R6	$	169,339
Shares outstanding – Class R6¹		12,436
Net asset value per share – Class R6		$13.62
Net assets – Administrator Class	$	529,292,958
Shares outstanding – Administrator Class¹		37,141,187
Net asset value per share – Administrator Class		$14.25
Net assets – Institutional Class	$	255,565,369
Shares outstanding – Institutional Class¹		18,513,021
Net asset value per share – Institutional Class		$13.80

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—year ended July 31, 2015		Wells Fargo Advantage Intrinsic Value Fund			13




Investment income
Dividends (net of foreign withholding taxes of $333,057)	$	23,064,153
Securities lending income, net		47,916
Income from affiliated securities		37,369

Total investment income		23,149,438


Expenses
Management fee		8,281,889
Administration fees
Class A		992,856
Class B		7,362
Class C		94,176
Class R		88
Class R4		11
Class R6		49
Administrator Class		551,795
Institutional Class		211,851
Shareholder servicing fees
Class A		931,514
Class B		7,164
Class C		92,126
Class R		86
Class R4		15
Administrator Class		1,342,839
Distribution fees
Class B		21,492
Class C		276,379
Class R		86
Custody and accounting fees		61,026
Professional fees		42,910
Registration fees		98,323
Shareholder report expenses		106,412
Trustees’ fees and expenses		10,026
Other fees and expenses		22,968

Total expenses		13,153,443
Less: Fee waivers and/or expense reimbursements		(1,048,370	)

Net expenses		12,105,073

Net investment income		11,044,365


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		129,111,859
Net change in unrealized gains (losses) on investments		(31,816,136	)

Net realized and unrealized gains (losses) on investments		97,295,723

Net increase in net assets resulting from operations	$	108,340,088

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


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


	Year ended July 31, 2015						Year ended July 31, 2014

Operations
Net investment income				$	11,044,365					$	8,246,287
Net realized gains on investments					129,111,859						77,209,900
Net change in unrealized gains (losses) on investments					(31,816,136	)					63,456,026

Net increase in net assets resulting from operations					108,340,088						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					(2,625,365	)					(1,277,956	)
Class R					(2,211	)					(749	)
Class R4					(1,003	)					(494	)
Class R6					(11,038	)					(129,126	)
Administrator Class					(36,136,386	)					(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		624,836			8,481,516			1,536,744			19,747,759
Class B		2,136			28,654			6,639			83,868
Class C		209,050			2,773,670			248,479			3,177,380
Class R		1,217			16,683			541			7,094
Class R6		339			4,595			28,088			358,736
Administrator Class		690,160			9,705,283			1,447,515			19,486,524
Institutional Class		2,658,478			36,641,333			3,266,904			42,230,313

					57,651,734						85,091,674

Reinvestment of distributions
Class A		2,128,410			27,919,064			1,176,653			14,917,979
Class B		15,779			204,498			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			1,132			46			602
Class R6		1,068			13,934			12,774			162,517
Administrator Class		2,786,857			37,930,250			1,521,594			19,958,784
Institutional Class		1,210,532			15,960,088			652,707			8,311,426

					84,278,852						44,620,822

Payment for shares redeemed
Class A		(4,381,343	)		(59,669,917	)		(4,839,117	)		(63,094,781	)
Class B		(163,321	)		(2,207,079	)		(180,860	)		(2,324,814	)
Class C		(442,242	)		(5,907,017	)		(478,767	)		(6,118,561	)
Class R		(470	)		(6,451	)		0			0
Class R4		(111	)		(1,553	)		0			0
Class R6		0			0			(297,213	)		(4,116,495	)
Administrator Class		(4,305,966	)		(60,992,273	)		(4,780,073	)		(63,850,413	)
Institutional Class		(3,233,572	)		(43,813,596	)		(3,626,645	)		(47,212,305	)

					(172,597,886	)					(186,717,369	)

Net decrease in net assets resulting from capital share transactions					(30,667,300	)					(57,004,873	)

Total increase (decrease) in net assets					(15,211,009	)					43,391,488


Net assets
Beginning of period					1,210,782,426						1,167,390,938

End of period				$	1,195,571,417					$	1,210,782,426

Undistributed net investment income				$	6,065,222					$	3,889,143

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)


	Year ended July 31
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.60			$12.52			$10.44			$11.50			$9.84
Net investment income		0.10			0.07			0.07	¹		0.11	¹		0.10
Net realized and unrealized gains (losses) on investments		1.09			1.53			2.75			0.24			1.65

Total from investment operations		1.19			1.60			2.82			0.35			1.75
Distributions to shareholders from
Net investment income		(0.07	)		(0.06	)		(0.10	)		(0.28	)		(0.09	)
Net realized gains		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00

Total distributions to shareholders		(1.06	)		(1.52	)		(0.74	)		(1.41	)		(0.09	)
Net asset value, end of period		$13.73			$13.60			$12.52			$10.44			$11.50
Total return²		9.19	%		13.09	%		28.53	%		4.38	%		17.88	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.21	%		1.20	%		1.24	%		1.24	%
Net expenses		1.16	%		1.16	%		1.16	%		1.17	%		1.17	%
Net investment income		0.75	%		0.53	%		0.57	%		1.05	%		0.81	%
Supplemental data
Portfolio turnover rate		29	%		23	%		28	%		34	%		25	%
Net assets, end of period (000s omitted)		$372,443			$391,028			$386,655			$87,784			$159,178

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


16		Wells Fargo Advantage Intrinsic Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS B	2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.45			$12.42			$10.34			$11.37			$9.72
Net investment income (loss)		0.00	^1,2		(0.03	)¹		(0.02	)		0.03	¹		0.01	¹
Net realized and unrealized gains (losses) on investments		1.08			1.52			2.74			0.24			1.64

Total from investment operations		1.08			1.49			2.72			0.27			1.65
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.17	)		(0.00	)²
Net realized gains		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00

Total distributions to shareholders		(0.99	)		(0.46	)		(0.64	)		(1.30	)		(0.00	)²
Net asset value, end of period		$13.54			$13.45			$12.42			$10.34			$11.37
Total return³		8.36	%		12.25	%		27.57	%		3.56	%		17.03	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.97	%		1.97	%		2.01	%		1.99	%
Net expenses		1.91	%		1.91	%		1.91	%		1.92	%		1.91	%
Net investment income (loss)		0.00	%		(0.20	)%		(0.03	)%		0.27	%		0.07	%
Supplemental data
Portfolio turnover rate		29	%		23	%		28	%		34	%		25	%
Net assets, end of period (000s omitted)		$1,947			$3,889			$5,589			$4,323			$7,666

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

³	Total return calculations do not include any sales charges.

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


Financial highlights		Wells Fargo Advantage Intrinsic Value Fund			17

(For a share outstanding throughout each period)


	Year ended July 31
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.36			$12.35			$10.30			$11.35			$9.72
Net investment income (loss)		0.00	¹		(0.03	)		(0.01	)²		0.03	²		0.02
Net realized and unrealized gains (losses) on investments		1.08			1.50			2.72			0.24			1.63

Total from investment operations		1.08			1.47			2.71			0.27			1.65
Distributions to shareholders from
Net investment income		0.00			0.00			(0.02	)		(0.19	)		(0.02	)
Net realized gains		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00

Total distributions to shareholders		(0.99	)		(0.46	)		(0.66	)		(1.32	)		(0.02	)
Net asset value, end of period		$13.45			$13.36			$12.35			$10.30			$11.35
Total return³		8.42	%		12.24	%		27.50	%		3.62	%		16.98	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		1.97	%		1.97	%		2.01	%		1.97	%
Net expenses		1.91	%		1.91	%		1.91	%		1.92	%		1.92	%
Net investment income (loss)		0.00	%		(0.22	)%		(0.05	)%		0.26	%		0.07	%
Supplemental data
Portfolio turnover rate		29	%		23	%		28	%		34	%		25	%
Net assets, end of period (000s omitted)		$36,098			$36,654			$35,616			$20,187			$28,230

¹	Amount is less than $0.005.

²	Calculated based upon average shares outstanding

³	Total return calculations do not include any sales charges.

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


18		Wells Fargo Advantage Intrinsic Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R	2015			2014			2013¹
Net asset value, beginning of period		$13.66			$12.55			$11.20
Net investment income		0.05			0.03			0.00	²
Net realized and unrealized gains (losses) on investments		1.12			1.54			1.35

Total from investment operations		1.17			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		$13.81			$13.66			$12.55
Total return³		8.96	%		12.77	%		12.05	%
Ratios to average net assets (annualized)
Gross expenses		1.47	%		1.49	%		1.46	%
Net expenses		1.40	%		1.41	%		1.41	%
Net investment income		0.50	%		0.26	%		0.01	%
Supplemental data
Portfolio turnover rate		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$41			$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			19

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R4	2015			2014			2013¹
Net asset value, beginning of period		$13.65			$12.55			$11.10
Net investment income		0.15			0.12			0.09
Net realized and unrealized gains (losses) on investments		1.09			1.54			2.15

Total from investment operations		1.24			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		$13.78			$13.65			$12.55
Total return²		9.53	%		13.55	%		21.73	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.87	%		0.88	%
Net expenses		0.80	%		0.80	%		0.80	%
Net investment income		1.11	%		0.88	%		0.99	%
Supplemental data
Portfolio turnover rate		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$15			$15			$14

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

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

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


20		Wells Fargo Advantage Intrinsic Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R6	2015			2014			2013¹
Net asset value, beginning of period		$13.60			$12.56			$11.10
Net investment income		0.17	²		0.14	²		0.19
Net realized and unrealized gains (losses) on investments		1.08			1.47			2.06

Total from investment operations		1.25			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		$13.62			$13.60			$12.56
Total return³		9.74	%		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		1.25	%		1.10	%		0.85	%
Supplemental data
Portfolio turnover rate		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$169			$150			$3,359

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

²	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Intrinsic Value Fund			21

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.08			$12.95			$10.78			$11.55			$9.87
Net investment income		0.13			0.10			0.08	¹		0.12	¹		0.11	¹
Net realized and unrealized gains (losses) on investments		1.14			1.58			2.87			0.28			1.68

Total from investment operations		1.27			1.68			2.95			0.40			1.79
Distributions to shareholders from
Net investment income		(0.11	)		(0.09	)		(0.14	)		(0.04	)		(0.11	)
Net realized gains		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00

Total distributions to shareholders		(1.10	)		(0.55	)		(0.78	)		(1.17	)		(0.11	)
Net asset value, end of period		$14.25			$14.08			$12.95			$10.78			$11.55
Total return²		9.42	%		13.36	%		28.77	%		4.57	%		18.23	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.06	%		1.05	%		1.09	%		1.06	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		0.95	%		0.74	%		0.68	%		1.13	%		1.04	%
Supplemental data
Portfolio turnover rate		29	%		23	%		28	%		34	%		25	%
Net assets, end of period (000s omitted)		$529,293			$534,641			$515,012			$26,687			$9,693

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 Intrinsic Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.67			$12.58			$10.48			$11.56			$9.87
Net investment income		0.15			0.13			0.16			0.14	¹		0.13	¹
Net realized and unrealized gains (losses) on investments		1.11			1.53			2.73			0.24			1.67

Total from investment operations		1.26			1.66			2.89			0.38			1.80
Distributions to shareholders from
Net investment income		(0.14	)		(1.11	)		(0.15	)		(0.33	)		(0.11	)
Net realized gains		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00

Total distributions to shareholders		(1.13	)		(0.57	)		(0.79	)		(1.46	)		(0.11	)
Net asset value, end of period		$13.80			$13.67			$12.58			$10.48			$11.56
Total return		9.66	%		13.64	%		29.04	%		4.71	%		18.32	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.79	%		0.79	%		0.83	%		0.79	%
Net expenses		0.70	%		0.70	%		0.73	%		0.82	%		0.79	%
Net investment income		1.20	%		0.99	%		1.21	%		1.35	%		1.16	%
Supplemental data
Portfolio turnover rate		29	%		23	%		28	%		34	%		25	%
Net assets, end of period (000s omitted)		$255,565			$244,378			$221,128			$222,949			$277,329

¹	Calculated based upon average shares outstanding

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


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

2. SIGNIFICANT ACCOUNTING POLICIES

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).

Security loans


24		Wells Fargo Advantage Intrinsic Value Fund		Notes to financial statements

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

Paid-in capital

Undistributed net

investment income

Accumulated net

realized gains

on investments

$184

$(294)

$110

As of July 31, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $12,596,933 expiring in 2017.

Class allocations


Notes to financial statements		Wells Fargo Advantage Intrinsic Value Fund			25

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

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


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

Common stocks
Consumer discretionary	$	119,818,785	$	0	$	0	$	119,818,785
Consumer staples		120,521,709		0		0		120,521,709
Energy		94,821,437		0		0		94,821,437
Financials		235,557,368		0		0		235,557,368
Health care		139,235,191		0		0		139,235,191
Industrials		149,618,894		0		0		149,618,894
Information technology		191,641,625		0		0		191,641,625
Materials		16,947,639		0		0		16,947,639
Telecommunication services		21,908,996		0		0		21,908,996
Utilities		49,120,123		0		0		49,120,123

Short-term investments
Investment companies		52,947,155		7,206,500		0		60,153,655
Total assets	$	1,192,138,922	$	7,206,500	$	0	$	1,199,345,422

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At July 31, 2015 common stocks with a market value of $15,942,379 were transferred from Level 2 to Level 1 because of an increase in the market activity of these securities. The Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee


26		Wells Fargo Advantage Intrinsic Value Fund		Notes to financial statements

Prior to July 1, 2015, Funds Management provided advisory services pursuant to an investment advisory agreement. For the period from December 1, 2014 through June 30, 2015, Funds Management was entitled to receive an annual fee which started at 0.65% and declined to 0.475% as the average daily net assets of the Fund increased. From August 1, 2014 through November 30, 2014, Funds Management received an annual advisory fee which started at 0.65% and declined to 0.55% as the average daily net assets of the Fund increased. In addition, prior to July 31, 2015, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of the Fund increased. For the year ended July 31, 2015, the management fee was equivalent to an annual rate of 0.68% of the Fund’s average daily net assets. For financial statement purposes, advisory fees and fund-level administration fees for the year ended July 31, 2015 have been included in management fee on the Statement of Operations.

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
	Current rate			Rate prior to July 1, 2015
Class A, Class B, Class C, Class R		0.21	%		0.26	%
Class R4		0.08			0.08
Class R6		0.03			0.03
Administrator Class		0.13			0.10
Institutional Class		0.13			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, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class B shares, 1.86% for Class C shares, 1.36% for Class R shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to July 1, 2015, the Fund’s expenses were capped at 1.16% for Class A shares, 1.91% for Class B shares, 1.91% for Class C shares, and 1.41% for Class R shares.

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 Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended July 31, 2015, Funds Distributor received $12,322 from the sale of Class A shares and $10 and $14 in contingent deferred sales charges from redemptions of Class B, and Class C shares, respectively.


Notes to financial statements		Wells Fargo Advantage Intrinsic Value Fund			27

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 year ended July 31, 2015 were $334,376,796 and $475,671,122, respectively.

6. BANK BORROWINGS

For the year ended July 31, 2015, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2015 and July 31, 2014 were as follows:


	Year ended July 31
	2015		2014
Ordinary income	$	12,000,998	$	8,437,765
Long-term capital gain		80,882,799		40,078,087

As of July 31, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed

ordinary

income

Undistributed

long-term

gain

Unrealized

gains

Capital loss

carryforward

$6,200,397

$91,504,947

$243,459,693

$(12,596,933)

8. INDEMNIFICATION


28		Wells Fargo Advantage Intrinsic Value Fund		Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Intrinsic Value Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Intrinsic Value Fund as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

September 23, 2015


Other information (unaudited)		Wells Fargo Advantage Intrinsic Value Fund			29

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 100% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2015.

Pursuant to Section 852 of the Internal Revenue Code, $80,882,799 was designated as long-term capital gain distributions for the fiscal year ended July 31, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $12,000,998 of income dividends paid during the fiscal year ended July 31, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2015, $3,132,712 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


30		Wells Fargo Advantage Intrinsic Value Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a 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 Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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			31


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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
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 72 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.


32		Wells Fargo Advantage Intrinsic Value Fund		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 19-20, 2015 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Advantage Intrinsic Value Fund (the “Fund”): (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment management agreement (the “Management Agreement”) with Funds Management; and (iii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Metropolitan West Capital Management, LLC (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement combines the terms of the Advisory Agreement with the terms of the Fund’s Amended and Restated Administration Agreement (the “Administration Agreement”) applicable to Fund-level administrative services. The Advisory Agreement, the Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services


Other information (unaudited)		Wells Fargo Advantage Intrinsic Value Fund			33

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended March 31, 2015. The Board considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than the average performance of the Universe for all periods under review except for the one-year period. The Board also noted that the performance of the Fund was higher than or in range of its benchmark, the Russell 1000^® Value Index, for all periods under review except the one- and three-year periods.

Investment advisory and sub-advisory fee rates

Profitability


34		Wells Fargo Advantage Intrinsic Value Fund		Other information (unaudited)

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

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


List of abbreviations		Wells Fargo Advantage Intrinsic Value Fund			35

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

236195 09-15

A207/AR207 07-15

Wells Fargo Advantage Large Cap Core Fund

LOGO

Annual Report

July 31, 2015

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

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

Notes to financial statements			20

Report of independent registered public accounting firm			25

Other information			26

List of abbreviations			32

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Generally improving U.S. economic data helped drive a positive return for U.S. large-cap stocks for the reporting period

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Large Cap Core Fund for the 12-month period that ended July 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. large-cap 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 market volatility in the last five months of 2014.

In the first quarter of 2015, U.S. large caps delivered positive results but underperformed small- and mid-cap stocks; major markets elsewhere rallied.

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

U.S. large caps experienced challenges during the second quarter of 2015.

July 2015 brought a bounce-back for U.S. large caps.

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

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

Sincerely,

LOGO

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.

Notice to shareholders


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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Golden Capital Management, LLC

Portfolio managers

John Campbell, CFA

Jeff C. Moser, CFA

Average annual total returns¹ (%) as of July 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		4.63		15.77		6.11		10.99		17.15		6.94		1.24		1.14
Class C (EGOCX)	12-17-2007		9.16		16.28		6.17		10.16		16.28		6.17		1.99		1.89
Administrator Class (WFLLX)	7-16-2010		–		–		–		11.28		17.45		7.14		1.16		0.90
Institutional Class (EGOIX)	12-17-2007		–		–		–		11.51		17.72		7.39		0.91		0.66
Investor Class (WFLNX)	7-16-2010		–		–		–		10.90		17.06		6.79		1.35		1.20
S&P 500 Index⁴	–		–		–		–		11.21		16.24		7.35		–		–

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.

Please see footnotes on page 5.


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

Growth of $10,000 investment⁵ as of July 31, 2015

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.

The manager has contractually committed through November 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown for Class A and Class C. The manager has contractually committed through November 30, 2015, to waive fees and/or reimburse expenses to the extent necessary to cap the Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown for Administrator Class, Institutional Class, and Investor Class. Effective December 1, 2015, the manager has contractually committed through November 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After the Fee Waiver at 1.00% for Administrator Class and 0.70% for Institutional Class. After this time, the caps may be increased or the commitment to maintain the caps 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 chart compares the performance of Class A shares since inception with the S&P 500 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

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


6		Wells Fargo Advantage Large Cap Core Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

The Fund underperformed its benchmark, the S&P 500 Index, for the 12-month period that ended July 31, 2015.

Results in the information technology (IT) sector detracted the most from Fund performance relative to the benchmark index. Select energy and transport-related holdings negatively affected results as well.

Stock selection in the industrials and financials sectors provided some of the strongest contributions to relative performance. The Fund also benefited from overweights to the health care and consumer discretionary sectors.


Ten largest holdings⁶ (%) as of July 31, 2015
Spirit AeroSystems Holdings Incorporated Class A			2.62
Centene Corporation			2.53
Gilead Sciences Incorporated			2.46
Electronic Arts Incorporated			2.46
CVS Health Corporation			2.44
Pinnacle Foods Incorporated			2.41
The Home Depot Incorporated			2.40
Aetna Incorporated			2.40
Apple Incorporated			2.38
Northrop Grumman Corporation			2.38

U.S. economic growth improved slowly during the period; the Fund was positioned accordingly.

The U.S. economy’s already slow-but-steady pace appeared to slow a bit more over the 12-month period that ended July 31, 2015. Many economists and investors attributed the slowdown in the pace of economic growth to transitory factors, including weather and statistical seasonal adjustments. During the period, manufacturing reports indicated modest expansion, retail sales reports reflected growth, the job market remained strong as the unemployment rate gradually improved, and consumer confidence surveys registered high readings. The U.S. Federal Reserve (Fed) completed its quantitative easing program in October 2014 and has since changed its language to prepare investors for potential interest-rate

increases. Economic projections released following the Fed’s June 2015 meeting indicated that although its members had revised downward their overall expectation for growth in U.S. gross domestic product, they still anticipated making one to three increases in the federal funds target interest rate by the end of 2015.

In the eurozone, economic growth remained weak overall for the period. The region’s inflation rate continued to fall significantly below the European Central Bank’s (ECB’s) 2.0% target, and unemployment rates remained elevated in all member countries except Germany. However, in the period following the ECB’s announcement of a new quantitative easing policy, economic growth and inflation delivered better-than-expected improvement. For example, manufacturing data strengthened, reaching their highest levels in four years. Throughout much of the 12-month period, though, the situation in Greece remained a significant stumbling block. Greece’s economy continued to deteriorate, its government defaulted on a loan payment to the International Monetary Fund, and its stock market and banks closed temporarily while the Greek government and eurozone leaders tried to reach a mutually agreeable solution.

During the period, the Fund was positioned to potentially benefit from continued slow U.S. economic growth and an accommodative Fed monetary policy. The Fund’s positioning included maintaining slightly higher market risk than the benchmark index and emphasizing companies with potential earnings growth and a likelihood of reporting positive earnings surprises (as indicated by our quantitative research). In implementing this positioning during the period, we decreased the Fund’s exposure to the weak PC market within the IT sector and maintained overweights to the health care and consumer discretionary sectors and an underweight to the utilities sector.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Large Cap Core Fund			7

Sector distribution⁷ as of July 31, 2015

PC-related holdings drove most of the Fund’s relative underperformance.

