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

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: September 30

Registrant is making a filing for 9 of its series:

Wells Fargo Advantage Diversified Capital Builder Fund, Wells Fargo Advantage Diversified Income Builder Fund, Wells Fargo Advantage Index Asset Allocation Fund, Wells Fargo Advantage C&B Mid Cap Value Fund, Wells Fargo Advantage Common Stock Fund, Wells Fargo Advantage Discovery Fund, Wells Fargo Advantage Enterprise Fund, Wells Fargo Advantage Opportunity Fund, and Wells Fargo Advantage Special Mid Cap Value Fund.

Date of reporting period: September 30, 2015

ITEM 1. REPORT TO STOCKHOLDERS

Wells Fargo Advantage

Diversified Capital Builder Fund

Annual Report

September 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	24
Report of independent registered public accounting firm	29
Other information	30
List of abbreviations	36

The views expressed and any forward-looking statements are as of September 30, 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 Diversified Capital Builder Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Further adding to the positive tone, the U.S. unemployment rate continued its slow improvement, easing from 5.7% in October 2014 to 5.1% in September 2015.

Throughout most of the reporting period, signs of an improving domestic economy supported stocks and high-yield bonds.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Diversified Capital Builder Fund for the 12-month period that ended September 30, 2015. The period was marked by continued low global interest rates and a sluggish economic recovery in the U.S. However, late-period concerns about global growth, sparked by an unexpected slowdown in China, as well as an expectation that the U.S. Federal Reserve (Fed) would soon raise its key interest rate resulted in considerable volatility for stock and bond markets in the final months of the fiscal year.

U.S. economic growth slowed early in the reporting period, but later data suggested that the recovery remained on track.

Although the final estimate for U.S. annualized gross domestic product (GDP) growth came in at a modest 0.6% in the first quarter of 2015, the low number was attributed to short-term factors such as a harsh winter and a long-lived strike at West Coast ports. Annualized GDP growth rebounded to 3.9% in the second quarter, validating the consensus view of steady, if unexceptional, domestic growth. Further adding to the positive tone, the U.S. unemployment rate continued its slow improvement, easing from 5.7% at the beginning of the reporting period (October 2014) to 5.1% at the end (September 2015).

Toward the end of the reporting period, growing signs of an economic slowdown in China sparked investor concerns about global economic growth. China is a major importer, and a slowdown in the country’s growth could affect its trading partners. The country is also a major consumer of commodities; China’s slowdown thus had the potential to keep commodity prices low and the pressure on commodity producers high.

Major central banks continued to provide liquidity to the markets.

As the reporting period progressed, various comments by Fed Chair Janet Yellen led investors to believe that the Federal Open Market Committee (FOMC), which is the Fed’s monetary policymaking body, would soon raise its key federal funds rate. The Fed remained on hold at its September 2015 meeting, however, citing concerns about a weaker global economy and subdued U.S. inflation. The Fed’s decision caused some uncertainty about when it would raise rates, but by the end of the period most investors expected a modest Fed rate hike in late 2015 or early 2016. Throughout the reporting period, the FOMC kept its key interest rate effectively at zero.

In contrast, the European Central Bank (ECB) showed no signs of raising rates in the near future. Rather, the ECB maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank.

Long-term Treasury bonds outperformed U.S. stocks and high-yield bonds for the 12-month period.

Throughout most of the reporting period, signs of an improving domestic economy supported stocks and high-yield bonds. Worries about slower global growth hit the stock market hard in August, though, and the S&P 500 Index,¹ a measure of U.S. large-cap stocks, lost 6.03% in that month alone; the index ended the full period with a return of -0.61%. High-yield bonds also weakened in the final months of the fiscal year, challenged not only by slowing economic growth but also by the prospect of increased defaults among commodity-related issuers as commodity prices remained low. The BofA Merrill Lynch High Yield U.S.

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 Diversified Capital Builder Fund 3

Corporates, Cash Pay Index² lost 3.54% for the reporting period. By contrast, long-term Treasury bonds ended the period with a 9.12% gain, as measured by the Barclays 20+ Year U.S. Treasury Index,³ aided by low interest rates and their lack of credit risk.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Notice to shareholders

At a meeting held August 11-12, 2015, the Board of Trustees of the Fund approved a change in the name of the Fund whereby the word “Advantage” was 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.

²  The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index is an unmanaged market index that provides a broad-based performance measure of the non-investment-grade U.S. domestic bond index. You cannot invest directly in an index.

³  The Barclays 20+ Year U.S. Treasury Index is an unmanaged index composed of securities in the U.S. Treasury Index with maturities of 20 years or greater. You cannot invest directly in an index.

4 Wells Fargo Advantage Diversified Capital Builder Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term total return, consisting of capital appreciation and current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Margaret Patel

Average annual total returns¹ (%) as of September 30, 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 (EKBAX)	1-20-1998		(6.76	)		9.03		4.15		(1.05	)		10.34		4.78		1.16		1.16
Class B (EKBBX)*	9-11-1935		(6.76	)		9.21		4.29		(1.86	)		9.49		4.29		1.91		1.91
Class C (EKBCX)	1-22-1998		(2.88	)		9.51		4.00		(1.88	)		9.51		4.00		1.91		1.91
Administrator Class (EKBDX)	7-30-2010		–			–		–		(0.92	)		10.59		4.96		1.08		0.95
Institutional Class (EKBYX)	1-26-1998		–			–		–		(0.75	)		10.81		5.15		0.83		0.78
Diversified Capital Builder Blended Index4	–		–			–		–		(1.29	)		11.56		7.08		–		–
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index5	–		–			–		–		(3.54	)		5.90		7.04		–		–
Russell 1000® Index6	–		–			–		–		(0.61	)		13.42		6.95		–		–

* 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.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. 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, high-yield securities 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 Diversified Capital Builder Fund 5

Growth of $10,000 investment⁷ as of September 30, 2015

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Diversified Capital Builder Fund.

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

³  The manager has contractually committed through January 31, 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 1.20% for Class A, 1.95% for Class B, 1.95% for Class C, 0.95% for Administrator Class, and 0.78% 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  Source: Wells Fargo Funds Management, LLC. The Diversified Capital Builder Blended Index is composed of the following indexes: Russell 1000^® Index (75%) and BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index (25%). You cannot invest directly in an index.

⁵  The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. You cannot invest directly in an index.

⁶  The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

⁷  The chart compares the performance of Class A shares for the most recent ten years with the Diversified Capital Builder Blended Index, BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index, and the Russell 1000 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁸  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.

⁹  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 Diversified Capital Builder Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund (Class A, excluding sales charges) outperformed two of its benchmarks, the Diversified Capital Builder Blended Index and the BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index for the 12-month period that ended September 30, 2015. However, the Fund underperformed the Russell 1000^® Index.

n The Fund outperformed the Diversified Capital Builder Blended Index, in part, because of its above-benchmark weighting in stocks versus the 75% equity/25% fixed-income weighting of the Diversified Capital Builder Blended Index during a period in which stocks outperformed the high-yield market.

n While the Fund held only modest stock positions in the energy and materials sectors, several holdings had sharp price declines, which detracted from the performance of the equity portfolio. In the bond portfolio, holdings in basic-materials companies were considerable detractors because the companies’ financial results were pressured by declining demand and falling prices for their products.

Stocks held up better than high-yield bonds in a volatile period.

The period was marked by short-term swings in equity prices, as measured by the Russell 1000 Index, with August and September particularly tough months as investors became increasingly concerned about the future policy of the U.S. Federal Reserve (Fed) in normalizing interest rates and the slowing pace of global economic growth. Despite the late-period losses, the Russell 1000 Index ended the fiscal year with a relatively modest 0.61% decline. Interest rates, as measured by 10-year U.S. Treasury bonds, declined from around 2.5% on September 30, 2014, to just over 2.0% on September 30, 2015. Lower yields reflected continued sluggish global economic growth, inflation that was generally below the Fed’s target level of 2%, monetary easing in other countries, and growing desire for the relative protection that U.S. Treasury securities have historically provided to investors. In contrast to falling Treasury rates, yields in the high-yield bond market rose, especially in the energy, metals and mining, and basic-materials sectors; continued low prices for energy and commodities sparked investor concerns about the viability of many highly leveraged companies. Outside of those sectors, further sluggish economic growth raised the prospect of deteriorating fundamentals even for those companies with stable to improving financial results. Investors therefore demanded a higher yield advantage to purchase or hold below-investment-grade debt.

Ten largest holdings8 (%) as of September 30, 2015
FEI Company	3.04
Automatic Data Processing Incorporated	2.85
Amphenol Corporation Class A	2.71
The Home Depot Incorporated	2.56
Tronox Finance LLC, 6.38%, 8-15-2020	2.54
Jarden Corporation	2.43
Sempra Energy	2.23
ServiceNow Incorporated	2.03
Akamai Technologies Incorporated	2.02
The Estee Lauder Companies Incorporated Class A	2.00

In the Fund’s stock portfolio, several holdings in the health care, consumer discretionary, and consumer staples sectors were major contributors to performance. CVS Health Corporation; Covidien plc (acquired during the year by Medtronic, Incorporated); and Becton, Dickinson and Company were all strong performers in the health-related sector. The Home Depot, Incorporated, benefited from improving sales in the housing sector. In the industrials sector, Pall Corporation outperformed as a result of its acquisition by Danaher Corporation.

Detractors included energy-related holdings Plains All American Pipeline, L.P.;^* EOG Resources, Incorporated;^* and Bristow Group Incorporated. In the poorly performing materials space, Westlake Chemical

Corporation detracted from results. Despite the general outperformance of health care issues, two specialty pharmaceutical companies, Mylan N.V. and Mallinckrodt plc, were detractors during the fiscal year.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Diversified Capital Builder Fund 7

Portfolio allocation⁹ as of September 30, 2015

Specific to the Fund’s fixed-income portfolio, over the past year, we raised the average quality of the high-yield holdings, believing that higher-quality issues that were available for modestly lower yields represented better relative investment value compared with higher-yielding but lower-rated bonds. Fixed-income contributors included bonds of Crown Castle International Corporation, Lear Corporation, and The AES Corporation.^* Detractors included bonds from Mallinckrodt plc and Horizon Pharma plc as well as from commodity-related issuers Rayonier A.M. Products Incorporated, Tronox Limited, and Olin Corporation.

We continue to focus on high-yield bonds of U.S.-based

companies that have publicly issued common stock and

that we judge to have competitive business positions and flexible balance sheets. We believe such companies should be able to withstand a slowdown in their sales and profits or diminished access to credit should there be a reduction in liquidity provided by financial lenders. We continue to minimize exposure to the energy, energy services, and metals and mining sectors because these areas face continued challenges from declining demand and soft pricing for their products.

Our outlook continues to be one of cautious optimism.

While the pace of economic growth is low compared with previous recoveries after recessions, we believe the intrinsic dynamism, creativity, and basic strengths of the U.S. economy should provide opportunities for both the stock and high-yield bond markets over the next year. The housing and automobile sectors are on multiyear upswings. Slow but steady gains in employment should help stimulate demand for goods and services. Furthermore, the expansion of low-cost shale gas and petroleum liquids provided a boon to both businesses and consumers, improving the competitive positions of U.S. companies and offering some cost relief to consumers for utility and fuel costs. Despite current financial uncertainties, we believe the strong fundamentals of the U.S. economy will provide attractive investment potential for stocks over time.

In our view, the high-yield bond market may benefit from relatively attractive fundamentals—improving albeit slow business conditions, ample financial liquidity, and historically low default rates, excluding high-risk sectors such as energy. We are cautious given that high-yield interest rates could rise further against the backdrop of a slowing economy. However, with the currently wide yield differentials for high-yield versus investment-grade bonds, we think high-yield bonds could provide enough income to compensate for their credit risks.

Please see footnotes on page 5.

8 Wells Fargo Advantage Diversified Capital Builder Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2015 to September 30, 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 4-1-2015		Ending account value 9-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	914.97	$	5.66		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Class B
Actual	$	1,000.00	$	910.81	$	9.20		1.92	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.44	$	9.70		1.92	%
Class C
Actual	$	1,000.00	$	910.68	$	9.24		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.39	$	9.75		1.93	%
Administrator Class
Actual	$	1,000.00	$	915.05	$	4.56		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Institutional Class
Actual	$	1,000.00	$	916.45	$	3.75		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%

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—September 30, 2015 Wells Fargo Advantage Diversified Capital Builder Fund 9

Security name	Shares		Value
Common Stocks: 74.09%
Consumer Discretionary: 11.06%
Auto Components: 1.53%
Gentex Corporation		450,000	$	6,975,000
Lear Corporation		15,000		1,631,700
				8,606,700
Distributors: 1.54%
Genuine Parts Company		105,000		8,703,450
Hotels, Restaurants & Leisure: 0.60%
Marriott International Incorporated Class A		50,000		3,410,000
Household Durables: 4.83%
Harman International Industries Incorporated		70,000		6,719,300
Jarden Corporation †		280,000		13,686,400
Leggett & Platt Incorporated		165,000		6,806,250
				27,211,950
Specialty Retail: 2.56%
The Home Depot Incorporated		125,000		14,436,250
Consumer Staples: 5.92%
Food & Staples Retailing: 1.97%
CVS Health Corporation		115,000		11,095,200
Food Products: 1.73%
ConAgra Foods Incorporated		240,000		9,722,400
Household Products: 0.22%
Church & Dwight Company Incorporated		15,000		1,258,500
Personal Products: 2.00%
The Estee Lauder Companies Incorporated Class A		140,000		11,295,200
Energy: 0.85%
Energy Equipment & Services: 0.14%
Bristow Group Incorporated		30,000		784,800
Oil, Gas & Consumable Fuels: 0.71%
Columbia Pipeline Group Incorporated		220,000		4,023,800
Financials: 2.81%
Banks: 0.71%
PNC Financial Services Group Incorporated		45,000		4,014,000
Real Estate Management & Development: 1.31%
CBRE Group Incorporated Class A †		230,000		7,360,000

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

10 Wells Fargo Advantage Diversified Capital Builder Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
REITs: 0.79%
Boston Properties Incorporated		20,000	$	2,368,000
Saul Centers Incorporated «		40,000		2,070,000
				4,438,000
Health Care: 15.69%
Biotechnology: 1.41%
AMAG Pharmaceuticals Incorporated †		55,000		2,185,150
Amgen Incorporated		10,000		1,383,200
Baxalta Incorporated		70,000		2,205,700
Celgene Corporation †		20,000		2,163,400
				7,937,450
Health Care Equipment & Supplies: 4.86%
Baxter International Incorporated		20,000		657,000
Becton Dickinson & Company		61,942		8,217,226
C.R. Bard Incorporated		30,000		5,589,300
Hologic Incorporated †		60,000		2,347,800
Medtronic plc		150,000		10,041,000
West Pharmaceutical Services Incorporated		10,000		541,200
				27,393,526
Health Care Providers & Services: 0.49%
McKesson Corporation		15,000		2,775,450
Life Sciences Tools & Services: 2.62%
Quintiles Transnational Holdings Incorporated †		100,000		6,957,000
Thermo Fisher Scientific Incorporated		30,000		3,668,400
Waters Corporation †		35,000		4,137,350
				14,762,750
Pharmaceuticals: 6.31%
AbbVie Incorporated		100,000		5,441,000
Allergan plc †		10,000		2,718,100
Eli Lilly & Company		110,000		9,205,900
Endo International plc †		75,000		5,196,000
Mallinckrodt plc †		50,000		3,197,000
Mylan NV †		245,000		9,863,700
				35,621,700
Industrials: 6.30%
Aerospace & Defense: 0.94%
Curtiss-Wright Corporation		35,000		2,184,700
Lockheed Martin Corporation		15,000		3,109,650
				5,294,350
Building Products: 1.11%
Apogee Enterprises Incorporated		90,000		4,018,500
Lennox International Incorporated		20,000		2,266,600
				6,285,100

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Diversified Capital Builder Fund 11

Security name	Shares		Value
Electrical Equipment: 0.64%
AMETEK Incorporated		45,000	$	2,354,400
Regal-Beloit Corporation		10,000		564,500
Sensata Technologies Holding NV †		15,000		665,100
				3,584,000
Industrial Conglomerates: 0.97%
Danaher Corporation		55,000		4,686,550
Roper Industries Incorporated		5,000		783,500
				5,470,050
Machinery: 2.64%
Donaldson Company Incorporated		40,000		1,123,200
IDEX Corporation		80,000		5,704,000
John Bean Technologies Corporation		210,000		8,032,500
				14,859,700
Information Technology: 19.70%
Communications Equipment: 0.54%
CommScope Holdings Incorporated †		15,000		450,450
Palo Alto Networks Incorporated †		15,000		2,580,000
				3,030,450
Electronic Equipment, Instruments & Components: 6.17%
Amphenol Corporation Class A		300,000		15,288,000
Belden Incorporated		50,000		2,334,500
FEI Company		235,000		17,164,400
				34,786,900
Internet Software & Services: 2.02%
Akamai Technologies Incorporated †		165,000		11,394,900
IT Services: 3.96%
Automatic Data Processing Incorporated		200,000		16,072,000
Cognizant Technology Solutions Corporation Class A †		100,000		6,261,000
				22,333,000
Software: 6.22%
Adobe Systems Incorporated †		120,000		9,866,400
CDK Global Incorporated		20,000		955,600
FireEye Incorporated †		35,000		1,113,700
Mentor Graphics Corporation		80,000		1,970,400
Salesforce.com Incorporated †		20,000		1,388,600
ServiceNow Incorporated †		165,000		11,459,250
Splunk Incorporated †		150,000		8,302,500
				35,056,450
Technology Hardware, Storage & Peripherals: 0.79%
Seagate Technology plc		100,000		4,480,000

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

12 Wells Fargo Advantage Diversified Capital Builder Fund Portfolio of investments—September 30, 2015

Security name						Shares		Value
Materials: 1.06%
Chemicals: 0.81%
LyondellBasell Industries NV Class A							10,000	$	833,600
The Valspar Corporation							10,000		718,800
Westlake Chemical Corporation							35,000		1,816,150
Westlake Chemical Partners LP							70,000		1,225,000
									4,593,550
Containers & Packaging: 0.25%
Sealed Air Corporation							30,000		1,406,400
Utilities: 10.70%
Electric Utilities: 3.61%
American Electric Power Company Incorporated							110,000		6,254,600
Edison International							100,000		6,307,000
NextEra Energy Incorporated							50,000		4,877,500
Pinnacle West Capital Corporation							45,000		2,886,300
									20,325,400
Gas Utilities: 0.46%
Atmos Energy Corporation							45,000		2,618,100
Multi-Utilities: 6.63%
CMS Energy Corporation							180,000		6,357,600
Dominion Resources Incorporated							100,000		7,038,000
DTE Energy Company							110,000		8,840,700
NiSource Incorporated							140,000		2,597,000
Sempra Energy							130,000		12,573,600
									37,406,900
Total Common Stocks (Cost $387,698,945)									417,776,376
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 17.84%
Consumer Discretionary: 3.29%
Auto Components: 1.82%
Dana Holding Corporation		5.50	%		12-15-2024	$	500,000		481,250
Lear Corporation		5.25			1-15-2025		10,000,000		9,800,000
									10,281,250
Hotels, Restaurants & Leisure: 0.35%
Speedway Motorsports Incorporated		5.13			2-1-2023		2,000,000		1,960,000
Media: 0.15%
DISH DBS Corporation		5.00			3-15-2023		1,000,000		837,500

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Diversified Capital Builder Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail: 0.97%
Group 1 Automotive Incorporated		5.00	%		6-1-2022	$	2,280,000	$	2,245,800
Penske Auto Group Incorporated		5.75			10-1-2022		3,200,000		3,208,000
									5,453,800
Consumer Staples: 0.46%
Beverages: 0.46%
Constellation Brands Incorporated		4.75			11-15-2024		2,600,000		2,626,000
Energy: 0.47%
Energy Equipment & Services: 0.30%
Bristow Group Incorporated		6.25			10-15-2022		2,000,000		1,720,000
Oil, Gas & Consumable Fuels: 0.17%
Oneok Incorporated		7.50			9-1-2023		1,000,000		963,120
Financials: 0.45%
REITs: 0.45%
Crown Castle International Corporation		4.88			4-15-2022		2,000,000		2,079,000
Iron Mountain Incorporated		5.75			8-15-2024		500,000		482,500
									2,561,500
Health Care: 3.16%
Health Care Providers & Services: 0.91%
DaVita HealthCare Partners Incorporated		5.13			7-15-2024		1,000,000		982,000
Fresenius Medical Care Holdings Incorporated 144A		5.88			1-31-2022		3,000,000		3,217,500
HealthSouth Corporation		5.13			3-15-2023		1,000,000		962,500
									5,162,000
Life Sciences Tools & Services: 0.53%
Quintiles Transnational Corporation 144A		4.88			5-15-2023		3,000,000		2,970,000
Pharmaceuticals: 1.72%
AMAG Pharmaceuticals Incorporated 144A		7.88			9-1-2023		3,000,000		2,872,500
Endo Limited 144A		6.00			2-1-2025		1,300,000		1,269,125
Horizon Pharma plc 144A		6.63			5-1-2023		6,300,000		5,559,750
									9,701,375
Industrials: 1.07%
Aerospace & Defense: 0.62%
Moog Incorporated 144A		5.25			12-1-2022		1,500,000		1,500,000
Orbital ATK Incorporated 144A		5.50			10-1-2023		2,000,000		2,005,000
									3,505,000
Commercial Services & Supplies: 0.09%
Clean Harbors Incorporated		5.13			6-1-2021		500,000		505,000
Machinery: 0.36%
Oshkosh Corporation		5.38			3-1-2025		2,000,000		2,005,000

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

14 Wells Fargo Advantage Diversified Capital Builder Fund Portfolio of investments—September 30, 2015

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 2.63%
Communications Equipment: 1.18%
CommScope Incorporated 144A		5.50	%		6-15-2024	$	7,000,000	$	6,685,000
Electronic Equipment, Instruments & Components: 0.67%
Anixter International Incorporated		5.13			10-1-2021		1,000,000		992,500
Belden Incorporated 144A		5.25			7-15-2024		3,000,000		2,775,000
									3,767,500
IT Services: 0.53%
Neustar Incorporated «		4.50			1-15-2023		3,500,000		2,966,250
Semiconductors & Semiconductor Equipment: 0.25%
Micron Technology Incorporated 144A		5.25			8-1-2023		1,500,000		1,395,000
Materials: 5.90%
Chemicals: 4.93%
A. Schulman Incorporated 144A		6.88			6-1-2023		1,500,000		1,413,750
Celanese U.S. Holdings LLC		4.63			11-15-2022		1,000,000		942,500
Kraton Polymers LLC		6.75			3-1-2019		1,770,000		1,752,300
Olin Corporation		5.50			8-15-2022		5,000,000		4,218,750
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		6,835,000		5,126,250
Tronox Finance LLC		6.38			8-15-2020		22,588,000		14,343,380
									27,796,930
Containers & Packaging: 0.97%
Berry Plastics Corporation		5.13			7-15-2023		3,120,000		2,948,400
Berry Plastics Corporation 144A%%		6.00			10-15-2022		2,000,000		2,005,000
Sealed Air Corporation 144A		5.25			4-1-2023		500,000		501,250
									5,454,650
Utilities: 0.41%
Independent Power & Renewable Electricity Producers: 0.41%
NRG Energy Incorporated		6.63			3-15-2023		2,500,000		2,300,000
Total Corporate Bonds and Notes (Cost $114,913,119)									100,616,875
Yankee Corporate Bonds and Notes: 1.46%
Health Care: 0.48%
Pharmaceuticals: 0.48%
Mallinckrodt plc 144A		5.50			4-15-2025		3,000,000		2,673,750
Industrials: 0.34%
Electrical Equipment: 0.34%
Sensata Technologies BV 144A		4.88			10-15-2023		2,000,000		1,910,000

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Diversified Capital Builder Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Information Technology: 0.64%
Technology Hardware, Storage & Peripherals: 0.64%
Seagate HDD Cayman 144A		4.88	%		6-1-2027	$	3,896,000	$	3,625,563
Total Yankee Corporate Bonds and Notes (Cost $8,613,041)									8,209,313
	Yield					Shares
Short-Term Investments: 6.83%
Investment Companies: 6.83%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15					1,618,733		1,618,733
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.16					36,866,929		36,866,929
Total Short-Term Investments (Cost $38,485,662)									38,485,662

Total investments in securities (Cost $549,710,767) *	100.22	%		565,088,226
Other assets and liabilities, net	(0.22	)		(1,221,345	)
Total net assets	100.00	%	$	563,866,881

† Non-income-earning security

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

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

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

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

(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.

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

* Cost for federal income tax purposes is $549,596,020 and unrealized gains (losses) consists of:

Gross unrealized gains	$	57,480,948
Gross unrealized losses		(41,988,742	)
Net unrealized gains	$	15,492,206

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

16 Wells Fargo Advantage Diversified Capital Builder Fund Statement of assets and liabilities—September 30, 2015

Assets
Investments
In unaffiliated securities (including $1,593,609 of securities loaned), at value (cost $511,225,105)	$	526,602,564
In affiliated securities, at value (cost $38,485,662)		38,485,662
Total investments, at value (cost $549,710,767)		565,088,226
Receivable for investments sold		1,131,892
Receivable for Fund shares sold		118,876
Receivable for dividends and interest		2,226,106
Receivable for securities lending income		2,089
Prepaid expenses and other assets		101,815
Total assets		568,669,004
Liabilities
Payable for investments purchased		2,011,375
Payable for Fund shares redeemed		397,638
Payable upon receipt of securities loaned		1,618,733
Management fee payable		301,935
Distribution fees payable		35,572
Administration fees payable		93,073
Accrued expenses and other liabilities		343,797
Total liabilities		4,802,123
Total net assets	$	563,866,881
NET ASSETS CONSIST OF
Paid-in capital	$	494,932,439
Overdistributed net investment income		(109,688	)
Accumulated net realized gains on investments		53,666,671
Net unrealized gains on investments		15,377,459
Total net assets	$	563,866,881
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	402,303,088
Shares outstanding – Class A1		44,124,808
Net asset value per share – Class A		$9.12
Maximum offering price per share – Class A2		$9.68
Net assets – Class B	$	3,041,573
Shares outstanding – Class B1		330,859
Net asset value per share – Class B		$9.19
Net assets – Class C	$	53,373,122
Shares outstanding – Class C1		5,850,110
Net asset value per share – Class C		$9.12
Net assets – Administrator Class	$	7,898,461
Shares outstanding – Administrator Class1		865,654
Net asset value per share – Administrator Class		$9.12
Net assets – Institutional Class	$	97,250,637
Shares outstanding – Institutional Class1		10,723,493
Net asset value per share – Institutional Class		$9.07

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—year ended September 30, 2015 Wells Fargo Advantage Diversified Capital Builder Fund 17

Investment income
Dividends (net of foreign withholding taxes of $13,950)	$	8,439,346
Interest		6,019,724
Securities lending income, net		69,111
Income from affiliated securities		5,680
Total investment income		14,533,861
Expenses
Management fee		3,949,500
Administration fees
Class A		1,100,925
Class B		10,802
Class C		130,303
Administrator Class		10,639
Institutional Class		97,099
Shareholder servicing fees
Class A		1,111,149
Class B		10,593
Class C		132,038
Administrator Class		24,824
Distribution fees
Class B		32,396
Class C		396,114
Custody and accounting fees		43,858
Professional fees		48,589
Registration fees		76,814
Shareholder report expenses		120,888
Trustees’ fees and expenses		11,100
Other fees and expenses		23,035
Total expenses		7,330,666
Less: Fee waivers and/or expense reimbursements		(31,705	)
Net expenses		7,298,961
Net investment income		7,234,900
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		59,544,695
Net change in unrealized gains (losses) on investments		(71,976,899	)
Net realized and unrealized gains (losses) on investments		(12,432,204	)
Net decrease in net assets resulting from operations	$	(5,197,304	)

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

18 Wells Fargo Advantage Diversified Capital Builder Fund Statement of changes in net assets

	Year ended September 30, 2015						Year ended September 30, 2014
Operations
Net investment income				$	7,234,900					$	6,831,298
Net realized gains on investments					59,544,695						96,756,071
Net change in unrealized gains (losses) on investments					(71,976,899	)					4,940,816
Net increase (decrease) in net assets resulting from operations					(5,197,304	)					108,528,185
Distributions to shareholders from
Net investment income
Class A					(4,369,242	)					(4,033,418	)
Class B					(7,771	)					(8,084	)
Class C					(141,210	)					(88,171	)
Administrator Class					(120,391	)					(103,627	)
Institutional Class					(1,482,197	)					(1,515,475	)
Total distributions to shareholders					(6,120,811	)					(5,748,775	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,083,460			20,605,565			728,328			6,498,461
Class B		13,876			136,786			9,822			87,796
Class C		1,628,588			15,975,268			437,137			3,902,359
Administrator Class		597,936			5,892,607			425,317			3,836,616
Institutional Class		1,457,516			14,260,256			1,479,563			12,740,863
					56,870,482						27,066,095
Reinvestment of distributions
Class A		423,836			4,106,343			418,375			3,783,044
Class B		676			6,705			798			7,137
Class C		12,912			126,376			8,677			78,106
Administrator Class		12,215			118,673			8,642			78,753
Institutional Class		140,068			1,347,977			159,610			1,422,476
					5,706,074						5,369,516
Payment for shares redeemed
Class A		(4,696,961	)		(46,170,825	)		(5,460,105	)		(48,487,352	)
Class B		(235,677	)		(2,347,105	)		(276,744	)		(2,452,684	)
Class C		(690,709	)		(6,779,827	)		(579,714	)		(5,096,202	)
Administrator Class		(754,084	)		(7,409,406	)		(289,957	)		(2,557,101	)
Institutional Class		(1,683,456	)		(16,493,344	)		(9,909,257	)		(87,233,593	)
					(79,200,507	)					(145,826,932	)
Net decrease in net assets resulting from capital share transactions					(16,623,951	)					(113,391,321	)
Total decrease in net assets					(27,942,066	)					(10,611,911	)
Net assets
Beginning of period					591,808,947						602,420,858
End of period				$	563,866,881					$	591,808,947
Undistributed (overdistributed) net investment income				$	(109,688	)				$	21,748

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

Financial highlights Wells Fargo Advantage Diversified Capital Builder Fund 19

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.31			$7.89			$6.93			$5.65			$6.02
Net investment income		0.11			0.09			0.12			0.15			0.10
Net realized and unrealized gains (losses) on investments		(0.20	)		1.41			0.96			1.29			(0.36	)
Total from investment operations		(0.09	)		1.50			1.08			1.44			(0.26	)
Distributions to shareholders from
Net investment income		(0.10	)		(0.08	)		(0.12	)		(0.16	)		(0.11	)
Net asset value, end of period		$9.12			$9.31			$7.89			$6.93			$5.65
Total return1		(1.05	)%		19.10	%		15.75	%		25.58	%		(4.53	)%
Ratios to average net assets (annualized)
Gross expenses		1.19	%		1.21	%		1.20	%		1.21	%		1.21	%
Net expenses		1.19	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income		1.17	%		1.09	%		1.66	%		2.40	%		1.57	%
Supplemental data
Portfolio turnover rate		69	%		82	%		70	%		79	%		56	%
Net assets, end of period (000s omitted)		$402,303			$431,388			$399,535			$390,705			$364,533

¹  Total return calculations do not include any sales charges.

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

20 Wells Fargo Advantage Diversified Capital Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS B	2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.38			$7.95			$6.98			$5.69			$6.05
Net investment income		0.04	1		0.03	1		0.07	1		0.11	1		0.06	1
Net realized and unrealized gains (losses) on investments		(0.21	)		1.41			0.96			1.28			(0.37	)
Total from investment operations		(0.17	)		1.44			1.03			1.39			(0.31	)
Distributions to shareholders from
Net investment income		(0.02	)		(0.01	)		(0.06	)		(0.10	)		(0.05	)
Net asset value, end of period		$9.19			$9.38			$7.95			$6.98			$5.69
Total return2		(1.86	)%		18.15	%		14.87	%		24.62	%		(5.20	)%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.96	%		1.95	%		1.96	%		1.96	%
Net expenses		1.94	%		1.95	%		1.95	%		1.95	%		1.95	%
Net investment income		0.44	%		0.34	%		0.94	%		1.65	%		0.81	%
Supplemental data
Portfolio turnover rate		69	%		82	%		70	%		79	%		56	%
Net assets, end of period (000s omitted)		$3,042			$5,180			$6,502			$8,077			$10,360

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 Diversified Capital Builder Fund 21

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.32			$7.90			$6.94			$5.66			$6.02
Net investment income		0.05			0.03			0.07			0.10			0.05
Net realized and unrealized gains (losses) on investments		(0.22	)		1.41			0.96			1.29			(0.35	)
Total from investment operations		(0.17	)		1.44			1.03			1.39			(0.30	)
Distributions to shareholders from
Net investment income		(0.03	)		(0.02	)		(0.07	)		(0.11	)		(0.06	)
Net asset value, end of period		$9.12			$9.32			$7.90			$6.94			$5.66
Total return1		(1.88	)%		18.21	%		14.86	%		24.63	%		(5.14	)%
Ratios to average net assets (annualized)
Gross expenses		1.94	%		1.96	%		1.95	%		1.96	%		1.96	%
Net expenses		1.94	%		1.95	%		1.95	%		1.95	%		1.95	%
Net investment income		0.41	%		0.34	%		0.91	%		1.65	%		0.79	%
Supplemental data
Portfolio turnover rate		69	%		82	%		70	%		79	%		56	%
Net assets, end of period (000s omitted)		$53,373			$45,670			$39,758			$38,279			$35,665

¹  Total return calculations do not include any sales charges.

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

22 Wells Fargo Advantage Diversified Capital Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.32			$7.90			$6.94			$5.66			$5.99
Net investment income		0.14	1		0.12	1		0.14	1		0.17	1		0.13	1
Net realized and unrealized gains (losses) on investments		(0.22	)		1.41			0.96			1.28			(0.37	)
Total from investment operations		(0.08	)		1.53			1.10			1.45			(0.24	)
Distributions to shareholders from
Net investment income		(0.12	)		(0.11	)		(0.14	)		(0.17	)		(0.09	)
Net asset value, end of period		$9.12			$9.32			$7.90			$6.94			$5.66
Total return		(0.92	)%		19.39	%		16.06	%		25.84	%		(4.25	)%
Ratios to average net assets (annualized)
Gross expenses		1.05	%		1.04	%		1.04	%		1.03	%		1.04	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.41	%		1.33	%		1.84	%		2.65	%		1.86	%
Supplemental data
Portfolio turnover rate		69	%		82	%		70	%		79	%		56	%
Net assets, end of period (000s omitted)		$7,898			$9,411			$6,836			$3,015			$3,632

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Advantage Diversified Capital Builder Fund 23

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.27			$7.85			$6.90			$5.62			$5.99
Net investment income		0.15			0.13	1		0.15			0.18	1		0.14
Net realized and unrealized gains (losses) on investments		(0.21	)		1.41			0.95			1.28			(0.37	)
Total from investment operations		(0.06	)		1.54			1.10			1.46			(0.23	)
Distributions to shareholders from
Net investment income		(0.14	)		(0.12	)		(0.15	)		(0.18	)		(0.14	)
Net asset value, end of period		$9.07			$9.27			$7.85			$6.90			$5.62
Total return		(0.75	)%		19.68	%		16.17	%		26.23	%		(4.08	)%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.78	%		0.77	%		0.78	%		0.78	%
Net expenses		0.77	%		0.78	%		0.77	%		0.78	%		0.77	%
Net investment income		1.58	%		1.52	%		2.08	%		2.80	%		1.99	%
Supplemental data
Portfolio turnover rate		69	%		82	%		70	%		79	%		56	%
Net assets, end of period (000s omitted)		$97,251			$100,160			$149,790			$142,256			$71,195

¹  Calculated based upon average shares outstanding

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

24 Wells Fargo Advantage Diversified Capital Builder 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 Diversified Capital Builder 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.

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Notes to financial statements Wells Fargo Advantage Diversified Capital Builder Fund 25

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). The Securities Lending Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Funds Management and is subadvised by Wells Capital Management Incorporated (“WellsCap”). 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.

When-issued transactions

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

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.

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

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.

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 certain distributions paid, dividends from certain securities and recognition of partnership income. At September 30, 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	Overdistributed net investment income	Accumulated net realized gains on investments
$(3,852)	$(1,245,525)	$1,249,377

26 Wells Fargo Advantage Diversified Capital Builder Fund Notes to financial statements

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	62,368,350	$	0	$	0	$	62,368,350
Consumer staples		33,371,300		0		0		33,371,300
Energy		4,808,600		0		0		4,808,600
Financials		15,812,000		0		0		15,812,000
Health care		88,490,876		0		0		88,490,876
Industrials		35,493,200		0		0		35,493,200
Information technology		111,081,700		0		0		111,081,700
Materials		5,999,950		0		0		5,999,950
Utilities		60,350,400		0		0		60,350,400
Corporate bonds and notes		0		100,616,875		0		100,616,875
Yankee corporate bonds and notes		0		8,209,313		0		8,209,313
Short-term investments
Investment companies		36,866,929		1,618,733		0		38,485,662
Total assets	$	454,643,305	$	110,444,921	$	0	$	565,088,226

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At September 30, 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,

Notes to financial statements Wells Fargo Advantage Diversified Capital Builder Fund 27

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 0.65% and declining to 0.48% 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 0.60% and declined to 0.45% as the average daily net assets of the Fund increased. In addition, 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 financial statement purposes, the advisory fee and fund-level administration fee for the year ended September 30, 2015 have been included in management fee on the Statement of Operations.

For the year ended September 30, 2015, the management fee was equivalent to an annual rate of 0.64% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% 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 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 January 31, 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, 0.95% for Administrator Class shares and 0.78% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain 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 September 30, 2015, Funds Distributor received $38,310 from the sale of Class A shares and $44 and $647 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

28 Wells Fargo Advantage Diversified Capital Builder Fund Notes to financial statements

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 September 30, 2015 were $417,124,467 and $456,769,344, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $200,000,000 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 0.20% of the unused balance is allocated to each participating fund. Prior to September 1, 2015, the revolving credit agreement amount was $150,000,000 and the annual commitment fee was equal to 0.10% of the unused balance which was allocated to each participating fund. For the year ended September 30, 2015, the Fund paid $901 in commitment fees.

For the year ended September 30, 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 September 30, 2015 and September 30, 2014 were as follows:

	Year ended September 30
	2015		2014
Ordinary income	$	5,395,444	$	5,748,775
Long-term capital gain		725,367		0

As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized gains
$53,551,924	$15,492,206

8. INDEMNIFICATION

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

Report of independent registered public accounting firm Wells Fargo Advantage Diversified Capital Builder 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 Diversified Capital Builder Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of September 30, 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.

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 September 30, 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 Diversified Capital Builder Fund as of September 30, 2015, the results of its operations for the year then ended, 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.

Boston, Massachusetts

November 24, 2015

30 Wells Fargo Advantage Diversified Capital Builder Fund Other information (unaudited)

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 September 30, 2015.

Pursuant to Section 852 of the Internal Revenue Code, $725,367 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $5,395,444 of income dividends paid during the fiscal year ended September 30, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2015, $2,574,862 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at 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.

Other information (unaudited) Wells Fargo Advantage Diversified Capital Builder Fund 31

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 144 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	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 years
William R. Ebsworth (Born 1957)	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 a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust; Harding Loevner Funds; Russell Exchange Traded Funds Trust
Peter G. Gordon (Born 1942)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Delux Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	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)	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)	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

32 Wells Fargo Advantage Diversified Capital Builder Fund Other information (unaudited)

Name and year of birth	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 years
Timothy J. Penny (Born 1951)	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)	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)	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	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	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)	Executive Vice President of Wells Fargo Funds Management LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 72 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 Diversified Capital Builder 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 Diversified Capital Builder 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 applicable to Fund-level administrative services (the “Administration Agreement”). 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.

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

34 Wells Fargo Advantage Diversified Capital Builder Fund Other information (unaudited)

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 (Class A) was higher than or in range of the average 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 Diversified Capital Builder Blended Index, for all periods under review except the five- and ten-year periods.

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, equal to, 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 the net operating expense ratio cap for the Administrator Class. In accepting such proposed new net operating expense ratio cap, the Board noted that the Fund’s new net operating expense ratios would still be lower than, equal to, or in range of the median net operating expense ratios of the expense Groups.

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”).

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 lower than or in range of the average rates for the Fund’s expense Groups for all share classes except for Class A. The Board noted that the net operating expense ratio of the Class A was in range of the median net operating expense ratio of its expense Group.

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.

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.

Other information (unaudited) Wells Fargo Advantage Diversified Capital Builder Fund 35

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 and the Sub-Adviser, 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 and the Sub-Adviser explained the methodologies and estimates that they 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 the Sub-Adviser 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.

36 Wells Fargo Advantage Diversified Capital Builder Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

More information about Wells Fargo 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, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

237454 11-15 A225/AR225 09-15

Wells Fargo Advantage

Diversified Income Builder Fund

Annual Report

September 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	24
Report of independent registered public accounting firm	29
Other information	30
List of abbreviations	36

The views expressed and any forward-looking statements are as of September 30, 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 Diversified Income Builder Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Further adding to the positive tone, the U.S. unemployment rate continued its slow improvement, easing from 5.7% in October 2014 to 5.1% in September 2015.

Throughout most of the reporting period, signs of an improving domestic economy supported stocks and high-yield bonds.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Diversified Income Builder Fund for the 12-month period that ended September 30, 2015. The period was marked by continued low global interest rates and a sluggish economic recovery in the U.S. However, late-period concerns about global growth, sparked by an unexpected slowdown in China, as well as an expectation that the U.S. Federal Reserve (Fed) would soon raise its key interest rate resulted in considerable volatility for stock and bond markets in the final months of the fiscal year.

U.S. economic growth slowed early in the reporting period, but later data suggested that the recovery remained on track.

Although the final estimate for U.S. annualized gross domestic product (GDP) growth came in at a modest 0.6% in the first quarter of 2015, the low number was attributed to short-term factors such as a harsh winter and a long-lived strike at West Coast ports. Annualized GDP growth rebounded to 3.9% in the second quarter, validating the consensus view of steady, if unexceptional, domestic growth. Further adding to the positive tone, the U.S. unemployment rate continued its slow improvement, easing from 5.7% at the beginning of the reporting period (October 2014) to 5.1% at the end (September 2015).

Toward the end of the reporting period, growing signs of an economic slowdown in China sparked investor concerns about global economic growth. China is a major importer, and a slowdown in the country’s growth could affect its trading partners. The country is also a major consumer of commodities; China’s slowdown thus had the potential to keep commodity prices low and the pressure on commodity producers high.

Major central banks continued to provide liquidity to the markets.

As the reporting period progressed, various comments by Fed Chair Janet Yellen led investors to believe that the Federal Open Market Committee (FOMC), which is the Fed’s monetary policymaking body, would soon raise its key federal funds rate. The Fed remained on hold at its September 2015 meeting, however, citing concerns about a weaker global economy and subdued U.S. inflation. The Fed’s decision caused some uncertainty about when it would raise rates, but by the end of the period most investors expected a modest Fed rate hike in late 2015 or early 2016. Throughout the reporting period, the FOMC kept its key interest rate effectively at zero.

In contrast, the European Central Bank (ECB) showed no signs of raising rates in the near future. Rather, the ECB maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank.

Long-term Treasury bonds outperformed U.S. stocks and high-yield bonds for the 12-month period.

Throughout most of the reporting period, signs of an improving domestic economy supported stocks and high-yield bonds. Worries about slower global growth hit the stock market hard in August, though, and the S&P 500 Index,¹ a measure of U.S. large-cap stocks, lost 6.03% in that month alone; the index ended the full period with a return of -0.61%. High-yield bonds also weakened in the final months of the fiscal year, challenged not only by slowing economic growth but also by the prospect of increased defaults among commodity-related issuers as commodity

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 Diversified Income Builder Fund 3

prices remained low. The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index² lost 3.54% for the reporting period. By contrast, long-term Treasury bonds ended the period with a 9.12% gain, as measured by the Barclays 20+ Year U.S. Treasury Index,³ aided by low interest rates and their lack of credit risk.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Notice to shareholders

At a meeting held August 11-12, 2015, the Board of Trustees of the Fund approved a change in the name of the Fund whereby the word “Advantage” was 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.

²  The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index is an unmanaged market index that provides a broad-based performance measure of the non-investment-grade U.S. domestic bond index. You cannot invest directly in an index.

³  The Barclays 20+ Year U.S. Treasury Index is an unmanaged index composed of securities in the U.S. Treasury Index with maturities of 20 years or greater. You cannot invest directly in an index.

4 Wells Fargo Advantage Diversified Income Builder Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term total return, consisting of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Margaret Patel

Average annual total returns¹ (%) as of September 30, 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 (EKSAX)	4-14-1987		(7.58	)		5.29		3.72		(1.92	)		6.55		4.33		1.08		1.08
Class B (EKSBX)*	2-1-1993		(7.28	)		5.42		3.80		(2.80	)		5.75		3.80		1.83		1.83
Class C (EKSCX)	2-1-1993		(3.81	)		5.75		3.56		(2.81	)		5.75		3.56		1.83		1.83
Administrator Class (EKSDX)	7-30-2010		–			–		–		(1.69	)		6.79		4.45		1.00		0.90
Institutional Class (EKSYX)	1-13-1997		–			–		–		(1.65	)		6.96		4.63		0.75		0.71
Diversified Income Builder Blended Index4	–		–			–		–		(2.76	)		7.80		7.12		–		–
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index5	–		–			–		–		(3.54	)		5.90		7.04		–		–
Russell 1000® Index6	–		–			–		–		(0.61	)		13.42		6.95		–		–

* 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.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. 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, high-yield securities 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 Diversified Income Builder Fund 5

Growth of $10,000 investment⁷ as of September 30, 2015

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares and has been adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Diversified Income Builder Fund.

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

³  The manager has committed through January 31, 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.

⁴  Source: Wells Fargo Funds Management, LLC. The Diversified Income Builder Blended Index is composed of the following indexes: Russell 1000^® Index (25%) and BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index (75%). You cannot invest directly in an index.

⁵  The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index is an unmanaged market index that provides a broad-based performance measure of the non-investment grade U.S. domestic bond index. You cannot invest directly in an index.

⁶  The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

⁷  The chart compares the performance of Class A shares for the most recent ten years with the Diversified Income Builder Blended Index, BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index, and the Russell 1000 Index. The chart assumes a hypothetical investment of $10,000 in Class A shares and reflects all operating expenses and assumes the maximum initial sales charge of 5.75%.

⁸  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.

⁹  Amounts are calculated based on the total 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 Diversified Income Builder Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund (Class A, excluding sales charges), outperformed the Diversified Income Builder Blended Index and the BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index and underperformed the Russell 1000^® Index for the 12-month period that ended September 30, 2015.

n Our preference for higher-quality high-yield bonds contributed to outperformance versus the BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index. In the Fund’s stock portfolio several holdings in the health care, consumer discretionary, and information technology sectors contributed to performance.

n Holdings in bonds from basic-materials companies were considerable detractors to fixed-income performance because the companies’ financial results came under pressure from declining demand and falling prices for their products. In the stock portfolio, while the Fund held only modest positions in the energy and materials sectors, several holdings had sharp price declines, which detracted from the performance of the equity holdings.

Stocks held up better than high-yield bonds in a volatile period.

Interest rates, as measured by 10-year U.S. Treasury bonds, declined from around 2.5% on September 30, 2014, to just over 2.0% on September 30, 2015. Lower yields reflected continued sluggish global economic growth, inflation that was generally below the U.S. Federal Reserve’s (Fed’s) target level of 2%, monetary easing in other countries, and growing desire for the relative protection that U.S. Treasury securities have historically provided to investors. In contrast to falling Treasury rates, yields in the high-yield bond market rose, especially in the energy, metals and mining, and basic-materials sectors; continued low prices for energy and commodities sparked investor concerns about the viability of many highly leveraged companies. Outside of those sectors, further sluggish economic growth raised the prospect of deteriorating fundamentals even for those companies with stable to improving financial results. Investors therefore demanded a higher yield advantage to purchase or hold below-investment-grade debt.

For the stock market, the period was marked by short-term swings in equity prices, as measured by the Russell 1000 Index, with August and September particularly tough months as investors became increasingly concerned about the future policy of the Fed in normalizing interest rates and the slowing pace of global economic growth. Despite the late-period losses, the Russell 1000 Index ended the fiscal year with a relatively modest 0.61% decline.

Ten largest holdings8 (%) as of September 30, 2015
CommScope Incorporated, 5.50%, 6-15-2024	3.15
Penske Auto Group Incorporated, 5.75%, 10-1-2022	3.11
Kraton Polymers LLC, 6.75%, 3-1-2019	2.92
Tronox Finance LLC, 6.38%, 8-15-2020	2.44
Rayonier Advanced Materials Products Incorporated, 5.50%, 6-1-2024	2.39
Group 1 Automotive Incorporated, 5.00%, 6-1-2022	2.23
Seagate HDD (Cayman), 4.75%, 6-1-2023	2.12
Olin Corporation, 5.50%, 8-15-2022	2.06
DISH DBS Corporation, 5.00%, 3-15-2023	1.96
Horizon Pharma plc, 6.63%, 5-1-2023	1.94

Specific to the Fund’s fixed-income portfolio, over the past year, we raised the average quality of the high-yield holdings, believing that higher-quality issues that were available for modestly lower yields represented better relative investment value compared with higher-yielding but lower-rated bonds. Bonds that contributed to performance included The Hertz Corporation;^* Penske Automotive Group, Incorporated; and Dycom Investments Incorporated. Detractors included bonds of specialty pharmaceuticals company Horizon Pharma Financing Incorporated and commodity companies Olin Corporation, Rayonier Advanced Materials Incorporated, and Tronox Finance LLC.

We continue to focus on high-yield bonds of U.S.-based companies that have publicly issued common stock and

that we judge to have competitive business positions and flexible balance sheets. We believe such companies should be able to withstand a slowdown in their sales and profits or diminished access to credit should there be a reduction in liquidity provided by financial lenders. We continue to minimize exposure to the energy, energy services, and metals and mining sectors because these areas face continued challenges from declining demand and soft pricing for their products.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Diversified Income Builder Fund 7

Portfolio allocation⁹ as of September 30, 2015

In the Fund’s stock portfolio, several holdings in the health care, consumer discretionary, and information technology sectors contributed to performance. Becton, Dickinson and Company; CVS Health Corporation;^* The Home Depot, Incorporated; Adobe Systems Incorporated; and Automatic Data Processing, Incorporated added to relative performance. Detractors from equity performance included Columbia Pipeline Group, Incorporated, and Plains All American Pipeline, L.P.,^* as well as specialty pharmaceutical companies Mylan N.V and Mallinckrodt plc.

Our outlook continues to be one of cautious optimism.

While the pace of economic growth is low compared with

previous recoveries after recessions, we believe the intrinsic dynamism, creativity, and basic strengths of the U.S. economy should provide opportunities for both the stock and high-yield bond markets over the next year. The housing and automobile sectors are on multiyear upswings. Slow but steady gains in employment should help stimulate demand for goods and services. Furthermore, the expansion of low-cost shale gas and petroleum liquids provided a boon to both businesses and consumers, improving the competitive positions of U.S. companies and offering some cost relief to consumers for utility and fuel costs. Despite current financial uncertainties, we believe the strong fundamentals of the U.S. economy will provide attractive investment potential for stocks over time.

In our view, the high-yield bond market may benefit from relatively attractive fundamentals—improving albeit slow business conditions, ample financial liquidity, and historically low default rates, excluding high-risk sectors such as energy. We are cautious given that high-yield interest rates could rise further against the backdrop of a slowing economy. However, with the currently wide yield differentials for high-yield versus investment-grade bonds, we think high-yield bonds could provide enough income to compensate for their credit risks.

Please see footnotes on page 5.

8 Wells Fargo Advantage Diversified Income Builder Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2015 to September 30, 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 4-1-2015		Ending account value 9-30-2015		Expenses paid during the period1		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	943.96	$	5.26		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.65	$	5.47		1.08	%
Class B
Actual	$	1,000.00	$	940.62	$	8.90		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.89	$	9.25		1.83	%
Class C
Actual	$	1,000.00	$	940.51	$	8.90		1.83	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.89	$	9.25		1.83	%
Administrator Class
Actual	$	1,000.00	$	945.06	$	4.39		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Institutional Class
Actual	$	1,000.00	$	945.90	$	3.41		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55		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—September 30, 2015 Wells Fargo Advantage Diversified Income Builder Fund 9

Security name	Shares		Value
Common Stocks: 21.66%
Consumer Discretionary: 3.18%
Auto Components: 0.44%
Gentex Corporation		100,000	$	1,550,000
Distributors: 0.12%
Genuine Parts Company		5,000		414,450
Household Durables: 1.82%
Harman International Industries Incorporated		15,000		1,439,850
Jarden Corporation †		45,000		2,199,600
Leggett & Platt Incorporated		65,000		2,681,250
				6,320,700
Specialty Retail: 0.80%
The Home Depot Incorporated		24,000		2,771,760
Consumer Staples: 1.45%
Food Products: 0.64%
ConAgra Foods Incorporated		55,000		2,228,050
Personal Products: 0.81%
The Estee Lauder Companies Incorporated Class A		35,000		2,823,800
Energy: 0.21%
Oil, Gas & Consumable Fuels: 0.21%
Columbia Pipeline Group Incorporated		40,000		731,600
Financials: 0.53%
Real Estate Management & Development: 0.37%
CBRE Group Incorporated Class A †		40,000		1,280,000
REITs: 0.16%
Saul Centers Incorporated		11,000		569,250
Health Care: 5.04%
Biotechnology: 0.24%
AMAG Pharmaceuticals Incorporated †		5,000		198,650
Baxalta Incorporated		20,000		630,200
				828,850
Health Care Equipment & Supplies: 1.06%
Becton Dickinson & Company		2,000		265,320
C.R. Bard Incorporated		8,000		1,490,480
Medtronic plc		25,000		1,673,500
West Pharmaceutical Services Incorporated		5,000		270,600
				3,699,900

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

10 Wells Fargo Advantage Diversified Income Builder Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Life Sciences Tools & Services: 1.14%
Quintiles Transnational Holdings Incorporated †		40,000	$	2,782,800
Thermo Fisher Scientific Incorporated		5,000		611,400
Waters Corporation †		5,000		591,050
				3,985,250
Pharmaceuticals: 2.60%
Eli Lilly & Company		35,000		2,929,150
Endo International plc †		15,000		1,039,200
Mallinckrodt plc †		15,000		959,100
Mylan NV †		102,000		4,106,520
				9,033,970
Industrials: 1.31%
Aerospace & Defense: 0.09%
Curtiss-Wright Corporation		5,000		312,100
Building Products: 0.06%
Apogee Enterprises Incorporated		5,000		223,250
Electrical Equipment: 0.06%
Sensata Technologies Holding NV †		5,000		221,700
Industrial Conglomerates: 0.49%
Danaher Corporation		20,000		1,704,200
Machinery: 0.61%
John Bean Technologies Corporation		55,000		2,103,750
Information Technology: 5.60%
Electronic Equipment, Instruments & Components: 1.63%
Amphenol Corporation Class A		40,000		2,038,400
Belden Incorporated		15,000		700,350
FEI Company		40,000		2,921,600
				5,660,350
Internet Software & Services: 0.70%
Akamai Technologies Incorporated †		35,000		2,417,100
IT Services: 1.60%
Automatic Data Processing Incorporated		50,000		4,018,000
Cognizant Technology Solutions Corporation Class A †		25,000		1,565,250
				5,583,250
Software: 1.67%
Adobe Systems Incorporated †		15,000		1,233,300
FireEye Incorporated †		17,000		540,940
Mentor Graphics Corporation		25,000		615,750
Salesforce.com Incorporated †		7,000		486,010
ServiceNow Incorporated †		20,000		1,389,000

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Diversified Income Builder Fund 11

Security name						Shares		Value
Software (continued)
Splunk Incorporated †							28,000	$	1,549,800
									5,814,800
Materials: 0.11%
Containers & Packaging: 0.11%
Sealed Air Corporation							8,000		375,040
Utilities: 4.23%
Electric Utilities: 0.66%
American Electric Power Company Incorporated							15,000		852,900
NextEra Energy Incorporated							15,000		1,463,250
									2,316,150
Gas Utilities: 0.17%
Atmos Energy Corporation							10,000		581,800
Multi-Utilities: 3.40%
CMS Energy Corporation							55,000		1,942,600
Dominion Resources Incorporated							20,000		1,407,600
DTE Energy Company							30,000		2,411,100
NiSource Incorporated							30,000		556,500
Sempra Energy							57,000		5,513,040
									11,830,840
Total Common Stocks (Cost $76,902,476)									75,381,910
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 62.96%
Consumer Discretionary: 12.26%
Auto Components: 3.63%
Dana Holding Corporation		5.50	%		12-15-2024	$	3,925,000		3,777,813
Lear Corporation		4.75			1-15-2023		5,000,000		4,900,000
Lear Corporation		5.25			1-15-2025		2,000,000		1,960,000
Lear Corporation		5.38			3-15-2024		2,000,000		2,000,000
									12,637,813
Hotels, Restaurants & Leisure: 1.32%
Speedway Motorsports Incorporated		5.13			2-1-2023		4,700,000		4,606,000
Media: 1.97%
DISH DBS Corporation		5.00			3-15-2023		8,160,000		6,834,000
Specialty Retail: 5.34%
Group 1 Automotive Incorporated		5.00			6-1-2022		7,873,000		7,754,905
Penske Auto Group Incorporated		5.75			10-1-2022		10,813,000		10,840,033
									18,594,938