The Fund’s IT holdings underperformed the IT sector within the benchmark S&P 500 Index, largely due to the Fund’s heightened sensitivity to the weak PC market. Notable PC-related detractors within the Fund included Intel Corporation; Micron Technology, Incorporated; and SanDisk Corporation. We sold Micron Technology during the period in favor of other, non-PC-related IT holdings, including mobile-technology company Skyworks Solutions Incorporated, and Electronic Arts Incorporated, a leader in the fast-growing digital gaming and entertainment industry. Within the energy sector, Fund

holdings Halliburton Company^* and National Oilwell Varco Incorporated suffered as crude-oil prices fell sharply; transport-related holding Trinity Industries Incorporated declined as well.

Favorable results in the Fund’s industrials, financials, health care, and consumer discretionary sectors aided performance.

In the industrials sector, notable contributors to Fund performance included Southwest Airlines Company and aerospace/defense companies Spirit AeroSystems Holdings Incorporated, and Northrop Grumman Corporation. Within the financials sector, Voya Financial, Incorporated; The Goldman Sachs Group Incorporated; and Morgan Stanley contributed positively to results. Our decisions to overweight the health care and consumer discretionary sectors added significant value because these were the two top-performing sectors within the S&P 500 Index during the period. Strong performers within health care included Centene Corporation and Aetna Incorporated; within consumer discretionary, Hanesbrands Incorporated^*and The Home Depot Incorporated delivered notable results.

Our outlook remains optimistic.

Developed markets stocks seem expensive to us relative to historical valuation measures. Although interest rates have begun to rise, they remain low, which causes stocks to seem inexpensive when compared with government bonds on a relative-yield basis. We continue to see attractive opportunities to invest in less expensive stocks with high-quality characteristics, including high free-cash-flow yields, favorable earnings stability, and strong balance sheets.

Please see footnotes on page 5.


8		Wells Fargo Advantage Large Cap Core Fund		Fund expenses (unaudited)

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

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2015		Ending account value 7-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,066.80	$	5.84		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.14	$	5.71		1.14	%
Class C
Actual	$	1,000.00	$	1,063.35	$	9.67		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.42	$	9.44		1.89	%
Administrator Class
Actual	$	1,000.00	$	1,067.97	$	4.61		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Institutional Class
Actual	$	1,000.00	$	1,069.94	$	3.39		0.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.31		0.66	%
Investor Class
Actual	$	1,000.00	$	1,066.62	$	6.15		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.84	$	6.01		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—July 31, 2015		Wells Fargo Advantage Large Cap Core Fund			9


Security name	Shares		Value

Common Stocks: 97.98%

Consumer Discretionary: 16.26%

Auto Components: 4.31%
Lear Corporation		115,868	$	12,058,383
Magna International Incorporated		241,146		13,108,697

				25,167,080


Automobiles: 1.26%
Ford Motor Company		494,948		7,340,079


Media: 1.99%
Comcast Corporation Class A		186,086		11,613,627


Multiline Retail: 1.91%
Target Corporation		136,433		11,167,041


Specialty Retail: 6.79%
Foot Locker Incorporated		195,664		13,804,095
Lowe’s Companies Incorporated		170,625		11,834,550
The Home Depot Incorporated		119,974		14,040,557

				39,679,202


Consumer Staples: 6.73%

Food & Staples Retailing: 2.44%
CVS Health Corporation		126,914		14,274,018


Food Products: 4.29%
Archer Daniels Midland Company		231,161		10,961,655
Pinnacle Foods Incorporated		312,827		14,061,574

				25,023,229


Energy: 6.96%

Energy Equipment & Services: 1.00%
National Oilwell Varco Incorporated		138,828		5,848,824


Oil, Gas & Consumable Fuels: 5.96%
ConocoPhillips Company		121,310		6,106,745
Exxon Mobil Corporation		90,564		7,173,574
Valero Energy Corporation		165,986		10,888,682
Western Refining Incorporated		240,417		10,616,815

				34,785,816


Financials: 14.39%

Banks: 2.01%
JPMorgan Chase & Company		171,496		11,752,621


Capital Markets: 4.06%
Goldman Sachs Group Incorporated		59,767		12,256,419
Morgan Stanley		295,085		11,461,101

				23,717,520

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


10		Wells Fargo Advantage Large Cap Core Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Consumer Finance: 1.74%
Capital One Financial Corporation		124,829	$	10,148,598


Diversified Financial Services: 2.07%
Voya Financial Incorporated		257,147		12,073,052


Insurance: 4.51%
Lincoln National Corporation		237,869		13,396,782
The Hartford Financial Services Group Incorporated		271,625		12,915,769

				26,312,551


Health Care: 19.26%

Biotechnology: 6.21%
Amgen Incorporated		68,224		12,047,676
Biogen Idec Incorporated †		30,976		9,874,529
Gilead Sciences Incorporated		121,650		14,337,669

				36,259,874


Health Care Providers & Services: 11.28%
Aetna Incorporated		124,285		14,040,476
AmerisourceBergen Corporation		116,314		12,300,206
Centene Corporation †		210,968		14,795,186
McKesson Corporation		58,287		12,856,364
UnitedHealth Group Incorporated		97,839		11,877,655

				65,869,887


Pharmaceuticals: 1.77%
Merck & Company Incorporated		174,993		10,317,587


Industrials: 10.09%

Aerospace & Defense: 5.00%
Northrop Grumman Corporation		80,202		13,875,748
Spirit AeroSystems Holdings Incorporated Class A †		271,474		15,283,986

				29,159,734


Airlines: 3.88%
Delta Air Lines Incorporated		278,823		12,363,012
Southwest Airlines Company		284,720		10,306,864

				22,669,876


Machinery: 1.21%
Trinity Industries Incorporated		241,485		7,065,851


Information Technology: 20.61%

Communications Equipment: 1.76%
Cisco Systems Incorporated		360,358		10,241,374


Internet Software & Services: 1.67%
Tessera Technologies Incorporated		281,782		9,766,564

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Large Cap Core Fund			11


Security name				Shares		Value

IT Services: 1.94%
DST Systems Incorporated					103,909	$	11,341,667


Semiconductors & Semiconductor Equipment: 5.57%
Intel Corporation					297,918		8,624,726
Skyworks Solutions Incorporated					132,214		12,648,913
Teradyne Incorporated					583,780		11,243,603

							32,517,242


Software: 5.88%
Electronic Arts Incorporated †					200,350		14,335,043
Microsoft Corporation					244,271		11,407,456
Oracle Corporation					214,960		8,585,500

							34,327,999


Technology Hardware, Storage & Peripherals: 3.79%
Apple Incorporated					114,552		13,895,158
SanDisk Corporation					136,308		8,218,009

							22,113,167


Materials: 3.68%

Chemicals: 1.74%
The Dow Chemical Company					215,448		10,138,983


Containers & Packaging: 1.94%
Avery Dennison Corporation					186,525		11,350,046


Total Common Stocks (Cost $495,983,107)							572,043,109


	Yield
Short-Term Investments: 2.12%

Investment Companies: 2.12%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13	%		12,400,443		12,400,443


Total Short-Term Investments (Cost $12,400,443)							12,400,443


Total investments in securities (Cost $508,383,550) *	100.10	%		584,443,552
Other assets and liabilities, net	(0.10	)		(589,850	)

Total net assets	100.00	%	$	583,853,702

†	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 $508,440,388 and unrealized gains (losses) consists of:


Gross unrealized gains	$	92,125,846
Gross unrealized losses		(16,122,682	)

Net unrealized gains	$	76,003,164

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


12		Wells Fargo Advantage Large Cap Core Fund		Statement of assets and liabilities—July 31, 2015




Assets
Investments
In unaffiliated securities, at value (cost $495,983,107)	$	572,043,109
In affiliated securities, at value (cost $12,400,443)		12,400,443

Total investments, at value (cost $508,383,550)		584,443,552
Receivable for Fund shares sold		3,650,117
Receivable for dividends		530,406
Prepaid expenses and other assets		64,216

Total assets		588,688,291


Liabilities
Payable for investments purchased		3,706,485
Payable for Fund shares redeemed		506,083
Management fee payable		294,614
Distribution fee payable		34,830
Administration fees payable		126,993
Accrued expenses and other liabilities		165,584

Total liabilities		4,834,589

Total net assets	$	583,853,702


NET ASSETS CONSIST OF
Paid-in capital	$	501,208,661
Undistributed net investment income		1,025,908
Accumulated net realized gains on investments		5,559,131
Net unrealized gains on investments		76,060,002

Total net assets	$	583,853,702


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	97,040,869
Shares outstanding – Class A¹		6,136,488
Net asset value per share – Class A		$15.81
Maximum offering price per share – Class A²		$16.77
Net assets – Class C	$	53,076,322
Shares outstanding – Class C¹		3,400,174
Net asset value per share – Class C		$15.61
Net assets – Administrator Class	$	83,692,149
Shares outstanding – Administrator Class¹		5,272,311
Net asset value per share – Administrator Class		$15.87
Net assets – Institutional Class	$	63,235,345
Shares outstanding – Institutional Class¹		3,974,802
Net asset value per share – Institutional Class		$15.91
Net assets – Investor Class	$	286,809,017
Shares outstanding – Investor Class¹		18,095,976
Net asset value per share – Investor Class		$15.85

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—year ended July 31, 2015		Wells Fargo Advantage Large Cap Core Fund			13




Investment income
Dividends (net of foreign withholding taxes of $21,359)	$	6,208,881
Income from affiliated securities		9,054
Securities lending income, net		5,547

Total investment income		6,223,482


Expenses
Management fee		2,933,016
Administration fees
Class A		156,736
Class C		74,098
Administrator Class		39,516
Institutional Class		25,157
Investor Class		840,295
Shareholder servicing fees
Class A		154,775
Class C		73,481
Administrator Class		93,352
Investor Class		656,481
Distribution fee
Class C		220,443
Custody and accounting fees		40,681
Professional fees		47,692
Registration fees		57,736
Shareholder report expenses		55,296
Trustees’ fees and expenses		11,865
Other fees and expenses		11,069

Total expenses		5,491,689
Less: Fee waivers and/or expense reimbursements		(557,149	)

Net expenses		4,934,540

Net investment income		1,288,942


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		23,591,082
Net change in unrealized gains (losses) on investments		11,901,160

Net realized and unrealized gains (losses) on investments		35,492,242

Net increase in net assets resulting from operations	$	36,781,184

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


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


	Year ended July 31, 2015						Year ended July 31, 2014

Operations
Net investment income				$	1,288,942					$	1,039,386
Net realized gains on investments					23,591,082						28,939,604
Net change in unrealized gains (losses) on investments					11,901,160						10,631,186

Net increase in net assets resulting from operations					36,781,184						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		5,820,072			89,378,472			1,247,306			16,588,541
Class C		3,114,897			47,430,665			345,172			4,598,982
Administrator Class		5,744,427			89,108,080			412,731			5,556,845
Institutional Class		3,978,349			62,377,535			366,712			5,140,707
Investor Class		3,949,960			61,216,814			1,798,050			24,364,843

					349,511,566						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		(1,561,861	)		(24,219,042	)		(650,098	)		(8,833,379	)
Class C		(323,242	)		(4,921,172	)		(51,205	)		(689,445	)
Administrator Class		(958,200	)		(14,722,079	)		(35,053	)		(487,058	)
Institutional Class		(411,020	)		(6,506,688	)		(8,935	)		(120,053	)
Investor Class		(1,941,756	)		(29,909,371	)		(1,522,071	)		(20,267,093	)

					(80,278,352	)					(30,397,028	)

Net increase in net assets resulting from capital share transactions					269,905,545						27,050,154

Total increase in net assets					305,978,431						66,431,625


Net assets
Beginning of period					277,875,271						211,443,646

End of period				$	583,853,702					$	277,875,271

Undistributed net investment income				$	1,025,908					$	445,264

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)


	Year ended July 31
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.30			$12.13			$9.50			$8.75			$7.37
Net investment income		0.06			0.06	¹		0.07			0.06			0.05
Net realized and unrealized gains (losses) on investments		1.50			2.20			2.64			0.74			1.36

Total from investment operations		1.56			2.26			2.71			0.80			1.41
Distributions to shareholders from
Net investment income		(0.05	)		(0.09	)		(0.08	)		(0.05	)		(0.03	)
Net asset value, end of period		$15.81			$14.30			$12.13			$9.50			$8.75
Total return²		10.99	%		18.58	%		28.76	%		9.27	%		19.16	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.29	%		1.33	%		1.37	%		1.30	%
Net expenses		1.14	%		1.14	%		1.14	%		1.14	%		1.14	%
Net investment income		0.35	%		0.47	%		0.75	%		0.71	%		0.61	%
Supplemental data
Portfolio turnover rate		44	%		61	%		67	%		41	%		43	%
Net assets, end of period (000s omitted)		$97,041			$26,685			$15,267			$8,277			$7,495

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


16		Wells Fargo Advantage Large Cap Core Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.17			$12.05			$9.45			$8.71			$7.37
Net investment loss		(0.06	)¹		(0.01	)		(0.00	)²		(0.00	)²		(0.01	)
Net realized and unrealized gains (losses) on investments		1.50			2.15			2.62			0.74			1.35

Total from investment operations		1.44			2.14			2.62			0.74			1.34
Distributions to shareholders from
Net investment income		0.00			(0.02	)		(0.02	)		0.00			0.00
Net asset value, end of period		$15.61			$14.17			$12.05			$9.45			$8.71
Total return³		10.16	%		17.73	%		27.82	%		8.50	%		18.18	%
Ratios to average net assets (annualized)
Gross expenses		2.01	%		2.04	%		2.08	%		2.12	%		2.05	%
Net expenses		1.89	%		1.89	%		1.89	%		1.89	%		1.89	%
Net investment loss		(0.38	)%		(0.30	)%		(0.01	)%		(0.04	)%		(0.13	)%
Supplemental data
Portfolio turnover rate		44	%		61	%		67	%		41	%		43	%
Net assets, end of period (000s omitted)		$53,076			$8,624			$3,786			$2,041			$1,750

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

³	Total return calculations do not include any sales charges.

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


Financial highlights		Wells Fargo Advantage Large Cap Core Fund			17

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.34			$12.16			$9.52			$8.77			$7.38
Net investment income		0.10			0.09			0.10			0.09			0.07	¹
Net realized and unrealized gains (losses) on investments		1.50			2.20			2.64			0.74			1.36

Total from investment operations		1.60			2.29			2.74			0.83			1.43
Distributions to shareholders from
Net investment income		(0.07	)		(0.11	)		(0.10	)		(0.08	)		(0.04	)
Net asset value, end of period		$15.87			$14.34			$12.16			$9.52			$8.77
Total return		11.28	%		18.83	%		29.12	%		9.61	%		19.44	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.11	%		1.14	%		1.16	%		1.08	%
Net expenses		0.90	%		0.90	%		0.89	%		0.87	%		0.86	%
Net investment income		0.61	%		0.63	%		1.00	%		0.97	%		0.76	%
Supplemental data
Portfolio turnover rate		44	%		61	%		67	%		41	%		43	%
Net assets, end of period (000s omitted)		$83,692			$6,849			$1,192			$522			$477

¹	Calculated based upon average shares outstanding

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


18		Wells Fargo Advantage Large Cap Core Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.35			$12.16			$9.52			$8.77			$7.38
Net investment income		0.14	¹		0.11	¹		0.13	¹		0.12			0.10	¹
Net realized and unrealized gains (losses) on investments		1.50			2.21			2.63			0.73			1.35

Total from investment operations		1.64			2.32			2.76			0.85			1.45
Distributions to shareholders from
Net investment income		(0.08	)		(0.13	)		(0.12	)		(0.10	)		(0.06	)
Net asset value, end of period		$15.91			$14.35			$12.16			$9.52			$8.77
Total return		11.51	%		19.21	%		29.38	%		9.88	%		19.65	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.85	%		0.90	%		0.94	%		0.86	%
Net expenses		0.66	%		0.66	%		0.66	%		0.66	%		0.66	%
Net investment income		0.86	%		0.83	%		1.24	%		1.19	%		1.32	%
Supplemental data
Portfolio turnover rate		44	%		61	%		67	%		41	%		43	%
Net assets, end of period (000s omitted)		$63,235			$5,775			$537			$480			$478

¹	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Advantage Large Cap Core Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
INVESTOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.31			$12.13			$9.50			$8.75			$7.38
Net investment income		0.04			0.06			0.07			0.06			0.05
Net realized and unrealized gains (losses) on investments		1.52			2.19			2.63			0.74			1.35

Total from investment operations		1.56			2.25			2.70			0.80			1.40
Distributions to shareholders from
Net investment income		(0.02	)		(0.07	)		(0.07	)		(0.05	)		(0.03	)
Net asset value, end of period		$15.85			$14.31			$12.13			$9.50			$8.75
Total return		10.90	%		18.58	%		28.63	%		9.21	%		18.97	%
Ratios to average net assets (annualized)
Gross expenses		1.32	%		1.35	%		1.38	%		1.43	%		1.37	%
Net expenses		1.20	%		1.20	%		1.20	%		1.21	%		1.21	%
Net investment income		0.27	%		0.44	%		0.69	%		0.64	%		0.53	%
Supplemental data
Portfolio turnover rate		44	%		61	%		67	%		41	%		43	%
Net assets, end of period (000s omitted)		$286,809			$229,941			$190,661			$159,422			$158,966

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


20		Wells Fargo Advantage Large Cap Core Fund		Notes to financial statements

1. ORGANIZATION

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

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).

Security loans


Notes to financial statements		Wells Fargo Advantage Large Cap Core Fund			21

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

As of July 31, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $309,497 expiring in 2017.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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


22		Wells Fargo Advantage Large Cap Core Fund		Notes to financial statements

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

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


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

Common stocks
Consumer discretionary	$	94,967,029	$	0	$	0	$	94,967,029
Consumer staples		39,297,247		0		0		39,297,247
Energy		40,634,640		0		0		40,634,640
Financials		84,004,342		0		0		84,004,342
Health care		112,447,348		0		0		112,447,348
Industrials		58,895,461		0		0		58,895,461
Information technology		120,308,013		0		0		120,308,013
Materials		21,489,029		0		0		21,489,029

Short-term investments				0		0
Investment companies		12,400,443		0		0		12,400,443
Total assets	$	584,443,552	$	0	$	0	$	584,443,552

4. TRANSACTIONS WITH AFFILIATES

Management fee

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


Notes to financial statements		Wells Fargo Advantage Large Cap Core Fund			23

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


	Class-level administration fee
	Current rate			Rate prior to July 1, 2015
Class A, Class C		0.21	%		0.26	%
Administrator Class		0.13			0.10
Institutional Class		0.13			0.08
Investor Class		0.32			0.32


	Expense ratio cap			Expiration date
Class A		1.14	%		November 30, 2016
Class C		1.89			November 30, 2016
Administrator Class		0.90	*		November 30, 2015	*
Institutional Class		0.66	*		November 30, 2015	*
Investor Class		1.20			November 30, 2015

*	Effective December 1, 2015, the expense ratio caps will be 1.00% and 0.70% for Administrator Class and Institutional Class, respectively, until November 30, 2016.

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2015, Funds Distributor received $73,859 from the sale of Class A shares and $125 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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 year ended July 31, 2015 were $445,716,852 and $181,332,177, respectively.

6. BANK BORROWINGS


24		Wells Fargo Advantage Large Cap Core Fund		Notes to financial statements

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 year ended July 31, 2015, the Fund paid $557 in commitment fees.

For the year ended July 31, 2015, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $708,298 and $1,228,705 of ordinary income for the years ended July 31, 2015 and July 31, 2014, respectively.

As of July 31, 2015, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains	Capital loss carryforward
$1,025,937	$5,925,466	$76,003,164	$(309,497)

8. INDEMNIFICATION


Report of independent registered public accounting firm		Wells Fargo Advantage Large Cap Core Fund			25

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Large Cap Core Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Large Cap Core Fund as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

September 23, 2015


26		Wells Fargo Advantage Large Cap Core Fund		Other information (unaudited)

TAX INFORMATION

Pursuant to Section 854 of the Internal Revenue Code, $708,298 of income dividends paid during the fiscal year ended July 31, 2015 has been designated as qualified dividend income (QDI).

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Large Cap Core Fund			27

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a 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 Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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 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
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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
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 72 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.


Other information (unaudited)		Wells Fargo Advantage Large Cap Core Fund			29

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 19-20, 2015 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Advantage Large Cap Core Fund (the “Fund”): (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment management agreement (the “Management Agreement”) with Funds Management; and (iii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Golden Capital Management, LLC (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement combines the terms of the Advisory Agreement with the terms of the Fund’s Amended and Restated Administration Agreement (the “Administration Agreement”) applicable to Fund-level administrative services. The Advisory Agreement, the Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services


30		Wells Fargo Advantage Large Cap Core Fund		Other information (unaudited)

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended March 31, 2015. The Board considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than the performance of the Universe for all periods under review. The Board also noted that the performance of the Fund was higher than its benchmark, S&P 500 Index, for all periods under review.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups. The Board discussed and accepted Funds Management’s proposal to convert the Investor Class shares into Class A shares and to increase the net operating expense ratio caps for the Administrator Class and Institutional Class. In accepting such proposed new net operating expense ratio caps, the Board noted that the Fund’s new net operating expense ratios would still be lower than the median net operating expense ratios of the expense Groups.

Investment advisory and sub-advisory fee rates


Other information (unaudited)		Wells Fargo Advantage Large Cap Core Fund			31

Profitability

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

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


List of abbreviations		Wells Fargo Advantage Large Cap Core Fund			32

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

236196 09-15

A208/AR208 07-15

Wells Fargo Advantage Large Cap Growth Fund

LOGO

Annual Report

July 31, 2015

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

Financial statements
Statement of assets and liabilities			13
Statement of operations			14
Statement of changes in net assets			15
Financial highlights			16

Notes to financial statements			24

Report of independent registered public accounting firm			29

Other information			30

List of abbreviations			37

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

Generally improving U.S. economic data helped drive a positive return for U.S. large-cap stocks for the reporting period

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Large Cap Growth Fund for the 12-month period that ended July 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. large-cap 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 market volatility in the last five months of 2014.