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

12 Wells Fargo Advantage Diversified Income Builder Fund Portfolio of investments—September 30, 2015

Security name	Interest rate			Maturity date		Principal		Value
Consumer Staples: 1.41%
Beverages: 1.41%
Constellation Brands Incorporated		4.75	%		11-15-2024	$	4,850,000	$	4,898,500
Energy: 2.00%
Energy Equipment & Services: 1.23%
Bristow Group Incorporated		6.25			10-15-2022		5,000,000		4,300,000
Oil, Gas & Consumable Fuels: 0.77%
ONEOK Incorporated		7.50			9-1-2023		1,000,000		963,120
ONEOK Partners LP		4.25			2-1-2022		2,000,000		1,705,000
									2,668,120
Financials: 2.72%
REITs: 2.72%
Crown Castle International Corporation		4.88			4-15-2022		4,000,000		4,158,000
Iron Mountain Incorporated		5.75			8-15-2024		3,927,000		3,789,555
Sabra Health Care Incorporated		5.38			6-1-2023		1,500,000		1,533,750
									9,481,305
Health Care: 10.23%
Health Care Equipment & Supplies: 2.00%
Fresenius Medical Care Holdings Incorporated 144A		5.88			1-31-2022		5,000,000		5,362,500
Halyard Health Incorporated		6.25			10-15-2022		1,000,000		1,020,000
Hologic Incorporated 144A		5.25			7-15-2022		555,000		559,856
									6,942,356
Health Care Providers & Services: 2.93%
DaVita HealthCare Partners Incorporated		5.13			7-15-2024		3,000,000		2,946,000
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		3,700,000		3,848,000
HCA Incorporated		5.38			2-1-2025		1,500,000		1,488,750
HealthSouth Corporation		5.13			3-15-2023		2,000,000		1,925,000
									10,207,750
Life Sciences Tools & Services: 1.14%
Quintiles Transnational Corporation 144A		4.88			5-15-2023		4,000,000		3,960,000
Pharmaceuticals: 4.16%
AMAG Pharmaceuticals Incorporated 144A		7.88			9-1-2023		3,700,000		3,542,750
Endo Finance LLC/Endo Finco Incorporated 144A		7.25			12-15-2020		2,440,000		2,528,450
Endo Limited 144A		6.00			2-1-2025		1,700,000		1,659,625
Horizon Pharma plc 144A		6.63			5-1-2023		7,650,000		6,751,125
									14,481,950
Industrials: 6.48%
Aerospace & Defense: 3.31%
Moog Incorporated 144A		5.25			12-1-2022		5,500,000		5,500,000
Orbital ATK Incorporated 144A		5.50			10-1-2023		6,000,000		6,015,000
									11,515,000

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Diversified Income Builder Fund 13

Security name		Interest rate			Maturity date		Principal		Value
Commercial Services & Supplies: 1.16%
Clean Harbors Incorporated			5.13	%		6-1-2021	$	4,000,000	$	4,040,000
Machinery: 2.01%
Actuant Corporation			5.63			6-15-2022		1,165,000		1,162,088
Oshkosh Corporation			5.38			3-1-2022		3,100,000		3,146,500
Oshkosh Corporation			5.38			3-1-2025		2,675,000		2,681,688
										6,990,276
Information Technology: 9.26%
Communications Equipment: 3.15%
CommScope Incorporated 144A			5.50			6-15-2024		11,479,000		10,962,445
Electronic Equipment, Instruments & Components: 2.76%
Anixter International Incorporated			5.13			10-1-2021		3,000,000		2,977,500
Belden Incorporated 144A			5.25			7-15-2024		3,000,000		2,775,000
Belden Incorporated 144A			5.50			9-1-2022		4,000,000		3,870,000
										9,622,500
IT Services: 1.83%
Neustar Incorporated «			4.50			1-15-2023		7,500,000		6,356,250
Semiconductors & Semiconductor Equipment: 1.52%
Micron Technology Incorporated 144A			5.25			8-1-2023		1,000,000		930,000
Micron Technology Incorporated			5.50			2-1-2025		4,750,000		4,346,250
										5,276,250
Materials: 16.98%
Chemicals: 9.45%
A. Schulman Incorporated 144A			6.88			6-1-2023		3,540,000		3,336,450
Celanese U.S. Holdings LLC			4.63			11-15-2022		3,125,000		2,945,313
Huntsman International LLC			4.88			11-15-2020		1,100,000		955,790
Kraton Polymers LLC			6.75			3-1-2019		10,250,000		10,147,500
Olin Corporation			5.50			8-15-2022		8,500,000		7,171,875
Rayonier Advanced Materials Products Incorporated 144A			5.50			6-1-2024		11,100,000		8,325,000
										32,881,928
Containers & Packaging: 4.59%
Ball Corporation			5.00			3-15-2022		1,500,000		1,503,750
Berry Plastics Corporation			5.13			7-15-2023		2,500,000		2,362,500
Berry Plastics Corporation 144A%%			6.00			10-15-2022		5,100,000		5,112,750
Greif Incorporated			7.75			8-1-2019		1,200,000		1,320,000
Sealed Air Corporation 144A			5.25			4-1-2023		5,150,000		5,162,875
Sealed Air Corporation 144A	��		5.50			9-15-2025		500,000		507,500
										15,969,375
Metals & Mining: 2.94%
Commercial Metals Company			4.88			5-15-2023		2,000,000		1,750,000
Tronox Finance LLC			6.38			8-15-2020		13,400,000		8,509,000
										10,259,000

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

14 Wells Fargo Advantage Diversified Income Builder Fund Portfolio of investments—September 30, 2015

Security name	Interest rate			Maturity date		Principal		Value
Telecommunication Services: 0.24%
Wireless Telecommunication Services: 0.24%
SBA Communications Corporation		5.63	%		10-1-2019	$	800,000	$	824,000
Utilities: 1.38%
Independent Power & Renewable Electricity Producers: 1.38%
NRG Energy Incorporated		6.63			3-15-2023		1,000,000		920,000
NRG Energy Incorporated		7.88			5-15-2021		3,838,000		3,890,773
									4,810,773
Total Corporate Bonds and Notes (Cost $236,767,948)									219,120,529
Yankee Corporate Bonds and Notes: 6.89%
Health Care: 1.19%
Pharmaceuticals: 1.19%
Mallinckrodt plc 144A		5.50			4-15-2025		4,655,000		4,148,769
Industrials: 2.91%
Electrical Equipment: 2.91%
Sensata Technologies BV 144A		4.88			10-15-2023		6,700,000		6,398,500
Sensata Technologies BV 144A		5.63			11-1-2024		3,750,000		3,740,625
									10,139,125
Information Technology: 2.79%
Technology Hardware, Storage & Peripherals: 2.79%
Seagate HDD (Cayman)		4.75			6-1-2023		7,500,000		7,366,265
Seagate HDD (Cayman) 144A		4.88			6-1-2027		2,500,000		2,326,465
									9,692,730
Total Yankee Corporate Bonds and Notes (Cost $24,848,851)									23,980,624
	Yield					Shares
Short-Term Investments: 10.09%
Investment Companies: 10.09%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15					7,577,207		7,577,207
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)##		0.16					27,525,188		27,525,188
Total Short-Term Investments (Cost $35,102,395)									35,102,395

Total investments in securities (Cost $373,621,670) *	101.60	%		353,585,458
Other assets and liabilities, net	(1.60	)		(5,563,661	)
Total net assets	100.00	%	$	348,021,797

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Diversified Income Builder Fund 15

† Non-income-earning security

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

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

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

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

(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.

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

* Cost for federal income tax purposes is $373,624,356 and unrealized gains (losses) consists of:

Gross unrealized gains	$	6,081,635
Gross unrealized losses		(26,120,533	)
Net unrealized losses	$	(20,038,898	)

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

16 Wells Fargo Advantage Diversified Income Builder Fund Statement of assets and liabilities—September 30, 2015

Assets
Investments
In unaffiliated securities (including $5,712,888 of securities loaned), at value (cost $338,519,275)	$	318,483,063
In affiliated securities, at value (cost $35,102,395)		35,102,395
Total investments, at value (cost $373,621,670)		353,585,458
Receivable for investments sold		4,389,724
Receivable for Fund shares sold		386,717
Receivable for dividends and interest		3,873,720
Receivable for securities lending income		7,939
Prepaid expenses and other assets		72,121
Total assets		362,315,679
Liabilities
Dividends payable		130,525
Payable for investments purchased		5,129,375
Payable for Fund shares redeemed		1,031,350
Payable upon receipt of securities loaned		7,577,207
Management fee payable		152,436
Distribution fees payable		70,344
Administration fees payable		54,158
Accrued expenses and other liabilities		148,487
Total liabilities		14,293,882
Total net assets	$	348,021,797
NET ASSETS CONSIST OF
Paid-in capital	$	355,739,249
Overdistributed net investment income		(145,081	)
Accumulated net realized gains on investments		12,463,841
Net unrealized losses on investments		(20,036,212	)
Total net assets	$	348,021,797
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	127,241,808
Shares outstanding – Class A1		22,289,160
Net asset value per share – Class A		$5.71
Maximum offering price per share – Class A2		$6.06
Net assets – Class B	$	1,398,442
Shares outstanding – Class B1		243,958
Net asset value per share – Class B		$5.73
Net assets – Class C	$	110,457,033
Shares outstanding – Class C1		19,307,550
Net asset value per share – Class C		$5.72
Net assets – Administrator Class	$	31,366,828
Shares outstanding – Administrator Class1		5,601,806
Net asset value per share – Administrator Class		$5.60
Net assets – Institutional Class	$	77,557,686
Shares outstanding – Institutional Class1		13,871,589
Net asset value per share – Institutional Class		$5.59

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 September 30, 2015 Wells Fargo Advantage Diversified Income Builder Fund 17

Investment income
Interest	$	14,732,367
Dividends (net of foreign withholding taxes of $5,979)		1,702,646
Securities lending income, net		106,169
Income from affiliated securities		5,667
Total investment income		16,546,849
Expenses
Management fee		2,042,753
Administration fees
Class A		349,003
Class B		6,086
Class C		286,082
Administrator Class		50,156
Institutional Class		61,248
Shareholder servicing fees
Class A		351,940
Class B		6,050
Class C		288,980
Administrator Class		117,967
Distribution fees
Class B		18,149
Class C		866,941
Custody and accounting fees		26,895
Professional fees		56,249
Registration fees		73,110
Shareholder report expenses		48,936
Trustees’ fees and expenses		21,472
Other fees and expenses		10,499
Total expenses		4,682,516
Less: Fee waivers and/or expense reimbursements		(123,373	)
Net expenses		4,559,143
Net investment income		11,987,706
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		12,354,202
Net change in unrealized gains (losses) on investments		(31,717,824	)
Net realized and unrealized gains (losses) on investments		(19,363,622	)
Net decrease in net assets resulting from operations	$	(7,375,916	)

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

18 Wells Fargo Advantage Diversified Income Builder Fund Statement of changes in net assets

	Year ended September 30, 2015						Year ended September 30, 2014
Operations
Net investment income				$	11,987,706					$	12,903,945
Net realized gains on investments					12,354,202						20,717,391
Net change in unrealized gains (losses) on investments					(31,717,824	)					2,411,963
Net increase (decrease) in net assets resulting from operations					(7,375,916	)					36,033,299
Distributions to shareholders from
Net investment income
Class A					(4,749,720	)					(5,703,926	)
Class B					(63,936	)					(110,164	)
Class C					(3,030,262	)					(3,231,700	)
Administrator Class					(1,676,989	)					(1,771,560	)
Institutional Class					(2,456,799	)					(2,086,603	)
Net realized gains
Class A					(7,807,842	)					(3,535,975	)
Class B					(161,998	)					(92,463	)
Class C					(6,201,022	)					(2,482,437	)
Administrator Class					(2,904,026	)					(1,001,962	)
Institutional Class					(3,326,577	)					(1,121,083	)
Total distributions to shareholders					(32,379,171	)					(21,137,873	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		4,241,152			26,154,843			2,927,346			18,644,254
Class B		23,198			143,786			49,956			318,746
Class C		3,886,301			23,984,622			1,927,375			12,272,203
Administrator Class		4,464,133			26,956,519			4,175,618			26,041,091
Institutional Class		7,757,218			46,139,832			2,923,588			18,567,990
					123,379,602						75,844,284
Reinvestment of distributions
Class A		1,878,275			11,337,103			1,330,020			8,372,667
Class B		30,536			185,089			27,558			173,716
Class C		1,238,763			7,487,729			728,044			4,584,672
Administrator Class		626,804			3,713,014			350,052			2,165,734
Institutional Class		930,533			5,503,062			469,844			2,898,770
					28,225,997						18,195,559
Payment for shares redeemed
Class A		(6,277,811	)		(38,460,578	)		(7,800,503	)		(49,886,728	)
Class B		(318,762	)		(1,971,499	)		(309,633	)		(1,964,287	)
Class C		(3,207,318	)		(19,688,593	)		(3,531,538	)		(22,472,694	)
Administrator Class		(7,273,755	)		(43,352,349	)		(3,912,694	)		(24,411,797	)
Institutional Class		(4,599,131	)		(27,541,817	)		(1,899,453	)		(11,854,456	)
					(131,014,836	)					(110,589,962	)
Net increase (decrease) in net assets resulting from capital share transactions					20,590,763						(16,550,119	)
Total decrease in net assets					(19,164,324	)					(1,654,693	)
Net assets
Beginning of period					367,186,121						368,840,814
End of period				$	348,021,797					$	367,186,121
Overdistributed net investment income				$	(145,081	)				$	(184,553	)

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

Financial highlights Wells Fargo Advantage Diversified Income Builder Fund 19

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$6.37			$6.13			$6.00			$5.26			$5.57
Net investment income		0.21			0.23			0.25			0.28			0.28
Net realized and unrealized gains (losses) on investments		(0.31	)		0.38			0.13			0.74			(0.27	)
Total from investment operations		(0.10	)		0.61			0.38			1.02			0.01
Distributions to shareholders from
Net investment income		(0.21	)		(0.23	)		(0.25	)		(0.28	)		(0.32	)
Net realized gains		(0.35	)		(0.14	)		0.00			0.00			0.00
Total distributions to shareholders		(0.56	)		(0.37	)		(0.25	)		(0.28	)		(0.32	)
Net asset value, end of period		$5.71			$6.37			$6.13			$6.00			$5.26
Total return1		(1.92	)%		10.13	%		6.37	%		19.86	%		(0.28	)%
Ratios to average net assets (annualized)
Gross expenses		1.11	%		1.13	%		1.12	%		1.14	%		1.13	%
Net expenses		1.08	%		1.08	%		1.08	%		1.08	%		1.08	%
Net investment income		3.38	%		3.60	%		4.03	%		4.93	%		4.86	%
Supplemental data
Portfolio turnover rate		63	%		52	%		60	%		72	%		65	%
Net assets, end of period (000s omitted)		$127,242			$143,062			$159,229			$145,156			$134,340

¹  Total return calculations do not include any sales charges.

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

20 Wells Fargo Advantage Diversified Income Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS B	2015			2014			2013			2012			2011
Net asset value, beginning of period		$6.40			$6.15			$6.02			$5.28			$5.59
Net investment income		0.16	1		0.18	1		0.21	1		0.24	1		0.24	1
Net realized and unrealized gains (losses) on investments		(0.32	)		0.39			0.12			0.74			(0.27	)
Total from investment operations		(0.16	)		0.57			0.33			0.98			(0.03	)
Distributions to shareholders from
Net investment income		(0.16	)		(0.18	)		(0.20	)		(0.24	)		(0.28	)
Net realized gains		(0.35	)		(0.14	)		0.00			0.00			0.00
Total distributions to shareholders		(0.51	)		(0.32	)		(0.20	)		(0.24	)		(0.28	)
Net asset value, end of period		$5.73			$6.40			$6.15			$6.02			$5.28
Total return2		(2.80	)%		9.46	%		5.57	%		18.92	%		(1.01	)%
Ratios to average net assets (annualized)
Gross expenses		1.86	%		1.88	%		1.87	%		1.88	%		1.88	%
Net expenses		1.83	%		1.83	%		1.83	%		1.83	%		1.83	%
Net investment income		2.65	%		2.86	%		3.31	%		4.21	%		4.11	%
Supplemental data
Portfolio turnover rate		63	%		52	%		60	%		72	%		65	%
Net assets, end of period (000s omitted)		$1,398			$3,256			$4,557			$6,449			$7,971

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 Diversified Income Builder Fund 21

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$6.39			$6.14			$6.01			$5.27			$5.58
Net investment income		0.16	1		0.18			0.20			0.24			0.24
Net realized and unrealized gains (losses) on investments		(0.32	)		0.39			0.13			0.74			(0.27	)
Total from investment operations		(0.16	)		0.57			0.33			0.98			(0.03	)
Distributions to shareholders from
Net investment income		(0.16	)		(0.18	)		(0.20	)		(0.24	)		(0.28	)
Net realized gains		(0.35	)		(0.14	)		0.00			0.00			0.00
Total distributions to shareholders		(0.51	)		(0.32	)		(0.20	)		(0.24	)		(0.28	)
Net asset value, end of period		$5.72			$6.39			$6.14			$6.01			$5.27
Total return2		(2.81	)%		9.47	%		5.58	%		18.94	%		(1.02	)%
Ratios to average net assets (annualized)
Gross expenses		1.86	%		1.88	%		1.87	%		1.89	%		1.88	%
Net expenses		1.83	%		1.83	%		1.83	%		1.83	%		1.83	%
Net investment income		2.62	%		2.85	%		3.29	%		4.18	%		4.12	%
Supplemental data
Portfolio turnover rate		63	%		52	%		60	%		72	%		65	%
Net assets, end of period (000s omitted)		$110,457			$111,045			$112,113			$114,896			$101,140

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.

22 Wells Fargo Advantage Diversified Income Builder Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$6.25			$6.01			$5.89			$5.16			$5.46
Net investment income		0.21	1		0.24			0.26			0.28			0.29	1
Net realized and unrealized gains (losses) on investments		(0.30	)		0.38			0.12			0.74			(0.26	)
Total from investment operations		(0.09	)		0.62			0.38			1.02			0.03
Distributions to shareholders from
Net investment income		(0.21	)		(0.24	)		(0.26	)		(0.29	)		(0.33	)
Net realized gains		(0.35	)		(0.14	)		0.00			0.00			0.00
Total distributions to shareholders		(0.56	)		(0.38	)		(0.26	)		(0.29	)		(0.33	)
Net asset value, end of period		$5.60			$6.25			$6.01			$5.89			$5.16
Total return		(1.69	)%		10.46	%		6.43	%		20.15	%		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.97	%		0.96	%		0.96	%		0.97	%		0.89	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.87	%
Net investment income		3.56	%		3.77	%		4.21	%		5.10	%		5.09	%
Supplemental data
Portfolio turnover rate		63	%		52	%		60	%		72	%		65	%
Net assets, end of period (000s omitted)		$31,367			$48,690			$43,135			$35,727			$35,157

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Advantage Diversified Income Builder Fund 23

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$6.25			$6.01			$5.88			$5.16			$5.46
Net investment income		0.24			0.25	1		0.27	1		0.30	1		0.30
Net realized and unrealized gains (losses) on investments		(0.32	)		0.38			0.13			0.72			(0.26	)
Total from investment operations		(0.08	)		0.63			0.40			1.02			0.04
Distributions to shareholders from
Net investment income		(0.23	)		(0.25	)		(0.27	)		(0.30	)		(0.34	)
Net realized gains		(0.35	)		(0.14	)		0.00			0.00			0.00
Total distributions to shareholders		(0.58	)		(0.39	)		(0.27	)		(0.30	)		(0.34	)
Net asset value, end of period		$5.59			$6.25			$6.01			$5.88			$5.16
Total return		(1.65	)%		10.68	%		6.83	%		20.18	%		0.18	%
Ratios to average net assets (annualized)
Gross expenses		0.71	%		0.70	%		0.69	%		0.71	%		0.70	%
Net expenses		0.69	%		0.70	%		0.69	%		0.71	%		0.69	%
Net investment income		3.76	%		3.98	%		4.43	%		5.32	%		5.27	%
Supplemental data
Portfolio turnover rate		63	%		52	%		60	%		72	%		65	%
Net assets, end of period (000s omitted)		$77,558			$61,133			$49,807			$59,031			$61,029

¹  Calculated based upon average shares outstanding

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

24 Wells Fargo Advantage Diversified Income Builder 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 Diversified Income Builder 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).

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

Notes to financial statements Wells Fargo Advantage Diversified Income Builder Fund 25

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). 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.

When-issued transactions

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

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.

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

Dividend income is recognized on the ex-dividend date. 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 are accrued daily and paid monthly. Distributions from 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.

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 certain distributions paid and

26 Wells Fargo Advantage Diversified Income Builder Fund Notes to financial statements

recognition of partnership income. At September 30, 2015, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of Assets and Liabilities:

Overdistributed net investment income	Accumulated net realized gains on investments
$29,472	$(29,472)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	11,056,910	$	0	$	0	$	11,056,910
Consumer staples		5,051,850		0		0		5,051,850
Energy		731,600		0		0		731,600
Financials		1,849,250		0		0		1,849,250
Health care		17,547,970		0		0		17,547,970
Industrials		4,565,000		0		0		4,565,000
Information technology		19,475,500		0		0		19,475,500
Materials		375,040		0		0		375,040
Utilities		14,728,790		0		0		14,728,790
Corporate bonds and notes		0		219,120,529		0		219,120,529
Yankee corporate bonds and notes		0		23,980,624		0		23,980,624
Short-term investments
Investment companies		27,525,188		7,577,207		0		35,102,395
Total assets	$	102,907,098	$	250,678,360	$	0	$	353,585,458

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At September 30, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

Notes to financial statements Wells Fargo Advantage Diversified Income Builder Fund 27

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 0.55% and declining to 0.43% 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 0.50% and declined to 0.40% as the average daily net assets of the Fund increased. In addition, 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 financial statement purposes, the advisory fee and fund-level administration fee for the year ended September 30, 2015 have been included in management fee on the Statement of Operations.

For the year ended September 30, 2015, the management fee was equivalent to an annual rate of 0.55% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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 0.20% 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 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 January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.08% for Class A shares, 1.83% for Class B shares, 1.83% for Class C shares, 0.90% for Administrator Class shares, and 0.71% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain 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 September 30, 2015, Funds Distributor received $33,890 from the sale of Class A shares and $748 in contingent deferred sales charges from redemptions of Class C shares.

28 Wells Fargo Advantage Diversified Income Builder Fund Notes to financial statements

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 September 30, 2015 were $230,008,688 and $249,289,069, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $200,000,000 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 0.20% of the unused balance is allocated to each participating fund. Prior to September 1, 2015, the revolving credit agreement amount was $150,000,000 and the annual commitment fee was equal to 0.10% of the unused balance which was allocated to each participating fund. For the year ended September 30, 2015, the Fund paid $688 in commitment fees.

For the year ended September 30, 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 September 30, 2015 and September 30, 2014 were as follows:

	Year ended September 30
	2015		2014
Ordinary income	$	18,803,192	$	12,903,953
Long-term capital gain		13,575,979		8,233,920

As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized losses
$2,517,098	$9,949,431	$(20,040,160)

8. INDEMNIFICATION

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

Report of independent registered public accounting firm Wells Fargo Advantage Diversified Income Builder 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 Diversified Income Builder Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of September 30, 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.

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 September 30, 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 Diversified Income Builder Fund as of September 30, 2015, the results of its operations for the year then ended, 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.

Boston, Massachusetts

November 24, 2015

30 Wells Fargo Advantage Diversified Income Builder Fund Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 8.16% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2015.

Pursuant to Section 852 of the Internal Revenue Code, $13,575,979 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $1,748,219 of income dividends paid during the fiscal year ended September 30, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2015, $10,555,674 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2015, $7,274,094 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.

Other information (unaudited) Wells Fargo Advantage Diversified Income Builder Fund 31

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 144 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	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 years
William R. Ebsworth (Born 1957)	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 a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust; Harding Loevner Funds; Russell Exchange Traded Funds Trust
Peter G. Gordon (Born 1942)	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Delux Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	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)	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)	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

32 Wells Fargo Advantage Diversified Income Builder Fund Other information (unaudited)

Name and year of birth	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 years
Timothy J. Penny (Born 1951)	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)	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)	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	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	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)	Executive Vice President of Wells Fargo Funds Management LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 72 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 Diversified Income Builder 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 Diversified Income Builder 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 applicable to Fund-level administrative services (the “Administration Agreement”). 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.

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

34 Wells Fargo Advantage Diversified Income Builder Fund Other information (unaudited)

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 (Class A) was higher 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 Diversified Income Builder Blended Index, for the three-, five- and ten-year periods under review, and higher than or in range of the average performance of the Universe for the first quarter of 2015 and the one-year period.

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 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”).

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 lower than or in range of the average rates for the Fund’s expense Groups for all share classes.

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.

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.

Other information (unaudited) Wells Fargo Advantage Diversified Income Builder Fund 35

Profitability

The Board received and considered information concerning the profitability of Funds Management and the Sub-Adviser, 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 and the Sub-Adviser explained the methodologies and estimates that they 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 the Sub-Adviser 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.

36 Wells Fargo Advantage Diversified Income Builder Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

More information about Wells Fargo 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, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

237457 11-15 A226/AR226 09-15

Wells Fargo Advantage

Index Asset Allocation Fund

Annual Report

September 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	30
Statement of operations	31
Statement of changes in net assets	32
Financial highlights	33
Notes to financial statements	37
Report of independent registered public accounting firm	45
Other information	46
List of abbreviations	52

The views expressed and any forward-looking statements are as of September 30, 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 Index Asset Allocation Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Further adding to the positive tone, the U.S. unemployment rate continued its slow improvement, easing from 5.7% in October 2014 to 5.1% in September 2015.

Throughout most of the reporting period, signs of an improving domestic economy supported stocks and high-yield bonds.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Index Asset Allocation Fund for the 12-month period that ended September 30, 2015. The period was marked by continued low global interest rates and a sluggish economic recovery in the U.S. However, late-period concerns about global growth, sparked by an unexpected slowdown in China, as well as an expectation that the U.S. Federal Reserve (Fed) would soon raise its key interest rate resulted in considerable volatility for stock and bond markets in the final months of the fiscal year.

U.S. economic growth slowed early in the reporting period, but later data suggested that the recovery remained on track.

Although the final estimate for U.S. annualized gross domestic product (GDP) growth came in at a modest 0.6% in the first quarter of 2015, the low number was attributed to short-term factors such as a harsh winter and a long-lived strike at West Coast ports. Annualized GDP growth rebounded to 3.9% in the second quarter, validating the consensus view of steady, if unexceptional, domestic growth. Further adding to the positive tone, the U.S. unemployment rate continued its slow improvement, easing from 5.7% at the beginning of the reporting period (October 2014) to 5.1% at the end (September 2015).

Toward the end of the reporting period, growing signs of an economic slowdown in China sparked investor concerns about global economic growth. China is a major importer, and a slowdown in the country’s growth could affect its trading partners. The country is also a major consumer of commodities; China’s slowdown thus had the potential to keep commodity prices low and the pressure on commodity producers high.

Major central banks continued to provide liquidity to the markets.

As the reporting period progressed, various comments by Fed Chair Janet Yellen led investors to believe that the Federal Open Market Committee (FOMC), which is the Fed’s monetary policymaking body, would soon raise its key federal funds rate. The Fed remained on hold at its September 2015 meeting, however, citing concerns about a weaker global economy and subdued U.S. inflation. The Fed’s decision caused some uncertainty about when it would raise rates, but by the end of the period most investors expected a modest Fed rate hike in late 2015 or early 2016. Throughout the reporting period, the FOMC kept its key interest rate effectively at zero.

In contrast, the European Central Bank (ECB) showed no signs of raising rates in the near future. Rather, the ECB maintained a variety of measures aimed at encouraging lending, including making funds available to banks at low interest rates and imposing a negative interest rate on bank deposits held at the central bank.

Long-term Treasury bonds outperformed U.S. stocks and high-yield bonds for the 12-month period.

Throughout most of the reporting period, signs of an improving domestic economy supported stocks and high-yield bonds. Worries about slower global growth hit the stock market hard in August, though, and the S&P 500 Index,¹ a measure of U.S. large-cap stocks, lost 6.03% in that month alone; the index ended the full period with a return of -0.61%. High-yield bonds also weakened in the final months of the fiscal year, challenged not only by slowing economic growth but also by the prospect of increased defaults among commodity-related issuers as

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 Index Asset Allocation Fund 3

commodity prices remained low. The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index² lost 3.54% for the reporting period. By contrast, long-term Treasury bonds ended the period with a 9.12% gain, as measured by the Barclays U.S. Treasury 20+ Year Index³ aided by low interest rates and their lack of credit risk.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Notice to shareholders

At a meeting held August 11-12, 2015, the Board of Trustees of the Fund approved a change in the name of the Fund whereby the word “Advantage” was 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.

²  The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay Index is an unmanaged market index that provides a broad-based performance measure of the non-investment-grade U.S. domestic bond index. You cannot invest directly in an index.