In the first quarter of 2015, U.S. large caps delivered positive results but underperformed small- and mid-cap stocks; major markets elsewhere rallied.

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

U.S. large caps experienced challenges during the second quarter of 2015.

July 2015 brought a bounce-back for U.S. large caps.

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

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

Sincerely,

LOGO

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.

Notice to shareholders


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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA, CPA

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Average annual total returns¹ (%) as of July 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		7.77		15.51		7.91		14.35		16.88		8.56		1.17		1.07
Class C (STOFX)	7-30-2010		12.47		16.01		7.78		13.47		16.01		7.78		1.92		1.82
Class R (STMFX)	6-15-2012		–		–		–		14.05		16.61		8.36		1.42		1.32
Class R4 (SLGRX)	11-30-2012		–		–		–		14.69		17.28		8.74		0.89		0.75
Class R6 (STFFX)	11-30-2012		–		–		–		14.88		17.38		8.79		0.74		0.60
Administrator Class (STDFX)	7-30-2010		–		–		–		14.48		17.04		8.63		1.09		0.95
Institutional Class (STNFX)	7-30-2010		–		–		–		14.82		17.34		8.77		0.84		0.65
Investor Class (STRFX)	12-30-1981		–		–		–		14.25		16.80		8.52		1.28		1.13
Russell 1000^® Growth Index⁴	–		–		–		–		16.08		17.75		8.95		–		–

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

Please see footnotes on page 5.


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

Growth of $10,000 investment⁵ as of July 31, 2015

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.

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

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

⁶	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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


6		Wells Fargo Advantage Large Cap Growth Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

The Fund underperformed its benchmark, the Russell 1000 Growth Index, for the 12-month period that ended July 31, 2015.

The period’s steep decline in the prices of energy commodities negatively affected many of the Fund’s holdings within the energy sector along with its railroad holdings in the industrials sector.

The Fund benefited from holdings within the health care and consumer discretionary sectors.

Growth stocks exhibited strength over the 12-month period, as evidenced by the Russell 1000 Growth Index’s 16.08% return.


Ten largest holdings⁶ (%) as of July 31, 2015
Apple Incorporated			3.42
Facebook Incorporated Class A			3.35
Google Incorporated Class A			2.71
Alexion Pharmaceuticals Incorporated			2.64
Dollar Tree Incorporated			2.45
MasterCard Incorporated Class A			2.43
Union Pacific Corporation			2.36
Nike Incorporated Class B			2.17
Alliance Data Systems Corporation			2.14
Regeneron Pharmaceuticals Incorporated			2.08

Stock selection within the energy and industrials sectors hindered the Fund’s relative performance.

decreased demand for coal. Although our long-term thesis—predicated on cost efficiencies, diversified product mixes, and pricing power—remains intact, we trimmed the sizes of some positions as a risk adjustment while we work through these transitory issues.

Sector distribution⁷ as of July 31, 2015

The Fund benefited from solid performance by holdings with strong secular growth in the health care and consumer discretionary sectors.

Strong gains from biotechnology holdings boosted relative performance in the health care sector. Key contributors benefited from multiple catalysts, including strong sales growth of existing medical solutions, promising pipeline developments, FDA drug approvals, and favorable merger and acquisition activity. Regeneron Pharmaceuticals Incorporated, the Fund’s top contributor in biotechnology, delivered strong sales growth and received approval for an additional application of EYLEA, its key medical solution, for treating diabetic macular edema. Alexion Pharmaceuticals Incorporated also performed well, driven by progress in its pipeline and

strong sales of its drug Soliris for multiple applications. Biotechnology continues to be among the largest industry overweights in the Fund. Many Fund holdings within this industry have been trading at attractive valuations given the growth they could generate in coming years. The Fund generated outperformance in the consumer discretionary sector

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Large Cap Growth Fund			7

as well, due partly to Dollar Tree Incorporated, and O’Reilly Automotive Incorporated. Dollar Tree benefited from same-store sales growth, an increased store count, and anticipated synergies from its pending acquisition of Family Dollar Stores, Incorporated. O’Reilly’s stock climbed more than 60% during the period as the company continued to target do-it-yourself customers and professional installers; O’Reilly also benefited from an increase in the total number of miles driven in the U.S. and the country’s aging automotive fleet.

Our outlook remains positive.

We believe the Federal Reserve is likely to exercise prudence in raising interest rates, taking relevant factors into consideration in making these decisions. Given the U.S. dollar’s current strength relative to other currencies and the low-interest-rate environment in much of the world, we anticipate that any rate increases implemented in the U.S. likely will be accompanied by meaningful expansion in the U.S. economy. Growth stocks tend to be challenged in a rising-interest-rate environment; however, given many investors’ pervasive thirst for dividend yield at times over the past few years, we believe a measured rise in interest rates could lead investors to continue refocusing on companies with strong growth fundamentals, which could be a positive for the Fund.

Please see footnotes on page 5.


8		Wells Fargo Advantage Large Cap Growth Fund		Fund expenses (unaudited)

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

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2015		Ending account value 7-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,087.82	$	5.54		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.49	$	5.36		1.07	%
Class C
Actual	$	1,000.00	$	1,083.64	$	9.40		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.77	$	9.10		1.82	%
Class R
Actual	$	1,000.00	$	1,086.50	$	6.83		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.25	$	6.61		1.32	%
Class R4
Actual	$	1,000.00	$	1,089.59	$	3.89		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.08	$	3.76		0.75	%
Class R6
Actual	$	1,000.00	$	1,090.55	$	3.11		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.82	$	3.01		0.60	%
Administrator Class
Actual	$	1,000.00	$	1,088.45	$	4.92		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,090.16	$	3.37		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Investor Class
Actual	$	1,000.00	$	1,087.57	$	5.85		1.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.19	$	5.66		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—July 31, 2015		Wells Fargo Advantage Large Cap Growth Fund			9


Security name	Shares		Value

Common Stocks: 99.30%

Consumer Discretionary: 28.10%

Auto Components: 0.63%
Delphi Automotive plc		130,000	$	10,150,400


Hotels, Restaurants & Leisure: 5.98%
Chipotle Mexican Grill Incorporated †		42,000		31,173,660
Hilton Worldwide Holdings Incorporated †		420,000		11,277,000
Marriott International Incorporated Class A		298,000		21,637,780
Starbucks Corporation		569,000		32,962,170

				97,050,610


Internet & Catalog Retail: 3.42%
Amazon.com Incorporated †		61,000		32,705,150
Netflix Incorporated †		79,800		9,121,938
The Priceline Group Incorporated †		11,000		13,679,270

				55,506,358


Media: 3.59%
CBS Corporation Class B		270,000		14,436,900
Comcast Corporation Class A		196,000		12,232,360
The Walt Disney Company		264,000		31,680,000

				58,349,260


Multiline Retail: 3.80%
Dollar Tree Incorporated †		510,000		39,795,300
Nordstrom Incorporated		287,000		21,900,970

				61,696,270


Specialty Retail: 6.49%
CarMax Incorporated †		413,000		26,642,630
O’Reilly Automotive Incorporated †		120,000		28,837,200
The Home Depot Incorporated		169,000		19,778,070
Tractor Supply Company		325,000		30,069,000

				105,326,900


Textiles, Apparel & Luxury Goods: 4.19%
Nike Incorporated Class B		306,000		35,257,320
VF Corporation		424,000		32,686,160

				67,943,480


Consumer Staples: 4.96%

Food & Staples Retailing: 3.17%
Costco Wholesale Corporation		231,000		33,564,300
CVS Health Corporation		160,000		17,995,200

				51,559,500


Household Products: 0.61%
Colgate-Palmolive Company		145,000		9,862,900

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


10		Wells Fargo Advantage Large Cap Growth Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Personal Products: 1.18%
The Estee Lauder Companies Incorporated Class A		215,000	$	19,158,650


Energy: 1.64%

Oil, Gas & Consumable Fuels: 1.64%
Concho Resources Incorporated †		219,000		23,336,640
Pioneer Natural Resources Company		26,000		3,296,020

				26,632,660


Financials: 3.60%

Capital Markets: 2.45%
Ameriprise Financial Incorporated		107,000		13,446,690
TD Ameritrade Holding Corporation		719,000		26,408,870

				39,855,560


Consumer Finance: 0.86%
Discover Financial Services		249,000		13,896,690


REITs: 0.29%
American Tower Corporation		50,000		4,755,500


Health Care: 17.98%

Biotechnology: 9.75%
Alexion Pharmaceuticals Incorporated †		217,000		42,844,480
Biogen Idec Incorporated †		63,960		20,389,169
Celgene Corporation †		221,000		29,006,250
Gilead Sciences Incorporated		230,000		27,107,800
Medivation Incorporated †		49,000		5,161,170
Regeneron Pharmaceuticals Incorporated †		61,000		33,773,260

				158,282,129


Health Care Equipment & Supplies: 1.81%
Intuitive Surgical Incorporated †		19,000		10,130,230
Medtronic plc		246,148		19,295,541

				29,425,771


Health Care Providers & Services: 1.40%
AmerisourceBergen Corporation		214,050		22,635,788


Health Care Technology: 1.26%
Cerner Corporation †		285,000		20,440,200


Life Sciences Tools & Services: 0.72%
Illumina Incorporated †		15,000		3,289,500
Quintiles Transnational Holdings Incorporated †		110,200		8,454,544

				11,744,044


Pharmaceuticals: 3.04%
Allergan plc †		75,125		24,877,644
Perrigo Company plc		127,000		24,409,400

				49,287,044

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Large Cap Growth Fund			11


Security name	Shares		Value

Industrials: 9.83%

Aerospace & Defense: 1.98%
The Boeing Company		140,000	$	20,183,800
United Technologies Corporation		118,690		11,905,794

				32,089,594


Airlines: 0.96%
Southwest Airlines Company		429,000		15,529,800


Industrial Conglomerates: 1.81%
3M Company		114,000		17,252,760
Danaher Corporation		133,240		12,199,454

				29,452,214


Road & Rail: 4.09%
Canadian Pacific Railway Limited		30,000		4,825,500
Kansas City Southern		132,680		13,160,529
Norfolk Southern Corporation		120,000		10,119,600
Union Pacific Corporation		393,000		38,352,870

				66,458,499


Trading Companies & Distributors: 0.99%
W.W. Grainger Incorporated		70,000		16,009,700


Information Technology: 29.71%

Communications Equipment: 0.40%
QUALCOMM Incorporated		100,080		6,444,151


Internet Software & Services: 9.05%
Akamai Technologies Incorporated †		198,000		15,188,580
Facebook Incorporated Class A †		579,000		54,431,790
Google Incorporated Class A †		67,000		44,052,500
Google Incorporated Class C †		53,000		33,157,330

				146,830,200


IT Services: 7.34%
Accenture plc Class A		145,000		14,950,950
Alliance Data Systems Corporation †		126,000		34,655,040
MasterCard Incorporated Class A		405,000		39,447,000
Visa Incorporated Class A		400,000		30,136,000

				119,188,990


Semiconductors & Semiconductor Equipment: 2.83%
ARM Holdings plc ADR		258,000		12,136,320
Microchip Technology Incorporated «		475,000		20,349,000
Texas Instruments Incorporated		270,000		13,494,600

				45,979,920

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


12		Wells Fargo Advantage Large Cap Growth Fund		Portfolio of investments—July 31, 2015


Security name				Shares		Value

Software: 6.67%
Adobe Systems Incorporated †					177,000	$	14,512,230
Microsoft Corporation					678,000		31,662,600
Salesforce.com Incorporated †					349,000		25,581,700
ServiceNow Incorporated †					248,300		19,988,150
Splunk Incorporated †					185,000		12,938,900
VMware Incorporated Class A †					40,000		3,565,200

							108,248,780


Technology Hardware, Storage & Peripherals: 3.42%
Apple Incorporated					458,090		55,566,317


Materials: 3.48%

Chemicals: 3.48%
Ecolab Incorporated					201,760		23,365,826
Monsanto Company					74,000		7,539,860
Praxair Incorporated					224,000		25,567,360

							56,473,046


Total Common Stocks (Cost $1,014,415,032)							1,611,830,925


	Yield
Short-Term Investments: 1.41%

Investment Companies: 1.41%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.14	%		9,072,800		9,072,800
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13			13,762,760		13,762,760

Total Short-Term Investments (Cost $22,835,560)							22,835,560


Total investments in securities (Cost $1,037,250,592) *	100.71	%		1,634,666,485
Other assets and liabilities, net	(0.71	)		(11,573,489	)

Total net assets	100.00	%	$	1,623,092,996

†	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 $1,038,580,517 and unrealized gains (losses) consists of:


Gross unrealized gains	$	599,864,994
Gross unrealized losses		(3,779,026	)

Net unrealized gains	$	596,085,968

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


Statement of assets and liabilities—July 31, 2015		Wells Fargo Advantage Large Cap Growth Fund			13




Assets
Investments
In unaffiliated securities (including $8,833,608 of securities loaned), at value (cost $1,014,415,032)	$	1,611,830,925
In affiliated securities, at value (cost $22,835,560)		22,835,560

Total investments, at value (cost $1,037,250,592)		1,634,666,485
Receivable for investments sold		4,191,534
Receivable for Fund shares sold		740,266
Receivable for dividends		450,474
Receivable for securities lending income		3,771
Prepaid expenses and other assets		63,396

Total assets		1,640,115,926


Liabilities
Payable for investments purchased		4,960,517
Payable for Fund shares redeemed		1,602,985
Payable upon receipt of securities loaned		9,072,800
Management fee payable		778,020
Distribution fees payable		18,110
Administration fees payable		277,670
Accrued expenses and other liabilities		312,828

Total liabilities		17,022,930

Total net assets	$	1,623,092,996


NET ASSETS CONSIST OF
Paid-in capital	$	955,752,398
Undistributed net investment income		1,032,532
Accumulated net realized gains on investments		68,892,173
Net unrealized gains on investments		597,415,893

Total net assets	$	1,623,092,996


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	184,504,170
Shares outstanding – Class A¹		3,723,757
Net asset value per share – Class A		$49.55
Maximum offering price per share – Class A²		$52.57
Net assets – Class C	$	22,839,262
Shares outstanding – Class C¹		478,987
Net asset value per share – Class C		$47.68
Net assets – Class R	$	12,086,031
Shares outstanding – Class R¹		246,112
Net asset value per share – Class R		$49.11
Net assets – Class R4	$	7,204,602
Share outstanding – Class R4¹		143,430
Net asset value per share – Class R4		$50.23
Net assets – Class R6	$	117,741,212
Shares outstanding – Class R6¹		2,338,913
Net asset value per share – Class R6		$50.34
Net assets – Administrator Class	$	262,534,969
Shares outstanding – Administrator Class¹		5,267,753
Net asset value per share – Administrator Class		$49.84
Net assets – Institutional Class	$	534,975,265
Shares outstanding – Institutional Class¹		10,635,080
Net asset value per share – Institutional Class		$50.30
Net assets – Investor Class	$	481,207,485
Shares outstanding – Investor Class¹		9,734,826
Net asset value per share – Investor Class		$49.43

¹	The Fund has an unlimited number of authorized shares.

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

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


14		Wells Fargo Advantage Large Cap Growth Fund		Statement of operations—year ended July 31, 2015




Investment income
Dividends (net of foreign withholding taxes of $3,413)	$	16,693,248
Securities lending income, net		196,046
Income from affiliated securities		16,807

Total investment income		16,906,101


Expenses
Management fee		10,888,946
Administration fees
Class A		515,794
Class C		58,773
Class R		30,808
Class R4		3,358
Class R6		5,108
Administrator Class		263,629
Institutional Class		522,665
Investor Class		1,537,108
Shareholder servicing fees
Class A		503,950
Class C		57,499
Class R		30,149
Class R4		4,198
Administrator Class		641,530
Investor Class		1,200,318
Distribution fees
Class C		172,495
Class R		30,149
Custody and accounting fees		85,599
Professional fees		45,853
Registration fees		66,500
Shareholder report expenses		89,618
Trustees’ fees and expenses		10,581
Other fees and expenses		27,974

Total expenses		16,792,602
Less: Fee waivers and/or expense reimbursements		(2,013,003	)

Net expenses		14,779,599

Net investment income		2,126,502


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		86,753,919
Net change in unrealized gains (losses) on investments		129,352,284

Net realized and unrealized gains (losses) on investments		216,106,203

Net increase in net assets resulting from operations	$	218,232,705

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


Statement of changes in net assets		Wells Fargo Advantage Large Cap Growth Fund			15


	Year ended July 31, 2015						Year ended July 31, 2014

Operations
Net investment income				$	2,126,502					$	172,848
Net realized gains on investments					86,753,919						60,654,948
Net change in unrealized gains (losses) on investments					129,352,284						174,376,667

Net increase in net assets resulting from operations					218,232,705						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					(1,024,179	)					(653,384	)
Class R					(537,456	)					(306,050	)
Class R4					(95,079	)					(60,168	)
Class R6					(286,515	)					(74,852	)
Administrator Class					(10,809,644	)					(7,171,992	)
Institutional Class					(26,749,730	)					(19,978,900	)
Investor Class					(21,002,277	)					(14,255,159	)

Total distributions to shareholders					(69,986,587	)					(49,098,907	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		604,229			28,340,904			2,384,131			107,006,712
Class C		91,683			4,185,001			170,033			7,224,612
Class R		83,403			3,934,240			136,101			5,915,209
Class R4		109,342			5,395,990			48,161			2,121,409
Class R6		2,237,120			108,798,050			83,639			3,865,129
Administrator Class		1,113,913			52,906,429			1,144,191			50,164,994
Institutional Class		1,575,447			75,088,702			4,448,404			195,300,403
Investor Class		770,891			36,000,565			987,838			42,995,980

					314,649,881						414,594,448

Reinvestment of distributions
Class A		162,603			7,413,043			82,404			3,548,337
Class C		17,563			774,161			11,441			480,638
Class R		4,111			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			23,607,785			431,004			18,751,184
Investor Class		448,656			20,413,846			322,257			13,857,073

					63,584,027						43,951,536

Payment for shares redeemed
Class A		(1,728,758	)		(81,675,715	)		(1,093,357	)		(48,066,527	)
Class C		(147,803	)		(6,761,459	)		(120,153	)		(5,074,286	)
Class R		(114,456	)		(5,361,082	)		(71,737	)		(3,119,078	)
Class R4		(14,494	)		(712,377	)		(3,419	)		(151,575	)
Class R6		(34,221	)		(1,666,642	)		(12,634	)		(551,207	)
Administrator Class		(1,474,270	)		(70,446,514	)		(1,133,872	)		(49,716,022	)
Institutional Class		(4,464,060	)		(215,627,720	)		(4,554,967	)		(204,052,931	)
Investor Class		(1,815,052	)		(85,116,561	)		(1,219,233	)		(53,051,196	)

					(467,368,070	)					(363,782,822	)

Net increase (decrease) in net assets resulting from capital share transactions					(89,134,162	)					94,763,162

Total increase in net assets					59,111,956						280,868,718


Net assets
Beginning of period					1,563,981,040						1,283,112,322

End of period				$	1,623,092,996					$	1,563,981,040

Undistributed (overdistributed) net investment income				$	1,032,532					$	(661,037	)

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)


	Year ended July 31
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$45.30			$39.73			$32.92			$31.62			$24.54
Net investment income (loss)		(0.01	)¹		(0.06	)		0.04			(0.12	)¹		(0.10	)¹
Net realized and unrealized gains (losses) on investments		6.33			7.01			6.81			1.42			7.18

Total from investment operations		6.32			6.95			6.85			1.30			7.08
Distributions to shareholders from
Net investment income		0.00			0.00			(0.04	)		0.00			0.00
Net realized gains		(2.07	)		(1.38	)		0.00			0.00			0.00

Total distributions to shareholders		(2.07	)		(1.38	)		(0.04	)		0.00			0.00
Net asset value, end of period		$49.55			$45.30			$39.73			$32.92			$31.62
Total return²		14.35	%		17.69	%		20.84	%		4.08	%		28.89	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.22	%		1.23	%		1.24	%		1.25	%
Net expenses		1.07	%		1.07	%		1.07	%		1.10	%		1.12	%
Net investment income (loss)		(0.02	)%		(0.17	)%		0.09	%		(0.37	)%		(0.33	)%
Supplemental data
Portfolio turnover rate		26	%		35	%		57	%		46	%		47	%
Net assets, end of period (000s omitted)		$184,504			$212,273			$131,616			$75,149			$2,368

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


Financial highlights		Wells Fargo Advantage Large Cap Growth Fund			17

(For a share outstanding throughout each period)


	Year ended July 31
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$43.99			$38.90			$32.43			$31.38			$24.54
Net investment loss		(0.42	)		(0.33	)		(0.20	)		(0.37	)¹		(0.32	)¹
Net realized and unrealized gains (losses) on investments		6.18			6.80			6.67			1.42			7.16

Total from investment operations		5.76			6.47			6.47			1.05			6.84
Distributions to shareholders from
Net realized gains		(2.07	)		(1.38	)		0.00			0.00			0.00
Net asset value, end of period		$47.68			$43.99			$38.90			$32.43			$31.38
Total return²		13.47	%		16.81	%		19.95	%		3.31	%		27.91	%
Ratios to average net assets (annualized)
Gross expenses		1.95	%		1.97	%		1.98	%		1.99	%		2.00	%
Net expenses		1.82	%		1.82	%		1.82	%		1.84	%		1.87	%
Net investment loss		(0.77	)%		(0.89	)%		(0.65	)%		(1.16	)%		(1.04	)%
Supplemental data
Portfolio turnover rate		26	%		35	%		57	%		46	%		47	%
Net assets, end of period (000s omitted)		$22,839			$22,767			$17,748			$11,829			$272

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


18		Wells Fargo Advantage Large Cap Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R	2015			2014			2013			2012¹
Net asset value, beginning of period		$45.03			$39.59			$32.86			$32.91
Net investment loss		(0.16	)		(0.15	)		(0.06	)²		(0.05	)²
Net realized and unrealized gains (losses) on investments		6.31			6.97			6.80			0.00	³

Total from investment operations		6.15			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		$49.11			$45.03			$39.59			$32.86
Total return⁴		14.05	%		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		(0.28	)%		(0.41	)%		(0.16	)%		(0.95	)%
Supplemental data
Portfolio turnover rate		26	%		35	%		57	%		46	%
Net assets, end of period (000s omitted)		$12,086			$12,295			$8,149			$5,065

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

²	Calculated based upon average shares outstanding

³	Amount is less than $0.005.