³  The Barclays U.S. Treasury 20+ Year Index is an unmanaged index composed of securities in the U.S. Treasury Index with maturities of 20 years or greater. You cannot invest directly in an index.

4 Wells Fargo Advantage Index Asset Allocation Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term total return, consisting of capital appreciation and current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian Chan, CFA

Average annual total returns (%) as of September 30, 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 (SFAAX)	11-13-1986		(2.34	)		10.70		5.77		3.62			12.02		6.40		1.15		1.15
Class B (SASBX)*	1-1-1995		(2.15	)		10.92		5.85		2.85			11.18		5.85		1.90		1.90
Class C (WFALX)	4-1-1998		1.86			11.18		5.62		2.86			11.18		5.62		1.90		1.90
Administrator Class (WFAIX)	11-8-1999		–			–		–		3.89			12.31		6.67		1.07		0.90
Index Asset Allocation Composite Index3	–		–			–		–		5.48			11.60		7.74		–		–
Barclays U.S. Treasury Index4	–		–			–		–		3.76			2.55		4.35		–		–
Barclays U.S. Treasury 20+ Year Index5	–		–			–		–		9.12			6.57		6.98		–		–
S&P 500 Index6	–		–			–		–		(0.61	)		13.34		6.80		–		–

* 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 shares are sold without a front-end sales charge or contingent deferred sales charge.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. 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 Index Asset Allocation Fund 5

Growth of $10,000 investment⁷ as of September 30, 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.

²  The manager has committed through January 31, 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  Source: Wells Fargo Funds Management, LLC. Effective April 1, 2015, the Index Asset Allocation Composite Index is weighted 60% in the S&P 500 Index and 40% in the Barclays U.S. Treasury Index. Prior to April 1, 2015, the Index Asset Allocation Composite Index was weighted 60% in the S&P 500 Index and 40% in the Barclays U.S. Treasury 20+ Year Index. You cannot invest directly in an index.

⁴  Effective April 1, 2015, the Fund changed its benchmark from the Barclays U.S. Treasury 20+ Year Index to the Barclays U.S. Treasury Index to better align with its duration range. The Barclays U.S. Treasury Index is an unmanaged index composed of public obligations of the U.S. Treasury with remaining maturity of one year or more. You cannot invest directly in an index.

⁵  The Barclays U.S. Treasury 20+ Year Index is an unmanaged index composed of securities in the U.S. Treasury Index with maturities of 20 years or greater. You cannot invest directly in an index.

⁶  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.

⁷  The chart compares the performance of Class A shares for the most recent ten years with the Index Asset Allocation Composite Index, Barclays U.S. Treasury Index, Barclays U.S. Treasury 20+ Year Index, and 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%.

⁸  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.

⁹  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.

¹⁰  Target allocations are subject to change and may have changed since the date specified. Cash and cash equivalents are not reflected in the calculations of target allocations. Neutral target allocation is the target allocation of the Fund as stated in the Fund’s prospectus. Current target allocation is the current allocation of the Fund based on our Tactical Asset Allocation Model as of the date specified.

¹¹  The Morgan Stanley Capital International Europe, Australasia, Far East (MSCI EAFE) Free Index is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Free Index consists of the following 21 developed markets country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. You cannot invest directly in an index.

¹²  The Morgan Stanley Capital International (MSCI) Emerging Markets Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging markets country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates. You cannot invest directly in an index.

6 Wells Fargo Advantage Index Asset Allocation Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund underperformed the Index Asset Allocation Composite Index and the Barclays U.S. Treasury Index and the Barclays U.S. Treasury 20+ Year Index but outperformed the S&P 500 Index for the 12-month period that ended September 30, 2015.

n The Fund’s tactical asset allocation shifts between stocks and bonds contributed positively to relative performance. Meanwhile, a lower duration relative to the Treasury benchmarks detracted from performance during the period.

Heightened volatility drove stocks lower during the 12-month period.

The 12-month period was marked by several bouts of heightened volatility as investors grappled with an economic slowdown overseas, weaker corporate earnings growth, and the possibility of tighter monetary conditions in the U.S. Central bank policies continued to diverge as the Federal Reserve (Fed) inched closer to its first rate hike in more than nine years, while the European Central Bank and the Bank of Japan implemented massive stimulus programs to combat subdued inflationary pressures. The period was also shaped by the debt crisis in Greece and turmoil in Chinese equity markets. Meanwhile, inflation expectations fell sharply as a result of weaker global demand and plunging commodity prices.

The uncertain macroeconomic environment led to wild gyrations in global stock markets, which—save for a sell-off in early January—rose steadily for most of the period until the fallout from China drove equity markets into correction territory. Volatility spiked to levels last seen in 2011, and the S&P 500 Index fell by 12.35% from its highest level to its lowest level during the period.

For the period as a whole, the S&P 500 Index posted a modestly negative return of -0.61%. Other segments of the global equity market, however, did not fare quite as well. International developed stocks and emerging markets stocks declined by 8.66% and 19.28%, respectively, as measured by the MSCI EAFE Free Index¹¹ and the MSCI Emerging Markets Index (Net),¹² respectively, in large part due to a strengthening U.S. dollar. Government bond prices rose during the period as yields fell across the curve. The Barclays U.S. Treasury Index, a broad measure of U.S. Treasury notes and bonds, gained 3.76% during the 12-month period.

Ten largest holdings8 (%) as of September 30, 2015
Apple Incorporated	2.15
Microsoft Corporation	1.21
Exxon Mobil Corporation	1.06
Johnson & Johnson	0.88
General Electric Company	0.87
Berkshire Hathaway Incorporated Class B	0.84
Wells Fargo & Company	0.82
JPMorgan Chase & Company	0.77
Facebook Incorporated Class A	0.70
AT&T Incorporated	0.69

Tactical shifts between stocks and bonds contributed positively while a lower duration detracted from performance.

The Fund’s stock holdings seek to replicate the holdings of the S&P 500 Index, and its bond holdings seek to replicate the holdings of the Barclays U.S. Treasury Index. The Fund’s neutral target allocation is 60% stocks and 40% bonds. As of year-end, the Fund had an effective target allocation of 64% stocks and 36% bonds. Because of price fluctuations, the Fund’s actual allocation on a particular day may have differed slightly from the target allocation.

During the period, the portfolio management team implemented tactical shifts between stocks and bonds in

order to adjust the Fund’s effective allocations based on the relative attractiveness of stocks and bonds. The allocation changes are implemented as an overlay with liquid futures contracts which are contracts to buy or sell an asset for a price agreed upon today with delivery and payment occurring at a future point. They can be used to mitigate the risk of price or exchange rate movements or as an investment opportunity based on accurately anticipating how the price of an asset will move in the future. While the S&P 500 Index futures contracts underperformed the U.S. Treasury bond futures contracts during the 12-month period, the adjustments in weightings made by the portfolio management team managed to turn a potential negative into a positive: The net impact of the tactical futures overlay was positive.

On April 1, 2015, the Fund changed its fixed-income benchmark from the Barclays U.S. Treasury 20+ Year Index to the Barclays U.S. Treasury Index in an effort to reduce the overall interest-rate risk of the portfolio. In anticipation of this

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 7

change, the portfolio management team took some initial steps in late 2014 and early 2015 to gradually lower the duration of its bond portfolio, an adjustment that the team considered prudent from a risk mitigation standpoint. The reduced exposure to longer-term bonds during this period detracted from performance as bond yields fell.

Relative to its benchmark, the Fund maintained a tilt toward stocks and lower bond duration at the close of the period.

The Fund’s effective allocation is determined by a combination of inputs from multiple quantitative and qualitative factors. As of the close of the period, the Fund had a small overweight to stocks relative to bonds and a slightly lower duration relative to its benchmark. All of the changes to the effective allocation were implemented with liquid futures contracts.

Sector distribution⁹ as of September 30, 2015

Neutral target allocation¹⁰ as of September 30, 2015

Current target allocation¹⁰ as of September 30, 2015

Please see footnotes on page 5.

8 Wells Fargo Advantage Index Asset Allocation Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2015 to September 30, 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 4-1-2015		Ending account value 9-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	961.55	$	5.65		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Class B
Actual	$	1,000.00	$	957.61	$	9.32		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Class C
Actual	$	1,000.00	$	957.85	$	9.33		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Administrator Class
Actual	$	1,000.00	$	962.84	$	4.43		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%

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—September 30, 2015 Wells Fargo Advantage Index Asset Allocation Fund 9

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 0.01%
FHLMC		10.50	%		1-1-2016	$	15	$	15
FNMA Series 2002-T1 Class A4		9.50			11-25-2031		77,234		94,286
Total Agency Securities (Cost $80,491)									94,301
						Shares
Common Stocks: 57.90%
Consumer Discretionary: 7.58%
Auto Components: 0.23%
BorgWarner Incorporated							6,846		284,725
Delphi Automotive plc							8,603		654,172
Johnson Controls Incorporated							19,785		818,308
The Goodyear Tire & Rubber Company							8,152		239,098
									1,996,303
Automobiles: 0.37%
Ford Motor Company							117,897		1,599,862
General Motors Company							43,608		1,309,112
Harley-Davidson Incorporated							6,233		342,192
									3,251,166
Distributors: 0.04%
Genuine Parts Company							4,587		380,216
Diversified Consumer Services: 0.03%
H&R Block Incorporated							8,356		302,487
Hotels, Restaurants & Leisure: 1.09%
Carnival Corporation							14,003		695,949
Chipotle Mexican Grill Incorporated †							943		679,196
Darden Restaurants Incorporated							3,449		236,394
Marriott International Incorporated Class A							6,034		411,519
McDonald’s Corporation							28,494		2,807,514
Royal Caribbean Cruises Limited							5,190		462,377
Starbucks Corporation							44,903		2,552,287
Starwood Hotels & Resorts Worldwide Incorporated							5,153		342,571
Wyndham Worldwide Corporation							3,575		257,043
Wynn Resorts Limited							2,458		130,569
Yum! Brands Incorporated							13,043		1,042,788
									9,618,207
Household Durables: 0.26%
D.R. Horton Incorporated							9,877		289,989
Garmin Limited							3,580		128,450
Harman International Industries Incorporated							2,154		206,762
Leggett & Platt Incorporated							4,141		170,816
Lennar Corporation Class A							5,263		253,308
Mohawk Industries Incorporated †							1,924		349,764

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

10 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Household Durables (continued)
Newell Rubbermaid Incorporated		8,099	$	321,611
PulteGroup Incorporated		9,714		183,303
Whirlpool Corporation		2,374		349,595
				2,253,598
Internet & Catalog Retail: 1.10%
Amazon.com Incorporated †		11,602		5,938,948
Expedia Incorporated		3,025		355,982
Netflix Incorporated †		12,886		1,330,608
The Priceline Group Incorporated †		1,536		1,899,817
TripAdvisor Incorporated †		3,418		215,402
				9,740,757
Leisure Products: 0.05%
Hasbro Incorporated		3,402		245,420
Mattel Incorporated		10,244		215,739
				461,159
Media: 1.85%
Cablevision Systems Corporation New York Group Class A		6,726		218,393
CBS Corporation Class B		13,447		536,535
Comcast Corporation Special Class A		11,140		637,654
Comcast Corporation Class A		63,981		3,639,239
Discovery Communications Incorporated Class A †		4,519		117,630
Discovery Communications Incorporated Class C †		7,801		189,486
Interpublic Group of Companies Incorporated		12,414		237,480
News Corporation Class A		11,528		145,483
News Corporation Class B		3,260		41,793
Omnicom Group Incorporated		7,350		484,365
Scripps Networks Interactive Incorporated Class A		2,852		140,290
Tegna Incorporated		6,852		153,416
The Walt Disney Company		46,979		4,801,254
Time Warner Cable Incorporated		8,561		1,535,587
Time Warner Incorporated		24,672		1,696,200
Twenty-First Century Fox Incorporated Class A		36,940		996,641
Twenty-First Century Fox Incorporated Class B		13,043		353,074
Viacom Incorporated Class B		10,511		453,550
				16,378,070
Multiline Retail: 0.42%
Dollar General Corporation		8,912		645,585
Dollar Tree Incorporated †		7,098		473,153
Kohl’s Corporation		5,987		277,258
Macy’s Incorporated		10,013		513,867
Nordstrom Incorporated		4,215		302,258
Target Corporation		19,010		1,495,327
				3,707,448

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Index Asset Allocation Fund 11

Security name	Shares		Value
Specialty Retail: 1.56%
Advance Auto Parts Incorporated		2,217	$	420,188
AutoNation Incorporated †		2,369		137,828
AutoZone Incorporated †		933		675,333
Bed Bath & Beyond Incorporated †		5,132		292,627
Best Buy Company Incorporated		9,284		344,622
CarMax Incorporated †		6,296		373,479
GameStop Corporation Class A «		3,229		133,067
L Brands Incorporated		7,774		700,671
Lowe’s Companies Incorporated		27,990		1,929,071
O’Reilly Automotive Incorporated †		3,009		752,250
Ross Stores Incorporated		12,519		606,796
Signet Jewelers Limited		2,406		327,529
Staples Incorporated		19,471		228,395
The Gap Incorporated		7,198		205,143
The Home Depot Incorporated		38,848		4,486,556
The TJX Companies Incorporated		20,404		1,457,254
Tiffany & Company		3,392		261,930
Tractor Supply Company		4,110		346,555
Urban Outfitters Incorporated †		2,867		84,232
				13,763,526
Textiles, Apparel & Luxury Goods: 0.58%
Coach Incorporated		8,367		242,057
Fossil Group Incorporated †		1,253		70,018
HanesBrands Incorporated		12,178		352,431
Michael Kors Holdings Limited †		5,850		247,104
Nike Incorporated Class B		20,509		2,521,992
PVH Corporation		2,495		254,340
Ralph Lauren Corporation		1,808		213,633
Under Armour Incorporated Class A †		5,441		526,580
VF Corporation		10,301		702,631
				5,130,786
Consumer Staples: 5.75%
Beverages: 1.32%
Brown-Forman Corporation Class B		3,208		310,855
Coca-Cola Enterprises Incorporated		6,375		308,231
Constellation Brands Incorporated Class A		5,200		651,092
Dr Pepper Snapple Group Incorporated		5,777		456,672
Molson Coors Brewing Company Class B		4,781		396,919
Monster Beverage Corporation †		4,603		622,049
PepsiCo Incorporated		44,442		4,190,881
The Coca-Cola Company		118,443		4,751,933
				11,688,632
Food & Staples Retailing: 1.42%
Costco Wholesale Corporation		13,295		1,922,058
CVS Health Corporation		33,715		3,252,823
Sysco Corporation		16,739		652,319

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

12 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Food & Staples Retailing (continued)
The Kroger Company		29,390	$	1,060,097
Wal-Mart Stores Incorporated		47,740		3,095,462
Walgreens Boots Alliance Incorporated		26,438		2,196,998
Whole Foods Market Incorporated		10,826		342,643
				12,522,400
Food Products: 0.99%
Archer Daniels Midland Company		18,422		763,592
Campbell Soup Company		5,447		276,054
ConAgra Foods Incorporated		13,059		529,020
General Mills Incorporated		18,113		1,016,683
Hormel Foods Corporation		4,078		258,178
Kellogg Company		7,701		512,502
Keurig Green Mountain Incorporated		3,633		189,425
McCormick & Company Incorporated		3,507		288,205
Mead Johnson Nutrition Company		6,133		431,763
Mondelez International Incorporated Class A		48,746		2,040,995
The Hershey Company		4,419		406,018
The JM Smucker Company		3,114		355,276
The Kraft Heinz Company		17,977		1,268,817
Tyson Foods Incorporated Class A		9,206		396,779
				8,733,307
Household Products: 1.05%
Colgate-Palmolive Company		27,230		1,728,016
Kimberly-Clark Corporation		11,020		1,201,621
The Clorox Company		3,890		449,412
The Procter & Gamble Company		82,064		5,903,684
				9,282,733
Personal Products: 0.06%
The Estee Lauder Companies Incorporated Class A		6,831		551,125
Tobacco: 0.91%
Altria Group Incorporated		59,315		3,226,736
Philip Morris International		46,869		3,718,118
Reynolds American Incorporated		25,075		1,110,070
				8,054,924
Energy: 4.01%
Energy Equipment & Services: 0.64%
Baker Hughes Incorporated		13,185		686,147
Cameron International Corporation †		5,793		355,227
Diamond Offshore Drilling Incorporated «		1,950		33,735
Ensco plc Class A		7,130		100,390
FMC Technologies Incorporated †		6,941		215,171
Halliburton Company		25,857		914,045
Helmerich & Payne Incorporated «		3,260		154,068

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Index Asset Allocation Fund 13

Security name	Shares		Value
Energy Equipment & Services (continued)
National Oilwell Varco Incorporated		11,612	$	437,192
Schlumberger Limited		38,282		2,640,310
Transocean Limited «		10,338		133,567
				5,669,852
Oil, Gas & Consumable Fuels: 3.37%
Anadarko Petroleum Corporation		15,371		928,255
Apache Corporation		11,434		447,755
Cabot Oil & Gas Corporation		12,519		273,665
Chesapeake Energy Corporation «		15,644		114,671
Chevron Corporation		56,930		4,490,638
Cimarex Energy Company		2,857		292,785
Columbia Pipeline Group Incorporated		9,609		175,749
ConocoPhillips Company		37,317		1,789,723
CONSOL Energy Incorporated «		6,925		67,865
Devon Energy Corporation		11,685		433,397
EOG Resources Incorporated		16,614		1,209,499
EQT Corporation		4,608		298,460
Exxon Mobil Corporation		126,139		9,378,435
Hess Corporation		7,292		365,038
Kinder Morgan Incorporated		54,377		1,505,155
Marathon Oil Corporation		20,488		315,515
Marathon Petroleum Corporation		16,220		751,473
Murphy Oil Corporation		4,912		118,870
Newfield Exploration Company †		4,928		162,131
Noble Energy Incorporated		12,860		388,115
Occidental Petroleum Corporation		23,109		1,528,660
ONEOK Incorporated		6,327		203,729
Phillips 66		14,485		1,113,027
Pioneer Natural Resources Company		4,519		549,691
Range Resources Corporation		5,122		164,519
Southwestern Energy Company †		11,628		147,559
Spectra Energy Corporation		20,310		533,544
Tesoro Corporation		3,722		361,927
The Williams Companies Incorporated		20,640		760,584
Valero Energy Corporation		15,041		903,964
				29,774,398
Financials: 9.57%
Banks: 3.49%
Bank of America Corporation		316,711		4,934,357
BB&T Corporation		23,586		839,662
Citigroup Incorporated		91,060		4,517,487
Comerica Incorporated		5,384		221,282
Fifth Third Bancorp		24,299		459,494
Huntington Bancshares Incorporated		24,294		257,516
JPMorgan Chase & Company		111,879		6,821,263
KeyCorp		25,437		330,935
M&T Bank Corporation		4,031		491,580

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

14 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Banks (continued)
People’s United Financial Incorporated		9,379	$	147,532
PNC Financial Services Group Incorporated		15,539		1,386,079
Regions Financial Corporation		40,085		361,166
SunTrust Banks Incorporated		15,670		599,221
US Bancorp		50,078		2,053,699
Wells Fargo & Company (l)		141,327		7,257,141
Zions Bancorporation		6,175		170,060
				30,848,474
Capital Markets: 1.24%
Affiliated Managers Group Incorporated †		1,640		280,424
Ameriprise Financial Incorporated		5,389		588,102
Bank of New York Mellon Corporation		33,474		1,310,507
BlackRock Incorporated		3,874		1,152,399
Charles Schwab Corporation		36,221		1,034,472
E*TRADE Financial Corporation †		8,776		231,072
Franklin Resources Incorporated		11,701		435,979
Goldman Sachs Group Incorporated		12,178		2,116,049
Invesco Limited		12,970		405,053
Legg Mason Incorporated		3,318		138,062
Morgan Stanley		46,093		1,451,930
Northern Trust Corporation		6,621		451,287
State Street Corporation		12,346		829,775
T. Rowe Price Group Incorporated		7,753		538,834
				10,963,945
Consumer Finance: 0.44%
American Express Company		25,746		1,908,551
Capital One Financial Corporation		16,409		1,189,981
Discover Financial Services		13,169		684,656
Navient Corporation		11,313		127,158
				3,910,346
Diversified Financial Services: 1.22%
Berkshire Hathaway Incorporated Class B †		56,678		7,390,811
CME Group Incorporated		10,218		947,617
Intercontinental Exchange Incorporated		3,344		785,807
Leucadia National Corporation		10,202		206,693
McGraw Hill Financial Incorporated		8,241		712,847
Moody’s Corporation		5,274		517,907
The NASDAQ OMX Group Incorporated		3,575		190,655
				10,752,337
Insurance: 1.60%
ACE Limited		9,798		1,013,113
AFLAC Incorporated		13,028		757,318
American International Group Incorporated		39,147		2,224,333
Aon plc		8,472		750,704
Assurant Incorporated		2,023		159,837

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Index Asset Allocation Fund 15

Security name	Shares		Value
Insurance (continued)
Cincinnati Financial Corporation		4,466	$	240,271
Genworth Financial Incorporated Class A †		15,046		69,513
Lincoln National Corporation		7,591		360,269
Loews Corporation		8,676		313,551
Marsh & McLennan Companies Incorporated		16,032		837,191
MetLife Incorporated		33,789		1,593,151
Principal Financial Group Incorporated		8,293		392,591
Prudential Financial Incorporated		13,646		1,039,962
The Allstate Corporation		12,115		705,578
The Chubb Corporation		6,867		842,238
The Hartford Financial Services Group Incorporated		12,551		574,585
The Progressive Corporation		17,725		543,094
The Travelers Companies Incorporated		9,415		937,075
Torchmark Corporation		3,517		198,359
Unum Group		7,465		239,477
XL Group plc		9,148		332,255
				14,124,465
Real Estate Management & Development: 0.03%
CBRE Group Incorporated Class A †		8,771		280,672
REITs: 1.53%
American Tower Corporation		12,807		1,126,760
Apartment Investment & Management Company Class A		4,728		175,031
AvalonBay Communities Incorporated		4,021		702,951
Boston Properties Incorporated		4,645		549,968
Crown Castle International Corporation		10,097		796,350
Equinix Incorporated		1,724		471,342
Equity Residential		11,014		827,372
Essex Property Trust Incorporated		1,986		443,712
General Growth Properties Incorporated		17,683		459,228
HCP Incorporated		13,992		521,202
Host Hotels & Resorts Incorporated		22,721		359,219
Iron Mountain Incorporated		5,803		180,009
Kimco Realty Corporation		12,498		305,326
Plum Creek Timber Company		5,284		208,771
Prologis Incorporated		15,859		616,915
Public Storage Incorporated		4,445		940,695
Realty Income Corporation «		7,103		336,611
Simon Property Group Incorporated		9,358		1,719,252
SL Green Realty Corporation		3,014		325,994
The Macerich Company		4,073		312,888
Ventas Incorporated		10,060		563,964
Vornado Realty Trust		5,358		484,470
Welltower Incorporated		10,647		721,015
Weyerhaeuser Company		15,555		425,274
				13,574,319

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

16 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Thrifts & Mortgage Finance: 0.02%
Hudson City Bancorp Incorporated		14,579	$	148,268
Health Care: 8.50%
Biotechnology: 1.77%
Alexion Pharmaceuticals Incorporated †		6,841		1,069,864
Amgen Incorporated		22,942		3,173,337
Baxalta Incorporated		16,383		516,228
Biogen Incorporated †		7,114		2,075,936
Celgene Corporation †		23,917		2,587,102
Gilead Sciences Incorporated		44,400		4,359,636
Regeneron Pharmaceuticals Incorporated †		2,338		1,087,497
Vertex Pharmaceuticals Incorporated †		7,402		770,844
				15,640,444
Health Care Equipment & Supplies: 1.19%
Abbott Laboratories		45,092		1,813,600
Baxter International Incorporated		16,504		542,156
Becton Dickinson & Company		6,359		843,585
Boston Scientific Corporation †		40,657		667,181
C.R. Bard Incorporated		2,243		417,893
DENTSPLY International Incorporated		4,230		213,911
Edwards Lifesciences Corporation †		3,250		462,053
Intuitive Surgical Incorporated †		1,121		515,189
Medtronic plc		42,785		2,864,028
St. Jude Medical Incorporated		8,524		537,779
Stryker Corporation		9,567		900,255
Varian Medical Systems Incorporated †		2,988		220,455
Zimmer Holdings Incorporated		5,169		485,524
				10,483,609
Health Care Providers & Services: 1.63%
Aetna Incorporated		10,548		1,154,057
AmerisourceBergen Corporation		6,212		590,078
Anthem Incorporated		7,916		1,108,240
Cardinal Health Incorporated		9,903		760,748
Cigna Corporation		7,790		1,051,806
DaVita HealthCare Partners Incorporated †		5,148		372,355
Express Scripts Holding Company †		20,441		1,654,903
HCA Holdings Incorporated †		9,672		748,226
Henry Schein Incorporated †		2,521		334,587
Humana Incorporated		4,482		802,278
Laboratory Corporation of America Holdings †		3,046		330,400
McKesson Corporation		7,030		1,300,761
Patterson Companies Incorporated		2,626		113,575
Quest Diagnostics Incorporated		4,340		266,780
Tenet Healthcare Corporation †		3,014		111,277
UnitedHealth Group Incorporated		28,850		3,346,889
Universal Health Services Incorporated Class B		2,773		346,098
				14,393,058

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Index Asset Allocation Fund 17

Security name	Shares		Value
Health Care Technology: 0.06%
Cerner Corporation †		9,290	$	557,028
Life Sciences Tools & Services: 0.26%
Agilent Technologies Incorporated		10,024		344,124
PerkinElmer Incorporated		3,428		157,551
Thermo Fisher Scientific Incorporated		12,058		1,474,452
Waters Corporation †		2,490		294,343
				2,270,470
Pharmaceuticals: 3.59%
AbbVie Incorporated		50,078		2,724,744
Allergan plc †		11,911		3,237,529
Bristol-Myers Squibb Company		50,450		2,986,640
Eli Lilly & Company		29,511		2,469,776
Endo International plc †		6,301		436,533
Johnson & Johnson		83,773		7,820,210
Mallinckrodt plc †		3,549		226,923
Merck & Company Incorporated		85,214		4,208,719
Mylan NV †		12,493		502,968
Perrigo Company plc		4,424		695,762
Pfizer Incorporated		186,582		5,860,541
Zoetis Incorporated		13,887		571,867
				31,742,212
Industrials: 5.82%
Aerospace & Defense: 1.56%
General Dynamics Corporation		9,179		1,266,243
Honeywell International Incorporated		23,649		2,239,324
L-3 Communications Holdings Incorporated		2,432		254,193
Lockheed Martin Corporation		8,079		1,674,857
Northrop Grumman Corporation		5,667		940,439
Precision Castparts Corporation		4,157		954,904
Raytheon Company		9,185		1,003,553
Rockwell Collins Incorporated		3,984		326,051
Textron Incorporated		8,362		314,746
The Boeing Company		19,324		2,530,478
United Technologies Corporation		25,060		2,230,089
				13,734,877
Air Freight & Logistics: 0.43%
C.H. Robinson Worldwide Incorporated		4,288		290,641
Expeditors International of Washington Incorporated		5,725		269,361
FedEx Corporation		7,947		1,144,209
United Parcel Service Incorporated Class B		21,128		2,085,122
				3,789,333

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

18 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Airlines: 0.37%
American Airlines Group Incorporated		20,325	$	789,220
Delta Air Lines Incorporated		24,063		1,079,707
Southwest Airlines Company		19,948		758,822
United Continental Holdings Incorporated †		11,429		606,308
				3,234,057
Building Products: 0.05%
Allegion plc		2,899		167,156
Masco Corporation		10,406		262,023
				429,179
Commercial Services & Supplies: 0.25%
Cintas Corporation		2,699		231,439
Pitney Bowes Incorporated		6,107		121,224
Republic Services Incorporated		7,282		300,018
Stericycle Incorporated †		2,568		357,748
The ADT Corporation «		5,143		153,776
Tyco International plc		12,750		426,615
Waste Management Incorporated		12,724		633,782
				2,224,602
Construction & Engineering: 0.05%
Fluor Corporation		4,382		185,578
Jacobs Engineering Group Incorporated †		3,743		140,100
Quanta Services Incorporated †		6,175		149,497
				475,175
Electrical Equipment: 0.27%
AMETEK Incorporated		7,324		383,192
Eaton Corporation plc		14,144		725,587
Emerson Electric Company		19,880		878,100
Rockwell Automation Incorporated		4,057		411,664
				2,398,543
Industrial Conglomerates: 1.40%
3M Company		18,899		2,679,311
Danaher Corporation		17,987		1,532,672
General Electric Company		305,455		7,703,575
Roper Industries Incorporated		3,046		477,308
				12,392,866
Machinery: 0.71%
Caterpillar Incorporated		18,234		1,191,774
Cummins Incorporated		5,027		545,832
Deere & Company		9,431		697,894
Dover Corporation		4,734		270,690
Flowserve Corporation		4,036		166,041
Illinois Tool Works Incorporated		9,966		820,301

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Index Asset Allocation Fund 19

Security name	Shares		Value
Machinery (continued)
Ingersoll-Rand plc		8,026	$	407,480
Joy Global Incorporated		2,946		43,984
Paccar Incorporated		10,737		560,149
Parker-Hannifin Corporation		4,188		407,492
Pentair plc		5,447		278,015
Snap-on Incorporated		1,761		265,805
Stanley Black & Decker Incorporated		4,634		449,405
Xylem Incorporated		5,489		180,314
				6,285,176
Professional Services: 0.13%
Dun & Bradstreet Corporation		1,090		114,450
Equifax Incorporated		3,575		347,419
Nielsen Holdings plc		11,098		493,528
Robert Half International Incorporated		4,068		208,119
				1,163,516
Road & Rail: 0.50%
CSX Corporation		29,762		800,598
J.B. Hunt Transport Services Incorporated		2,778		198,349
Kansas City Southern		3,339		303,448
Norfolk Southern Corporation		9,117		696,539
Ryder System Incorporated		1,614		119,501
Union Pacific Corporation		26,250		2,320,763
				4,439,198
Trading Companies & Distributors: 0.10%
Fastenal Company «		8,776		321,289
United Rentals Incorporated †		2,883		173,124
W.W. Grainger Incorporated «		1,834		394,328
				888,741
Information Technology: 11.82%
Communications Equipment: 0.88%
Cisco Systems Incorporated		153,868		4,039,035
F5 Networks Incorporated †		2,149		248,854
Harris Corporation		3,753		274,532
Juniper Networks Incorporated		10,700		275,097
Motorola Solutions Incorporated		4,865		332,669
QUALCOMM Incorporated		47,535		2,554,056
				7,724,243
Electronic Equipment, Instruments & Components: 0.22%
Amphenol Corporation Class A		9,352		476,578
Corning Incorporated		37,086		634,912
FLIR Systems Incorporated		4,241		118,706
TE Connectivity Limited		12,173		729,041
				1,959,237

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

20 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Internet Software & Services: 2.19%
Akamai Technologies Incorporated †		5,405	$	373,269
Alphabet Incorporated Class A †		8,771		5,599,143
Alphabet Incorporated Class C †		8,949		5,444,751
eBay Incorporated		33,909		828,736
Facebook Incorporated Class A †		68,364		6,145,924
VeriSign Incorporated †		3,019		213,021
Yahoo! Incorporated †		26,203		757,529
				19,362,373
IT Services: 2.18%
Accenture plc Class A		18,884		1,855,542
Alliance Data Systems Corporation †		1,861		481,962
Automatic Data Processing Incorporated		14,092		1,132,433
Cognizant Technology Solutions Corporation Class A †		18,438		1,154,403
Computer Sciences Corporation		4,183		256,753
Fidelity National Information Services Incorporated		8,519		571,455
Fiserv Incorporated †		7,098		614,758
International Business Machines Corporation		27,262		3,952,172
MasterCard Incorporated Class A		30,192		2,720,903
Paychex Incorporated		9,725		463,202
PayPal Holdings Incorporated †		33,553		1,041,485
Teradata Corporation †		4,283		124,036
The Western Union Company		15,471		284,048
Total System Services Incorporated		5,122		232,692
Visa Incorporated Class A		59,038		4,112,587
Xerox Corporation		30,397		295,763
				19,294,194
Semiconductors & Semiconductor Equipment: 1.40%
Altera Corporation		9,148		458,132
Analog Devices Incorporated		9,489		535,274
Applied Materials Incorporated		36,321		533,555
Avago Technologies Limited		7,858		982,329
Broadcom Corporation Class A		16,912		869,784
First Solar Incorporated †		2,291		97,940
Intel Corporation		143,828		4,334,976
KLA-Tencor Corporation		4,765		238,250
Lam Research Corporation		4,786		312,669
Linear Technology Corporation		7,255		292,739
Microchip Technology Incorporated «		6,385		275,130
Micron Technology Incorporated †		32,567		487,854
NVIDIA Corporation		15,492		381,878
Qorvo Incorporated †		4,524		203,806
Skyworks Solutions Incorporated		5,772		486,060
Texas Instruments Incorporated		31,052		1,537,695
Xilinx Incorporated		7,827		331,865
				12,359,936

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Index Asset Allocation Fund 21

Security name	Shares		Value
Software: 2.30%
Activision Blizzard Incorporated		15,219	$	470,115
Adobe Systems Incorporated †		15,057		1,237,987
Autodesk Incorporated †		6,841		301,962
CA Incorporated		9,478		258,749
Citrix Systems Incorporated †		4,859		336,632
Electronic Arts Incorporated †		9,431		638,950
Intuit Incorporated		8,388		744,435
Microsoft Corporation		241,966		10,709,415
Oracle Corporation		98,384		3,553,630
Red Hat Incorporated †		5,552		399,078
Salesforce.com Incorporated †		18,768		1,303,062
Symantec Corporation		20,698		402,990
				20,357,005
Technology Hardware, Storage & Peripherals: 2.65%
Apple Incorporated		172,526		19,029,618
EMC Corporation		58,230		1,406,837
Hewlett-Packard Company		54,649		1,399,561
NetApp Incorporated		9,080		268,768
SanDisk Corporation		6,186		336,085
Seagate Technology plc		9,138		409,382
Western Digital Corporation		6,972		553,856
				23,404,107
Materials: 1.63%
Chemicals: 1.21%
Air Products & Chemicals Incorporated		5,856		747,108
Airgas Incorporated		2,034		181,697
CF Industries Holdings Incorporated		7,051		316,590
E.I. du Pont de Nemours & Company		27,372		1,319,330
Eastman Chemical Company		4,498		291,111
Ecolab Incorporated		8,037		881,820
FMC Corporation		4,042		137,064
International Flavors & Fragrances Incorporated		2,437		251,645
LyondellBasell Industries NV Class A		11,277		940,051
Monsanto Company		14,155		1,207,988
PPG Industries Incorporated		8,189		718,093
Praxair Incorporated		8,666		882,719
Sigma-Aldrich Corporation		3,612		501,779
The Dow Chemical Company		35,036		1,485,526
The Mosaic Company		10,202		317,384
The Sherwin-Williams Company		2,395		533,558
				10,713,463
Construction Materials: 0.08%
Martin Marietta Materials Incorporated		2,028		308,155
Vulcan Materials Company		4,031		359,565
				667,720

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

22 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Containers & Packaging: 0.14%
Avery Dennison Corporation		2,768	$	156,586
Ball Corporation		4,178		259,872
Owens-Illinois Incorporated †		4,865		100,803
Sealed Air Corporation		6,228		291,969
WestRock Company		7,921		407,456
				1,216,686
Metals & Mining: 0.15%
Alcoa Incorporated		39,624		382,768
Freeport-McMoRan Incorporated		31,471		304,954
Newmont Mining Corporation		16,005		257,200
Nucor Corporation		9,667		362,996
				1,307,918
Paper & Forest Products: 0.05%
International Paper Company		12,640		477,666
Telecommunication Services: 1.40%
Diversified Telecommunication Services: 1.40%
AT&T Incorporated		186,089		6,062,780
CenturyLink Incorporated		17,033		427,869
Frontier Communications Corporation		35,341		167,870
Level 3 Communications Incorporated †		8,718		380,889
Verizon Communications Incorporated		123,004		5,351,904
				12,391,312
Utilities: 1.82%
Electric Utilities: 1.04%
American Electric Power Company Incorporated		14,842		843,916
Duke Energy Corporation		20,824		1,498,079
Edison International		9,856		621,618
Entergy Corporation		5,431		353,558
Eversource Energy		9,594		485,648
Exelon Corporation		26,066		774,160
FirstEnergy Corporation		12,781		400,173
NextEra Energy Incorporated		13,924		1,358,286
Pepco Holdings Incorporated		7,670		185,767
Pinnacle West Capital Corporation		3,350		214,869
PPL Corporation		20,268		666,615
The Southern Company		27,482		1,228,445
Xcel Energy Incorporated		15,345		543,366
				9,174,500
Gas Utilities: 0.02%
AGL Resources Incorporated		3,633		221,758

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Index Asset Allocation Fund 23

Security name						Shares		Value
Independent Power & Renewable Electricity Producers: 0.04%
AES Corporation							20,656	$	202,222
NRG Energy Incorporated							10,003		148,545
									350,767
Multi-Utilities: 0.72%
Ameren Corporation							7,339		310,220
CenterPoint Energy Incorporated							13,017		234,827
CMS Energy Corporation							8,372		295,699
Consolidated Edison Incorporated							8,860		592,291
Dominion Resources Incorporated							17,982		1,265,573
DTE Energy Company							5,431		436,489
NiSource Incorporated							9,615		178,358
PG&E Corporation							14,800		781,440
Public Service Enterprise Group Incorporated							15,303		645,174
SCANA Corporation							4,325		243,325
Sempra Energy							7,124		689,033
TECO Energy Incorporated							7,114		186,814
WEC Energy Group Incorporated							9,552		498,800
									6,358,043
Total Common Stocks (Cost $323,725,239)									511,746,932
	Interest rate			Maturity date		Principal
Non-Agency Mortgage-Backed Securities: 0.00%
Citigroup Mortgage Loan Trust Incorporated Series 2004-HYB4 Class AA ±		0.52	%		12-25-2034	$	22,219		19,286
Total Non-Agency Mortgage-Backed Securities (Cost $22,207)									19,286
				Expiration date		Shares
Rights: 0.00%
Consumer Staples: 0.00%
Food & Staples Retailing: 0.00%
Safeway Casa Ley Contingent Value Rights †(a)(i)					1-30-2019		6,765		0
Safeway PDC Contingent Value Rights †(a)(i)					1-30-2017		6,765		0
Total Rights (Cost $7,171)									0
						Principal
U.S. Treasury Securities: 40.16%
U.S. Treasury Bond		2.00			8-15-2025	$	2,421,000		2,408,611
U.S. Treasury Bond		2.50			2-15-2045		2,399,000		2,210,204
U.S. Treasury Bond		2.75			8-15-2042		1,210,000		1,180,758
U.S. Treasury Bond		2.75			11-15-2042		1,659,000		1,616,445
U.S. Treasury Bond		2.88			5-15-2043		2,348,000		2,341,581
U.S. Treasury Bond		2.88			8-15-2045		1,579,000		1,580,110
U.S. Treasury Bond		3.00			5-15-2042		800,000		821,146
U.S. Treasury Bond		3.00			11-15-2044		2,388,000		2,440,300
U.S. Treasury Bond		3.00			5-15-2045		1,583,000		1,621,174
U.S. Treasury Bond		3.13			11-15-2041		713,000		752,400

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

24 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2015

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Bond		3.13	%		2-15-2042	$	940,000	$	989,791
U.S. Treasury Bond		3.13			2-15-2043		1,578,000		1,653,406
U.S. Treasury Bond		3.13			8-15-2044		2,382,000		2,494,276
U.S. Treasury Bond		3.38			5-15-2044		2,384,000		2,617,868
U.S. Treasury Bond		3.50			2-15-2039		653,000		736,870
U.S. Treasury Bond		3.63			8-15-2043		1,942,000		2,236,232
U.S. Treasury Bond		3.63			2-15-2044		2,360,000		2,715,045
U.S. Treasury Bond		3.75			8-15-2041		779,000		914,777
U.S. Treasury Bond		3.75			11-15-2043		2,351,000		2,768,853
U.S. Treasury Bond		3.88			8-15-2040		796,000		948,670
U.S. Treasury Bond		4.25			5-15-2039		575,000		725,099
U.S. Treasury Bond		4.25			11-15-2040		835,000		1,053,339
U.S. Treasury Bond		4.38			2-15-2038		353,000		454,138
U.S. Treasury Bond		4.38			11-15-2039		652,000		836,886
U.S. Treasury Bond		4.38			5-15-2040		932,000		1,196,941
U.S. Treasury Bond		4.38			5-15-2041		720,000		928,556
U.S. Treasury Bond		4.50			2-15-2036		756,000		991,561
U.S. Treasury Bond		4.50			5-15-2038		389,000		509,175
U.S. Treasury Bond		4.50			8-15-2039		635,000		828,824
U.S. Treasury Bond		4.63			2-15-2040		1,132,000		1,505,117
U.S. Treasury Bond		4.75			2-15-2037		264,000		358,091
U.S. Treasury Bond		4.75			2-15-2041		958,000		1,299,762
U.S. Treasury Bond		5.00			5-15-2037		320,000		448,842
U.S. Treasury Bond		5.25			11-15-2028		479,000		641,373
U.S. Treasury Bond		5.25			2-15-2029		349,000		468,769
U.S. Treasury Bond		5.38			2-15-2031		752,000		1,044,125
U.S. Treasury Bond		5.50			8-15-2028		369,000		503,185
U.S. Treasury Bond		6.00			2-15-2026		445,000		608,503
U.S. Treasury Bond		6.13			11-15-2027		525,000		745,364
U.S. Treasury Bond		6.13			8-15-2029		272,000		395,863
U.S. Treasury Bond		6.25			5-15-2030		478,000		710,440
U.S. Treasury Bond		6.38			8-15-2027		224,000		322,887
U.S. Treasury Bond		6.50			11-15-2026		296,000		424,660
U.S. Treasury Bond		6.63			2-15-2027		197,000		286,615
U.S. Treasury Bond		6.75			8-15-2026		221,000		321,227
U.S. Treasury Bond		6.88			8-15-2025		224,000		321,831
U.S. Treasury Note		0.88			11-30-2016		1,979,000		1,988,972
U.S. Treasury Note		1.38			2-29-2020		1,963,000		1,972,150
U.S. Treasury Note		1.50			1-31-2022		1,625,000		1,607,481
U.S. Treasury Note		0.50			11-30-2016		1,558,000		1,559,075
U.S. Treasury Note		0.50			1-31-2017		1,452,000		1,452,549
U.S. Treasury Note		0.50			2-28-2017		1,453,000		1,453,094
U.S. Treasury Note		0.50			3-31-2017		1,454,000		1,453,811
U.S. Treasury Note		0.50			4-30-2017		1,456,000		1,454,844
U.S. Treasury Note		0.50			7-31-2017		1,713,000		1,709,788
U.S. Treasury Note		0.63			11-15-2016		1,699,000		1,702,806
U.S. Treasury Note		0.63			12-15-2016		1,700,000		1,703,585
U.S. Treasury Note		0.63			12-31-2016		1,520,000		1,523,008
U.S. Treasury Note		0.63			2-15-2017		1,667,000		1,670,234
U.S. Treasury Note		0.63			5-31-2017		3,382,000		3,384,597

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Index Asset Allocation Fund 25

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		0.63	%		6-30-2017	$	1,440,000	$	1,440,788
U.S. Treasury Note		0.63			7-31-2017		1,401,000		1,401,876
U.S. Treasury Note		0.63			8-31-2017		1,965,000		1,964,949
U.S. Treasury Note		0.63			9-30-2017		1,712,000		1,711,197
U.S. Treasury Note		0.63			11-30-2017		1,966,000		1,962,416
U.S. Treasury Note		0.63			4-30-2018		1,753,000		1,744,326
U.S. Treasury Note		0.75			1-15-2017		1,697,000		1,703,253
U.S. Treasury Note		0.75			3-15-2017		1,700,000		1,705,889
U.S. Treasury Note		0.75			6-30-2017		1,845,000		1,849,996
U.S. Treasury Note		0.75			10-31-2017		1,673,000		1,675,613
U.S. Treasury Note		0.75			12-31-2017		1,742,000		1,742,908
U.S. Treasury Note		0.75			2-28-2018		1,638,000		1,637,083
U.S. Treasury Note		0.75			3-31-2018		1,422,000		1,420,112
U.S. Treasury Note		0.75			4-15-2018		1,350,000		1,347,997
U.S. Treasury Note		0.88			12-31-2016		1,980,000		1,989,977
U.S. Treasury Note		0.88			1-31-2017		1,946,000		1,955,958
U.S. Treasury Note		0.88			2-28-2017		1,911,000		1,921,027
U.S. Treasury Note		0.88			4-15-2017		1,697,000		1,705,551
U.S. Treasury Note		0.88			4-30-2017		1,951,000		1,960,704
U.S. Treasury Note		0.88			5-15-2017		1,620,000		1,628,142
U.S. Treasury Note		0.88			6-15-2017		1,586,000		1,593,703
U.S. Treasury Note		0.88			7-15-2017		1,515,000		1,521,963
U.S. Treasury Note		0.88			8-15-2017		1,518,000		1,524,996
U.S. Treasury Note		0.88			10-15-2017		1,521,000		1,527,259
U.S. Treasury Note		0.88			11-15-2017		1,445,000		1,450,099
U.S. Treasury Note		0.88			1-15-2018		1,339,000		1,342,487
U.S. Treasury Note		0.88			1-31-2018		1,231,000		1,234,302
U.S. Treasury Note		0.88			7-15-2018		1,294,000		1,294,000
U.S. Treasury Note		0.88			7-31-2019		811,000		802,108
U.S. Treasury Note		1.00			3-31-2017		1,836,000		1,849,269
U.S. Treasury Note		1.00			9-15-2017		1,515,000		1,525,790
U.S. Treasury Note		1.00			12-15-2017		1,405,000		1,413,818
U.S. Treasury Note		1.00			2-15-2018		1,336,000		1,343,220
U.S. Treasury Note		1.00			3-15-2018		1,338,000		1,345,107
U.S. Treasury Note		1.00			5-15-2018		1,328,000		1,333,534
U.S. Treasury Note		1.00			5-31-2018		1,878,000		1,885,091
U.S. Treasury Note		1.00			8-15-2018		1,291,000		1,294,581
U.S. Treasury Note		1.00			9-15-2018		1,292,000		1,295,180
U.S. Treasury Note		1.00			6-30-2019		622,000		619,036
U.S. Treasury Note		1.00			8-31-2019		845,000		839,224
U.S. Treasury Note		1.00			9-30-2019		1,067,000		1,058,608
U.S. Treasury Note		1.00			11-30-2019		1,249,000		1,236,835
U.S. Treasury Note		1.13			6-15-2018		1,326,000		1,335,306
U.S. Treasury Note		1.13			5-31-2019		690,000		690,152
U.S. Treasury Note		1.13			12-31-2019		1,247,000		1,239,986
U.S. Treasury Note		1.13			3-31-2020		996,000		988,297
U.S. Treasury Note		1.13			4-30-2020		1,330,000		1,318,553
U.S. Treasury Note		1.25			10-31-2018		1,759,000		1,774,140
U.S. Treasury Note		1.25			11-30-2018		1,654,000		1,667,482
U.S. Treasury Note		1.25			1-31-2019		1,335,000		1,344,005

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

26 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2015

Security name		Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note	��		1.25	%		4-30-2019	$	540,000	$	542,960
U.S. Treasury Note			1.25			10-31-2019		804,000		805,309
U.S. Treasury Note			1.25			1-31-2020		1,967,000		1,965,259
U.S. Treasury Note			1.25			2-29-2020		1,098,000		1,095,970
U.S. Treasury Note			1.38			6-30-2018		1,357,000		1,375,412
U.S. Treasury Note			1.38			7-31-2018		1,610,000		1,631,782
U.S. Treasury Note			1.38			9-30-2018		2,656,000		2,690,791
U.S. Treasury Note			1.38			11-30-2018		787,000		796,715
U.S. Treasury Note			1.38			12-31-2018		968,000		979,054
U.S. Treasury Note			1.38			2-28-2019		1,295,000		1,308,372
U.S. Treasury Note			1.38			1-31-2020		1,307,000		1,312,446
U.S. Treasury Note			1.38			3-31-2020		1,967,000		1,973,454
U.S. Treasury Note			1.38			4-30-2020		1,962,000		1,967,441
U.S. Treasury Note			1.38			5-31-2020		1,380,000		1,382,749
U.S. Treasury Note			1.38			8-31-2020		1,904,000		1,906,231
U.S. Treasury Note			1.38			9-30-2020		1,909,000		1,909,224
U.S. Treasury Note			1.50			8-31-2018		2,569,000		2,612,753
U.S. Treasury Note			1.50			12-31-2018		1,855,000		1,883,840
U.S. Treasury Note			1.50			1-31-2019		1,716,000		1,742,008
U.S. Treasury Note			1.50			2-28-2019		1,826,000		1,852,820
U.S. Treasury Note			1.50			3-31-2019		645,000		654,272
U.S. Treasury Note			1.50			5-31-2019		1,966,000		1,992,572
U.S. Treasury Note			1.50			10-31-2019		1,969,000		1,991,126
U.S. Treasury Note			1.50			11-30-2019		1,972,000		1,993,209
U.S. Treasury Note			1.50			5-31-2020		1,953,000		1,970,419
U.S. Treasury Note			1.63			3-31-2019		1,892,000		1,927,057
U.S. Treasury Note			1.63			4-30-2019		1,703,000		1,734,155
U.S. Treasury Note			1.63			6-30-2019		1,958,000		1,992,698
U.S. Treasury Note			1.63			7-31-2019		1,926,000		1,959,204
U.S. Treasury Note			1.63			8-31-2019		1,965,000		1,999,055
U.S. Treasury Note			1.63			12-31-2019		1,964,000		1,993,766
U.S. Treasury Note			1.63			6-30-2020		1,945,000		1,969,894
U.S. Treasury Note			1.63			7-31-2020		1,880,000		1,902,986
U.S. Treasury Note			1.63			8-15-2022		1,250,000		1,239,746
U.S. Treasury Note			1.63			11-15-2022		1,908,000		1,889,964
U.S. Treasury Note			1.75			10-31-2018		704,000		721,014
U.S. Treasury Note			1.75			9-30-2019		1,959,000		2,000,731
U.S. Treasury Note			1.75			10-31-2020		1,585,000		1,610,054
U.S. Treasury Note			1.75			2-28-2022		1,637,000		1,643,011
U.S. Treasury Note			1.75			3-31-2022		1,640,000		1,644,741
U.S. Treasury Note			1.75			4-30-2022		1,612,000		1,615,611
U.S. Treasury Note			1.75			5-15-2022		1,448,000		1,450,828
U.S. Treasury Note			1.75			9-30-2022		1,586,000		1,585,442
U.S. Treasury Note			1.75			5-15-2023		2,880,000		2,856,076
U.S. Treasury Note			1.88			8-31-2017		1,517,000		1,552,615
U.S. Treasury Note			1.88			9-30-2017		1,307,000		1,338,586
U.S. Treasury Note			1.88			10-31-2017		1,485,000		1,521,506
U.S. Treasury Note			1.88			6-30-2020		921,000		942,898
U.S. Treasury Note			1.88			11-30-2021		1,649,000		1,670,729
U.S. Treasury Note			1.88			5-31-2022		1,601,000		1,616,259

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Index Asset Allocation Fund 27

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		1.88	%		8-31-2022	$	1,569,000	$	1,581,687
U.S. Treasury Note		2.00			7-31-2020		1,306,000		1,344,737
U.S. Treasury Note		2.00			9-30-2020		1,135,000		1,168,016
U.S. Treasury Note		2.00			11-30-2020		1,306,000		1,341,541
U.S. Treasury Note		2.00			2-28-2021		1,457,000		1,493,728
U.S. Treasury Note		2.00			5-31-2021		1,559,000		1,596,513
U.S. Treasury Note		2.00			8-31-2021		1,641,000		1,677,688
U.S. Treasury Note		2.00			10-31-2021		1,649,000		1,683,570
U.S. Treasury Note		2.00			11-15-2021		2,302,000		2,349,569
U.S. Treasury Note		2.00			2-15-2022		1,679,000		1,713,389
U.S. Treasury Note		2.00			7-31-2022		1,588,000		1,615,232
U.S. Treasury Note		2.00			2-15-2023		2,830,000		2,867,880
U.S. Treasury Note		2.00			2-15-2025		3,703,000		3,689,403
U.S. Treasury Note		2.13			8-31-2020		1,477,000		1,528,618
U.S. Treasury Note		2.13			1-31-2021		1,409,000		1,454,278
U.S. Treasury Note		2.13			6-30-2021		1,516,000		1,562,033
U.S. Treasury Note		2.13			8-15-2021		2,258,000		2,324,417
U.S. Treasury Note		2.13			9-30-2021		1,633,000		1,680,545
U.S. Treasury Note		2.13			12-31-2021		1,626,000		1,670,164
U.S. Treasury Note		2.13			6-30-2022		1,615,000		1,657,310
U.S. Treasury Note		2.13			5-15-2025		2,493,000		2,508,873
U.S. Treasury Note		2.25			11-30-2017		1,250,000		1,291,211
U.S. Treasury Note		2.25			7-31-2018		521,000		540,890
U.S. Treasury Note		2.25			3-31-2021		1,440,000		1,495,012
U.S. Treasury Note		2.25			4-30-2021		1,514,000		1,571,406
U.S. Treasury Note		2.25			7-31-2021		1,648,000		1,709,457
U.S. Treasury Note		2.25			11-15-2024		3,705,000		3,775,625
U.S. Treasury Note		2.38			7-31-2017		1,253,000		1,293,494
U.S. Treasury Note		2.38			5-31-2018		621,000		646,196
U.S. Treasury Note		2.38			6-30-2018		795,000		827,483
U.S. Treasury Note		2.38			12-31-2020		1,317,000		1,377,020
U.S. Treasury Note		2.38			8-15-2024		3,716,000		3,828,543
U.S. Treasury Note		2.50			6-30-2017		1,144,000		1,181,791
U.S. Treasury Note		2.50			8-15-2023		2,457,000		2,569,005
U.S. Treasury Note		2.50			5-15-2024		3,619,000		3,771,110
U.S. Treasury Note		2.63			1-31-2018		861,000		897,749
U.S. Treasury Note		2.63			4-30-2018		657,000		687,112
U.S. Treasury Note		2.63			8-15-2020		1,918,000		2,029,958
U.S. Treasury Note		2.63			11-15-2020		3,093,000		3,270,807
U.S. Treasury Note		2.75			11-30-2016		1,353,000		1,389,309
U.S. Treasury Note		2.75			5-31-2017		1,136,000		1,176,795
U.S. Treasury Note		2.75			12-31-2017		960,000		1,003,000
U.S. Treasury Note		2.75			2-28-2018		756,000		791,595
U.S. Treasury Note		2.75			2-15-2019		1,365,000		1,441,301
U.S. Treasury Note		2.75			11-15-2023		3,237,000		3,447,153
U.S. Treasury Note		2.75			2-15-2024		2,787,000		2,962,929
U.S. Treasury Note		2.88			3-31-2018		858,000		902,240
U.S. Treasury Note		3.00			2-28-2017		1,211,000		1,253,890
U.S. Treasury Note		3.13			1-31-2017		1,483,000		1,535,059
U.S. Treasury Note		3.13			4-30-2017		1,142,000		1,188,751

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

28 Wells Fargo Advantage Index Asset Allocation Fund Portfolio of investments—September 30, 2015

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities (continued)
U.S. Treasury Note		3.13	%		5-15-2019	$	1,768,000	$	1,893,602
U.S. Treasury Note		3.13			5-15-2021		1,657,000		1,797,025
U.S. Treasury Note		3.25			12-31-2016		1,273,000		1,316,792
U.S. Treasury Note		3.25			3-31-2017		1,276,000		1,328,186
U.S. Treasury Note		3.38			11-15-2019		2,038,000		2,213,883
U.S. Treasury Note		3.50			2-15-2018		1,278,000		1,359,889
U.S. Treasury Note		3.50			5-15-2020		1,761,000		1,930,748
U.S. Treasury Note		3.63			8-15-2019		1,545,000		1,687,651
U.S. Treasury Note		3.63			2-15-2020		2,451,000		2,692,973
U.S. Treasury Note		3.63			2-15-2021		2,562,000		2,842,785
U.S. Treasury Note		3.75			11-15-2018		1,505,000		1,634,237
U.S. Treasury Note		3.88			5-15-2018		689,000		743,618
U.S. Treasury Note		4.00			8-15-2018		788,000		858,078
U.S. Treasury Note		4.25			11-15-2017		919,000		987,662
U.S. Treasury Note		4.50			5-15-2017		694,000		738,134
U.S. Treasury Note		4.63			2-15-2017		839,000		886,390
U.S. Treasury Note		4.75			8-15-2017		857,000		922,681
U.S. Treasury Note		6.25			8-15-2023		378,000		500,131
U.S. Treasury Note		7.13			2-15-2023		260,000		356,847
U.S. Treasury Note		7.25			8-15-2022		261,000		355,035
U.S. Treasury Note		7.50			11-15-2024		240,000		351,113
U.S. Treasury Note		7.63			11-15-2022		126,000		176,228
U.S. Treasury Note		7.63			2-15-2025		216,000		320,417
U.S. Treasury Note		7.88			2-15-2021		160,000		212,863
U.S. Treasury Note		8.00			11-15-2021		511,000		701,434
U.S. Treasury Note		8.13			8-15-2019		307,000		388,199
U.S. Treasury Note		8.13			5-15-2021		181,000		245,293
U.S. Treasury Note		8.13			8-15-2021		156,000		213,233
U.S. Treasury Note		8.50			2-15-2020		162,000		211,855
U.S. Treasury Note		8.75			5-15-2017		452,000		511,737
U.S. Treasury Note		8.75			5-15-2020		130,000		173,179
U.S. Treasury Note		8.75			8-15-2020		288,000		388,178
U.S. Treasury Note		8.88			8-15-2017		271,000		312,733
U.S. Treasury Note		8.88			2-15-2019		306,000		386,018
U.S. Treasury Note		9.00			11-15-2018		193,000		240,581
U.S. Treasury Note		9.13			5-15-2018		169,000		205,623
Total U.S. Treasury Securities (Cost $351,275,004)									354,938,504
	Yield					Shares
Short-Term Investments: 1.61%
Investment Companies: 1.27%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15					1,851,700		1,851,700
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16					9,339,136		9,339,136
									11,190,836

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Index Asset Allocation Fund 29

Security name	Yield			Maturity date		Principal		Value
U.S. Treasury Securities: 0.34%
U.S. Treasury Bill (z)#		0.06	%		3-24-2016	$	2,183,000	$	2,182,404
U.S. Treasury Bill (z)#		0.04			3-17-2016		140,000		139,974
U.S. Treasury Bill (z)#		0.06			11-27-2015		160,000		160,001
U.S. Treasury Bill (z)#		0.09			11-5-2015		537,000		537,004
									3,019,383
Total Short-Term Investments (Cost $14,210,158)									14,210,219

Total investments in securities (Cost $689,320,270) *	99.68	%		881,009,242
Other assets and liabilities, net	0.32			2,818,154
Total net assets	100.00	%	$	883,827,396

† 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.