⁴	Returns for periods of less than one year are not annualized.

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


Financial highlights		Wells Fargo Advantage Large Cap Growth Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R4	2015			2014			2013¹
Net asset value, beginning of period		$45.76			$40.05			$34.26
Net investment income		0.07			0.08			0.09
Net realized and unrealized gains (losses) on investments		6.47			7.11			5.81

Total from investment operations		6.54			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		$50.23			$45.76			$40.05
Total return²		14.69	%		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		0.17	%		0.17	%		0.39	%
Supplemental data
Portfolio turnover rate		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$7,205			$2,129			$12

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

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

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


20		Wells Fargo Advantage Large Cap Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R6	2015			2014			2013¹
Net asset value, beginning of period		$45.82			$40.11			$34.26
Net investment income		0.07	²		0.12			0.15
Net realized and unrealized gains (losses) on investments		6.56			7.11			5.82

Total from investment operations		6.63			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		$50.34			$45.82			$40.11
Total return³		14.88	%		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		0.13	%		0.29	%		0.26	%
Supplemental data
Portfolio turnover rate		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$117,741			$5,942			$2,278

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

²	Calculated based upon average shares outstanding

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

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


Financial highlights		Wells Fargo Advantage Large Cap Growth Fund			21

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$45.50			$39.86			$33.02			$31.67			$24.54
Net investment income (loss)		0.05			(0.01	)		0.09	¹		(0.06	)¹		(0.06	)¹
Net realized and unrealized gains (losses) on investments		6.36			7.04			6.83			1.41			7.19

Total from investment operations		6.41			7.03			6.92			1.35			7.13
Distributions to shareholders from
Net investment income		0.00			(0.01	)		(0.08	)		0.00			0.00
Net realized gains		(2.07	)		(1.38	)		0.00			0.00			0.00

Total distributions to shareholders		(2.07	)		(1.39	)		(0.08	)		0.00			0.00
Net asset value, end of period		$49.84			$45.50			$39.86			$33.02			$31.67
Total return		14.48	%		17.84	%		21.00	%		4.26	%		29.05	%
Ratios to average net assets (annualized)
Gross expenses		1.05	%		1.06	%		1.07	%		1.08	%		1.07	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.94	%
Net investment income (loss)		0.10	%		(0.02	)%		0.24	%		(0.17	)%		(0.19	)%
Supplemental data
Portfolio turnover rate		26	%		35	%		57	%		46	%		47	%
Net assets, end of period (000s omitted)		$262,535			$245,364			$208,053			$75,099			$1,379

¹	Calculated based upon average shares outstanding

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


22		Wells Fargo Advantage Large Cap Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$45.80			$40.11			$33.16			$31.73			$24.54
Net investment income (loss)		0.19	¹		0.11			0.20			(0.08	)¹		(0.00	)²
Net realized and unrealized gains (losses) on investments		6.41			7.09			6.86			1.51			7.19

Total from investment operations		6.60			7.20			7.06			1.43			7.19
Distributions to shareholders from
Net investment income		(0.03	)		(0.13	)		(0.11	)		0.00			0.00
Net realized gains		(2.07	)		(1.38	)		0.00			0.00			0.00

Total distributions to shareholders		(2.10	)		(1.51	)		(0.11	)		0.00			0.00
Net asset value, end of period		$50.30			$45.80			$40.11			$33.16			$31.73
Total return		14.82	%		18.16	%		21.34	%		4.47	%		29.34	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.79	%		0.79	%		0.80	%		0.81	%
Net expenses		0.65	%		0.65	%		0.69	%		0.75	%		0.75	%
Net investment income (loss)		0.40	%		0.28	%		0.53	%		(0.25	)%		(0.01	)%
Supplemental data
Portfolio turnover rate		26	%		35	%		57	%		46	%		47	%
Net assets, end of period (000s omitted)		$534,975			$596,006			$508,853			$601,684			$846

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

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


Financial highlights		Wells Fargo Advantage Large Cap Growth Fund			23

(For a share outstanding throughout each period)


	Year ended July 31
INVESTOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$45.23			$39.69			$32.86			$31.59			$24.54
Net investment income (loss)		(0.05	)		(0.09	)		0.02			(0.07	)		(0.06	)
Net realized and unrealized gains (losses) on investments		6.32			7.01			6.81			1.34			7.11

Total from investment operations		6.27			6.92			6.83			1.27			7.05
Distributions to shareholders from
Net realized gains		(2.07	)		(1.38	)		0.00			0.00			0.00
Net asset value, end of period		$49.43			$45.23			$39.69			$32.86			$31.59
Total return		14.25	%		17.63	%		20.79	%		4.02	%		28.73	%
Ratios to average net assets (annualized)
Gross expenses		1.26	%		1.28	%		1.28	%		1.32	%		1.32	%
Net expenses		1.13	%		1.13	%		1.13	%		1.18	%		1.19	%
Net investment income (loss)		(0.08	)%		(0.20	)%		0.06	%		(0.23	)%		(0.19	)%
Supplemental data
Portfolio turnover rate		26	%		35	%		57	%		46	%		47	%
Net assets, end of period (000s omitted)		$481,207			$467,205			$406,405			$358,017			$336,128

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


24		Wells Fargo Advantage Large Cap Growth Fund		Notes to financial statements

1. ORGANIZATION

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

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).

Security loans


Notes to financial statements		Wells Fargo Advantage Large Cap Growth Fund			25

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes


Undistributed net investment income		Accumulated net realized gains on investments
$(35,065)		$35,065

Class allocations

3. FAIR VALUATION MEASUREMENTS


26		Wells Fargo Advantage Large Cap Growth Fund		Notes to financial statements

Level 1 – quoted prices in active markets for identical securities

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

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

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

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


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

Common stocks
Consumer discretionary	$	456,023,278	$	0	$	0	$	456,023,278
Consumer staples		80,581,050		0		0		80,581,050
Energy		26,632,660		0		0		26,632,660
Financials		58,507,750		0		0		58,507,750
Health care		291,814,976		0		0		291,814,976
Industrials		159,539,807		0		0		159,539,807
Information technology		482,258,358		0		0		482,258,358
Materials		56,473,046		0		0		56,473,046

Short-term investments
Investment companies		13,762,760		9,072,800		0		22,835,560
Total assets	$	1,625,593,685	$	9,072,800	$	0	$	1,634,666,485

4. TRANSACTIONS WITH AFFILIATES

Management fee


Notes to financial statements		Wells Fargo Advantage Large Cap Growth Fund			27

Administration fees


	Class-level administration fee
	Current rate			Rate prior to July 1, 2015
Class A, Class C, Class R		0.21	%		0.26	%
Class R4		0.08			0.08
Class R6		0.03			0.03
Administrator Class		0.13			0.10
Institutional Class		0.13			0.08
Investor Class		0.32			0.32

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 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 Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2015, Funds Distributor received $6,370 from the sale of Class A shares and $381 in contingent deferred sales charges from redemptions of Class C shares, respectively.

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 year ended July 31, 2015 were $415,226,434 and $546,974,580, respectively.


28		Wells Fargo Advantage Large Cap Growth Fund		Notes to financial statements

6. BANK BORROWINGS

For the year ended July 31, 2015, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2015 and July 31, 2014 were as follows:


	Year ended July 31
	2015		2014
Ordinary income	$	6,459,928	$	5,294,410
Long-term capital gain		63,526,659		43,804,497

As of July 31, 2015, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$1,060,676	$70,222,087	$596,085,968

8. CONCENTRATION RISK

9. INDEMNIFICATION


Report of independent registered public accounting firm		Wells Fargo Advantage Large Cap Growth Fund			29

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Large Cap Growth Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Large Cap Growth Fund as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

September 23, 2015


30		Wells Fargo Advantage Large Cap Growth Fund		Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $63,526,659 was designated as long-term capital gain distributions for the fiscal year ended July 31, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $6,459,928 of income dividends paid during the fiscal year ended July 31, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2015, $6,061,767 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Large Cap Growth Fund			31

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a 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 Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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


32		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
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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
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 72 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.


Other information (unaudited)		Wells Fargo Advantage Large Cap Growth Fund			33

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 19-20, 2015 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Advantage Large Cap Growth Fund (the “Fund”): (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment management agreement (the “Management Agreement”) with Funds Management; and (iii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement combines the terms of the Advisory Agreement with the terms of the Fund’s Amended and Restated Administration Agreement (the “Administration Agreement”) applicable to Fund-level administrative services. The Advisory Agreement, the Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services


34		Wells Fargo Advantage Large Cap Growth Fund		Other information (unaudited)

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended March 31, 2015. The Board considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board noted that the performance of the Fund (Investor Class) was higher than or in range of the average performance of the Universe for all periods under review except the one- and three-year periods. The Board also noted that the performance of the Fund was lower than its benchmark, the Russell 1000^® Growth Index, for the one-, three- and five-year periods, and in range of its benchmark for the first quarter of 2015 and the ten-year period.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods noted above. The Board took note of the explanations for the relative underperformance in these periods, including with respect to market factors that affected the Fund’s performance and of longer term outperformance and of recent improved performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups. The Board discussed and accepted Funds Management’s proposal to convert the Investor Class shares into Class A shares. The Board also discussed with Funds Management proposed net operating expense ratio cap increases for R4 Class, R6 Class, Institutional Class, and Administrator Class. After further discussions, the Board accepted operating expense ratio cap increases for R4 Class, R6 Class and Institutional Class that were lower than those initially proposed to the Board. In accepting such proposed new net operating expense ratio caps, the Board noted that the Fund’s new net operating expense ratios would still be lower than or in range of the median net operating expense ratios of the expense Groups. The Board and Funds Management agreed not to increase the net operating expense ratio cap on the Administrator Class.

Investment advisory and sub-advisory fee rates

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of


Other information (unaudited)		Wells Fargo Advantage Large Cap Growth Fund			35

responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. However, given the affiliation between Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of the advisory fee between them.

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser


36		Wells Fargo Advantage Large Cap Growth Fund		Other information (unaudited)

Conclusion


List of abbreviations		Wells Fargo Advantage Large Cap Growth Fund			37

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

236197 09-15

A209/AR209 07-15

Wells Fargo Advantage

Large Company Value Fund

LOGO

Annual Report

July 31, 2015

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

Financial statements
Statement of assets and liabilities			14
Statement of operations			15
Statement of changes in net assets			16
Financial highlights			17

Notes to financial statements			22

Report of independent registered public accounting firm			27

Other information			28

List of abbreviations			34

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


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

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Generally improving U.S. economic data helped drive a positive return for U.S. large-cap stocks for the reporting period

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Large Company Value Fund for the 12-month period that ended July 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. large-cap 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 market volatility in the last five months of 2014.

In the first quarter of 2015, U.S. large caps delivered positive results but underperformed small- and mid-cap stocks; major markets elsewhere rallied.

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

U.S. large caps experienced challenges during the second quarter of 2015.

July 2015 brought a bounce-back for U.S. large caps.

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

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

Sincerely,

LOGO

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.

Notice to shareholders


4		Wells Fargo Advantage Large Company Value Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

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 July 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		(0.38	)		11.67		5.47		5.72		13.00		6.10		1.23		1.10
Class C (WFLVX)	3-31-2008		3.92			12.14		5.35		4.92		12.14		5.35		1.98		1.85
Administrator Class (WWIDX)	12-31-2001		–			–		–		5.95		13.29		6.43		1.15		0.85
Institutional Class (WLCIX)	3-31-2008		–			–		–		6.14		13.53		6.59		0.90		0.65
Investor Class (SDVIX)	7-1-1993		–			–		–		5.60		12.92		6.04		1.34		1.16
Russell 1000^® Value Index⁴	–		–			–		–		6.40		15.08		6.79		–		–

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.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Large Company Value Fund			5

Growth of $10,000 investment⁵ as of July 31, 2015

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.

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

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

⁶	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

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


6		Wells Fargo Advantage Large Company Value Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

The Fund underperformed its benchmark, the Russell 1000 Value Index, for the 12-month period that ended July 31, 2015.

The Fund’s underperformance was primarily due to weak relative performance in the energy and industrials sectors, which were negatively affected by declines and volatility in the prices of oil and natural gas during the period. The Fund experienced underperformance in the energy sector from companies that are sensitive to oil and gas drilling, such as Marathon Oil Corporation and Noble Energy Incorporated. The Fund had oil and gas exposure in the industrials sector as well, and stocks such as Oshkosh Corporation*, Wesco International Incorporated*, and Dover Corporation* underperformed. A moderate allocation to cash also dampened performance.

Holdings in the information technology, health care, and consumer staples sectors aided relative returns. Strong performers included Skyworks Solutions Incorporated; Apple Incorporated; Cigna Corporation; CVS Health Corporation; HCA Holdings Incorporated; and AbbVie Incorporated.

Stock selection was the primary contributor to the Fund’s underperformance

In our opinion, attempting to pick the best-performing sectors is an inconsistent and unrewarding approach to investing. We do not attempt to overweight or underweight economic sectors relative to the benchmark. Instead, we focus on owning securities across all sectors that we believe are fundamentally undervalued. The Fund’s performance is generally driven by stock selection rather than sector allocation, and this reporting period was no exception.

Marathon Oil’s stock disappointed investors over the past year. Oil and gas prices fell precipitously, making profits harder to come by. While Marathon has a substantial amount of oil and gas in its fields, it has scaled back production in some areas because, at current market prices, it is cost prohibitive to bring these commodities up to the surface. We continue to hold Marathon in the belief that it is in a good position to benefit from future commodity price increases. Oshkosh manufactures aerial equipment, all-terrain vehicles used by the military, cement trucks, and garbage trucks. We entered into the position in the belief that the military business was bottoming and the aerial equipment business was improving with the rise in commercial construction. However, weak construction from the oil and gas companies has depressed demand for aerial equipment, thus pressuring the stock as of late.

CVS was a strong performer this year as the Affordable Care Act gave individuals more access to health care. CVS saw a strong upswing in demand for pharmaceuticals, which also allowed it to improve profit margins by leveraging a fixed cost base. We continue to hold CVS based on the belief that the company will continue to benefit from Americans’ greater access to health care. Skyworks was a strong performer again this year. The company provides semiconductors that are found in smartphones, vehicles, medical equipment, and a variety of other devices that are now being connected to the internet. Apple’s products have been a significant driver of Skyworks’ strong growth, but it also saw significant new business from many of its other customers as well. We believe the demand for Skyworks’ semiconductors should continue into the foreseeable future.


Ten largest holdings⁶ (%) as of July 31, 2015
JPMorgan Chase & Company			3.10
CVS Health Corporation			3.04
American International Group Incorporated			2.95
Pfizer Incorporated			2.73
Ameriprise Financial Incorporated			2.54
Alexandria Real Estate Equities Incorporated			2.14
Norwegian Cruise Line Holdings Limited			2.14
Exxon Mobil Corporation			2.12
First Republic Bank			2.07
KeyCorp			1.99

We continue to find attractive opportunities.

The global economy has stagnated. The U.S. and Europe are growing slowly. In Asia, led by China, growth is slowing. Recently, we have found a number of companies that we believe will benefit in many types of economies. We funded these purchases with the sales of securities that have risen in value relative to their peers or that have displayed deteriorating business fundamentals, which, in our view, may have prompted overreactions among investors, causing them to sell shares and put pressure on the stocks’ prices.

At times, investors will overestimate risks in a company and these stocks can sell at unreasonably low levels. We added Herbalife Limited, BOK Financial Corporation, and

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Large Company Value Fund			7

Vereit Incorporated. In our view, each of these stocks ought to rise as investors discover the companies’ fundamental strengths despite the risks. We added many companies to the portfolio this year that have good business prospects and relatively low stock prices, in our opinion. Examples of this group include Norwegian Cruise Line Holdings Limited; Ameriprise Financial Incorporated; NXP Semiconductors N.V.; HCA Holdings Incorporated; PerkinElmer Incorporated*; and Ford Motor Company.

Sector distribution⁷ as of July 31, 2015

We remain committed to our investment strategy and process.

Over the next 6 to 12 months, we expect more slow growth around the globe. Stocks in many sectors are fairly valued to slightly overvalued, and if interest rates rise significantly, then there is likely to be a shock to the markets. While we don’t believe macroeconomic trends will be negative, it is certainly possible, and perhaps even likely, that oil prices will remain low and negatively affect the business of many companies across several economic sectors. The potential for rising interest rates would be good for banks and insurance companies, but it would be bad news for companies looking to borrow as they refinance or renew their current outstanding loan obligations. Our strategy remains to find the businesses that ought to perform well in many kinds of economies and whose stocks trade at discounts to their peers’ stocks. We believe the stocks in the Fund currently represent this strategy.

Please see footnotes on page 5.


8		Wells Fargo Advantage Large Company Value Fund		Fund expenses (unaudited)

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

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2015		Ending account value 7-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,056.72	$	5.61		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Class C
Actual	$	1,000.00	$	1,051.93	$	9.41		1.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.62	$	9.25		1.85	%
Administrator Class
Actual	$	1,000.00	$	1,057.54	$	4.34		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Institutional Class
Actual	$	1,000.00	$	1,058.63	$	3.32		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Investor Class
Actual	$	1,000.00	$	1,055.41	$	5.91		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.04	$	5.81		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—July 31, 2015		Wells Fargo Advantage Large Company Value Fund			9


Security name	Shares		Value

Common Stocks: 97.44%

Consumer Discretionary: 8.61%

Auto Components: 0.70%
BorgWarner Incorporated		39,966	$	1,986,710


Automobiles: 0.93%
Ford Motor Company		177,977		2,639,399


Hotels, Restaurants & Leisure: 2.14%
Norwegian Cruise Line Holdings Limited †		96,951		6,051,681


Household Durables: 1.05%
Newell Rubbermaid Incorporated		68,172		2,950,484


Leisure Products: 0.89%
Mattel Incorporated		108,791		2,525,039


Media: 1.97%
Tegna Incorporated		76,639		2,232,494
The Walt Disney Company		15,438		1,852,560
Viacom Incorporated Class B		26,071		1,486,047

				5,571,101


Textiles, Apparel & Luxury Goods: 0.93%
PVH Corporation		22,521		2,613,337


Consumer Staples: 6.92%

Food & Staples Retailing: 3.67%
CVS Health Corporation		76,305		8,582,023
Rite Aid Corporation †		202,319		1,802,662

				10,384,685


Food Products: 0.96%
TreeHouse Foods Incorporated †		33,061		2,709,680


Household Products: 1.16%
The Procter & Gamble Company		42,610		3,268,187


Personal Products: 1.13%
Herbalife Limited «†		63,572		3,209,750


Energy: 10.69%

Energy Equipment & Services: 1.57%
Baker Hughes Incorporated		76,403		4,442,834


Oil, Gas & Consumable Fuels: 9.12%
Chevron Corporation		30,738		2,719,698
ConocoPhillips		66,457		3,345,445
Exxon Mobil Corporation		75,560		5,985,108
Marathon Oil Corporation		199,174		4,184,646

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


10		Wells Fargo Advantage Large Company Value Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Noble Energy Incorporated		101,717	$	3,583,490
Valero Energy Corporation		64,165		4,209,224
Whiting Petroleum Corporation †		84,592		1,733,290

				25,760,901


Financials: 31.41%

Banks: 13.16%
Bank of America Corporation		222,274		3,974,259
BOK Financial Corporation		84,152		5,592,742
Citigroup Incorporated		71,997		4,208,945
First Republic Bank		91,630		5,845,078
JPMorgan Chase & Company		127,937		8,767,523
KeyCorp		379,933		5,638,206
SunTrust Banks Incorporated		71,580		3,173,857

				37,200,610


Capital Markets: 3.71%
Ameriprise Financial Incorporated		57,069		7,171,857
Goldman Sachs Group Incorporated		16,216		3,325,415

				10,497,272


Insurance: 8.43%
ACE Limited		24,676		2,684,009
American International Group Incorporated		130,137		8,344,384
Endurance Specialty Holdings Limited		60,793		4,224,506
MetLife Incorporated		93,344		5,202,995
The Hartford Financial Services Group Incorporated		70,703		3,361,928

				23,817,822


REITs: 6.11%
Alexandria Real Estate Equities Incorporated		65,356		6,059,155
Equity Residential		57,801		4,324,093
LaSalle Hotel Properties		117,060		3,894,586
VEREIT Incorporated		342,192		2,997,602

				17,275,436


Health Care: 13.45%

Biotechnology: 2.05%
Baxalta Incorporated †		89,325		2,932,540
Gilead Sciences Incorporated		24,253		2,858,459

				5,790,999


Health Care Equipment & Supplies: 1.90%
Baxter International Incorporated		43,207		1,731,737
Medtronic plc		46,302		3,629,614

				5,361,351

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Large Company Value Fund			11


Security name	Shares		Value

Health Care Providers & Services: 2.03%
Cigna Corporation		19,358	$	2,788,713
HCA Holdings Incorporated †		31,885		2,965,624

				5,754,337


Pharmaceuticals: 7.47%
AbbVie Incorporated		49,254		3,448,273
Allergan plc †		11,768		3,896,973
Johnson & Johnson		26,591		2,664,684
Merck & Company Incorporated		57,643		3,398,631
Pfizer Incorporated		213,920		7,713,955

				21,122,516


Industrials: 8.79%

Aerospace & Defense: 1.62%
Raytheon Company		41,839		4,564,217


Airlines: 0.43%
United Continental Holdings Incorporated †		21,771		1,227,667


Commercial Services & Supplies: 1.19%
West Corporation		116,842		3,370,892


Electrical Equipment: 0.89%
Eaton Corporation plc		41,313		2,502,742


Industrial Conglomerates: 1.39%
General Electric Company		150,357		3,924,318


Machinery: 1.70%
Crane Company		31,876		1,695,803
Stanley Black & Decker Incorporated		29,568		3,119,128