± Variable rate investment. The rate shown is the rate in effect at period end.

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

(i) Illiquid security for which the designation as illiquid is unaudited.

(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.

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

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

* Cost for federal income tax purposes is $713,472,591 and unrealized gains (losses) consists of:

Gross unrealized gains	$	202,573,888
Gross unrealized losses		(35,037,237	)
Net unrealized gains	$	167,536,651

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

30 Wells Fargo Advantage Index Asset Allocation Fund Statement of assets and liabilities—September 30, 2015

Assets
Investments
In unaffiliated securities (including $1,835,618 of securities loaned), at value (cost $673,652,104)	$	862,561,265
In affiliated securities, at value (cost $15,668,166)		18,447,977
Total investments, at value (cost $689,320,270)		881,009,242
Cash		6,652
Receivable for investments sold		23,083,093
Receivable for Fund shares sold		1,213,474
Receivable for dividends and interest		2,235,598
Receivable for daily variation margin on open futures contracts		785,701
Receivable for securities lending income		2,001
Prepaid expenses and other assets		3,024
Total assets		908,338,785
Liabilities
Payable for investments purchased		20,928,341
Payable for Fund shares redeemed		670,771
Payable upon receipt of securities loaned		1,851,700
Payable for daily variation margin on open futures contracts		313
Management fee payable		391,417
Distribution fees payable		37,881
Administration fees payable		147,781
Accrued expenses and other liabilities		483,185
Total liabilities		24,511,389
Total net assets	$	883,827,396
NET ASSETS CONSIST OF
Paid-in capital	$	670,054,357
Undistributed net investment income		1,416,982
Accumulated net realized gains on investments		20,768,571
Net unrealized gains on investments		191,587,486
Total net assets	$	883,827,396
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	736,275,939
Shares outstanding – Class A1		25,637,710
Net asset value per share – Class A		$28.72
Maximum offering price per share – Class A2		$30.47
Net assets – Class B	$	152,021
Shares outstanding – Class B1		8,627
Net asset value per share – Class B		$17.62
Net assets – Class C	$	62,019,291
Shares outstanding – Class C1		3,550,363
Net asset value per share – Class C		$17.47
Net assets – Administrator Class	$	85,380,145
Shares outstanding – Administrator Class1		2,969,785
Net asset value per share – Administrator Class		$28.75

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—year ended September 30, 2015 Wells Fargo Advantage Index Asset Allocation Fund 31

Investment income
Dividends (net of foreign withholding taxes of $1,139)	$	11,037,713
Interest		7,331,740
Income from affiliated securities		244,308
Securities lending income, net		27,096
Total investment income		18,640,857
Expenses
Management fee		5,710,930
Administration fees
Class A		1,898,709
Class B		578
Class C		115,989
Administrator Class		102,445
Shareholder servicing fees
Class A		1,918,141
Class B		575
Class C		118,908
Administrator Class		237,763
Distribution fees
Class B		1,725
Class C		356,724
Custody and accounting fees		84,296
Professional fees		41,070
Registration fees		67,689
Shareholder report expenses		106,817
Trustees’ fees and expenses		14,947
Other fees and expenses		587,315
Total expenses		11,364,621
Less: Fee waivers and/or expense reimbursements		(777,153	)
Net expenses		10,587,468
Net investment income		8,053,389
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on:
Unaffiliated securities		59,540,495
Affiliated securities		24,552
Futures transactions		9,398,596
Net realized gains on investments		68,963,643
Net change in unrealized gains (losses) on:
Unaffiliated securities		(49,393,102	)
Affiliated securities		(131,749	)
Futures transactions		35,622
Net change in unrealized gains (losses) on investments		(49,489,229	)
Net realized and unrealized gains (losses) on investments		19,474,414
Net increase in net assets resulting from operations	$	27,527,803

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

32 Wells Fargo Advantage Index Asset Allocation Fund Statement of changes in net assets

	Year ended September 30, 2015						Year ended September 30, 2014
Operations
Net investment income				$	8,053,389					$	10,668,244
Net realized gains on investments					68,963,643						13,299,627
Net change in unrealized gains (losses) on investments					(49,489,229	)					92,137,846
Net increase in net assets resulting from operations					27,527,803						116,105,717
Distributions to shareholders from
Net investment income
Class A					(5,736,797	)					(9,743,367	)
Class B					(465	)					(3,563	)
Class C					(112,773	)					(152,334	)
Administrator Class					(895,510	)					(724,385	)
Net realized gains
Class A					(7,330,092	)					0
Class B					(2,581	)					0
Class C					(323,336	)					0
Administrator Class					(748,042	)					0
Total distributions to shareholders					(15,149,596	)					(10,623,649	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,196,418			94,634,140			591,267			16,074,038
Class B		8,812			160,971			747			12,307
Class C		2,545,026			46,057,126			330,562			5,479,355
Administrator Class		2,296,361			67,965,420			981,981			26,838,964
					208,817,657						48,404,664
Reinvestment of distributions
Class A		433,559			12,743,979			355,763			9,552,879
Class B		119			2,135			197			3,194
Class C		22,174			396,402			8,563			140,435
Administrator Class		37,826			1,115,474			18,586			500,182
					14,257,990						10,196,690
Payment for shares redeemed
Class A		(3,132,440	)		(92,758,439	)		(2,675,484	)		(71,220,899	)
Class B		(21,993	)		(397,688	)		(51,475	)		(831,865	)
Class C		(417,663	)		(7,559,550	)		(221,022	)		(3,546,915	)
Administrator Class		(1,483,497	)		(44,036,539	)		(291,552	)		(7,845,444	)
					(144,752,216	)					(83,445,123	)
Net increase (decrease) in net assets resulting from capital share transactions					78,323,431						(24,843,769	)
Total increase in net assets					90,701,638						80,638,299
Net assets
Beginning of period					793,125,758						712,487,459
End of period				$	883,827,396					$	793,125,758
Undistributed net investment income				$	1,416,982					$	249,270

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

Financial highlights Wells Fargo Advantage Index Asset Allocation Fund 33

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$28.20			$24.48			$22.17			$18.12			$17.56
Net investment income		0.27			0.38			0.34			0.29			0.30
Net realized and unrealized gains (losses) on investments		0.76			3.72			2.31			4.05			0.56
Total from investment operations		1.03			4.10			2.65			4.34			0.86
Distributions to shareholders from
Net investment income		(0.22	)		(0.38	)		(0.34	)		(0.29	)		(0.30	)
Net realized gains		(0.29	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.51	)		(0.38	)		(0.34	)		(0.29	)		(0.30	)
Net asset value, end of period		$28.72			$28.20			$24.48			$22.17			$18.12
Total return1		3.62	%		16.83	%		12.02	%		24.07	%		4.84	%
Ratios to average net assets (annualized)
Gross expenses		1.22	%		1.20	%		1.18	%		1.17	%		1.18	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income		0.90	%		1.42	%		1.43	%		1.39	%		1.54	%
Supplemental data
Portfolio turnover rate		43	%		9	%		11	%		16	%		18	%
Net assets, end of period (000s omitted)		$736,276			$708,873			$657,702			$644,365			$575,248

¹  Total return calculations do not include any sales charges.

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

34 Wells Fargo Advantage Index Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS B	2015			2014			2013			2012			2011
Net asset value, beginning of period		$17.33			$15.03			$13.59			$11.10			$10.74
Net investment income		0.04	1		0.11	1		0.10	1		0.08	1		0.09	1
Net realized and unrealized gains (losses) on investments		0.46			2.28			1.42			2.48			0.35
Total from investment operations		0.50			2.39			1.52			2.56			0.44
Distributions to shareholders from
Net investment income		(0.03	)		(0.09	)		(0.08	)		(0.07	)		(0.08	)
Net realized gains		(0.18	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.21	)		(0.09	)		(0.08	)		(0.07	)		(0.08	)
Net asset value, end of period		$17.62			$17.33			$15.03			$13.59			$11.10
Total return2		2.85	%		15.90	%		11.22	%		23.08	%		4.11	%
Ratios to average net assets (annualized)
Gross expenses		1.97	%		1.94	%		1.93	%		1.93	%		1.93	%
Net expenses		1.90	%		1.90	%		1.90	%		1.90	%		1.90	%
Net investment income		0.21	%		0.67	%		0.68	%		0.65	%		0.78	%
Supplemental data
Portfolio turnover rate		43	%		9	%		11	%		16	%		18	%
Net assets, end of period (000s omitted)		$152			$376			$1,085			$2,171			$4,500

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 Index Asset Allocation Fund 35

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$17.20			$14.94			$13.53			$11.06			$10.72
Net investment income		0.05			0.11			0.10			0.08			0.09
Net realized and unrealized gains (losses) on investments		0.45			2.27			1.41			2.47			0.34
Total from investment operations		0.50			2.38			1.51			2.55			0.43
Distributions to shareholders from
Net investment income		(0.05	)		(0.12	)		(0.10	)		(0.08	)		(0.09	)
Net realized gains		(0.18	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.23	)		(0.12	)		(0.10	)		(0.08	)		(0.09	)
Net asset value, end of period		$17.47			$17.20			$14.94			$13.53			$11.06
Total return1		2.86	%		15.96	%		11.20	%		23.11	%		4.02	%
Ratios to average net assets (annualized)
Gross expenses		1.98	%		1.95	%		1.93	%		1.92	%		1.93	%
Net expenses		1.90	%		1.90	%		1.90	%		1.90	%		1.90	%
Net investment income		0.10	%		0.67	%		0.68	%		0.64	%		0.79	%
Supplemental data
Portfolio turnover rate		43	%		9	%		11	%		16	%		18	%
Net assets, end of period (000s omitted)		$62,019			$24,093			$19,164			$16,699			$15,895

¹  Total return calculations do not include any sales charges.

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

36 Wells Fargo Advantage Index Asset Allocation Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$28.21			$24.49			$22.18			$18.14			$17.57
Net investment income		0.35			0.45			0.40			0.34			0.34
Net realized and unrealized gains (losses) on investments		0.76			3.72			2.30			4.04			0.58
Total from investment operations		1.11			4.17			2.70			4.38			0.92
Distributions to shareholders from
Net investment income		(0.28	)		(0.45	)		(0.39	)		(0.34	)		(0.35	)
Net realized gains		(0.29	)		0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.57	)		(0.45	)		(0.39	)		(0.34	)		(0.35	)
Net asset value, end of period		$28.75			$28.21			$24.49			$22.18			$18.14
Total return		3.89	%		17.12	%		12.31	%		24.30	%		5.18	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.04	%		1.02	%		1.01	%		1.02	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		1.12	%		1.68	%		1.69	%		1.63	%		1.79	%
Supplemental data
Portfolio turnover rate		43	%		9	%		11	%		16	%		18	%
Net assets, end of period (000s omitted)		$85,380			$59,783			$34,536			$29,920			$20,726

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

Notes to financial statements Wells Fargo Advantage Index Asset Allocation Fund 37

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 Index Asset Allocation 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 and futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the primary exchange or market 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.

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

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

38 Wells Fargo Advantage Index Asset Allocation Fund Notes to financial statements

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). 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.

Futures contracts

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

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

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.

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

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.

Notes to financial statements Wells Fargo Advantage Index Asset Allocation Fund 39

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. At September 30, 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
$(140,132)	$140,132

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

40 Wells Fargo Advantage Index Asset Allocation Fund Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	94,301	$	0	$	94,301
Common stocks
Consumer discretionary		66,983,723		0		0		66,983,723
Consumer staples		50,833,121		0		0		50,833,121
Energy		35,444,250		0		0		35,444,250
Financials		84,602,826		0		0		84,602,826
Health care		75,086,821		0		0		75,086,821
Industrials		51,455,263		0		0		51,455,263
Information technology		104,461,095		0		0		104,461,095
Materials		14,383,453		0		0		14,383,453
Telecommunication services		12,391,312		0		0		12,391,312
Utilities		16,105,068		0		0		16,105,068
Rights
Consumer staples		0		0		0		0
Non-agency mortgage-backed securities		0		19,286		0		19,286
U.S. Treasury securities		354,938,504		0		0		354,938,504
Short-term investments
Investment companies		9,339,136		1,851,700		0		11,190,836
U.S. Treasury securities		3,019,383		0		0		3,019,383
		879,043,955		1,965,287		0		881,009,242
Futures contracts		785,701		0		0		785,701
Total assets	$	879,829,656	$	1,965,287	$	0	$	881,794,943
Liabilities
Futures contracts	$	313	$	0	$	0	$	313
Total liabilities	$	313	$	0	$	0	$	313

Futures contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All other assets and liabilities are reported at their market value at measurement date.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At September 30, 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 0.65% and declining to 0.48% 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 0.60% and declined to 0.45% as the average daily net assets of the Fund increased. In addition, 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

Notes to financial statements Wells Fargo Advantage Index Asset Allocation Fund 41

of the Fund increased. For financial statement purposes, the advisory fee and fund-level administration fee for the year ended September 30, 2015 have been included in management fee on the Statement of Operations.

For the year ended September 30, 2015, the management fee was equivalent to an annual rate of 0.63% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. 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 0.15% and declining to 0.10% 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 B, Class C		0.21	%		0.26	%
Administrator Class		0.13			0.10

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 January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.15% for Class A shares, 1.90% for Class B shares, 1.90% for Class C shares, and 0.90% for Administrator Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain 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 September 30, 2015, Funds Distributor received $132,023 from the sale of Class A shares and $1,621 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 each class of the Fund is charged a fee at an annual rate of 0.25% of the 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 short-term securities, for the year ended September 30, 2015 were as follows:

Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$366,751,092	$89,147,151	$345,458,085	$22,745,062

42 Wells Fargo Advantage Index Asset Allocation 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
Wells Fargo & Company	126,668	18,341		3,682		141,327	$	7,257,141	$	199,746	$	24,552

7. DERIVATIVE TRANSACTIONS

During the year ended September 30, 2015, the Fund entered into futures contracts to gain market exposure to certain asset classes in accordance with an active asset allocation strategy.

At September 30, 2015, the Fund had long and short futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts	Type	Contract value at September 30, 2015		Unrealized gains (losses)
12-17-2015	Goldman Sachs	83 Long	S&P 500 Index	$	39,605,525	$	197,352
12-21-2015	Goldman Sachs	71 Short	U.S. Treasury Bonds		11,388,844		(111,147	)
12-21-2015	Goldman Sachs	423 Short	10-Year U.S. Treasury Notes		54,454,641		(195,252	)
12-31-2015	Goldman Sachs	11 Long	5-Year U.S. Treasury Notes		1,325,672		7,561

The Fund had an average notional amount of $67,118,928 and $53,568,576 in long and short futures contracts, respectively, during the year ended September 30, 2015.

On September 30, 2015, the cumulative unrealized losses on futures contracts in the amount of $101,486 are reflected in net unrealized gains on investments on the Statement of Assets and Liabilities. The receivable and payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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

The fair value of derivative instruments as of September 30, 2015 was as follows for the Fund:

	Asset derivatives				Liability derivatives
	Statement of Assets and Liabilities location	Fair value			Statement of Assets and Liabilities location	Fair value
Equity contracts	Receivable for daily variation margin on open futures contracts	$	703,821	*	Payable for daily variation margin on open futures contracts	$	0
Interest rate contracts	Receivable for daily variation margin on open futures contracts		81,880	*	Payable for daily variation margin on open futures contracts		313	*
		$	785,701			$	313

* Only the current day’s variation margin as of September 30, 2015 is reported separately on the Statement of Assets and Liabilities.

The effect of derivative instruments on the Statement of Operations for the year ended September 30, 2015 was as follows for the Fund:

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Equity contracts	$	6,472,947	$	912,672
Interest rate contracts		2,925,649		(877,050	)
	$	9,398,596	$	35,622

Notes to financial statements Wells Fargo Advantage Index Asset Allocation Fund 43

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument’s assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearing house for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of Assets and Liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount of assets
Futures – variation margin	Goldman Sachs	$785,701	$	(313	)	$	0	$	785,388

Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Futures – variation margin	Goldman Sachs	$313	$	(313	)	$	0	$	0

8. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $200,000,000 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 0.20% of the unused balance is allocated to each participating fund. Prior to September 1, 2015, the revolving credit agreement amount was $150,000,000 and the annual commitment fee was equal to 0.10% of the unused balance which was allocated to each participating fund. For the year ended September 30, 2015, the Fund paid $1,271 in commitment fees.

For the year ended September 30, 2015, there were no borrowings by the Fund under the agreement.

9. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended September 30, 2015 and September 30, 2014 were as follows:

	Year ended September 30
	2015		2014
Ordinary income	$	8,393,216	$	10,623,649
Long-term capital gain		6,756,380		0

As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$9,985,342	$39,183,366	$164,604,331

44 Wells Fargo Advantage Index Asset Allocation Fund Notes to financial statements

10. 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.

Report of independent registered public accounting firm Wells Fargo Advantage Index Asset Allocation Fund 45

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 Index Asset Allocation Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of September 30, 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.

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 September 30, 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 Index Asset Allocation Fund as of September 30, 2015, the results of its operations for the year then ended, 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.

Boston, Massachusetts

November 24, 2015

46 Wells Fargo Advantage Index Asset Allocation Fund Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 57.28% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2015.

Pursuant to Section 852 of the Internal Revenue Code, $6,756,380 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $4,987,640 of income dividends paid during the fiscal year ended September 30, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2015, $2,718,616 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2015, $1,647,671 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

For the fiscal year ended September 30, 2015, 39.61% of the ordinary income distributed was derived from interest on U.S. government securities.

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.

Other information (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 47

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 144 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 public company or investment company directorships during past 5 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 a CFA ® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust; Harding Loevner Funds; Russell Exchange Traded Funds Trust
Peter G. Gordon (Born 1942)	Trustee, since 2010; Chairman, since 2010	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 2010	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2010; Audit Committee Chairman, since 2010	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 2010	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

48 Wells Fargo Advantage Index Asset Allocation Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 years
Olivia S. Mitchell (Born 1953)	Trustee, since 2010	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 2010	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 2005	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 2010	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 2010	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 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2010; Chief Legal Officer, since 2010	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 2010	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 72 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 Index Asset Allocation Fund 49

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 Index Asset Allocation 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 applicable to Fund-level administrative services (the “Administration Agreement”). 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.

50 Wells Fargo Advantage Index Asset Allocation Fund Other information (unaudited)

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

Fund performance and expenses

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 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 Index Asset Allocation Composite Index, for all periods under review except the three-year period.

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 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”).

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 lower than the average rates for the Fund’s expense Groups for all share classes except for Class A. The Board noted that the net operating expense ratio of Class A was in range of the median net operating expense ratio of its expense Group.

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.

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.

Other information (unaudited) Wells Fargo Advantage Index Asset Allocation Fund 51

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 and the Sub-Adviser, 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 and the Sub-Adviser explained the methodologies and estimates that they 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 the Sub-Adviser 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.

52 Wells Fargo Advantage Index Asset Allocation Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

More information about Wells Fargo 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, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

237458 11-15 A227/AR227 09-15

Wells Fargo Advantage C&B Mid Cap Value Fund

Annual Report

September 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	21
Report of independent registered public accounting firm	26
Other information	27
List of abbreviations	33

The views expressed and any forward-looking statements are as of September 30, 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 C&B Mid Cap Value Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite generally improving U.S. economic data, the broad U.S. stock market experienced heightened volatility that caused U.S. stocks to end the period close to where they started.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage C&B Mid Cap Value Fund for the 12-month period that ended September 30, 2015. Despite generally improving U.S. economic data, the broad U.S. stock market experienced heightened volatility that caused U.S. stocks to end the period close to where they started. Small-cap stocks performed best, followed by mid caps and large caps. Markets outside the U.S. faced deeper ongoing challenges and generally delivered weaker results.

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

Strong quarterly U.S. stock results 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 new jobs continued to expand. In addition, the U.S. economy’s third-quarter 2014 growth rate was revised upward, and U.S. companies reported 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. moved forward, major economies elsewhere confronted ongoing challenges. While Japan eased out of a two-quarter contraction, growth in China continued to slow, Russia’s economy contracted for the first time since 2009, and eurozone growth remained sluggish.

In the first quarter of 2015, U.S. small caps and mid caps outperformed large caps; major markets elsewhere rallied.

U.S. small-, mid-, and large-cap stocks tended to move similarly during the first quarter until early March, when results began to diverge by market capitalization. Larger caps slipped as investor concern grew over the strengthening U.S. dollar’s potentially negative effect on the profits of large U.S. multinational firms; 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 the gradually improving 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.

U.S. stocks experienced challenges during the second quarter of 2015.

The broad U.S. stock market fluctuated widely, eventually eking out a small quarterly gain. Mid- and large-cap stocks at times were pressured by investor concerns over the potentially negative effects of financially troubled overseas economies and of a strengthening U.S. dollar on the profits of U.S. multinational firms. 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 they could take action soon. Throughout the quarter, non-U.S. markets also experienced 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.

Letter to shareholders (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 3

In the third quarter of 2015, China’s slowdown took a toll on economies and markets worldwide.

U.S. stocks sagged during the quarter, experiencing the most volatility since 2011. Economic data released during the quarter suggested the U.S. economy remains solid but has lost some steam, burdened by the drag of the strong U.S. dollar coupled with global economic turmoil. The fact that the Fed left the federal funds interest rate unchanged at its September meeting fueled increased uncertainty about the U.S. economy’s stamina to remain healthy while facing the challenges of slowing in China and troubles elsewhere in the world. Outside the U.S., markets were even more volatile and delivered generally weaker quarterly results, also largely due to increasing anxiety over China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—are struggling under the dual strains of reduced demand for commodities and, because of weaker demand, lower prices for the commodities they do sell. In the eurozone, however, where only about 3% of exports are sent to China, household spending and business investment appeared relatively unaffected.

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,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

Notice to shareholders

At a meeting held August 11-12, 2015, the Board of Trustees of the Fund approved a change in the name of the Fund whereby the word “Advantage” was 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 C&B Mid Cap Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks maximum long-term total return (current income and capital appreciation), consistent with minimizing risk to principal.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Cooke and Biele, L.P.

Portfolio managers

Andrew B. Armstrong, CFA

Steve Lyons, CFA

Micahel M. Meyer, CFA

Edward W. O’Connor, CFA

R. James O’Neil, CFA

Mehul Trivedi, CFA

William Weber, CFA

Average annual total returns¹ (%) as of September 30, 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 (CBMAX)	7-26-2004		(6.08	)		11.45		6.15		(0.36	)		12.78		6.78		1.31		1.21
Class B (CBMBX)*	7-26-2004		(6.11	)		11.67		6.23		(1.11	)		11.93		6.23		2.06		1.96
Class C (CBMCX)	7-26-2004		(2.11	)		11.93		5.98		(1.11	)		11.93		5.98		2.06		1.96
Administrator Class (CBMIX)	7-26-2004		–			–		–		(0.30	)		12.84		6.88		1.23		1.16
Institutional Class (CBMSX)	7-26-2004		–			–		–		(0.05	)		13.11		7.15		0.98		0.91
Investor Class (CBMDX)+	2-18-1998		–			–		–		(0.39	)		12.71		6.78		1.42		1.26
Russell Midcap® Value Index4	–		–			–		–		(2.07	)		13.15		7.42		–		–

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

⁺ Effective at the close of business on October 23, 2015, Investor Class shares of the Fund were converted to Class A shares and Investor Class shares are no longer offered.

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, 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. 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 C&B Mid Cap Value Fund 5

Growth of $10,000 investment⁵ as of September 30, 2015

¹ Effective June 20, 2008, Class D was renamed Investor Class and modified to assume the features and attributes of Investor Class. Historical performance shown for the Investor Class shares through June 19, 2008, includes Class D expenses.

² Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³ The manager has contractually committed through January 31, 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 1.20% for Class A, 1.95% for Class B, 1.95% for Class C, 1.15% for Administrator Class, 0.90% for Institutional Class, and 1.25% 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.

⁴ The Russell Midcap^® Value Index measures the performance of those Russell Midcap^® companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. 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 Midcap 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 C&B Mid Cap Value Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund outperformed the Russell Midcap^® Value Index for the 12-month period that ended September 30, 2015, primarily because of positive stock selection.

n Stock selection contributed positively due in large part to holdings in the materials, energy, and consumer discretionary sectors as well as the insurance industry.

n Sector allocation detracted from relative performance.

Stock selection was the primary contributor to relative performance during the 12-month period.

Stock selection’s contribution to Fund performance was overwhelmingly positive during a challenging third quarter. The U.S. stock market pulled back meaningfully amid growing concerns about the health of the global economy. Selling pressures took hold in mid-August when Chinese investors, spooked by weak Chinese export data and a reactive yuan devaluation, raced for the exits, triggering equity selling around the globe. As a result, equity markets saw their first correction—defined as a reverse movement in value of 10% or more—in 48 months, the third-longest stretch since the Great Depression. The Fund’s holdings showed strong fundamental progress, especially in two economic sectors that fared the poorest—materials and energy. In addition, stock selection also was strong in the consumer discretionary sector, due in large part to the Fund’s Helen of Troy Limited holding.

The Fund’s sector allocation, always the result of our bottom-up analysis, was responsible for most of the drag on performance. Overweighting in industrials and underweighting in utilities and real estate investment trusts (REITs) were the primary detractors. These detractors were partially offset by an underweight in the energy sector and an overweight in the insurance industry.

Ten largest holdings6 (%) as of September 30, 2015
RenaissanceRe Holdings Limited	4.02
Schweitzer-Mauduit International Incorporated	3.39
Commerce Bancshares Incorporated	3.33
TCF Financial Corporation	3.22
Laboratory Corporation of America Holdings	3.13
First Cash Financial Services Incorporated	3.07
State Street Corporation	3.01
Omnicom Group Incorporated	2.95
Cardinal Health Incorporated	2.75
FNF Group	2.67

Among individual stocks, contributors included consumer products manufacturer Helen of Troy; physician services provider MEDNAX, Incorporated; insurance provider Stewart Information Services Corporation; toymaker Hasbro, Incorporated; and commercial and residential mortgage provider Fidelity National Financial, Incorporated.^* Detractors included software application provider Rovi Corporation;^* crude oil producer Noble Energy, Incorporated; pawn store operator First Cash Financial Services, Incorporated; money transfer company MoneyGram International Incorporated; and communication equipment manufacturer Knowles Corporation.

We are pleased with the extent to which the Fund has held up in what has turned out to be a very challenging year through September 30, 2015. Furthermore, with interest rates down a bit from the beginning of 2015, the nine-month period supported our contention that the Fund does not need interest rates to rise in order to perform well.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 7

Sector distribution⁷ as of September 30, 2015

We continue to value companies whose high-quality business characteristics should stand them in good stead if the economy turns down or interest rates rise.

During the period, we sought to enhance the Fund’s underlying fundamental portfolio strength and its potential for appreciation. Beyond our normal, valuation-driven adds and trims, we initiated positions in companies we believed were attractive. Purchases included independent oil and gas exploration and production company Devon Energy Corporation; filtration systems and replacement parts manufacturer Donaldson Company, Incorporated; power management

company Eaton Corporation plc; analog integrated circuits manufacturer and marketer Linear Technology Corporation; consumer debt recovery company PRA Group, Incorporated;^* aviation electronic and communication systems producer Rockwell Collins, Incorporated; beauty supplies specialty retailer and distributer Sally Beauty Holdings, Incorporated; financial holding company State Street Corporation; maintenance, repair, and operations distributor W.W. Grainger, Incorporated; electrical, industrial, and commercial products distributor WESCO International, Incorporated; as well as energy control and optimization solutions provider Woodward, Incorporated.^*

To make room for these investments, several positions were trimmed and others eliminated after they reached our valuation targets. American security and protection company Brink’s Company was eliminated since we determined it was unlikely to see meaningful fundamental improvement over our investment horizon. Despite software application provider Rovi Corporation’s attractive valuation and strong balance sheet, we eliminated the position based on our determination that the company’s future had become largely dependent on an uncertain legal appeal process and therefore binary. We also eliminated bank holding company City National Corporation, which had been the subject of a takeover offer.