				4,814,931


Road & Rail: 1.57%
AMERCO		5,021		1,804,397
Con-way Incorporated		68,058		2,639,970

				4,444,367


Information Technology: 9.16%

Communications Equipment: 0.99%
Cisco Systems Incorporated		98,068		2,787,093


Electronic Equipment, Instruments & Components: 1.82%
Synnex Corporation		48,695		3,682,803
TE Connectivity Limited		23,850		1,452,942

				5,135,745

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


12		Wells Fargo Advantage Large Company Value Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Internet Software & Services: 1.71%
Google Incorporated Class C †		5,237	$	3,276,320
Yahoo! Incorporated †		42,821		1,570,246

				4,846,566


Semiconductors & Semiconductor Equipment: 2.31%
NXP Semiconductors NV †		43,020		4,172,510
Skyworks Solutions Incorporated		24,712		2,364,197

				6,536,707


Technology Hardware, Storage & Peripherals: 2.33%
Apple Incorporated		24,548		2,977,672
NCR Corporation †		88,376		2,433,875
Seagate Technology plc «		23,241		1,175,995

				6,587,542


Materials: 2.17%

Chemicals: 0.52%
Cabot Corporation		41,539		1,461,342


Containers & Packaging: 1.09%
Crown Holdings Incorporated †		59,598		3,069,893


Paper & Forest Products: 0.56%
International Paper Company		33,169		1,587,800


Telecommunication Services: 2.62%

Diversified Telecommunication Services: 2.62%
AT&T Incorporated		130,570		4,536,002
Verizon Communications Incorporated		61,519		2,878,474

				7,414,476


Utilities: 3.62%

Electric Utilities: 2.81%
Duke Energy Corporation		52,868		3,923,863
The Southern Company		90,025		4,026,818

				7,950,681


Gas Utilities: 0.81%
Atmos Energy Corporation		41,394		2,289,088


Total Common Stocks (Cost $221,504,197)				275,450,198

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Large Company Value Fund			13


Security name	Yield			Shares		Value

Short-Term Investments: 4.14%

Investment Companies: 4.14%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.14	%		3,950,375	$	3,950,375
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13			7,739,468		7,739,468

Total Short-Term Investments (Cost $11,689,843)							11,689,843


Total investments in securities (Cost $233,194,040) *	101.58	%		287,140,041
Other assets and liabilities, net	(1.58	)		(4,459,962	)

Total net assets	100.00	%	$	282,680,079

†	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 $236,149,915 and unrealized gains (losses) consists of:


Gross unrealized gains	$	65,413,503
Gross unrealized losses		(14,423,377	)

Net unrealized gains	$	50,990,126

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


14		Wells Fargo Advantage Large Company Value Fund		Statement of assets and liabilities—July 31, 2015




Assets
Investments
In unaffiliated securities (including $3,814,415 of securities loaned), at value (cost $221,504,197)	$	275,450,198
In affiliated securities, at value (cost $11,689,843)		11,689,843

Total investments, at value (cost $233,194,040)		287,140,041
Receivable for investments sold		4,729,047
Receivable for Fund shares sold		25,851
Receivable for dividends		402,966
Receivable for securities lending income		7,251
Prepaid expenses and other assets		49,320

Total assets		292,354,476


Liabilities
Payable for investments purchased		5,207,695
Payable for Fund shares redeemed		180,146
Payable upon receipt of securities loaned		3,950,375
Management fee payable		136,700
Distribution fee payable		3,158
Administration fees payable		66,227
Accrued expenses and other liabilities		130,096

Total liabilities		9,674,397

Total net assets	$	282,680,079


NET ASSETS CONSIST OF
Paid-in capital	$	216,827,744
Undistributed net investment income		101,225
Accumulated net realized gains on investments		11,805,109
Net unrealized gains on investments		53,946,001

Total net assets	$	282,680,079


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	104,453,275
Shares outstanding – Class A¹		6,488,794
Net asset value per share – Class A		$16.10
Maximum offering price per share – Class A²		$17.08
Net assets – Class C	$	4,487,867
Shares outstanding – Class C¹		273,473
Net asset value per share – Class C		$16.41
Net assets – Administrator Class	$	30,177,366
Shares outstanding – Administrator Class¹		1,862,851
Net asset value per share – Administrator Class		$16.20
Net assets – Institutional Class	$	1,483,112
Shares outstanding – Institutional Class¹		91,693
Net asset value per share – Institutional Class		$16.17
Net assets – Investor Class	$	142,078,459
Shares outstanding – Investor Class¹		8,576,814
Net asset value per share – Investor Class		$16.57

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—year ended July 31, 2015		Wells Fargo Advantage Large Company Value Fund			15




Investment income
Dividends (net of foreign withholding taxes of $14,301)	$	5,521,371
Securities lending income, net		42,352
Income from affiliated securities		6,494

Total investment income		5,570,217


Expenses
Management fee		2,093,365
Administration fees
Class A		285,915
Class C		11,881
Administrator Class		35,108
Institutional Class		1,240
Investor Class		469,995
Shareholder servicing fees
Class A		279,508
Class C		11,622
Administrator Class		85,393
Investor Class		366,465
Distribution fee
Class C		34,867
Custody and accounting fees		21,802
Professional fees		45,475
Registration fees		56,651
Shareholder report expenses		52,284
Trustees’ fees and expenses		11,733
Other fees and expenses		10,057

Total expenses		3,873,361
Less: Fee waivers and/or expense reimbursements		(553,047	)

Net expenses		3,320,314

Net investment income		2,249,903


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		31,510,363
Net change in unrealized gains (losses) on investments		(16,922,395	)

Net realized and unrealized gains (losses) on investments		14,587,968

Net increase in net assets resulting from operations	$	16,837,871

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


16		Wells Fargo Advantage Large Company Value Fund		Statement of changes in net assets


	Year ended July 31, 2015						Year ended July 31, 2014

Operations
Net investment income				$	2,249,903					$	1,848,473
Net realized gains on investments					31,510,363						39,715,628
Net change in unrealized gains (losses) on investments					(16,922,395	)					(2,444,555	)

Net increase in net assets resulting from operations					16,837,871						39,119,546


Distributions to shareholders from
Net investment income
Class A					(879,902	)					(625,503	)
Class C					(2,940	)					(2,997	)
Administrator Class					(376,690	)					(269,425	)
Institutional Class					(21,092	)					(12,375	)
Investor Class					(1,017,744	)					(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					(28,078,850	)					(29,864,226	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		123,205			2,013,071			206,529			3,419,892
Class C		38,787			642,242			34,216			581,634
Administrator Class		119,049			1,984,735			224,328			3,712,144
Institutional Class		70,995			1,223,711			8,867			147,541
Investor Class		320,863			5,443,693			416,128			7,103,375

					11,307,452						14,964,586

Reinvestment of distributions
Class A		651,156			10,256,986			712,472			11,432,349
Class C		21,352			341,919			24,127			394,545
Administrator Class		197,644			3,137,103			209,544			3,383,843
Institutional Class		6,036			95,717			7,706			124,367
Investor Class		800,321			12,965,138			797,069			13,123,493

					26,796,863						28,458,597

Payment for shares redeemed
Class A		(1,205,076	)		(20,028,888	)		(1,072,642	)		(17,848,323	)
Class C		(58,702	)		(985,449	)		(58,373	)		(969,833	)
Administrator Class		(580,514	)		(9,574,977	)		(662,954	)		(11,056,702	)
Institutional Class		(36,394	)		(597,478	)		(166,124	)		(2,726,544	)
Investor Class		(1,044,020	)		(17,642,122	)		(974,086	)		(16,531,264	)

					(48,828,914	)					(49,132,666	)

Net decrease in net assets resulting from capital share transactions					(10,724,599	)					(5,709,483	)

Total increase (decrease) in net assets					(21,965,578	)					3,545,837


Net assets
Beginning of period					304,645,657						301,099,820

End of period				$	282,680,079					$	304,645,657

Undistributed net investment income				$	101,225					$	289,546

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)


	Year ended July 31
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.82			$16.39			$12.96			$12.61			$11.04
Net investment income		0.13	¹		0.10			0.14			0.17			0.12
Net realized and unrealized gains (losses) on investments		0.78			2.04			3.48			0.35			1.51

Total from investment operations		0.91			2.14			3.62			0.52			1.63
Distributions to shareholders from
Net investment income		(0.13	)		(0.09	)		(0.19	)		(0.17	)		(0.06	)
Net realized gains		(1.50	)		(1.62	)		0.00			0.00			0.00

Total distributions to shareholders		(1.63	)		(1.71	)		(0.19	)		(0.17	)		(0.06	)
Net asset value, end of period		$16.10			$16.82			$16.39			$12.96			$12.61
Total return²		5.72	%		13.68	%		28.16	%		4.21	%		14.77	%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.28	%		1.28	%		1.27	%		1.32	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.25	%
Net investment income		0.76	%		0.61	%		1.00	%		1.29	%		0.74	%
Supplemental data
Portfolio turnover rate		71	%		59	%		78	%		37	%		35	%
Net assets, end of period (000s omitted)		$104,453			$116,398			$115,895			$103,195			$642

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


18		Wells Fargo Advantage Large Company Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$17.12			$16.70			$13.21			$12.81			$11.26
Net investment income (loss)		0.00	¹		(0.02	)		0.04			0.09			0.01
Net realized and unrealized gains (losses) on investments		0.80			2.07			3.54			0.36			1.55

Total from investment operations		0.80			2.05			3.58			0.45			1.56
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.09	)		(0.05	)		(0.01	)
Net realized gains		(1.50	)		(1.62	)		0.00			0.00			0.00

Total distributions to shareholders		(1.51	)		(1.63	)		(0.09	)		(0.05	)		(0.01	)
Net asset value, end of period		$16.41			$17.12			$16.70			$13.21			$12.81
Total return²		4.92	%		12.83	%		27.17	%		3.49	%		13.85	%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		2.03	%		2.03	%		2.02	%		2.08	%
Net expenses		1.85	%		1.85	%		1.85	%		1.85	%		2.00	%
Net investment income (loss)		0.01	%		(0.14	)%		0.25	%		0.54	%		0.04	%
Supplemental data
Portfolio turnover rate		71	%		59	%		78	%		37	%		35	%
Net assets, end of period (000s omitted)		$4,488			$4,659			$4,543			$4,022			$513

¹	Amount is less than $0.005.

²	Total return calculations do not include any sales charges.

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


Financial highlights		Wells Fargo Advantage Large Company Value Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.93			$16.47			$13.02			$12.68			$11.08
Net investment income		0.17			0.15			0.21			0.19	¹		0.11
Net realized and unrealized gains (losses) on investments		0.78			2.05			3.46			0.36			1.56

Total from investment operations		0.95			2.20			3.67			0.55			1.67
Distributions to shareholders from
Net investment income		(0.18	)		(0.12	)		(0.22	)		(0.21	)		(0.07	)
Net realized gains		(1.50	)		(1.62	)		0.00			0.00			0.00

Total distributions to shareholders		(1.68	)		(1.74	)		(0.22	)		(0.21	)		(0.07	)
Net asset value, end of period		$16.20			$16.93			$16.47			$13.02			$12.68
Total return		5.95	%		13.94	%		28.52	%		4.47	%		15.12	%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.12	%		1.10	%		1.11	%		1.17	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.96	%
Net investment income		1.01	%		0.86	%		1.28	%		1.54	%		1.93	%
Supplemental data
Portfolio turnover rate		71	%		59	%		78	%		37	%		35	%
Net assets, end of period (000s omitted)		$30,177			$36,002			$38,798			$176,623			$667

¹	Calculated based upon average shares outstanding

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


20		Wells Fargo Advantage Large Company Value Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.91			$16.44			$13.00			$12.68			$11.08
Net investment income		0.20	¹		0.18	¹		0.26	¹		0.22			0.14
Net realized and unrealized gains (losses) on investments		0.78			2.05			3.45			0.35			1.54

Total from investment operations		0.98			2.23			3.71			0.57			1.68
Distributions to shareholders from
Net investment income		(0.22	)		(0.14	)		(0.27	)		(0.25	)		(0.08	)
Net realized gains		(1.50	)		(1.62	)		0.00			0.00			0.00

Total distributions to shareholders		(1.72	)		(1.76	)		(0.27	)		(0.25	)		(0.08	)
Net asset value, end of period		$16.17			$16.91			$16.44			$13.00			$12.68
Total return		6.14	%		14.16	%		28.93	%		4.67	%		15.36	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.84	%		0.85	%		0.89	%
Net expenses		0.65	%		0.65	%		0.65	%		0.66	%		0.75	%
Net investment income		1.23	%		1.10	%		1.83	%		1.80	%		1.12	%
Supplemental data
Portfolio turnover rate		71	%		59	%		78	%		37	%		35	%
Net assets, end of period (000s omitted)		$1,483			$863			$3,299			$15,924			$14,401

¹	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Advantage Large Company Value Fund			21

(For a share outstanding throughout each period)


	Year ended July 31
INVESTOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$17.26			$16.77			$13.26			$12.89			$11.28
Net investment income		0.12			0.09			0.14			0.16			0.09
Net realized and unrealized gains (losses) on investments		0.81			2.10			3.55			0.36			1.57

Total from investment operations		0.93			2.19			3.69			0.52			1.66
Distributions to shareholders from
Net investment income		(0.12	)		(0.08	)		(0.18	)		(0.15	)		(0.05	)
Net realized gains		(1.50	)		(1.62	)		0.00			0.00			0.00

Total distributions to shareholders		(1.62	)		(1.70	)		(0.18	)		(0.15	)		(0.05	)
Net asset value, end of period		$16.57			$17.26			$16.77			$13.26			$12.89
Total return		5.60	%		13.60	%		28.12	%		4.09	%		14.75	%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.34	%		1.34	%		1.34	%		1.40	%
Net expenses		1.16	%		1.16	%		1.16	%		1.18	%		1.32	%
Net investment income		0.70	%		0.55	%		0.94	%		1.27	%		0.74	%
Supplemental data
Portfolio turnover rate		71	%		59	%		78	%		37	%		35	%
Net assets, end of period (000s omitted)		$142,078			$146,723			$138,565			$123,774			$110,554

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


22		Wells Fargo Advantage Large Company Value Fund		Notes to financial statements

1. ORGANIZATION

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

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).

Security loans


Notes to financial statements		Wells Fargo Advantage Large Company Value Fund			23

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassifications is due to dividends from certain securities. At July 31, 2015, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:


Undistributed net investment income		Accumulated net realized gains on investments
$(139,856)		$139,856

As of July 31, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $4,679,794 expiring in 2016.


24		Wells Fargo Advantage Large Company Value Fund		Notes to financial statements

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

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


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

Common stocks
Consumer discretionary	$	24,337,751	$	0	$	0	$	24,337,751
Consumer staples		19,572,302		0		0		19,572,302
Energy		30,203,735		0		0		30,203,735
Financials		88,791,140		0		0		88,791,140
Health care		38,029,203		0		0		38,029,203
Industrials		24,849,134		0		0		24,849,134
Information technology		25,893,653		0		0		25,893,653
Materials		6,119,035		0		0		6,119,035
Telecommunication services		7,414,476		0		0		7,414,476
Utilities		10,239,769		0		0		10,239,769

Short-term investments
Investment companies		7,739,468		3,950,375		0		11,689,843
Total assets	$	283,189,666	$	3,950,375	$	0	$	287,140,041


Notes to financial statements		Wells Fargo Advantage Large Company Value Fund			25

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

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


	Class-level administration fee
	Current rate			Rate prior to July 1, 2015
Class A, Class C		0.21	%		0.26	%
Administrator Class		0.13			0.10
Institutional Class		0.13			0.08
Investor Class		0.32			0.32

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 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, the principal underwriter, at an annual rate of 0.75% of the average daily net assets of Class C shares.


26		Wells Fargo Advantage Large Company Value Fund		Notes to financial statements

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 redemptions of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended July 31, 2015, Funds Distributor received $3,926 from the sale of Class A shares.

Shareholder servicing fees

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 year ended July 31, 2015 were $207,085,454 and $246,554,417, respectively.

6. BANK BORROWINGS

For the year ended July 31, 2015, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2015 and July 31, 2014 were as follows:


	Year ended July 31
	2015		2014
Ordinary income	$	2,298,368	$	1,578,819
Long-term capital gains		25,780,482		28,285,407

As of July 31, 2015, the components of distributable earnings on a tax basis were as follows:


Undistributed ordinary income	Undistributed long-term gain	Unrealized gains	Capital loss carryforward
$113,976	$19,440,778	$50,990,126	$(4,679,794)

8. CONCENTRATION RISK

9. INDEMNIFICATION


Report of independent registered public accounting firm		Wells Fargo Advantage Large Company Value Fund			27

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Large Company Value Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Large Company Value Fund as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

September 23, 2015


28		Wells Fargo Advantage Large Company Value Fund		Other information (unaudited)

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $25,780,482 was designated as long-term capital gain distributions for the fiscal year ended July 31, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $2,298,368 of income dividends paid during the fiscal year ended July 31, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2015, $2,393 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available on the Fund’s website (wellsfargoadvantagefunds.com) on a 1-day 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 Company Value Fund			29

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a 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 Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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


30		Wells Fargo Advantage Large Company Value Fund		Other information (unaudited)


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
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 72 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.


Other information (unaudited)		Wells Fargo Advantage Large Company Value Fund			31

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND
SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 19-20, 2015 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Advantage Large Company Value Fund (the “Fund”): (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment management agreement (the “Management Agreement”) with Funds Management; and (iii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Phocas Financial Corporation (the “Sub-Adviser”). The Management Agreement combines the terms of the Advisory Agreement with the terms of the Fund’s Amended and Restated Administration Agreement (the “Administration Agreement”) applicable to Fund-level administrative services. The Advisory Agreement, the Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services


32		Wells Fargo Advantage Large Company Value Fund		Other information (unaudited)

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended March 31, 2015. The Board considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was higher than or in range of the Universe for all periods under review except the one-year period. The Board also noted that the performance of the Fund was lower than its benchmark, the Russell 1000^® Value Index, for all periods under review except the first quarter of 2015 and the ten-year period.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods noted above. The Board took note of the explanations for the relative underperformance in these periods, including with respect to sector allocations and investment decisions that affected the Fund’s performance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups. The Board discussed and accepted Funds Management’s proposal to convert the Investor Class shares into Class A shares, and to increase the net operating expense ratio caps for the Administrator Class and Institutional Class. In accepting such proposed new net operating expense ratio caps, the Board noted that the Fund’s new net operating expense ratios would still be lower than or in range of the median net operating expense ratios of the expense Groups.

Investment advisory and sub-advisory fee rates

Among other information reviewed by the Board was a comparison of the Management Rates of the Fund with those of other funds in the expense Groups at a common asset level. The Board noted that the Management Rates of the Fund were in range of the average rates for the Fund’s expense Groups for all share class except for the Investor Class and Class A. The Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for all share classes, including Investor Class and Class A. The Board also noted that it accepted Funds Management’s proposal to convert the Investor Class shares into Class A shares.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. The Board considered this amount in comparison to the median amount retained by advisers to funds in a sub-advised expense universe that was determined by Lipper to be similar to the Fund. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Adviser, and about Funds Management’s on-going oversight services. The Board also considered that the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s length basis.


Other information (unaudited)		Wells Fargo Advantage Large Company Value Fund			33

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. Funds Management reported on the methodologies and estimates used in calculating profitability. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size and type of fund. The Board did not consider profitability with respect to the Sub-Adviser, as the sub-advisory fees paid to the Sub-Adviser had been negotiated by Funds Management on an arm’s-length basis.

Based on its review, the Board did not deem the profits reported by Funds Management to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

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

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

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

Conclusion


34		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	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

236198 09-15

A210/AR210 07-15

Wells Fargo Advantage Omega Growth Fund

LOGO

Annual Report

July 31, 2015

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

Financial statements
Statement of assets and liabilities			13
Statement of operations			14
Statement of changes in net assets			15
Financial highlights			16

Notes to financial statements			22

Report of independent registered public accounting firm			27

Other information			28

List of abbreviations			34

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Omega Growth Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Generally improving U.S. economic data helped drive a positive return for U.S. large-cap stocks for the reporting period

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Omega Growth Fund for the 12-month period that ended July 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. large-cap 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 market volatility in the last five months of 2014.

In the first quarter of 2015, U.S. large caps delivered positive results but underperformed small- and mid-cap stocks; major markets elsewhere rallied.

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

U.S. large caps experienced challenges during the second quarter of 2015.

July 2015 brought a bounce-back for U.S. large caps.

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

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

Sincerely,

LOGO

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.

Notice to shareholders


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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Average annual total returns¹ (%) as of July 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		4.29		14.94		9.18		10.65		16.31		9.83		1.27		1.27
Class B (EKOBX)*	8-2-1993		5.19		15.21		9.26		9.82		15.43		9.26		2.02		2.02
Class C (EKOCX)	8-2-1993		8.79		15.43		9.02		9.79		15.43		9.02		2.02		2.02
Class R (EKORX)	10-10-2003		–		–		–		10.38		16.02		9.57		1.52		1.52
Administrator Class (EOMYX)	1-13-1997		–		–		–		10.91		16.59		10.11		1.19		1.05
Institutional Class (EKONX)	7-30-2010		–		–		–		11.20		16.88		10.25		0.94		0.80
Russell 3000^® Growth Index⁴	–		–		–		–		16.37		17.76		8.96		–		–

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

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

Growth of $10,000 investment⁵ as of July 31, 2015

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

The manager has contractually committed through November 30, 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 at 1.30% for Class A, 2.05% for Class B, 2.05% for Class C, 1.55% for Class R, 1.05% for Administrator Class, and 0.80% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the 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 chart compares the performance of Class A shares for the most recent ten years with the Russell 3000 Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

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


6		Wells Fargo Advantage Omega Growth Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

The Fund underperformed its benchmark, the Russell 3000 Growth Index, for the 12-month period that ended July 31, 2015.

Results in the consumer discretionary and energy sectors detracted from performance.

Stock selection in the consumer staples and information technology (IT) sectors benefited performance.


Ten largest holdings⁶ (%) as of July 31, 2015
Apple Incorporated			6.52
Amazon.com Incorporated			3.51
Facebook Incorporated Class A			3.19
Visa Incorporated Class A			2.70
The Home Depot Incorporated			2.29
ServiceMaster Global Holdings Incorporated			2.27
Celgene Corporation			2.15
McGraw Hill Financial Incorporated			2.12
SEI Investments Company			1.98
Google Incorporated Class C			1.95

The Fund’s holdings in the consumer discretionary and energy sectors hindered performance relative to the Russell 3000 Growth Index.

In the Fund’s consumer discretionary sector, MGM Resorts International detracted significantly over the period. Although the strong gaming market in Macau had been a key growth driver for many gaming stocks, sentiment for the Macau market turned negative in 2014 as China’s government began implementing new regulations. Also, Hong Kong protests led to a rash of Macau hotel-room cancellations during a busy holiday period. While the company reported some better-than-expected results in Macau and Las Vegas, we exited the position, as recent negative headlines weighed on the stock in favor of what we viewed as better opportunities.

Historically, our fundamentally based investment process generally has been challenged during times when stock prices were driven by macroeconomic factors rather than by company-specific fundamentals. This dynamic was apparent over the reporting period within the energy sector, where crude-oil prices and the majority of energy-related stocks experienced extreme price volatility. Our energy stock selection has focused primarily on quality U.S. exploration and production (E&P) companies with strong production growth in attractive basins. We have invested in producers we believed could grow profitably despite the movements in oil prices. However, the sector’s recent performance left little doubt that investors have been treating many E&P companies as proxies for oil prices; holdings such as Antero Resources Corporation^* and Pioneer Natural Resources Company^* detracted from performance, illustrating this extreme volatility. As falling commodity prices led to significant drops in production, energy equipment and service providers were especially hard hit; as a result, both Halliburton Company^* and Nabors Industries Limited^* detracted significantly from performance.

Sector distribution⁷ as of July 31, 2015

Stock selection in the consumer staples and IT sectors aided Fund performance.

Within the consumer staples sector, beer and wine manufacturer Constellation Brands, Incorporated, rose sharply over the period, contributing substantially to Fund performance. Constellation’s results reflected a strengthening U.S. consumer and the revenue and cost synergies resulting from the company’s acquisition of Grupo Modelo S.A.B. de C.V.’s U.S. beer business. Constellation remains a true self-help story as the company continues to pay down debt and invest in new products and brand extensions. In the IT sector, Palo Alto Networks, Incorporated, continued a strong run of outperformance. With the proliferation of high-profile hacks and data

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Omega Growth Fund			7

breaches, Palo Alto’s network firewall solutions are proving to be highly valuable to enterprise and governmental customers. Spending on security and data protection has exploded in recent years, and Palo Alto has been a key beneficiary. While we maintain an outlook for strong earnings growth from the company, we are closely monitoring valuation and the potential for near-term market saturation. Because its core business has been so successful, Palo Alto may need to develop ancillary products to drive new vectors of growth.

Recent market dynamics support our confidence in the Fund’s positioning.

Given our view, we have centered Fund positioning on firms and industries with a higher level of visibility, choosing to focus on firms we believe could make their own luck. While true secular growth remains scarce, we continue to find opportunities related to the U.S. consumer. Specifically, we have focused on the trend of growth in household formations driven by Millennials, which has created a virtuous cycle of consumer spending. Other consumer-related Fund holdings are focused on travel, health and wellness, and e-commerce. We also see pockets of secular growth in the traditional growth sectors of health care and IT. Within financials, we have selected holdings that could benefit from improving conditions in commercial real estate. Also, we have maintained a few high-conviction holdings in companies tied to the cyclical U.S. industrials sector.

Please see footnotes on page 5.


8		Wells Fargo Advantage Omega Growth Fund		Fund expenses (unaudited)

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

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2015		Ending account value 7-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,088.33	$	6.73		1.30	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.35	$	6.51		1.30	%
Class B
Actual	$	1,000.00	$	1,084.27	$	10.59		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.63	$	10.24		2.05	%
Class C
Actual	$	1,000.00	$	1,084.01	$	10.59		2.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.63	$	10.24		2.05	%
Class R
Actual	$	1,000.00	$	1,087.14	$	8.02		1.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.11	$	7.75		1.55	%
Administrator Class
Actual	$	1,000.00	$	1,089.59	$	5.44		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.59	$	5.26		1.05	%
Institutional Class
Actual	$	1,000.00	$	1,091.04	$	4.15		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Omega Growth Fund			9


Security name	Shares		Value

Common Stocks: 99.02%

Consumer Discretionary: 19.51%

Auto Components: 1.30%
Delphi Automotive plc		163,900	$	12,797,312


Diversified Consumer Services: 2.27%
ServiceMaster Global Holdings Incorporated †		577,212		22,355,421


Hotels, Restaurants & Leisure: 1.54%
Hilton Worldwide Holdings Incorporated †		563,131		15,120,067


Household Durables: 2.56%
Harman International Industries Incorporated		83,100		8,946,546
Jarden Corporation †		294,900		16,219,500

				25,166,046


Internet & Catalog Retail: 3.51%
Amazon.com Incorporated †		64,300		34,474,445


Media: 4.82%
Cinemark Holdings Incorporated		332,395		13,116,307
Liberty Global plc Class C †		377,925		18,571,235
Time Warner Incorporated		178,800		15,741,552

				47,429,094


Specialty Retail: 2.29%
The Home Depot Incorporated		192,100		22,481,463


Textiles, Apparel & Luxury Goods: 1.22%
Under Armour Incorporated Class A †		120,300		11,949,399


Consumer Staples: 2.51%

Beverages: 1.42%
Constellation Brands Incorporated Class A		116,000		13,922,320


Food & Staples Retailing: 1.09%
Walgreens Boots Alliance Incorporated		111,300		10,754,919


Energy: 0.77%

Oil, Gas & Consumable Fuels: 0.77%
Cheniere Energy Incorporated †		110,300		7,607,391


Financials: 9.45%

Capital Markets: 3.44%
Raymond James Financial Incorporated		243,895		14,389,805
SEI Investments Company		364,900		19,452,819

				33,842,624

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


10		Wells Fargo Advantage Omega Growth Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value

Diversified Financial Services: 3.42%
Intercontinental Exchange Incorporated		55,800	$	12,724,632
McGraw Hill Financial Incorporated		204,700		20,828,225

				33,552,857


Real Estate Management & Development: 2.25%
CBRE Group Incorporated Class A †		448,600		17,033,342
The Howard Hughes Corporation †		37,600		5,112,096

				22,145,438


REITs: 0.34%
Bluerock Residential Growth REIT Incorporated «		258,244		3,305,523


Health Care: 22.01%

Biotechnology: 7.25%
Alexion Pharmaceuticals Incorporated †		68,800		13,583,872
Biogen Idec Incorporated †		20,400		6,503,112
Celgene Corporation †		160,875		21,114,844
Gilead Sciences Incorporated		93,298		10,996,102
Medivation Incorporated †		86,099		9,068,808
Vertex Pharmaceuticals Incorporated †		73,700		9,949,500

				71,216,238


Health Care Equipment & Supplies: 2.51%
Alere Incorporated †		274,400		13,338,584
Align Technology Incorporated †		181,400		11,373,780

				24,712,364


Health Care Providers & Services: 2.82%
Community Health Systems Incorporated †		217,200		12,708,372
Envision Healthcare Holdings Incorporated †		336,022		15,053,786

				27,762,158


Pharmaceuticals: 9.43%
Allergan plc †		44,900		14,868,635
Bristol-Myers Squibb Company		280,800		18,431,712
Eli Lilly & Company		85,900		7,259,409
Endo International plc †		169,400		14,829,276
Perrigo Company plc		26,600		5,112,520
Shire plc ADR		57,200		15,261,532
Zoetis Incorporated		345,100		16,902,998

				92,666,082


Industrials: 8.05%

Aerospace & Defense: 0.44%
TASER International Incorporated †		159,400		4,338,868


Airlines: 1.30%
Delta Air Lines Incorporated		287,800		12,761,052

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Omega Growth Fund			11


Security name	Shares		Value

Building Products: 0.37%
Builders FirstSource Incorporated †		239,995	$	3,609,525


Industrial Conglomerates: 1.72%
Carlisle Companies Incorporated		167,000		16,910,420


Machinery: 1.59%
Proto Labs Incorporated †«		56,102		4,228,408
Wabtec Corporation		112,900		11,424,351

				15,652,759


Road & Rail: 1.42%
Old Dominion Freight Line Incorporated †		190,570		13,940,196


Trading Companies & Distributors: 1.21%
HD Supply Holdings Incorporated †		332,877		11,916,997


Information Technology: 31.67%

Communications Equipment: 1.15%
Palo Alto Networks Incorporated †		60,706		11,280,996


Electronic Equipment, Instruments & Components: 1.06%
Cognex Corporation		231,400		10,475,478


Internet Software & Services: 9.16%
Akamai Technologies Incorporated †		218,000		16,722,780
Facebook Incorporated Class A †		333,700		31,371,137
Google Incorporated Class A †		26,700		17,555,250
Google Incorporated Class C †		30,685		19,196,843
LinkedIn Corporation Class A †		25,400		5,162,804

				90,008,814


IT Services: 5.82%
Alliance Data Systems Corporation †		52,100		14,329,584
EPAM Systems Incorporated †		76,800		5,691,648
Vantiv Incorporated Class A †		240,974		10,602,856
Visa Incorporated Class A		352,504		26,557,651

				57,181,739


Semiconductors & Semiconductor Equipment: 0.34%
Ambarella Incorporated †«		28,500		3,302,295


Software: 7.62%
Adobe Systems Incorporated †		162,300		13,306,977
CyberArk Software Limited †«		123,900		7,326,207
Mobileye NV †		60,500		3,636,050
Salesforce.com Incorporated †		51,000		3,738,300
ServiceNow Incorporated †		146,700		11,809,350
Splunk Incorporated †		148,200		10,365,108
Tableau Software Incorporated Class A †		103,000		10,788,220
Take-Two Interactive Software Incorporated †		170,800		5,393,864

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


12		Wells Fargo Advantage Omega Growth Fund		Portfolio of investments—July 31, 2015


Security name				Shares		Value

Software (continued)
Workday Incorporated Class A †					101,100	$	8,525,763

							74,889,839


Technology Hardware, Storage & Peripherals: 6.52%
Apple Incorporated					528,700		64,131,310


Materials: 2.47%

Chemicals: 1.43%
Axalta Coating Systems Limited †					442,400		14,072,744


Construction Materials: 1.04%
Vulcan Materials Company					112,100		10,203,340


Telecommunication Services: 2.58%

Diversified Telecommunication Services: 1.02%
Level 3 Communications Incorporated †					198,400		10,019,200


Wireless Telecommunication Services: 1.56%
SBA Communications Corporation Class A †					126,902		15,319,609


Total Common Stocks (Cost $757,775,202)							973,276,342


	Yield
Short-Term Investments: 3.41%

Investment Companies: 3.41%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.14	%		14,354,600		14,354,600
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13			19,185,733		19,185,733

Total Short-Term Investments (Cost $33,540,333)							33,540,333


Total investments in securities (Cost $791,315,535) *	102.43	%		1,006,816,675
Other assets and liabilities, net	(2.43	)		(23,853,383	)

Total net assets	100.00	%	$	982,963,292

†	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 $792,234,879 and unrealized gains (losses) consists of:


Gross unrealized gains	$	225,442,090
Gross unrealized losses		(10,860,294	)

Net unrealized gains	$	214,581,796

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


Statement of assets and liabilities—July 31, 2015		Wells Fargo Advantage Omega Growth Fund			13




Assets
Investments
In unaffiliated securities (including $14,140,408 of securities loaned), at value (cost $757,775,202)	$	973,276,342
In affiliated securities, at value (cost $33,540,333)		33,540,333

Total investments, at value (cost $791,315,535)		1,006,816,675
Receivable for investments sold		18,780,572
Receivable for Fund shares sold		286,109
Receivable for dividends		105,280
Receivable for securities lending income		10,636
Prepaid expenses and other assets		45,074

Total assets		1,026,044,346


Liabilities
Payable for investments purchased		25,773,217
Payable for Fund shares redeemed		1,679,468
Payable upon receipt of securities loaned		14,354,600
Management fee payable		663,577
Distribution fees payable		76,384
Administration fees payable		172,959
Accrued expenses and other liabilities		360,849

Total liabilities		43,081,054

Total net assets	$	982,963,292


NET ASSETS CONSIST OF
Paid-in capital	$	701,916,958
Accumulated net investment loss		(4,452,286	)
Accumulated net realized gains on investments		69,997,480
Net unrealized gains on investments		215,501,140

Total net assets	$	982,963,292


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	685,004,999
Shares outstanding – Class A¹		14,183,805
Net asset value per share – Class A		$48.29
Maximum offering price per share – Class A²		$51.24
Net assets – Class B	$	7,817,059
Shares outstanding – Class B¹		208,802
Net asset value per share – Class B		$37.44
Net assets – Class C	$	99,100,211
Shares outstanding – Class C¹		2,638,860
Net asset value per share – Class C		$37.55
Net assets – Class R	$	17,199,193
Shares outstanding – Class R¹		368,637
Net asset value per share – Class R		$46.66
Net assets – Administrator Class	$	86,756,335
Shares outstanding – Administrator Class¹		1,694,347
Net asset value per share – Administrator Class		$51.20
Net assets – Institutional Class	$	87,085,495
Shares outstanding – Institutional Class¹		1,674,363
Net asset value per share – Institutional Class		$52.01

¹	The Fund has an unlimited number of authorized shares.

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

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


14		Wells Fargo Advantage Omega Growth Fund		Statement of operations—year ended July 31, 2015




Investment income
Dividends (net of foreign withholding taxes of $7,172)	$	7,053,159
Securities lending income, net		120,943
Income from affiliated securities		8,830

Total investment income		7,182,932


Expenses
Management fee		7,770,664
Administration fees
Class A		1,793,203
Class B		26,041
Class C		269,115
Class R		46,491
Administrator Class		101,206
Institutional Class		59,320
Shareholder servicing fees
Class A		1,753,797
Class B		25,175
Class C		263,070
Class R		45,451
Administrator Class		233,631
Distribution fees
Class B		76,143
Class C		789,210
Class R		45,451
Custody and accounting fees		63,371
Professional fees		50,319
Registration fees		99,229
Shareholder report expenses		141,592
Trustees’ fees and expenses		11,439
Other fees and expenses		20,350

Total expenses		13,684,268
Less: Fee waivers and/or expense reimbursements		(343,268	)

Net expenses		13,341,000

Net investment loss		(6,158,068	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		83,493,222
Net change in unrealized gains (losses) on investments		22,205,824

Net realized and unrealized gains (losses) on investments		105,699,046

Net increase in net assets resulting from operations	$	99,540,978

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


Statement of changes in net assets		Wells Fargo Advantage Omega Growth Fund			15


	Year ended July 31, 2015						Year ended July 31, 2014

Operations
Net investment loss				$	(6,158,068	)				$	(9,015,814	)
Net realized gains on investments					83,493,222						160,298,938
Net change in unrealized gains (losses) on investments					22,205,824						(6,586,133	)

Net increase in net assets resulting from operations					99,540,978						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		1,073,382			51,726,380			2,629,379			131,733,853
Class B		3,036			118,881			14,628			611,739
Class C		278,343			10,475,969			725,463			29,939,937
Class R		114,110			5,204,171			261,245			12,668,404
Administrator Class		459,293			23,327,789			1,297,321			68,639,919
Institutional Class		1,015,747			53,541,695			914,142			49,118,738

					144,394,885						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		(3,198,159	)		(154,561,009	)		(3,618,139	)		(181,905,297	)
Class B		(150,668	)		(5,747,142	)		(194,619	)		(8,015,592	)
Class C		(708,562	)		(26,619,160	)		(398,923	)		(16,344,006	)
Class R		(180,460	)		(8,460,276	)		(373,336	)		(18,294,389	)
Administrator Class		(1,166,619	)		(60,110,360	)		(634,586	)		(33,345,492	)
Institutional Class		(418,232	)		(21,368,714	)		(68,416	)		(3,559,135	)

					(276,866,661	)					(261,463,911	)

Net increase (decrease) in net assets resulting from capital share transactions					(17,100,866	)					127,922,662

Total increase (decrease) in net assets					(47,042,878	)					163,816,008


Net assets
Beginning of period					1,030,006,170						866,190,162

End of period				$	982,963,292					$	1,030,006,170

Accumulated net investment loss				$	(4,452,286	)				$	(30,312	)

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)


	Year ended July 31
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$49.99			$47.97			$39.09			$38.29			$30.11
Net investment loss		(0.28	)¹		(0.49	)		(0.02	)		(0.28	)¹		(0.29	)
Net realized and unrealized gains (losses) on investments		5.12			8.28			10.31			1.08			8.47

Total from investment operations		4.84			7.79			10.29			0.80			8.18
Distributions to shareholders from
Net realized gains		(6.54	)		(5.77	)		(1.41	)		0.00			0.00
Net asset value, end of period		$48.29			$49.99			$47.97			$39.09			$38.29
Total return²		10.65	%		16.58	%		27.07	%		2.09	%		27.17	%
Ratios to average net assets (annualized)
Gross expenses		1.32	%		1.32	%		1.34	%		1.35	%		1.36	%
Net expenses		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
Net investment loss		(0.58	)%		(0.84	)%		(0.08	)%		(0.75	)%		(0.80	)%
Supplemental data
Portfolio turnover rate		94	%		101	%		88	%		101	%		123	%
Net assets, end of period (000s omitted)		$685,005			$724,071			$668,992			$550,758			$584,871

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


Financial highlights		Wells Fargo Advantage Omega Growth Fund			17

(For a share outstanding throughout each period)


	Year ended July 31
CLASS B	2015			2014			2013			2012			2011
Net asset value, beginning of period		$40.45			$40.07			$33.12			$32.68			$25.89
Net investment loss		(0.51	)¹		(0.65	)¹		(0.28	)¹		(0.47	)¹		(0.48	)¹
Net realized and unrealized gains (losses) on investments		4.04			6.80			8.64			0.91			7.27

Total from investment operations		3.53			6.15			8.36			0.44			6.79
Distributions to shareholders from
Net realized gains		(6.54	)		(5.77	)		(1.41	)		0.00			0.00
Net asset value, end of period		$37.44			$40.45			$40.07			$33.12			$32.68
Total return²		9.82	%		15.71	%		26.11	%		1.32	%		26.23	%
Ratios to average net assets (annualized)
Gross expenses		2.07	%		2.07	%		2.09	%		2.10	%		2.12	%
Net expenses		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%
Net investment loss		(1.32	)%		(1.58	)%		(0.78	)%		(1.51	)%		(1.55	)%
Supplemental data
Portfolio turnover rate		94	%		101	%		88	%		101	%		123	%
Net assets, end of period (000s omitted)		$7,817			$12,526			$17,476			$22,271			$40,023

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


18		Wells Fargo Advantage Omega Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$40.56			$40.15			$33.18			$32.75			$25.94
Net investment loss		(0.51	)¹		(0.65	)¹		(0.31	)¹		(0.47	)¹		(0.49	)¹
Net realized and unrealized gains (losses) on investments		4.04			6.83			8.69			0.90			7.30

Total from investment operations		3.53			6.18			8.38			0.43			6.81
Distributions to shareholders from
Net realized gains		(6.54	)		(5.77	)		(1.41	)		0.00			0.00
Net asset value, end of period		$37.55			$40.56			$40.15			$33.18			$32.75
Total return²		9.79	%		15.73	%		26.11	%		1.31	%		26.25	%
Ratios to average net assets (annualized)
Gross expenses		2.07	%		2.07	%		2.09	%		2.10	%		2.11	%
Net expenses		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%
Net investment loss		(1.33	)%		(1.59	)%		(0.85	)%		(1.49	)%		(1.55	)%
Supplemental data
Portfolio turnover rate		94	%		101	%		88	%		101	%		123	%
Net assets, end of period (000s omitted)		$99,100			$108,073			$83,206			$59,481			$58,329

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


Financial highlights		Wells Fargo Advantage Omega Growth Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R	2015			2014			2013			2012			2011
Net asset value, beginning of period		$48.62			$46.90			$38.35			$37.66			$29.69
Net investment loss		(0.39	)¹		(0.53	)¹		(0.09	)		(0.36	)¹		(0.13	)
Net realized and unrealized gains (losses) on investments		4.97			8.02			10.05			1.05			8.10

Total from investment operations		4.58			7.49			9.96			0.69			7.97
Distributions to shareholders from
Net realized gains		(6.54	)		(5.77	)		(1.41	)		0.00			0.00
Net asset value, end of period		$46.66			$48.62			$46.90			$38.35			$37.66
Total return		10.38	%		16.30	%		26.73	%		1.83	%		26.89	%
Ratios to average net assets (annualized)
Gross expenses		1.57	%		1.57	%		1.59	%		1.60	%		1.59	%
Net expenses		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%
Net investment loss		(0.83	)%		(1.09	)%		(0.38	)%		(0.99	)%		(1.08	)%
Supplemental data
Portfolio turnover rate		94	%		101	%		88	%		101	%		123	%
Net assets, end of period (000s omitted)		$17,199			$20,095			$23,745			$15,408			$6,515

¹	Calculated based upon average shares outstanding

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


20		Wells Fargo Advantage Omega Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$52.50			$50.00			$40.60			$39.67			$31.12
Net investment income (loss)		(0.17	)¹		(0.31	)¹		0.07	¹		(0.19	)¹		(0.21	)¹
Net realized and unrealized gains (losses) on investments		5.41			8.58			10.74			1.12			8.76

Total from investment operations		5.24			8.27			10.81			0.93			8.55
Distributions to shareholders from
Net realized gains		(6.54	)		(5.77	)		(1.41	)		0.00			0.00
Net asset value, end of period		$51.20			$52.50			$50.00			$40.60			$39.67
Total return		10.91	%		16.89	%		27.35	%		2.34	%		27.47	%
Ratios to average net assets (annualized)
Gross expenses		1.15	%		1.15	%		1.17	%		1.17	%		1.18	%
Net expenses		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Net investment income (loss)		(0.33	)%		(0.59	)%		0.16	%		(0.49	)%		(0.56	)%
Supplemental data
Portfolio turnover rate		94	%		101	%		88	%		101	%		123	%
Net assets, end of period (000s omitted)		$86,756			$115,281			$69,264			$51,560			$41,242

¹	Calculated based upon average shares outstanding

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


Financial highlights		Wells Fargo Advantage Omega Growth Fund			21

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$53.10			$50.40			$40.81			$39.77			$31.12
Net investment income (loss)		(0.04	)¹		(0.24	)		0.11	¹		(0.10	)		(0.03	)
Net realized and unrealized gains (losses) on investments		5.49			8.71			10.89			1.14			8.68

Total from investment operations		5.45			8.47			11.00			1.04			8.65
Distributions to shareholders from
Net realized gains		(6.54	)		(5.77	)		(1.41	)		0.00			0.00
Net asset value, end of period		$52.01			$53.10			$50.40			$40.81			$39.77
Total return		11.20	%		17.17	%		27.68	%		2.62	%		27.80	%
Ratios to average net assets (annualized)
Gross expenses		0.90	%		0.89	%		0.91	%		0.92	%		0.88	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.09	)%		(0.36	)%		0.24	%		(0.24	)%		(0.34	)%
Supplemental data
Portfolio turnover rate		94	%		101	%		88	%		101	%		123	%
Net assets, end of period (000s omitted)		$87,085			$49,960			$3,507			$779			$656

¹	Calculated based upon average shares outstanding

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


22		Wells Fargo Advantage Omega Growth Fund		Notes to financial statements

1. ORGANIZATION

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

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).