Looking ahead, we continue to expect the equity investing environment to offer favorable investing opportunities.

Few expected the path back to normalcy—moderate inflation, higher interest rates, self-supporting bond and equity markets—would be completely smooth, and it is likely there are more bumps ahead. Indeed, after the market’s extended run, the recent sell-off was hardly shocking. But, we continue to believe the positive, if sluggish, economic backdrop will dominate over the medium term. U.S. housing starts, auto sales, employment data, and various indicators of consumer spending still suggest an economic advance with slow, but sure traction.

In the context of measured economic growth and somewhat above average valuation levels, we expect equity returns to continue to be more widely dispersed as they are more dependent on more disparate company-specific fundamentals. Although never a pleasant experience, the recent sell-off and related volatility have created opportunities for long-term, fundamental investors like us, and we are excited about the Fund’s current positioning and its collection of reasonably valued, financially strong, well-positioned companies that, in our view, can dependably grow earnings and cash flows. As stock prices ultimately are driven by underlying fundamentals, we expect the Fund’s portfolio to continue compounding value at an above average rate.

Please see footnotes on page 5.

8 Wells Fargo Advantage C&B Mid Cap Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2015 to September 30, 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 4-1-2015		Ending account value 9-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	908.17	$	5.74		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Class B
Actual	$	1,000.00	$	904.99	$	9.31		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Class C
Actual	$	1,000.00	$	904.71	$	9.31		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Administrator Class
Actual	$	1,000.00	$	908.51	$	5.50		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Institutional Class
Actual	$	1,000.00	$	909.58	$	4.31		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Investor Class
Actual	$	1,000.00	$	908.27	$	5.98		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%

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—September 30, 2015 Wells Fargo Advantage C&B Mid Cap Value Fund 9

Security name	Shares		Value
Common Stocks: 99.39%
Consumer Discretionary: 11.64%
Automobiles: 1.71%
Winnebago Industries Incorporated «		140,205	$	2,684,926
Household Durables: 2.01%
Helen of Troy Limited †		35,500		3,170,150
Leisure Products: 1.02%
Hasbro Incorporated		22,300		1,608,722
Media: 2.95%
Omnicom Group Incorporated		70,500		4,645,950
Specialty Retail: 1.44%
Sally Beauty Holdings Incorporated †		95,700		2,272,875
Textiles, Apparel & Luxury Goods: 2.51%
Gildan Activewear Incorporated		131,000		3,950,960
Energy: 3.93%
Oil, Gas & Consumable Fuels: 3.93%
Devon Energy Corporation		41,400		1,535,526
Noble Energy Incorporated		52,100		1,572,378
World Fuel Services Corporation		86,200		3,085,960
				6,193,864
Financials: 28.47%
Banks: 6.55%
Commerce Bancshares Incorporated		115,100		5,243,956
TCF Financial Corporation		335,000		5,078,600
				10,322,556
Capital Markets: 3.01%
State Street Corporation		70,500		4,738,305
Consumer Finance: 5.14%
First Cash Financial Services Incorporated †		120,800		4,839,248
Portfolio Recovery Associates Incorporated Ǡ		61,410		3,249,817
				8,089,065
Insurance: 13.77%
Endurance Specialty Holdings Limited		58,300		3,558,049
FNF Group		118,500		4,203,195
RenaissanceRe Holdings Limited		59,500		6,326,040
Stewart Information Services Corporation		42,300		1,730,493
The Progressive Corporation		109,190		3,345,582
Torchmark Corporation		44,800		2,526,720
				21,690,079

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

10 Wells Fargo Advantage C&B Mid Cap Value Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Health Care: 11.82%
Health Care Equipment & Supplies: 3.97%
Becton Dickinson & Company		21,880	$	2,902,601
Teleflex Incorporated		26,990		3,352,428
				6,255,029
Health Care Providers & Services: 7.85%
Cardinal Health Incorporated		56,300		4,324,966
Laboratory Corporation of America Holdings †		45,400		4,924,538
MEDNAX Incorporated †		40,550		3,113,834
				12,363,338
Industrials: 25.83%
Aerospace & Defense: 1.57%
Rockwell Collins Incorporated		30,100		2,463,384
Building Products: 2.46%
Quanex Building Products Corporation		213,200		3,873,844
Commercial Services & Supplies: 4.52%
G&K Services Incorporated Class A		24,800		1,652,176
Steelcase Incorporated Class A		91,700		1,688,197
Tetra Tech Incorporated		155,600		3,782,636
				7,123,009
Electrical Equipment: 2.30%
Eaton Corporation plc		70,500		3,616,650
Machinery: 9.91%
Donaldson Company Incorporated		135,100		3,793,607
Graco Incorporated		48,100		3,224,143
Kennametal Incorporated		78,000		1,941,420
Parker-Hannifin Corporation		36,800		3,580,640
Woodward Governor Company		75,500		3,072,850
				15,612,660
Trading Companies & Distributors: 5.07%
Aercap Holdings NV †		93,900		3,590,736
W.W. Grainger Incorporated «		11,700		2,515,617
WESCO International Incorporated †		40,500		1,882,035
				7,988,388
Information Technology: 8.20%
Electronic Equipment, Instruments & Components: 2.53%
Knowles Corporation Ǡ		216,400		3,988,252
IT Services: 2.85%
MoneyGram International Incorporated †		304,100		2,438,882
The Western Union Company		111,800		2,052,648
				4,491,530

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage C&B Mid Cap Value Fund 11

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 2.82%
Entegris Incorporated †					182,100	$	2,401,899
Linear Technology Corporation					50,300		2,029,605
							4,431,504
Materials: 9.50%
Containers & Packaging: 3.68%
Ball Corporation					25,700		1,598,540
Crown Holdings Incorporated †					91,800		4,199,850
							5,798,390
Metals & Mining: 2.43%
Reliance Steel & Aluminum Company					70,900		3,829,309
Paper & Forest Products: 3.39%
Schweitzer-Mauduit International Incorporated					155,100		5,332,338
Total Common Stocks (Cost $144,601,292)							156,535,077
	Yield
Short-Term Investments: 7.72%
Investment Companies: 7.72%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%		8,169,975		8,169,975
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16			3,989,331		3,989,331
Total Short-Term Investments (Cost $12,159,306)							12,159,306

Total investments in securities (Cost $156,760,598) *	107.11	%		168,694,383
Other assets and liabilities, net	(7.11	)		(11,192,020	)
Total net assets	100.00	%	$	157,502,363

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

† Non-income-earning security

(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 $157,099,783 and unrealized gains (losses) consists of:

Gross unrealized gains	$	25,250,382
Gross unrealized losses		(13,655,782	)
Net unrealized gains	$	11,594,600

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

12 Wells Fargo Advantage C&B Mid Cap Value Fund Statement of assets and liabilities—September 30, 2015

Assets
Investments
In unaffiliated securities (including $8,177,431 of securities loaned), at value (cost $144,601,292)	$	156,535,077
In affiliated securities, at value (cost $12,159,306)		12,159,306
Total investments, at value (cost $156,760,598)		168,694,383
Receivable for Fund shares sold		73,788
Receivable for dividends		84,588
Receivable for securities lending income		5,614
Prepaid expenses and other assets		34,042
Total assets		168,892,415
Liabilities
Payable for investments purchased		2,879,711
Payable for Fund shares redeemed		141,059
Payable upon receipt of securities loaned		8,169,975
Management fee payable		76,110
Distribution fees payable		4,391
Administration fees payable		35,656
Accrued expenses and other liabilities		83,150
Total liabilities		11,390,052
Total net assets	$	157,502,363
NET ASSETS CONSIST OF
Paid-in capital	$	227,250,231
Undistributed net investment income		263,500
Accumulated net realized losses on investments		(81,945,153	)
Net unrealized gains on investments		11,933,785
Total net assets	$	157,502,363
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	19,861,913
Shares outstanding – Class A1		790,734
Net asset value per share – Class A		$25.12
Maximum offering price per share – Class A2		$26.65
Net assets – Class B	$	109,082
Shares outstanding – Class B1		4,527
Net asset value per share – Class B		$24.10
Net assets – Class C	$	6,736,744
Shares outstanding – Class C1		280,450
Net asset value per share – Class C		$24.02
Net assets – Administrator Class	$	9,724,644
Shares outstanding – Administrator Class1		382,599
Net asset value per share – Administrator Class		$25.42
Net assets – Institutional Class	$	18,228,961
Shares outstanding – Institutional Class1		719,280
Net asset value per share – Institutional Class		$25.34
Net assets – Investor Class	$	102,841,019
Shares outstanding – Investor Class1		4,073,903
Net asset value per share – Investor Class		$25.24

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 September 30, 2015 Wells Fargo Advantage C&B Mid Cap Value Fund 13

Investment income
Dividends (net of foreign withholding taxes of $10,042)	$	2,531,786
Securities lending income, net		62,848
Income from affiliated securities		6,426
Total investment income		2,601,060
Expenses
Management fee		1,420,105
Administration fees
Class A		55,007
Class B		329
Class C		18,608
Administrator Class		13,096
Institutional Class		26,092
Investor Class		376,412
Shareholder servicing fees
Class A		55,498
Class B		331
Class C		18,773
Administrator Class		30,617
Investor Class		293,583
Distribution fees
Class B		993
Class C		56,318
Custody and accounting fees		16,780
Professional fees		40,504
Registration fees		64,601
Shareholder report expenses		44,563
Trustees’ fees and expenses		19,771
Other fees and expenses		9,364
Total expenses		2,561,345
Less: Fee waivers and/or expense reimbursements		(268,068	)
Net expenses		2,293,277
Net investment income		307,783
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		21,451,778
Net change in unrealized gains (losses) on investments		(19,714,772	)
Net realized and unrealized gains (losses) on investments		1,737,006
Net increase in net assets resulting from operations	$	2,044,789

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

14 Wells Fargo Advantage C&B Mid Cap Value Fund Statement of changes in net assets

	Year ended September 30, 2015						Year ended September 30, 2014
Operations
Net investment income				$	307,783					$	454,334
Net realized gains on investments					21,451,778						24,479,648
Net change in unrealized gains (losses) on investments					(19,714,772	)					(11,793,931	)
Net increase in net assets resulting from operations					2,044,789						13,140,051
Distributions to shareholders from
Net investment income
Class A					(42,042	)					(73,341	)
Administrator Class					(21,549	)					(81,051	)
Institutional Class					(168,429	)					(190,145	)
Investor Class					(138,589	)					(348,778	)
Total distributions to shareholders					(370,609	)					(693,315	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		72,922			1,938,440			174,168			4,405,613
Class B		307			8,000			4,480			107,700
Class C		25,429			655,305			54,969			1,340,346
Administrator Class		32,971			883,924			372,293			9,355,473
Institutional Class		316,984			8,567,375			683,926			17,392,989
Investor Class		538,848			14,534,157			829,732			21,063,218
					26,587,201						53,665,339
Reinvestment of distributions
Class A		1,632			41,628			2,955			72,492
Administrator Class		502			12,938			2,703			67,052
Institutional Class		4,856			124,658			6,054			149,526
Investor Class		5,349			137,151			14,029			345,955
					316,375						635,025
Payment for shares redeemed
Class A		(133,726	)		(3,568,794	)		(147,227	)		(3,752,688	)
Class B		(2,747	)		(69,330	)		(28,005	)		(679,757	)
Class C		(55,081	)		(1,405,528	)		(76,355	)		(1,890,511	)
Administrator Class		(153,262	)		(4,133,075	)		(685,800	)		(17,215,898	)
Institutional Class		(931,932	)		(25,602,156	)		(388,999	)		(10,000,809	)
Investor Class		(1,121,227	)		(30,196,090	)		(1,258,667	)		(32,039,199	)
					(64,974,973	)					(65,578,862	)
Net decrease in net assets resulting from capital share transactions					(38,071,397	)					(11,278,498	)
Total increase (decrease) in net assets					(36,397,217	)					1,168,238
Net assets
Beginning of period					193,899,580						192,731,342
End of period				$	157,502,363					$	193,899,580
Undistributed net investment income				$	263,500					$	326,326

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

Financial highlights Wells Fargo Advantage C&B Mid Cap Value Fund 15

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$25.26			$23.74			$18.22			$14.06			$14.16
Net investment income		0.05	1		0.06			0.10	1		0.16			0.06
Net realized and unrealized gains (losses) on investments		(0.14	)		1.55			5.60			4.10			(0.06	)
Total from investment operations		(0.09	)		1.61			5.70			4.26			0.00
Distributions to shareholders from
Net investment income		(0.05	)		(0.09	)		(0.18	)		(0.10	)		(0.10	)
Net asset value, end of period		$25.12			$25.26			$23.74			$18.22			$14.06
Total return2		(0.36	)%		6.78	%		31.59	%		30.42	%		(0.10	)%
Ratios to average net assets (annualized)
Gross expenses		1.35	%		1.35	%		1.38	%		1.38	%		1.35	%
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income		0.18	%		0.24	%		0.49	%		0.97	%		0.48	%
Supplemental data
Portfolio turnover rate		41	%		55	%		48	%		25	%		44	%
Net assets, end of period (000s omitted)		$19,862			$21,465			$19,468			$13,466			$11,174

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 C&B Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS B	2015			2014			2013			2012			2011
Net asset value, beginning of period		$24.36			$22.99			$17.61			$13.60			$13.72
Net investment income (loss)		(0.15	)1		(0.14	)1		(0.05	)1		0.02	1		(0.04	)1
Net realized and unrealized gains (losses) on investments		(0.11	)		1.51			5.43			3.99			(0.08	)
Total from investment operations		(0.26	)		1.37			5.38			4.01			(0.12	)
Net asset value, end of period		$24.10			$24.36			$22.99			$17.61			$13.60
Total return2		(1.11	)%		6.00	%		30.55	%		29.49	%		(0.87	)%
Ratios to average net assets (annualized)
Gross expenses		2.10	%		2.10	%		2.13	%		2.12	%		2.10	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Net investment income (loss)		(0.59	)%		(0.56	)%		(0.26	)%		0.14	%		(0.28	)%
Supplemental data
Portfolio turnover rate		41	%		55	%		48	%		25	%		44	%
Net assets, end of period (000s omitted)		$109			$170			$701			$1,338			$2,622

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 C&B Mid Cap Value Fund 17

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$24.29			$22.92			$17.60			$13.59			$13.71
Net investment income (loss)		(0.15	)1		(0.13	)1		(0.05	)1		0.03	1		(0.04	)1
Net realized and unrealized gains (losses) on investments		(0.12	)		1.50			5.42			3.98			(0.08	)
Total from investment operations		(0.27	)		1.37			5.37			4.01			(0.12	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.05	)		0.00			0.00
Net asset value, end of period		$24.02			$24.29			$22.92			$17.60			$13.59
Total return2		(1.11	)%		5.98	%		30.58	%		29.51	%		(0.88	)%
Ratios to average net assets (annualized)
Gross expenses		2.10	%		2.10	%		2.13	%		2.13	%		2.10	%
Net expenses		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Net investment income (loss)		(0.57	)%		(0.52	)%		(0.26	)%		0.21	%		(0.27	)%
Supplemental data
Portfolio turnover rate		41	%		55	%		48	%		25	%		44	%
Net assets, end of period (000s omitted)		$6,737			$7,531			$7,598			$5,254			$4,611

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 C&B Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$25.54			$24.01			$18.42			$14.22			$14.32
Net investment income		0.06	1		0.07	1		0.11	1		0.17	1		0.09	1
Net realized and unrealized gains (losses) on investments		(0.13	)		1.56			5.67			4.14			(0.07	)
Total from investment operations		(0.07	)		1.63			5.78			4.31			0.02
Distributions to shareholders from
Net investment income		(0.05	)		(0.10	)		(0.19	)		(0.11	)		(0.12	)
Net asset value, end of period		$25.42			$25.54			$24.01			$18.42			$14.22
Total return		(0.30	)%		6.82	%		31.65	%		30.44	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		1.21	%		1.19	%		1.21	%		1.21	%		1.18	%
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income		0.22	%		0.26	%		0.53	%		1.00	%		0.55	%
Supplemental data
Portfolio turnover rate		41	%		55	%		48	%		25	%		44	%
Net assets, end of period (000s omitted)		$9,725			$12,830			$19,525			$10,636			$10,299

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Advantage C&B Mid Cap Value Fund 19

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$25.49			$23.95			$18.38			$14.19			$14.29
Net investment income		0.10			0.14			0.17	1		0.23			0.13
Net realized and unrealized gains (losses) on investments		(0.12	)		1.55			5.64			4.11			(0.08	)
Total from investment operations		(0.02	)		1.69			5.81			4.34			0.05
Distributions to shareholders from
Net investment income		(0.13	)		(0.15	)		(0.24	)		(0.15	)		(0.15	)
Net asset value, end of period		$25.34			$25.49			$23.95			$18.38			$14.19
Total return		(0.09	)%2		7.09	%		31.98	%		30.80	%		0.21	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.92	%		0.95	%		0.95	%		0.92	%
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		0.47	%		0.54	%		0.82	%		1.31	%		0.76	%
Supplemental data
Portfolio turnover rate		41	%		55	%		48	%		25	%		44	%
Net assets, end of period (000s omitted)		$18,229			$33,881			$24,628			$24,983			$22,704

¹  Calculated based upon average shares outstanding

²  Total return reflects adjustments to conform with generally accepted accounting principles.

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

20 Wells Fargo Advantage C&B Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INVESTOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$25.38			$23.85			$18.30			$14.12			$14.22
Net investment income		0.04			0.05			0.10			0.16			0.07
Net realized and unrealized gains (losses) on investments		(0.15	)		1.55			5.62			4.11			(0.09	)
Total from investment operations		(0.11	)		1.60			5.72			4.27			(0.02	)
Distributions to shareholders from
Net investment income		(0.03	)		(0.07	)		(0.17	)		(0.09	)		(0.08	)
Net asset value, end of period		$25.24			$25.38			$23.85			$18.30			$14.12
Total return		(0.43	)%1		6.72	%		31.55	%		30.34	%		(0.19	)%
Ratios to average net assets (annualized)
Gross expenses		1.42	%		1.41	%		1.44	%		1.45	%		1.42	%
Net expenses		1.25	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income		0.12	%		0.18	%		0.44	%		0.91	%		0.42	%
Supplemental data
Portfolio turnover rate		41	%		55	%		48	%		25	%		44	%
Net assets, end of period (000s omitted)		$102,841			$118,022			$120,811			$91,201			$80,622

¹  Total return reflects adjustments to conform with generally accepted accounting principles.

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

Notes to financial statements Wells Fargo Advantage C&B Mid Cap Value Fund 21

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the primary exchange or market 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

22 Wells Fargo Advantage C&B Mid Cap Value Fund Notes to financial statements

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of September 30, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $81,605,968 with $62,387,296 expiring in 2017; and $19,218,672 expiring in 2018.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Notes to financial statements Wells Fargo Advantage C&B Mid Cap Value Fund 23

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	18,333,583	$	0	$	0	$	18,333,583
Energy		6,193,864		0		0		6,193,864
Financials		44,840,005		0		0		44,840,005
Health care		18,618,367		0		0		18,618,367
Industrials		40,677,935		0		0		40,677,935
Information technology		12,911,286		0		0		12,911,286
Materials		14,960,037		0		0		14,960,037
Short-term investments
Investment companies		3,989,331		8,169,975		0		12,159,306
Total assets	$	160,524,408	$	8,169,975	$	0	$	168,694,383

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At September 30, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

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 0.75% and declining to 0.63% 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 0.70% and declined to 0.60% as the average daily net assets of the Fund increased. In addition, 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 financial statement purposes, the advisory fee and fund-level administration fee for the year ended September 30, 2015 have been included in management fee on the Statement of Operations.

For the year ended September 30, 2015, the management fee was equivalent to an annual rate of 0.75% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Cooke & Bieler, L.P. 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 0.35% as the average daily net assets of the Fund increase.

24 Wells Fargo Advantage C&B Mid Cap Value Fund Notes to financial statements

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 B, 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 January 31. 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, 1.15% for Administrator Class shares, 0.90% for Institutional Class shares, and 1.25% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain 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 September 30, 2015, Funds Distributor received $1,939 from the sale of Class A shares and $300 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2015 were $74,325,887 and $107,542,028, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $200,000,000 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 0.20% of the unused balance is allocated to each participating fund. Prior to September 1, 2015, the revolving credit agreement amount was $150,000,000 and the annual commitment fee was equal to 0.10% of the unused balance which was allocated to each participating fund. For the year ended September 30, 2015, the Fund paid $290 in commitment fees.

For the year ended September 30, 2015, there were no borrowings by the Fund under the agreement.

Notes to financial statements Wells Fargo Advantage C&B Mid Cap Value Fund 25

7. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid was $370,609 and $693,315 of ordinary income for the years ended September 30, 2015 and September 30, 2014, respectively.

As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Unrealized gains	Capital loss carryforward
$263,500	$11,594,600	$(81,605,968)

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. SUBSEQUENT EVENT

After the close of business on October 23, 2015, Investor Class shares of the Fund became Class A shares in a tax-free conversion. Shareholders of Investor Class of the Fund received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion.

26 Wells Fargo Advantage C&B Mid Cap 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 C&B Mid Cap Value Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of September 30, 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.

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 September 30, 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 C&B Mid Cap Value Fund as of September 30, 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.

Boston, Massachusetts

November 24, 2015

Other information (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 27

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 September 30, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $370,609 of income dividends paid during the fiscal year ended September 30, 2015 has been designated as qualified dividend income (QDI).

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.

28 Wells Fargo Advantage C&B Mid Cap Value Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 144 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 public company or investment company directorships during past 5 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 a CFA ® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust; Harding Loevner Funds; Russell Exchange Traded Funds Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). 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 C&B Mid Cap Value Fund 29

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 72 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 72 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 C&B Mid Cap 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 C&B Mid Cap 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 Cooke & Bieler L.P. (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.”

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.

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

Other information (unaudited) Wells Fargo Advantage C&B Mid Cap Value Fund 31

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 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 lower than its benchmark, the Russell Midcap^® Value Index, for all periods under review except the first quarter of 2015.

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 and of longer term and recent 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 the median net operating expense ratios of the expense Groups. The Board discussed and accepted Funds Management’s proposal to increase the net operating expense ratio 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 the median net operating expense ratios of the expense Groups.

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”).

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 for the Fund were lower than or in range of the Fund’s expense Groups.

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.

32 Wells Fargo Advantage C&B Mid Cap Value 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. 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

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, 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 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.

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

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 C&B Mid Cap Value 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

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

237461 11-15 A228/AR228 09-15

Wells Fargo Advantage Common Stock Fund

Annual Report

September 30, 2015

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	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 September 30, 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 Common Stock Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite generally improving U.S. economic data, the broad U.S. stock market experienced heightened volatility that caused U.S. stocks to end the period close to where they started.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Common Stock Fund for the 12-month period that ended September 30, 2015. Despite generally improving U.S. economic data, the broad U.S. stock market experienced heightened volatility that caused U.S. stocks to end the period close to where they started. Small-cap stocks performed best, followed by mid caps and large caps. Markets outside the U.S. faced deeper ongoing challenges and generally delivered weaker results.

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

Strong quarterly U.S. stock results 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 new jobs continued to expand. In addition, the U.S. economy’s third-quarter 2014 growth rate was revised upward, and U.S. companies reported 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. moved forward, major economies elsewhere confronted ongoing challenges. While Japan eased out of a two-quarter contraction, growth in China continued to slow, Russia’s economy contracted for the first time since 2009, and eurozone growth remained sluggish.

In the first quarter of 2015, U.S. small caps and mid caps outperformed large caps; major markets elsewhere rallied.

U.S. small-, mid-, and large-cap stocks tended to move similarly during the first quarter until early March, when results began to diverge by market capitalization. Larger caps slipped as investor concern grew over the strengthening U.S. dollar’s potentially negative effect on the profits of large U.S. multinational firms; 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 the gradually improving 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.

U.S. stocks experienced challenges during the second quarter of 2015.

The broad U.S. stock market fluctuated widely, eventually eking out a small quarterly gain. Mid- and large-cap stocks at times were pressured by investor concerns over the potentially negative effects of financially troubled overseas economies and of a strengthening U.S. dollar on the profits of U.S. multinational firms. 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 they could take action soon. Throughout the quarter, non-U.S. markets also experienced 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.

Letter to shareholders (unaudited) Wells Fargo Advantage Common Stock Fund 3

In the third quarter of 2015, China’s slowdown took a toll on economies and markets worldwide.

U.S. stocks sagged during the quarter, experiencing the most volatility since 2011. Economic data released during the quarter suggested the U.S. economy remains solid but has lost some steam, burdened by the drag of the strong U.S. dollar coupled with global economic turmoil. The fact that the Fed left the federal funds interest rate unchanged at its September meeting fueled increased uncertainty about the U.S. economy’s stamina to remain healthy while facing the challenges of slowing in China and troubles elsewhere in the world. Outside the U.S., markets were even more volatile and delivered generally weaker quarterly results, also largely due to increasing anxiety over China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—are struggling under the dual strains of reduced demand for commodities and, because of weaker demand, lower prices for the commodities they do sell. In the eurozone, however, where only about 3% of exports are sent to China, household spending and business investment appeared relatively unaffected.

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,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

Notice to shareholders

At a meeting held August 11-12, 2015, the Board of Trustees of the Fund approved a change in the name of the Fund whereby the word “Advantage” was 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 Common Stock Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Ann M. Miletti

Average annual total returns¹ (%) as of September 30, 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 (SCSAX)	11-30-2000		(7.40	)		9.71		7.96		(1.76	)		11.01		8.60		1.25		1.25
Class B (SCSKX)*	11-30-2000		(7.49	)		9.91		8.02		(2.49	)		10.18		8.02		2.00		2.00
Class C (STSAX)	11-30-2000		(3.49	)		10.18		7.78		(2.49	)		10.18		7.78		2.00		2.00
Class R6 (SCSRX)	06-28-2013		–			–		–		(1.29	)		11.48		8.84		0.82		0.82
Administrator Class (SCSDX)	7-30-2010		–			–		–		(1.62	)		11.19		8.69		1.17		1.11
Institutional Class (SCNSX)	7-30-2010		–			–		–		(1.38	)		11.45		8.82		0.92		0.86
Investor Class (STCSX)+	12-29-1989		–			–		–		(1.80	)		10.98		8.57		1.36		1.30
Russell 2500™ Index4	–		–			–		–		0.38			12.69		7.40		–		–

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

⁺ Effective at the close of business on October 23, 2015, Investor Class shares of the Fund were converted to Class A shares and Investor Class shares are no longer offered.

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 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. 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 Common Stock Fund 5

Growth of $10,000 investment⁵ as of September 30, 2015

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

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The manager has contractually committed through January 31, 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 1.26% for Class A, 2.01% for Class B, 2.01% for Class C, 0.85% for Class R6, 1.10% for Administrator Class, 0.85% for Institutional Class, and 1.29% 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.

⁴  The Russell 2500^TM Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index. 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 2500 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 amount 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 Common Stock Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund underperformed its benchmark, the Russell 2500^® Index, for the 12-month period that ended September 30, 2015.

n Weak results from holdings in the consumer discretionary, energy, and industrials sectors detracted from performance.

n Favorable results from holdings in the information technology (IT), health care, and financials sectors benefited performance.

The broad U.S. stock market rose for the first three quarters of the period, hitting all-time highs in the summer of 2015, then declined sharply in a highly volatile final quarter, ending the 12-month period close to the level at which it started. A number of factors influenced the stock market. While the U.S. Federal Reserve had been expected to increase the federal funds target interest rate during the period, no action was taken as of September 30. The plummeting price of crude oil negatively affected stocks within the energy sector and nearly every commodity-related industry. China’s economy, previously a big driver of global growth, showed signs of slowing down, prompting the country’s government to devalue its currency and take steps to control China’s stock market. The U.S. dollar rose more than every major currency for most of the period. The U.S. economy remained strong, with favorable trends in unemployment, gross domestic product, wages, disposable income, housing, and inflation. In this environment and with the expectation of tighter U.S. monetary policy and higher volatility to come, we continued to seek well-positioned companies (those with good business models, strong management teams, and healthy cash flows) trading at attractive discounts to their private market values (PMVs). (The PMV represents the expected price an investor would pay for the entire company as a stand-alone private entity.)

Ten largest holdings6 (%) as of September 30, 2015
The Progressive Corporation	1.95
CNO Financial Group Incorporated	1.87
E*TRADE Financial Corporation	1.81
First Horizon National Corporation	1.80
Laboratory Corporation of America Holdings	1.77
Reinsurance Group of America Incorporated	1.75
Steelcase Incorporated Class A	1.71
Haemonetics Corporation	1.66
Harman International Industries Incorporated	1.65
Diebold Incorporated	1.56

Stock selection within the consumer discretionary and energy sectors held back Fund performance.