Security loans


Notes to financial statements		Wells Fargo Advantage Omega Growth Fund			23

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassifications is due to net operating losses. At July 31, 2015, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:


Paid-in capital	Accumulated net investment loss	Accumulated net realized gains on investments
$(1,737,642)	$1,736,094	$1,548

As of July 31, 2015, the Fund had a qualified late-year ordinary loss of $4,425,506 which will be recognized on the first day of the following fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS


24		Wells Fargo Advantage Omega Growth Fund		Notes to financial statements

Level 1 – quoted prices in active markets for identical securities

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

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

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

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


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

Common stocks
Consumer discretionary	$	191,773,247	$	0	$	0	$	191,773,247
Consumer staples		24,677,239		0		0		24,677,239
Energy		7,607,391		0		0		7,607,391
Financials		92,846,442		0		0		92,846,442
Health care		216,356,842		0		0		216,356,842
Industrials		79,129,817		0		0		79,129,817
Information technology		311,270,471		0		0		311,270,471
Materials		24,276,084		0		0		24,276,084
Telecommunication services		25,338,809		0		0		25,338,809

Short-term investments
Investment companies		19,185,733		14,354,600		0		33,540,333
Total assets	$	992,462,075	$	14,354,600	$	0	$	1,006,816,675

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.80% and declining to 0.555% as the average daily net assets of the Fund increase.

Prior to July 1, 2015, Funds Management provided advisory services pursuant to an investment advisory agreement. For the period from December 1, 2014 through June 30, 2015, Funds Management was entitled to receive an annual fee which started at 0.75% and declined to 0.525% as the average daily net assets of the Fund increased. From August 1, 2014 through November 30, 2014, Funds Management received an annual advisory fee which started at 0.75% and declined to 0.55% as the average daily net assets of the Fund increased. In addition, prior to July 1, 2015, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of the Fund increased. For the year ended July 31, 2015,


Notes to financial statements		Wells Fargo Advantage Omega Growth Fund			25

the management fee was equivalent to an annual rate of 0.77% of the Fund’s average daily net assets. For financial statement purposes, advisory fees and fund-level administration fees for the year ended July 31, 2015 have been included in management fee on the Statement of Operations.

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


	Class-level administration fee
	Current rate			Rate prior to July 1, 2015
Class A, Class B, Class C, Class R		0.21	%		0.26	%
Administrator Class		0.13			0.10
Institutional Class		0.13			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 1.30% for Class A shares, 2.05% for Class B shares, 2.05% for Class C shares, 1.55% for Class R shares, 1.05% 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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended July 31, 2015, Funds Distributor received $25,251 from the sale of Class A shares and $264 and $374 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 year ended July 31, 2015 were $929,896,858 and $1,082,712,658, respectively.

6. BANK BORROWINGS


26		Wells Fargo Advantage Omega Growth Fund		Notes to financial statements

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 year ended July 31, 2015, the Fund paid $1,474 in commitment fees.

For the year ended July 31, 2015, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended July 31, 2015 and July 31, 2014 were as follows:


	Year ended July 31
	2015		2014
Ordinary income	$	25,132,357	$	18,352,363
Long-term capital gain		104,350,633		90,451,282

As of July 31, 2015, the components of distributable earnings on a tax basis were as follows:


Undistributed long-term gain	Unrealized gains	Late-year ordinary losses deferred
$70,916,824	$214,581,796	$(4,425,506)

8. CONCENTRATION RISK

9. INDEMNIFICATION


Report of independent registered public accounting firm		Wells Fargo Advantage Omega Growth Fund			27

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Omega Growth Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Omega Growth Fund as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

September 23, 2015


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

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 13.59% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended July 31, 2015.

Pursuant to Section 852 of the Internal Revenue Code, $104,350,633 was designated as long-term capital gain distributions for the fiscal year ended July 31, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $4,016,151 of income dividends paid during the fiscal year ended July 31, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended July 31, 2015, $25,132,357 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Advantage Omega Growth Fund			29

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a 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 Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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


30		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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
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 72 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.


Other information (unaudited)		Wells Fargo Advantage Omega Growth Fund			31

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 19-20, 2015 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Advantage Omega Growth Fund (the “Fund”): (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment management agreement (the “Management Agreement”) with Funds Management; and (iii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement combines the terms of the Advisory Agreement with the terms of the Fund’s Amended and Restated Administration Agreement (the “Administration Agreement”) applicable to Fund-level administrative services. The Advisory Agreement, the Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services


32		Wells Fargo Advantage Omega Growth Fund		Other information (unaudited)

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended March 31, 2015. The Board considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Administrator Class) was lower than the average performance of the Universe for all periods under review except for the five-and ten-year periods. The Board also noted that the performance of the Fund was lower than its benchmark, the Russell 3000^® Growth Index, for all periods under review except the ten-year period.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance in these periods, including with respect to market factors and investment decisions that affected the Fund’s performance, and of longer term outperformance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups. The Board discussed and accepted Funds Management’s proposal to increase net operating expense ratio caps for the Administrator Class and Institutional Class. In accepting such proposed new net operating expense ratio caps, the Board noted that the Fund’s new net operating expense ratios would still be lower than or in range of the median net operating expense ratios of the expense Groups.

Investment advisory and sub-advisory fee rates


Other information (unaudited)		Wells Fargo Advantage Omega Growth Fund			33

of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal burdens and risks of managing mutual funds compared with those associated with managing assets of non-mutual fund clients such as collective funds or institutional separate accounts.

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


34		Wells Fargo Advantage Omega Growth Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

236199 09-15

A211/AR211 07-15

Wells Fargo Advantage

Premier Large Company Growth Fund

LOGO

Annual Report

July 31, 2015

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			8

Portfolio of investments			9

Financial statements
Statement of assets and liabilities			14
Statement of operations			15
Statement of changes in net assets			16
Financial highlights			17

Notes to financial statements			25

Report of independent registered public accounting firm			30

Other information			31

List of abbreviations			37

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Advantage Premier Large Company Growth Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Generally improving U.S. economic data helped drive a positive return for U.S. large-cap stocks for the reporting period

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Premier Large Company Growth Fund for the 12-month period that ended July 31, 2015. Generally improving U.S. economic data helped drive a positive return for U.S. large-cap 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 market volatility in the last five months of 2014.

In the first quarter of 2015, U.S. large caps delivered positive results but underperformed small- and mid-cap stocks; major markets elsewhere rallied.

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

U.S. large caps experienced challenges during the second quarter of 2015.

July 2015 brought a bounce-back for U.S. large caps.

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

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

Sincerely,

LOGO

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.

Notice to shareholders


4		Wells Fargo Advantage Premier Large Company Growth Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA, CPA

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Average annual total returns¹ (%) as of July 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		6.92		15.58		9.37		13.46		16.95		10.01		1.12		1.11
Class B (EKJBX)*	9-11-1935		7.61		15.84		9.45		12.61		16.06		9.45		1.87		1.86
Class C (EKJCX)	1-22-1998		11.65		16.08		9.21		12.65		16.08		9.21		1.87		1.86
Class R4 (EKJRX)	11-30-2012		–		–		–		13.82		17.34		10.34		0.84		0.80
Class R6 (EKJFX)	11-30-2012		–		–		–		14.00		17.44		10.39		0.69		0.65
Administrator Class (WFPDX)	7-16-2010		–		–		–		13.73		17.15		10.14		1.04		0.95
Institutional Class (EKJYX)	6-30-1999		–		–		–		14.01		17.43		10.38		0.79		0.70
Investor Class (WFPNX)	7-16-2010		–		–		–		13.44		16.88		9.94		1.23		1.18
Russell 1000^® Growth Index⁴	–		–		–		–		16.08		17.75		8.95		–		–

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

Growth of $10,000 investment⁵ as of July 31, 2015

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.

The manager has contractually committed through November 30, 2016 (November 30, 2015 for Administrator Class), to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the 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 chart compares the performance of Class A shares for the most recent ten years with the Russell 1000 Growth Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁶	The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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


6		Wells Fargo Advantage Premier Large Company Growth Fund		Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

The Fund underperformed its benchmark, the Russell 1000 Growth Index, for the 12-month period that ended July 31, 2015.

The period’s steep decline in the prices of energy commodities negatively affected many of the Fund’s holdings within the energy sector along with its railroad holdings in the industrials sector.

The Fund benefited from favorable stock selection within the health care and consumer discretionary sectors.

Growth stocks exhibited strength over the 12-month period, as evidenced by the Russell 1000 Growth Index’s 16.08% return.


Ten largest holdings⁶ (%) as of July 31, 2015
Alexion Pharmaceuticals Incorporated			3.59
Apple Incorporated			3.13
Google Incorporated Class A			2.89
Facebook Incorporated Class A			2.65
Alliance Data Systems Corporation			2.47
Dollar Tree Incorporated			2.26
Starbucks Corporation			2.21
Union Pacific Corporation			2.18
Microchip Technology Incorporated			2.17
Regeneron Pharmaceuticals Incorporated			2.02

Stock selection within the energy and industrials sectors hindered the Fund’s relative performance

driven primarily by decreased demand for coal. Although our long-term thesis—predicated on cost efficiencies, diversified product mixes, and pricing power—remains intact, we trimmed the sizes of some positions as a risk adjustment while we work through these transitory issues.

Sector distribution⁷ as of July 31, 2015

The Fund benefited from solid performance by holdings with strong secular growth in the health care and consumer discretionary sectors.

pipeline and strong sales of its drug Soliris for multiple applications. Biotechnology continues to be the largest industry overweight in the Fund. Many Fund holdings within this industry have been trading at attractive valuations given the growth they could generate in coming years. The Fund generated outperformance in the consumer discretionary sector as well, due partly to Dollar Tree Incorporated, and Tractor Supply Company. Dollar Tree benefited from same-store sales growth, an increased store count, and anticipated synergies from its pending acquisition of Family Dollar Stores Incorporated. Tractor Supply advanced 50% during the period, driven by strong customer demand for its differentiated product offerings.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Advantage Premier Large Company Growth Fund			7

Our outlook remains positive.

Please see footnotes on page 5.


8		Wells Fargo Advantage Premier Large Company Growth Fund		Fund expenses (unaudited)

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

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 2-1-2015		Ending account value 7-31-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,079.58	$	5.77		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.24	$	5.61		1.12	%
Class B
Actual	$	1,000.00	$	1,075.19	$	9.62		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.52	$	9.35		1.87	%
Class C
Actual	$	1,000.00	$	1,075.36	$	9.62		1.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.52	$	9.35		1.87	%
Class R4
Actual	$	1,000.00	$	1,080.94	$	4.13		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class R6
Actual	$	1,000.00	$	1,082.03	$	3.36		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Administrator Class
Actual	$	1,000.00	$	1,081.03	$	4.90		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,082.08	$	3.61		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Investor Class
Actual	$	1,000.00	$	1,079.17	$	6.08		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.94	$	5.91		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—July 31, 2015		Wells Fargo Advantage Premier Large Company Growth Fund			9


Security name	Shares		Value


Common Stocks: 98.49%

Consumer Discretionary: 23.46%

Auto Components: 0.95%
BorgWarner Incorporated		175,360	$	8,717,146
Delphi Automotive plc		551,690		43,075,955

				51,793,101


Distributors: 1.37%
LKQ Corporation †		2,392,620		75,271,825


Hotels, Restaurants & Leisure: 5.44%
Chipotle Mexican Grill Incorporated †		111,010		82,394,952
Hilton Worldwide Holdings Incorporated †		2,412,500		64,775,625
Starbucks Corporation		2,090,080		121,078,334
Yum! Brands Incorporated		336,000		29,487,360

				297,736,271


Internet & Catalog Retail: 2.12%
Amazon.com Incorporated †		205,050		109,937,558
The Priceline Group Incorporated †		4,838		6,016,392

				115,953,950


Media: 3.32%
Charter Communication Incorporated Class A «†		141,300		26,262,018
Comcast Corporation Class A		843,500		52,642,835
The Walt Disney Company		858,300		102,996,000

				181,900,853


Multiline Retail: 3.37%
Dollar General Corporation		761,000		61,161,570
Dollar Tree Incorporated †		1,584,210		123,615,906

				184,777,476


Specialty Retail: 4.37%
CarMax Incorporated †		1,438,790		92,816,343
The TJX Companies Incorporated		667,700		46,618,814
Tractor Supply Company		1,080,680		99,984,514

				239,419,671


Textiles, Apparel & Luxury Goods: 2.52%
HanesBrands Incorporated		239,000		7,416,170
Nike Incorporated Class B		442,790		51,018,264
Under Armour Incorporated Class A †		611,320		60,722,416
VF Corporation		242,700		18,709,743

				137,866,593


Consumer Staples: 5.13%

Beverages: 0.80%
The Coca-Cola Company		1,068,600		43,898,088

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


10		Wells Fargo Advantage Premier Large Company Growth Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value


Food & Staples Retailing: 3.06%
Costco Wholesale Corporation		395,090	$	57,406,577
CVS Health Corporation		505,400		56,842,338
Sprouts Farmers Market Incorporated †		2,179,332		53,437,221

				167,686,136


Food Products: 0.03%
Blue Buffalo Pet Products Incorporated †		57,336		1,601,968


Household Products: 0.40%
Colgate-Palmolive Company		324,400		22,065,688


Personal Products: 0.84%
The Estee Lauder Companies Incorporated Class A		516,090		45,988,780


Energy: 1.76%

Energy Equipment & Services: 0.23%
Schlumberger Limited		152,870		12,660,693


Oil, Gas & Consumable Fuels: 1.53%
Concho Resources Incorporated †		631,410		67,283,050
EOG Resources Incorporated		51,000		3,936,690
Pioneer Natural Resources Company		97,870		12,406,980

				83,626,720


Financials: 4.39%

Capital Markets: 2.84%
Ameriprise Financial Incorporated		408,320		51,313,574
TD Ameritrade Holding Corporation		2,839,100		104,280,143

				155,593,717


Consumer Finance: 0.80%
Discover Financial Services		790,190		44,100,504


REITs: 0.75%
American Tower Corporation		431,600		41,049,476


Health Care: 21.59%

Biotechnology: 11.20%
Alexion Pharmaceuticals Incorporated †		995,000		196,452,800
Biogen Incorporated †		171,240		54,587,887
BioMarin Pharmaceutical Incorporated †		174,150		25,472,921
Celgene Corporation †		648,118		85,065,488
Gilead Sciences Incorporated		632,130		74,502,842
Incyte Corporation †		266,000		27,738,480
Medivation Incorporated †		369,200		38,887,836
Regeneron Pharmaceuticals Incorporated †		199,830		110,637,878

				613,346,132

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Premier Large Company Growth Fund			11


Security name	Shares		Value


Health Care Equipment & Supplies: 1.57%
Intuitive Surgical Incorporated †		39,900	$	21,273,483
Medtronic plc		826,002		64,750,297

				86,023,780


Health Care Providers & Services: 2.83%
AmerisourceBergen Corporation		713,600		75,463,200
Envision Healthcare Holdings Incorporated †		1,174,104		52,599,859
McKesson Corporation		120,700		26,622,799

				154,685,858


Health Care Technology: 1.44%
Cerner Corporation †		987,840		70,847,885
Inovalon Holdings Incorporated «†		333,049		8,046,464

				78,894,349


Life Sciences Tools & Services: 1.63%
Mettler-Toledo International Incorporated †		154,920		52,300,992
Quintiles Transnational Holdings Incorporated †		480,897		36,894,418

				89,195,410


Pharmaceuticals: 2.92%
Allergan plc †		324,570		107,481,356
Perrigo Company plc		273,980		52,658,956

				160,140,312


Industrials: 10.26%

Aerospace & Defense: 1.29%
The Boeing Company		306,260		44,153,504
United Technologies Corporation		262,000		26,281,220

				70,434,724


Air Freight & Logistics: 1.36%
United Parcel Service Incorporated Class B		729,640		74,685,950


Airlines: 0.72%
Southwest Airlines Company		1,088,860		39,416,732


Commercial Services & Supplies: 0.05%
Tyco International plc		73,900		2,807,461


Electrical Equipment: 0.54%
Rockwell Automation Incorporated		255,400		29,825,612


Industrial Conglomerates: 0.75%
Danaher Corporation		445,630		40,801,883


Road & Rail: 5.25%
Canadian Pacific Railway Limited		99,400		15,988,490
CSX Corporation		1,569,200		49,084,576

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


12		Wells Fargo Advantage Premier Large Company Growth Fund		Portfolio of investments—July 31, 2015


Security name	Shares		Value


Road & Rail (continued)
Kansas City Southern		590,400	$	58,561,776
Norfolk Southern Corporation		531,540		44,824,768
Union Pacific Corporation		1,222,040		119,258,884

				287,718,494


Trading Companies & Distributors: 0.30%
W.W. Grainger Incorporated		71,400		16,329,894


Information Technology: 29.59%

Communications Equipment: 1.41%
Cisco Systems Incorporated		1,212,100		34,447,882
F5 Networks Incorporated †		143,800		19,289,332
QUALCOMM Incorporated		362,080		23,314,331

				77,051,545


Internet Software & Services: 7.84%
Akamai Technologies Incorporated †		1,184,910		90,894,446
Facebook Incorporated Class A †		1,542,690		145,028,287
Google Incorporated Class A †		240,900		158,391,750
Google Incorporated Class C †		56,198		35,158,031

				429,472,514


IT Services: 8.09%
Accenture plc Class A		598,200		61,680,402
Alliance Data Systems Corporation †		492,780		135,534,211
Cognizant Technology Solutions Corporation Class A †		519,000		32,748,900
MasterCard Incorporated Class A		1,133,900		110,441,860
Visa Incorporated Class A		1,361,460		102,572,396

				442,977,769


Semiconductors & Semiconductor Equipment: 4.99%
ARM Holdings plc ADR		1,394,500		65,597,280
Avago Technologies Limited		193,117		24,166,661
Broadcom Corporation Class A		395,800		20,031,438
Microchip Technology Incorporated		2,773,770		118,828,307
Texas Instruments Incorporated		894,200		44,692,116

				273,315,802


Software: 4.13%
Adobe Systems Incorporated †		528,800		43,356,312
Microsoft Corporation		798,600		37,294,620
Salesforce.com Incorporated †		581,750		42,642,275
ServiceNow Incorporated †		432,600		34,824,300
Splunk Incorporated †		505,900		35,382,646
Tableau Software Incorporated Class A †		192,254		20,136,684
VMware Incorporated Class A †		144,400		12,870,372

				226,507,209

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


Portfolio of investments—July 31, 2015		Wells Fargo Advantage Premier Large Company Growth Fund			13


Security name				Shares		Value


Technology Hardware, Storage & Peripherals: 3.13%
Apple Incorporated					1,414,060	$	171,525,478


Materials: 2.31%

Chemicals: 2.31%
Airgas Incorporated					167,500		17,088,350
Ecolab Incorporated					495,500		57,383,855
Monsanto Company					121,040		12,332,766
Praxair Incorporated					345,800		39,469,609

							126,274,580


Total Common Stocks (Cost $3,565,373,677)							5,394,422,998


	Yield
Short-Term Investments: 1.77%

Investment Companies: 1.77%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.14	%		33,411,375		33,411,375
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.13			63,579,986		63,579,986

Total Short-Term Investments (Cost $96,991,361)							96,991,361


Total investments in securities (Cost $3,662,365,038) *	100.26	%		5,491,414,359
Other assets and liabilities, net	(0.26	)		(14,367,975	)

Total net assets	100.00	%	$	5,477,046,384

†	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 $3,668,389,761 and unrealized gains (losses) consists of:


Gross unrealized gains	$	1,859,439,792
Gross unrealized losses		(36,415,194	)

Net unrealized gains	$	1,823,024,598

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


14		Wells Fargo Advantage Premier Large Company Growth Fund		Statement of assets and liabilities—July 31, 2015




Assets
Investments
In unaffiliated securities (including $32,289,468 of securities loaned), at value (cost $3,565,373,677)	$	5,394,422,998
In affiliated securities, at value (cost $96,991,361)		96,991,361

Total investments, at value (cost $3,662,365,038)		5,491,414,359
Receivable for investments sold		62,676,013
Receivable for Fund shares sold		4,969,009
Receivable for dividends		1,716,396
Receivable for securities lending income		16,166
Prepaid expenses and other assets		120,225

Total assets		5,560,912,168


Liabilities
Payable for investments purchased		41,206,648
Payable for Fund shares redeemed		4,223,529
Payable upon receipt of securities loaned		33,411,375
Management fee payable		2,925,860
Distribution fees payable		262,930
Administration fees payable		848,127
Accrued expenses and other liabilities		987,315

Total liabilities		83,865,784

Total net assets	$	5,477,046,384


NET ASSETS CONSIST OF
Paid-in capital	$	3,484,047,113
Accumulated net investment loss		(2,789,149	)
Accumulated net realized gains on investments		166,739,099
Net unrealized gains on investments		1,829,049,321

Total net assets	$	5,477,046,384


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	2,280,107,363
Shares outstanding – Class A¹		140,051,663
Net asset value per share – Class A		$16.28
Maximum offering price per share – Class A²		$17.27
Net assets – Class B	$	2,170,414
Shares outstanding – Class B¹		151,739
Net asset value per share – Class B		$14.30
Net assets – Class C	$	388,289,723
Shares outstanding – Class C¹		27,209,910
Net asset value per share – Class C		$14.27
Net assets – Class R4	$	2,128,866
Share outstanding – Class R4¹		128,555
Net asset value per share – Class R4		$16.56
Net assets – Class R6	$	166,768,433
Shares outstanding – Class R6¹		10,035,911
Net asset value per share – Class R6		$16.62
Net assets – Administrator Class	$	1,129,969,525
Shares outstanding – Administrator Class¹		68,879,049
Net asset value per share – Administrator Class		$16.41
Net assets – Institutional Class	$	1,313,280,806
Shares outstanding – Institutional Class¹		79,076,697
Net asset value per share – Institutional Class		$16.61
Net assets – Investor Class	$	194,331,254
Shares outstanding – Investor Class¹		11,983,038
Net asset value per share – Investor Class		$16.22

¹	The Fund has an unlimited number of authorized shares.

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

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


Statement of operations—year ended July 31, 2015		Wells Fargo Advantage Premier Large Company Growth Fund			15




Investment income
Dividends (net of foreign withholding taxes of $15,353)	$	49,818,357
Securities lending income, net		139,973
Income from affiliated securities		49,777

Total investment income		50,008,107


Expenses
Management fee		33,937,139
Administration fees
Class A		5,379,918
Class B		7,947
Class C		1,004,194
Class R4		1,581
Class R6		50,143
Administrator Class		1,298,571
Institutional Class		1,024,502
Investor Class		636,379
Shareholder servicing fees
Class A		5,271,115
Class B		7,736
Class C		982,331
Class R4		1,977
Administrator Class		3,134,024
Investor Class		494,472
Distribution fees
Class B		23,208
Class C		2,946,993
Custody and accounting fees		273,347
Professional fees		56,903
Registration fees		274,883
Shareholder report expenses		290,180
Trustees’ fees and expenses		13,252
Other fees and expenses		78,520

Total expenses		57,189,315
Less: Fee waivers and/or expense reimbursements		(2,248,768	)

Net expenses		54,940,547

Net investment loss		(4,932,440	)


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		217,385,650
Net change in unrealized gains (losses) on investments		456,933,003

Net realized and unrealized gains (losses) on investments		674,318,653

Net increase in net assets resulting from operations	$	669,386,213

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


16		Wells Fargo Advantage Premier Large Company Growth Fund		Statement of changes in net assets


	Year ended July 31, 2015						Year ended July 31, 2014

Operations
Net investment loss				$	(4,932,440	)				$	(12,002,037	)
Net realized gains on investments					217,385,650						131,365,067
Net change in unrealized gains (losses) on investments					456,933,003						546,350,666

Net increase in net assets resulting from operations					669,386,213						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		44,287,833			683,559,842			42,606,662			593,794,550
Class B		4,474			61,128			27,890			341,694
Class C		4,631,916			62,766,733			8,601,633			106,017,995
Class R4		89,416			1,331,780			41,808			609,423
Class R6		1,160,674			18,210,412			12,608,190			170,307,516
Administrator Class		11,745,864			181,283,260			73,161,085			1,038,797,296
Institutional Class		26,787,602			422,028,125			34,278,958			482,686,241
Investor Class		1,217,432			18,676,165			3,565,063			49,308,160

					1,387,917,445						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		141,900			2,176,746			0			0
Administrator Class		1,033,233			15,674,143			0			0
Institutional Class		854,382			13,097,671			0			0
Investor Class		181,619			2,727,921			0			0

					61,586,549						0

Payment for shares redeemed
Class A		(36,977,346	)		(568,178,692	)		(32,025,660	)		(452,294,693	)
Class B		(166,018	)		(2,261,194	)		(219,715	)		(2,727,974	)
Class C		(6,821,898	)		(93,243,358	)		(4,454,199	)		(55,420,848	)
Class R4		(14,450	)		(227,033	)		(265	)		(3,714	)
Class R6		(2,357,872	)		(37,477,435	)		(1,881,186	)		(26,918,328	)
Administrator Class		(34,510,354	)		(539,756,076	)		(33,287,121	)		(466,226,494	)
Institutional Class		(18,413,561	)		(290,307,468	)		(69,016,664	)		(995,396,571	)
Investor Class		(3,060,955	)		(47,139,147	)		(2,225,843	)		(30,843,706	)

					(1,578,590,403	)					(2,029,832,328	)

Net increase (decrease) in net assets resulting from capital share transactions					(129,086,409	)					412,030,547

Total increase in net assets					470,114,264						1,077,744,243


Net assets
Beginning of period					5,006,932,120						3,929,187,877

End of period				$	5,477,046,384					$	5,006,932,120

Accumulated net investment loss				$	(2,789,149	)				$	(9,496,890	)

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)


	Year ended July 31
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.55			$12.57			$10.21			$9.89			$7.75
Net investment loss		(0.03	)		(0.05	)		(0.02	)		(0.03	)¹		(0.01	)
Net realized and unrealized gains (losses) on investments		1.97			2.03			2.38			0.60			2.15

Total from investment operations		1.94			1.98			2.36			0.57			2.14
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.00	)²
Net realized gains		(0.21	)		0.00			0.00			(0.25	)		0.00

Total distributions to shareholders		(0.21	)		0.00			0.00			(0.25	)		(0.00	)²
Net asset value, end of period		$16.28			$14.55			$12.57			$10.21			$9.89
Total return³		13.46	%		15.75	%		23.11	%		6.08	%		27.55	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.17	%		1.19	%		1.23	%		1.24	%
Net expenses		1.12	%		1.12	%		1.12	%		1.12	%		1.12	%
Net investment loss		(0.18	)%		(0.36	)%		(0.15	)%		(0.30	)%		(0.13	)%
Supplemental data
Portfolio turnover rate		44	%		37	%		32	%		51	%		65	%
Net assets, end of period (000s omitted)		$2,280,107			$1,908,455			$1,515,862			$932,106			$620,262

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

³	Total return calculations do not include any sales charges.

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


18		Wells Fargo Advantage Premier Large Company Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS B	2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.90			$11.23			$9.19			$8.99			$7.10
Net investment loss		(0.13	)¹		(0.13	)¹		(0.09	)¹		(0.09	)¹		(0.07	)¹
Net realized and unrealized gains (losses) on investments		1.74			1.80			2.13			0.54			1.96

Total from investment operations		1.61			1.67			2.04			0.45			1.89
Distributions to shareholders from
Net realized gains		(0.21	)		0.00			0.00			(0.25	)		0.00
Net asset value, end of period		$14.30			$12.90			$11.23			$9.19			$8.99
Total return²		12.61	%		14.87	%		22.20	%		5.22	%		26.62	%
Ratios to average net assets (annualized)
Gross expenses		1.91	%		1.91	%		1.94	%		1.97	%		2.00	%
Net expenses		1.87	%		1.87	%		1.87	%		1.87	%		1.87	%
Net investment loss		(0.92	)%		(1.09	)%		(0.87	)%		(1.04	)%		(0.85	)%
Supplemental data
Portfolio turnover rate		44	%		37	%		32	%		51	%		65	%
Net assets, end of period (000s omitted)		$2,170			$4,001			$5,637			$6,962			$10,244

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


Financial highlights		Wells Fargo Advantage Premier Large Company Growth Fund			19

(For a share outstanding throughout each period)


	Year ended July 31
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.87			$11.20			$9.17			$8.97			$7.08
Net investment loss		(0.13	)¹		(0.14	)¹		(0.09	)¹		(0.10	)¹		(0.08	)¹
Net realized and unrealized gains (losses) on investments		1.74			1.81			2.12			0.55			1.97

Total from investment operations		1.61			1.67			2.03			0.45			1.89
Distributions to shareholders from
Net realized gains		(0.21	)		0.00			0.00			(0.25	)		0.00
Net asset value, end of period		$14.27			$12.87			$11.20			$9.17			$8.97
Total return²		12.65	%		14.91	%		22.14	%		5.24	%		26.69	%
Ratios to average net assets (annualized)
Gross expenses		1.91	%		1.92	%		1.94	%		1.98	%		1.99	%
Net expenses		1.87	%		1.87	%		1.87	%		1.87	%		1.87	%
Net investment loss		(0.93	)%		(1.11	)%		(0.91	)%		(1.07	)%		(0.90	)%
Supplemental data
Portfolio turnover rate		44	%		37	%		32	%		51	%		65	%
Net assets, end of period (000s omitted)		$388,290			$374,136			$279,203			$129,980			$35,783

¹	Calculated based upon average shares outstanding

²	Total return calculations do not include any sales charges.

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


20		Wells Fargo Advantage Premier Large Company Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R4	2015			2014			2013¹
Net asset value, beginning of period		$14.75			$12.70			$10.81
Net investment income (loss)		0.02			(0.01	)		0.00	²
Net realized and unrealized gains (losses) on investments		2.00			2.06			1.89

Total from investment operations		2.02			2.05			1.89
Distributions to shareholders from
Net realized gains		(0.21	)		0.00			0.00
Net asset value, end of period		$16.56			$14.75			$12.70
Total return³		13.82	%		16.14	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.84	%		0.85	%
Net expenses		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.13	%		(0.11	)%		0.06	%
Supplemental data
Portfolio turnover rate		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$2,129			$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			21

(For a share outstanding throughout each period)


	Year ended July 31
CLASS R6	2015			2014			2013¹
Net asset value, beginning of period		$14.77			$12.71			$10.81
Net investment income		0.05			0.01			0.00	²
Net realized and unrealized gains (losses) on investments		2.01			2.05			1.90

Total from investment operations		2.06			2.06			1.90
Distributions to shareholders from
Net realized gains		(0.21	)		0.00			0.00
Net asset value, end of period		$16.62			$14.77			$12.71
Total return³		14.00	%		16.29	%		17.58	%
Ratios to average net assets (annualized)
Gross expenses		0.68	%		0.69	%		0.71	%
Net expenses		0.65	%		0.65	%		0.65	%
Net investment income		0.29	%		0.09	%		0.05	%
Supplemental data
Portfolio turnover rate		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$166,768			$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.


22		Wells Fargo Advantage Premier Large Company Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.63			$12.62			$10.24			$9.90			$7.75
Net investment income (loss)		(0.00	)¹		(0.02	)		(0.00	)¹		(0.02	)		0.00	¹
Net realized and unrealized gains (losses) on investments		1.99			2.03			2.38			0.61			2.16

Total from investment operations		1.99			2.01			2.38			0.59			2.16
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.01	)
Net realized gains		(0.21	)		0.00			0.00			(0.25	)		0.00

Total distributions to shareholders		(0.21	)		0.00			0.00			(0.25	)		(0.01	)
Net asset value, end of period		$16.41			$14.63			$12.62			$10.24			$9.90
Total return		13.73	%		15.93	%		23.24	%		6.28	%		27.75	%
Ratios to average net assets (annualized)
Gross expenses		1.00	%		1.00	%		1.04	%		1.07	%		1.08	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.01	)%		(0.19	)%		(0.01	)%		(0.16	)%		0.01	%
Supplemental data
Portfolio turnover rate		44	%		37	%		32	%		51	%		65	%
Net assets, end of period (000s omitted)		$1,129,970			$1,325,864			$640,494			$251,759			$54,335

¹	Amount is less than $0.005.

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


Financial highlights		Wells Fargo Advantage Premier Large Company Growth Fund			23

(For a share outstanding throughout each period)


	Year ended July 31
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.77			$12.71			$10.28			$9.91			$7.75
Net investment income		0.03			0.01	²		0.00	¹		0.00	^1,2		0.02	²
Net realized and unrealized gains (losses) on investments		2.02			2.05			2.43			0.62			2.15

Total from investment operations		2.05			2.06			2.43			0.62			2.17
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.01	)
Net realized gains		(0.21	)		0.00			0.00			(0.25	)		0.00

Total distributions to shareholders		(0.21	)		0.00			0.00			(0.25	)		(0.01	)
Net asset value, end of period		$16.61			$14.77			$12.71			$10.28			$9.91
Total return		14.01	%		16.21	%		23.64	%		6.48	%		28.03	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.74	%		0.76	%		0.79	%		0.81	%
Net expenses		0.70	%		0.70	%		0.71	%		0.75	%		0.75	%
Net investment income		0.23	%		0.07	%		0.16	%		0.04	%		0.22	%
Supplemental data
Portfolio turnover rate		44	%		37	%		32	%		51	%		65	%
Net assets, end of period (000s omitted)		$1,313,281			$1,031,979			$1,328,994			$223,616			$30,493

¹	Amount is less than $0.005.

²	Calculated based upon average shares outstanding

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


24		Wells Fargo Advantage Premier Large Company Growth Fund		Financial highlights

(For a share outstanding throughout each period)


	Year ended July 31
INVESTOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.50			$12.53			$10.19			$9.87			$7.75
Net investment loss		(0.05	)		(0.05	)		(0.02	)		(0.03	)		(0.02	)
Net realized and unrealized gains (losses) on investments		1.98			2.02			2.36			0.60			2.15

Total from investment operations		1.93			1.97			2.34			0.57			2.13
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.01	)
Net realized gains		(0.21	)		0.00			0.00			(0.25	)		0.00

Total distributions to shareholders		(0.21	)		0.00			0.00			(0.25	)		(0.01	)
Net asset value, end of period		$16.22			$14.50			$12.53			$10.19			$9.87
Total return		13.44	%		15.72	%		22.96	%		5.99	%		27.48	%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.23	%		1.25	%		1.29	%		1.31	%
Net expenses		1.18	%		1.18	%		1.18	%		1.19	%		1.19	%
Net investment loss		(0.24	)%		(0.42	)%		(0.21	)%		(0.37	)%		(0.20	)%
Supplemental data
Portfolio turnover rate		44	%		37	%		32	%		51	%		65	%
Net assets, end of period (000s omitted)		$194,331			$197,861			$154,238			$99,675			$79,464

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


Notes to financial statements		Wells Fargo Advantage Premier Large Company Growth Fund			25

1. ORGANIZATION

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

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).

Security loans


26		Wells Fargo Advantage Premier Large Company Growth Fund		Notes to financial statements

Security transactions and income recognition

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

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

Distributions to shareholders

Federal and other taxes

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent difference causing such reclassifications is due to net operating losses. At July 31, 2015, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and


Paid-in capital	Accumulated net investment loss	Accumulated net realized gains on investments
$(12,185,899)	$11,640,181	$545,718

As of July 31, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $24,607,476 with $6,388,000 expiring in 2016 and $18,219,476 expiring in 2017.

As of July 31, 2015, the Fund had a qualified late-year ordinary loss of $2,767,595 which will be recognized on the first day of the following fiscal year.

Class allocations


Notes to financial statements		Wells Fargo Advantage Premier Large Company Growth Fund			27

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

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


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

Common stocks
Consumer discretionary	$	1,284,719,740	$	0	$	0	$	1,284,719,740
Consumer staples		281,240,660		0		0		281,240,660
Energy		96,287,413		0		0		96,287,413
Financials		240,743,697		0		0		240,743,697
Health care		1,182,285,841		0		0		1,182,285,841
Industrials		562,020,750		0		0		562,020,750
Information technology		1,620,850,317		0		0		1,620,850,317
Materials		126,274,580		0		0		126,274,580

Short-term investments
Investment companies		63,579,986		33,411,375		0		96,991,361
Total assets	$	5,458,002,984	$	33,411,375	$	0	$	5,491,414,359

4. TRANSACTIONS WITH AFFILIATES

Management fee


28		Wells Fargo Advantage Premier Large Company Growth Fund		Notes to financial statements

0.55% as the average daily net assets of the Fund increased. In addition, prior to July 1, 2015, fund-level administrative services were provided by Funds Management under a separate administration agreement at an annual fee which started at 0.05% and declined to 0.03% as the average daily net assets of the Fund increased. For the year ended July 31, 2015, the management fee was equivalent to an annual rate of 0.63% of the Fund’s average daily net assets. For financial statement purposes, advisory fees and fund-level administration fees for the year ended July 31, 2015 have been included in management fee on the Statement of Operations.

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


	Class-level administration fee
	Current rate			Rate prior to July 1, 2015
Class A, Class B, Class C		0.21	%		0.26	%
Class R4		0.08			0.08
Class R6		0.03			0.03
Administrator Class		0.13			0.10
Institutional Class		0.13			0.08
Investor Class		0.32			0.32


	Expense ratio cap	Expiration date
Class A	1.11%	November 30, 2016
Class B	1.86%	November 30, 2016
Class C	1.86%	November 30, 2016
Class R4	0.80%	November 30, 2016
Class R6	0.65%	November 30, 2016
Administrator Class	0.95%	November 30, 2015
Institutional Class	0.70%	November 30, 2016
Investor Class	1.18%	November 30, 2016

After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to July 1, 2015, the Fund’s expenses were capped at 1.12% for Class A shares, 1.87% for Class B shares, and 1.87% for Class C shares.

Distribution fees


Notes to financial statements		Wells Fargo Advantage Premier Large Company Growth Fund			29

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the year ended July 31, 2015, Funds Distributor received $105,594 from the sale of Class A shares and $35 and $4,688 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 year ended July 31, 2015 were $2,308,515,980 and $2,520,629,206, respectively.

6. BANK BORROWINGS

For the year ended July 31, 2015, there were no borrowings by the Fund under the agreement.

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid for the year ended July 31, 2015 was $70,185,540 of long-term capital gains. For the year ended July 31, 2014, the Fund did not pay any distributions to shareholders.

As of July 31, 2015, the components of distributable earnings on a tax basis were as follows:


Undistributed long-term gain	Unrealized gains	Late-year ordinary losses deferred	Capital loss carryforward
$197,371,298	$1,823,024,598	$(2,767,595)	$(24,607,476)

8. CONCENTRATION RISK

9. INDEMNIFICATION


30		Wells Fargo Advantage Premier Large Company Growth Fund		Report of independent registered public accounting firm

BOARD OF TRUSTEES AND SHAREHOLDERS OF WELLS FARGO FUNDS TRUST:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Wells Fargo Advantage Premier Large Company Growth Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of July 31, 2015, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Wells Fargo Advantage Premier Large Company Growth Fund as of July 31, 2015, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

LOGO

Boston, Massachusetts

September 23, 2015


Other information (unaudited)		Wells Fargo Advantage Premier Large Company Growth Fund			31

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $70,185,540 was designated as long-term capital gain distributions for the fiscal year ended July 31, 2015.

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


32		Wells Fargo Advantage Premier Large Company Growth Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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 to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a 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 Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy. 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			33


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	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank N.A. from 1996 to 2013.
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 72 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.


34		Wells Fargo Advantage Premier Large Company Growth Fund		Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY, INVESTMENT MANAGEMENT AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 19-20, 2015 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Advantage Premier Large Company Growth Fund (the “Fund”): (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); (ii) an investment management agreement (the “Management Agreement”) with Funds Management; and (iii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Management Agreement combines the terms of the Advisory Agreement with the terms of the Fund’s Amended and Restated Administration Agreement (the “Administration Agreement”) applicable to Fund-level administrative services. The Advisory Agreement, the Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

Nature, extent and quality of services


Other information (unaudited)		Wells Fargo Advantage Premier Large Company Growth Fund			35

Fund performance and expenses

The Board considered the performance results for the Fund over various time periods ended March 31, 2015. The Board considered these results in comparison to the performance of funds in a universe that was determined by Lipper Inc. (“Lipper”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Lipper is an independent provider of investment company data. The Board received a description of the methodology used by Lipper to select the mutual funds in the performance Universe. The Board noted that the performance of the Fund (Class A) was higher than or in range of the average performance of the Universe for all periods under review except the first quarter of 2015 and the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark, the Russell 1000^® Growth Index, for all periods under review except the ten-year period.

The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods noted above. The Board took note of the explanations for the relative underperformance in these periods, including with respect to market factors that affected the Fund’s performance and of longer term outperformance.

The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees (which reflect fee waivers, if any, and include advisory, administration and transfer agent fees), custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Lipper to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Lipper to select the mutual funds in the expense Groups and an explanation of how funds comprising expense groups and their expense ratios may vary from year-to-year. Based on the Lipper reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups. The Board accepted Funds Management’s proposal to increase the net operating expense ratio caps for the Administrator Class, to decrease the caps for Class A, Class B and Class C, and to convert the Investor Class shares into Class A shares. In accepting such proposed new net operating expense ratio caps, the Board noted that the Fund’s new net operating expense ratios would still be lower than or equal to the median net operating expense ratios of the expense Groups.

Investment advisory and sub-advisory fee rates


36		Wells Fargo Advantage Premier Large Company Growth Fund		Other information (unaudited)

Profitability

Economies of scale

Other benefits to Funds Management and the Sub-Adviser

Conclusion


List of abbreviations		Wells Fargo Advantage Premier Large Company Growth Fund			37

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

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LOGO

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

236200 09-15

A212/AR212 07-15

ITEM 2. CODE OF ETHICS

(a) As of the end of the period covered by the report, Wells Fargo Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Trustees of Wells Fargo Funds Trust has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.


	Fiscal year ended July 31, 2015		Fiscal year ended July 31, 2014
Audit fees	$	296,590	$	296,590
Audit-related fees		—		—
Tax fees (1)		40,200		41,100
All other fees		—		—

	$	336,790	$	337,690

(1)	Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e) The Chairman of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Wells Fargo Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chairman, Management shall prepare a brief description of the proposed services. If the Chairman approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(f) Not applicable

(g) Not applicable

(h) 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 MANAGEMENT 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) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as Exhibit COE.

(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:		September 23, 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:		September 23, 2015

By:
		/s/ Jeremy DePalma

		Jeremy DePalma
		Treasurer

Date:		September 23, 2015

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