Overall, the Fund’s consumer discretionary holdings did not keep pace with the consumer discretionary sector within the Russell 2500 Index. In the for-profit education industry, Apollo Education Group, Inc., declined sharply for the period. The company faced a number of unfavorable regulatory and labor market trends during the period. Apollo recently delivered disappointing fiscal-year-end results; the company also exited the associate’s degree business, resulting in lowered expectations for its 2016 fiscal year. The Russell 2500 Index’s energy sector declined 54% for the period; nearly every company within it was hurt by the sharp decline in crude-oil prices. The Fund’s energy-sector holdings also experienced weak results

overall, and our overweight to the sector hindered performance; notable detractors from relative results included SM Energy Company;* Superior Energy Services, Incorporated; and Southwestern Energy Company.*

Favorable stock selection drove outperformance in the IT and health care sectors relative to the Fund’s benchmark index.

The Fund’s top-performing sector, IT, benefited from positive stock selection as well as overweight positioning in the sector. A number of outperforming stocks could be found in the IT services and semiconductor industries. Global Payments Incorporated, which provides electronic payment processing services, continued to gain market share, expand margins, and buy back stock. Sabre Corporation, a technology-solutions provider to the global travel and tourism industry, benefited from overall revenue growth and increased market share in Europe. CoreLogic, Incorporated, appreciated due to a strong housing market and new product offerings for the banking and insurance industries. The Fund’s semiconductor holdings experienced growth as mobile communication devices, usage, services, and infrastructure continued to expand.

Within the health care sector, the Fund’s top performers included Thoratec Corporation; Hologic, Incorporated; and CareFusion Corporation. Thoratec rose dramatically in the period on an acquisition announcement by St. Jude Medical,

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Common Stock Fund 7

Incorporated. Hologic benefited from continued positive trends in the development, reimbursement, and adoption of its 3-D breast-imaging product. CareFusion, a health care IT company, was acquired by Becton, Dickinson and Company, adding to its portfolio of medical technologies.

Portfolio allocation⁷ as of September 30, 2015

Our focus remains constant: to add value for shareholders through attractively priced high-quality Fund holdings.

Our methodology includes buying stocks at a discount to their estimated PMVs and selling stocks as they approach or exceed 80% of their PMVs.

Our process typically leads us to overweights in the IT and consumer discretionary sectors and to underweights in the financials (due to lower exposure to real estate investment trusts) and utilities sectors. Through our disciplined investment process, we remain keenly aware of both price and enterprise values on a company-by-company basis.

Our proprietary database of company acquisitions across industries, sectors, and time frames enables us to maintain a steady foundation for assessing the PMVs of companies compared with their public stock prices. We strive to take advantage of those price discrepancies for the benefit of Fund shareholders by purchasing stocks when we believe they are selling at a discount to their PMVs.

An improving economy and favorable investor sentiment helped broadly lift stock prices and keep multiples high over most of the 12-month period; however, events at the end of the period led the market downward and stock prices closer to the level at which they began. With the probability of rising interest rates over the near term, we believe stock investors will be more discerning going forward. In our view, companies with attractive stock prices relative to their PMVs should be brought to the forefront by our process, potentially allowing us to add value through our unique bottom-up research.

Please see footnotes on page 5.

8 Wells Fargo Advantage Common Stock Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2015 to September 30, 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 4-1-2015		Ending account value 9-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	908.40	$	5.98		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Class B
Actual	$	1,000.00	$	905.30	$	9.55		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.04	$	10.10		2.00	%
Class C
Actual	$	1,000.00	$	905.30	$	9.55		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.04	$	10.10		2.00	%
Class R6
Actual	$	1,000.00	$	910.58	$	3.83		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06	$	4.05		0.80	%
Administrator Class
Actual	$	1,000.00	$	908.86	$	5.26		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.57		1.10	%
Institutional Class
Actual	$	1,000.00	$	910.06	$	4.07		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Investor Class
Actual	$	1,000.00	$	908.35	$	6.17		1.29	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.60	$	6.53		1.29	%

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—September 30, 2015 Wells Fargo Advantage Common Stock Fund 9

Security name	Shares		Value
Common Stocks: 95.89%
Consumer Discretionary: 16.45%
Diversified Consumer Services: 2.05%
Apollo Education Group Incorporated †		870,785	$	9,630,882
Houghton Mifflin Harcourt Company †		859,149		17,449,316
				27,080,198
Hotels, Restaurants & Leisure: 2.96%
Buffalo Wild Wings Incorporated †		53,294		10,308,658
Panera Bread Company Class A †		66,872		12,933,714
Royal Caribbean Cruises Limited		179,278		15,971,877
				39,214,249
Household Durables: 4.29%
Harman International Industries Incorporated		227,823		21,868,730
MDC Holdings Incorporated		675,794		17,692,287
Mohawk Industries Incorporated †		94,993		17,268,777
				56,829,794
Media: 2.39%
Interpublic Group of Companies Incorporated		843,436		16,134,931
Scripps Networks Interactive Incorporated Class A		316,264		15,557,026
				31,691,957
Specialty Retail: 3.24%
Tractor Supply Company		163,003		13,744,413
Urban Outfitters Incorporated †		526,526		15,469,334
Vitamin Shoppe Incorporated †		419,545		13,693,949
				42,907,696
Textiles, Apparel & Luxury Goods: 1.52%
PVH Corporation		197,512		20,134,373
Consumer Staples: 1.25%
Household Products: 1.25%
Church & Dwight Company Incorporated		197,845		16,599,196
Energy: 5.61%
Energy Equipment & Services: 1.07%
Superior Energy Services Incorporated		1,118,945		14,132,275
Oil, Gas & Consumable Fuels: 4.54%
Cimarex Energy Company		177,382		18,178,107
Concho Resources Incorporated †		122,873		12,078,416
Pioneer Natural Resources Company		139,532		16,972,672
Range Resources Corporation		400,586		12,866,822
				60,096,017

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

10 Wells Fargo Advantage Common Stock Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Financials: 21.42%
Banks: 7.33%
Bank of the Ozarks Incorporated		388,551	$	17,002,992
First Horizon National Corporation		1,679,596		23,816,671
MB Financial Incorporated		601,887		19,645,592
National Bank Holdings Corporation Class A		794,504		16,311,167
TCF Financial Corporation		1,335,937		20,252,805
				97,029,227
Capital Markets: 4.50%
E*TRADE Financial Corporation †		912,017		24,013,408
Evercore Partners Incorporated Class A		328,263		16,491,933
Raymond James Financial Incorporated		384,109		19,063,330
				59,568,671
Insurance: 9.59%
Arch Capital Group Limited †		271,382		19,938,436
CNO Financial Group Incorporated		1,312,781		24,693,411
Reinsurance Group of America Incorporated		256,048		23,195,388
RenaissanceRe Holdings Limited		144,424		15,355,160
The Progressive Corporation		842,295		25,807,919
Willis Group Holdings plc		437,963		17,943,344
				126,933,658
Health Care: 9.89%
Health Care Equipment & Supplies: 5.66%
Cyberonics Incorporated †		276,453		16,802,813
DENTSPLY International Incorporated		385,617		19,500,652
Haemonetics Corporation †		679,460		21,960,147
Hologic Incorporated †		427,688		16,735,431
				74,999,043
Health Care Providers & Services: 2.97%
Laboratory Corporation of America Holdings †		216,094		23,439,716
Universal Health Services Incorporated Class B		127,294		15,887,564
				39,327,280
Life Sciences Tools & Services: 1.26%
PerkinElmer Incorporated		361,732		16,625,203
Industrials: 15.27%
Aerospace & Defense: 2.18%
B/E Aerospace Incorporated		260,076		11,417,336
BWX Technologies Incorporated		663,424		17,487,857
				28,905,193
Airlines: 1.19%
United Continental Holdings Incorporated †		296,446		15,726,460

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Common Stock Fund 11

Security name	Shares		Value
Commercial Services & Supplies: 3.21%
Republic Services Incorporated		481,809	$	19,850,531
Steelcase Incorporated Class A		1,226,760		22,584,652
				42,435,183
Electrical Equipment: 2.09%
Babcock & Wilcox Enterprises Incorporated †		719,943		12,095,042
Sensata Technologies Holding NV †		351,967		15,606,217
				27,701,259
Machinery: 2.22%
Allison Transmission Holdings Incorporated		643,529		17,175,789
Wabash National Corporation †		1,149,594		12,174,200
				29,349,989
Road & Rail: 2.26%
Hertz Global Holdings Incorporated †		1,000,706		16,741,811
Ryder System Incorporated		178,203		13,194,150
				29,935,961
Trading Companies & Distributors: 2.12%
GATX Corporation		396,555		17,507,903
MRC Global Incorporated †		949,149		10,583,011
				28,090,914
Information Technology: 20.94%
Electronic Equipment, Instruments & Components: 0.48%
Trimble Navigation Limited †		389,262		6,391,682
Internet Software & Services: 2.26%
Cornerstone OnDemand Incorporated †		324,045		10,693,485
HomeAway Incorporated †		724,791		19,235,953
				29,929,438
IT Services: 6.54%
Amdocs Limited		319,789		18,189,598
CoreLogic Incorporated †		524,701		19,534,618
Gartner Incorporated †		189,743		15,925,130
Global Payments Incorporated		145,872		16,735,895
Sabre Corporation		596,096		16,201,889
				86,587,130
Semiconductors & Semiconductor Equipment: 4.96%
Integrated Device Technology Incorporated †		644,671		13,086,821
Maxim Integrated Products Incorporated		604,527		20,191,202
ON Semiconductor Corporation †		1,722,129		16,188,013
Skyworks Solutions Incorporated		191,857		16,156,278
				65,622,314

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

12 Wells Fargo Advantage Common Stock Fund Portfolio of investments—September 30, 2015

Security name				Shares		Value
Software: 5.14%
Ansys Incorporated †					213,230	$	18,794,092
Nuance Communications Incorporated †					1,129,306		18,486,739
Red Hat Incorporated †					275,727		19,819,257
Zendesk Incorporated †					553,796		10,915,319
							68,015,407
Technology Hardware, Storage & Peripherals: 1.56%
Diebold Incorporated					694,419		20,672,854
Materials: 5.06%
Chemicals: 1.76%
Huntsman Corporation					878,866		8,516,212
International Flavors & Fragrances Incorporated					143,675		14,835,881
							23,352,093
Containers & Packaging: 1.26%
Crown Holdings Incorporated †					364,166		16,660,595
Metals & Mining: 2.04%
Royal Gold Incorporated					174,102		8,179,312
Steel Dynamics Incorporated					1,092,222		18,764,374
							26,943,686
Total Common Stocks (Cost $1,031,674,765)							1,269,488,995
Exchange-Traded Funds: 1.33%
SPDR Dow Jones REIT ETF «					204,527		17,624,092
Total Exchange-Traded Funds (Cost $17,787,793)							17,624,092
	Yield
Short-Term Investments: 2.58%
Investment Companies: 2.58%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%		10,872,275		10,872,275
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16			23,318,173		23,318,173
Total Short-Term Investments (Cost $34,190,448)							34,190,448

Total investments in securities (Cost $1,083,653,006) *	99.80	%		1,321,303,535
Other assets and liabilities, net	0.20			2,620,723
Total net assets	100.00	%	$	1,323,924,258

† 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 $1,088,961,090 and unrealized gains (losses) consists of:

Gross unrealized gains	$	332,616,417
Gross unrealized losses		(100,273,972	)
Net unrealized gains	$	232,342,445

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

Statement of assets and liabilities—September 30, 2015 Wells Fargo Advantage Common Stock Fund 13

Assets
Investments
In unaffiliated securities (including $163,723 of securities loaned), at value (cost $1,049,462,558)	$	1,287,113,087
In affiliated securities, at value (cost $34,190,448)		34,190,448
Total investments, at value (cost $1,083,653,006)		1,321,303,535
Receivable for investments sold		19,154,328
Receivable for Fund shares sold		450,164
Receivable for dividends		879,242
Receivable for securities lending income		28,719
Prepaid expenses and other assets		53,926
Total assets		1,341,869,914
Liabilities
Payable for investments purchased		4,332,102
Payable for Fund shares redeemed		1,337,236
Payable upon receipt of securities loaned		10,872,275
Management fee payable		804,873
Distribution fees payable		16,570
Administration fees payable		285,004
Accrued expenses and other liabilities		297,596
Total liabilities		17,945,656
Total net assets	$	1,323,924,258
NET ASSETS CONSIST OF
Paid-in capital	$	958,543,203
Accumulated net investment loss		(1,271,083	)
Accumulated net realized gains on investments		129,001,609
Net unrealized gains on investments		237,650,529
Total net assets	$	1,323,924,258
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	127,731,762
Shares outstanding – Class A1		5,908,616
Net asset value per share – Class A		$21.62
Maximum offering price per share – Class A2		$22.94
Net assets – Class B	$	116,385
Shares outstanding – Class B1		6,547
Net asset value per share – Class B		$17.78
Net assets – Class C	$	25,668,494
Shares outstanding – Class C1		1,444,080
Net asset value per share – Class C		$17.77
Net assets – Class R6	$	95,037,162
Shares outstanding – Class R61		4,281,743
Net asset value per share – Class R6		$22.20
Net assets – Administrator Class	$	18,050,069
Shares outstanding – Administrator Class1		826,464
Net asset value per share – Administrator Class		$21.84
Net assets – Institutional Class	$	226,728,718
Shares outstanding – Institutional Class1		10,230,384
Net asset value per share – Institutional Class		$22.16
Net assets – Investor Class	$	830,591,668
Shares outstanding – Investor Class1		37,412,819
Net asset value per share – Investor Class		$22.20

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 Common Stock Fund Statement of operations—year ended September 30, 2015

Investment income
Dividends (net of foreign withholding taxes of $4,141)	$	15,911,197
Securities lending income, net		529,260
Income from affiliated securities		55,695
Total investment income		16,496,152
Expenses
Management fee		11,469,628
Administration fees
Class A		481,125
Class B		467
Class C		72,842
Class R6		29,855
Administrator Class		35,861
Institutional Class		208,500
Investor Class		3,045,832
Shareholder servicing fees
Class A		479,569
Class B		465
Class C		73,426
Administrator Class		85,330
Investor Class		2,366,309
Distribution fees
Class B		1,395
Class C		220,276
Custody and accounting fees		85,959
Professional fees		46,921
Registration fees		66,003
Shareholder report expenses		67,864
Trustees’ fees and expenses		10,257
Other fees and expenses		23,498
Total expenses		18,871,382
Less: Fee waivers and/or expense reimbursements		(518,183	)
Net expenses		18,353,199
Net investment loss		(1,857,047	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		159,523,664
Net change in unrealized gains (losses) on investments		(167,912,693	)
Net realized and unrealized gains (losses) on investments		(8,389,029	)
Net decrease in net assets resulting from operations	$	(10,246,076	)

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

Statement of changes in net assets Wells Fargo Advantage Common Stock Fund 15

	Year ended September 30, 2015						Year ended September 30, 2014
Operations
Net investment loss				$	(1,857,047	)				$	(3,506,640	)
Net realized gains on investments					159,523,664						180,261,128
Net change in unrealized gains (losses) on investments					(167,912,693	)					(21,569,457	)
Net increase (decrease) in net assets resulting from operations					(10,246,076	)					155,185,031
Distributions to shareholders from
Net realized gains
Class A					(31,096,050	)					(23,563,784	)
Class B					(33,224	)					(48,358	)
Class C					(3,921,593	)					(2,863,640	)
Class R6					(10,389,501	)					(6,412,457	)
Administrator Class					(4,624,038	)					(3,093,791	)
Institutional Class					(24,118,158	)					(16,364,757	)
Investor Class					(103,908,119	)					(76,153,892	)
Total distributions to shareholders					(178,090,683	)					(128,500,679	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,110,029			26,112,093			1,906,863			47,333,361
Class B		706			13,849			1,604			34,770
Class C		109,312			2,111,040			151,598			3,204,286
Class R6		812,069			19,433,857			4,157,524			108,751,854
Administrator Class		182,887			4,316,363			960,741			24,486,805
Institutional Class		2,720,584			66,290,199			2,110,163			53,200,949
Investor Class		1,169,258			28,309,355			1,403,415			35,757,343
					146,586,756						272,769,368
Reinvestment of distributions
Class A		1,388,863			30,846,648			981,487			23,202,372
Class B		1,808			33,224			2,398			48,358
Class C		180,879			3,322,741			119,275			2,405,786
Class R6		457,284			10,389,501			266,963			6,412,457
Administrator Class		204,831			4,590,258			117,649			2,800,043
Institutional Class		1,043,559			23,678,356			681,502			16,362,862
Investor Class		4,384,158			100,002,451			3,036,465			73,573,529
					172,863,179						124,805,407
Payment for shares redeemed
Class A		(7,785,918	)		(180,271,804	)		(3,669,323	)		(91,720,868	)
Class B		(10,025	)		(196,353	)		(14,528	)		(305,818	)
Class C		(285,089	)		(5,585,432	)		(224,248	)		(4,766,078	)
Class R6		(754,917	)		(18,105,595	)		(658,275	)		(16,801,202	)
Administrator Class		(1,376,984	)		(33,031,475	)		(274,181	)		(6,849,148	)
Institutional Class		(2,385,778	)		(57,674,780	)		(1,910,120	)		(49,279,081	)
Investor Class		(5,674,483	)		(137,556,202	)		(4,259,222	)		(108,394,726	)
					(432,421,641	)					(278,116,921	)
Net increase (decrease) in net assets resulting from capital share transactions					(112,971,706	)					119,457,854
Total increase (decrease) in net assets					(301,308,465	)					146,142,206
Net assets
Beginning of period					1,625,232,723						1,479,090,517
End of period				$	1,323,924,258					$	1,625,232,723
Accumulated net investment loss				$	(1,271,083	)				$	(4,912	)

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

16 Wells Fargo Advantage Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$24.79			$24.45			$21.18			$17.15			$18.20
Net investment loss		(0.04	)1		(0.07	)		(0.02	)		(0.04	)		(0.06	)
Net realized and unrealized gains (losses) on investments		(0.32	)		2.48			4.72			5.33			(0.74	)
Total from investment operations		(0.36	)		2.41			4.70			5.29			(0.80	)
Distributions to shareholders from
Net realized gains		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)
Net asset value, end of period		$21.62			$24.79			$24.45			$21.18			$17.15
Total return2		(1.76	)%		10.26	%		23.72	%		31.90	%		(4.61	)%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.28	%		1.30	%		1.31	%		1.30	%
Net expenses		1.26	%		1.26	%		1.26	%		1.26	%		1.26	%
Net investment loss		(0.19	)%		(0.27	)%		(0.05	)%		(0.16	)%		(0.24	)%
Supplemental data
Portfolio turnover rate		51	%		38	%		40	%		30	%		41	%
Net assets, end of period (000s omitted)		$127,732			$277,517			$292,806			$207,668			$153,921

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 Common Stock Fund 17

(For a share outstanding throughout each period)

	Year ended September 30
CLASS B	2015			2014			2013			2012			2011
Net asset value, beginning of period		$21.02			$21.18			$18.67			$15.35			$16.44
Net investment loss		(0.18	)1		(0.22	)1		(0.15	)1		(0.17	)1		(0.20	)1
Net realized and unrealized gains (losses) on investments		(0.25	)		2.13			4.09			4.75			(0.64	)
Total from investment operations		(0.43	)		1.91			3.94			4.58			(0.84	)
Distributions to shareholders from
Net realized gains		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)
Net asset value, end of period		$17.78			$21.02			$21.18			$18.67			$15.35
Total return2		(2.49	)%		9.42	%		22.78	%		30.87	%		(5.29	)%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		2.03	%		2.05	%		2.05	%		2.05	%
Net expenses		2.00	%		2.01	%		2.01	%		2.01	%		2.01	%
Net investment loss		(0.94	)%		(1.03	)%		(0.78	)%		(0.96	)%		(1.13	)%
Supplemental data
Portfolio turnover rate		51	%		38	%		40	%		30	%		41	%
Net assets, end of period (000s omitted)		$116			$296			$521			$806			$1,655

¹  Calculated based upon average shares outstanding

²  Total return calculations do not include any sales charges.

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

18 Wells Fargo Advantage Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$21.02			$21.18			$18.67			$15.35			$16.44
Net investment loss		(0.18	)		(0.22	)1		(0.16	)1		(0.16	)1		(0.18	)1
Net realized and unrealized gains (losses) on investments		(0.26	)		2.13			4.10			4.74			(0.66	)
Total from investment operations		(0.44	)		1.91			3.94			4.58			(0.84	)
Distributions to shareholders from
Net realized gains		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)
Net asset value, end of period		$17.77			$21.02			$21.18			$18.67			$15.35
Total return2		(2.49	)%		9.42	%		22.78	%		30.95	%		(5.35	)%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		2.03	%		2.05	%		2.06	%		2.05	%
Net expenses		2.00	%		2.01	%		2.01	%		2.01	%		2.01	%
Net investment loss		(0.93	)%		(1.01	)%		(0.81	)%		(0.92	)%		(1.01	)%
Supplemental data
Portfolio turnover rate		51	%		38	%		40	%		30	%		41	%
Net assets, end of period (000s omitted)		$25,668			$30,245			$29,483			$20,080			$17,887

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 Common Stock Fund 19

(For a share outstanding throughout each period)

	Year ended September 30
CLASS R6	2015			2014			20131
Net asset value, beginning of period		$25.27			$24.78			$22.83
Net investment income		0.05			0.07	2		0.01
Net realized and unrealized gains (losses) on investments		(0.31	)		2.49			1.94
Total from investment operations		(0.26	)		2.56			1.95
Distributions to shareholders from
Net realized gains		(2.81	)		(2.07	)		0.00
Net asset value, end of period		$22.20			$25.27			$24.78
Total return3		(1.29	)%		10.76	%		8.54	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.80	%		0.81	%
Net expenses		0.80	%		0.80	%		0.81	%
Net investment income		0.28	%		0.27	%		0.18	%
Supplemental data
Portfolio turnover rate		51	%		38	%		40	%
Net assets, end of period (000s omitted)		$95,037			$95,213			$27

¹  For the period from June 28, 2013 (commencement of class operations) to September 30, 2013

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$24.98			$24.59			$21.26			$17.18			$18.20
Net investment income (loss)		(0.01	)1		(0.02	)1		0.01			0.01			(0.01	)1
Net realized and unrealized gains (losses) on investments		(0.32	)		2.48			4.75			5.33			(0.76	)
Total from investment operations		(0.33	)		2.46			4.76			5.34			(0.77	)
Distributions to shareholders from
Net realized gains		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)
Net asset value, end of period		$21.84			$24.98			$24.59			$21.26			$17.18
Total return		(1.62	)%		10.41	%		23.92	%		32.15	%		(4.44	)%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.11	%		1.11	%		1.10	%		1.10	%
Net expenses		1.10	%		1.09	%		1.09	%		1.07	%		1.09	%
Net investment income (loss)		(0.03	)%		(0.07	)%		0.11	%		0.01	%		(0.05	)%
Supplemental data
Portfolio turnover rate		51	%		38	%		40	%		30	%		41	%
Net assets, end of period (000s omitted)		$18,050			$45,364			$24,871			$19,428			$19,044

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Advantage Common Stock Fund 21

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$25.25			$24.77			$21.37			$17.23			$18.21
Net investment income		0.03			0.03			0.07	1		0.06	1		0.01
Net realized and unrealized gains (losses) on investments		(0.31	)		2.52			4.76			5.34			(0.74	)
Total from investment operations		(0.28	)		2.55			4.83			5.40			(0.73	)
Distributions to shareholders from
Net realized gains		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)
Net asset value, end of period		$22.16			$25.25			$24.77			$21.37			$17.23
Total return		(1.38	)%		10.72	%		24.14	%		32.42	%		(4.22	)%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.85	%		0.87	%		0.88	%		0.87	%
Net expenses		0.85	%		0.85	%		0.87	%		0.88	%		0.87	%
Net investment income		0.24	%		0.14	%		0.33	%		0.28	%		0.29	%
Supplemental data
Portfolio turnover rate		51	%		38	%		40	%		30	%		41	%
Net assets, end of period (000s omitted)		$226,729			$223,525			$197,453			$86,645			$16,475

¹  Calculated based upon average shares outstanding

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

22 Wells Fargo Advantage Common Stock Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INVESTOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$25.39			$25.00			$21.64			$17.50			$18.57
Net investment loss		(0.05	)		(0.08	)		(0.02	)		(0.04	)		(0.06	)
Net realized and unrealized gains (losses) on investments		(0.33	)		2.54			4.81			5.44			(0.76	)
Total from investment operations		(0.38	)		2.46			4.79			5.40			(0.82	)
Distributions to shareholders from
Net realized gains		(2.81	)		(2.07	)		(1.43	)		(1.26	)		(0.25	)
Net asset value, end of period		$22.20			$25.39			$25.00			$21.64			$17.50
Total return		(1.80	)%		10.23	%		23.63	%		31.89	%		(4.62	)%
Ratios to average net assets (annualized)
Gross expenses		1.34	%		1.34	%		1.35	%		1.37	%		1.36	%
Net expenses		1.29	%		1.29	%		1.29	%		1.29	%		1.29	%
Net investment loss		(0.21	)%		(0.29	)%		(0.08	)%		(0.20	)%		(0.29	)%
Supplemental data
Portfolio turnover rate		51	%		38	%		40	%		30	%		41	%
Net assets, end of period (000s omitted)		$830,592			$953,073			$933,930			$817,678			$723,711

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

Notes to financial statements Wells Fargo Advantage Common Stock 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 Common Stock 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 Common Stock 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.

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 September 30, 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
$(1,969,225)	$590,876	$1,378,349

As of September 30, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $691,459 expiring in 2016.

As of September 30, 2015, the Fund had a qualified late-year ordinary loss of $1,267,133 which will be recognized on the first day of the following fiscal year.

Class allocations

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

Notes to financial statements Wells Fargo Advantage Common Stock Fund 25

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	217,858,267	$	0	$	0	$	217,858,267
Consumer staples		16,599,196		0		0		16,599,196
Energy		74,228,292		0		0		74,228,292
Financials		283,531,556		0		0		283,531,556
Health care		130,951,526		0		0		130,951,526
Industrials		202,144,959		0		0		202,144,959
Information technology		277,218,825		0		0		277,218,825
Materials		66,956,374		0		0		66,956,374
Exchange-traded funds		17,624,092		0		0		17,624,092
Short-term investments
Investment companies		23,318,173		10,872,275		0		34,190,448
Total assets	$	1,310,431,260	$	10,872,275	$	0	$	1,321,303,535

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At September 30, 2015, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

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 0.63% 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 0.75% and declined to 0.60% as the average daily net assets of the Fund increased. In addition, fund-level administrative services were provided by Funds Management under a separate

26 Wells Fargo Advantage Common Stock Fund Notes to financial statements

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 financial statement purposes, the advisory fee and fund-level administration fee for the year ended September 30, 2015 have been included in management fee on the Statement of Operations.

For the year ended September 30, 2015, the management fee was equivalent to an annual rate of 0.75% of the Fund’s average daily net assets.

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

Administration fees

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 B, Class C		0.21	%		0.26	%
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 January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.26% for Class A shares, 2.01% for Class B shares, 2.01% for Class C shares, 0.85% for Class R6 shares, 1.10% for Administrator Class shares, 0.85% for Institutional Class Shares, and 1.29% 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. Prior to July 1, 2015, the Fund’s expenses were capped at 0.90% for Institutional Class 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 September 30, 2015, Funds Distributor received $4,425 from the sale of Class A shares and $400 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

Notes to financial statements Wells Fargo Advantage Common Stock Fund 27

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2015 were $742,355,399 and $981,953,620, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $200,000,000 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 0.20% of the unused balance is allocated to each participating fund. Prior to September 1, 2015, the revolving credit agreement amount was $150,000,000 and the annual commitment fee was equal to 0.10% of the unused balance which was allocated to each participating fund. For the year ended September 30, 2015, the Fund paid $2,348 in commitment fees.

For the year ended September 30, 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 September 30, 2015 and September 30, 2014 were as follows:

	Year ended September 30
	2015		2014
Ordinary income	$	8,684,768	$	4,937,404
Long-term capital gain		169,405,915		123,563,275

As of September 30, 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
$135,001,152	$232,342,445	$(1,267,133)	$(691,459)

8. INDEMNIFICATION

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

9. SUBSEQUENT EVENT

After the close of business on October 23, 2015, Investor Class shares of the Fund became Class A shares in a tax-free conversion. Shareholders of Investor Class of the Fund received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion.

28 Wells Fargo Advantage Common Stock 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 Common Stock Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of September 30, 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 September 30, 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 Common Stock Fund as of September 30, 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.

Boston, Massachusetts

November 24, 2015

Other information (unaudited) Wells Fargo Advantage Common Stock 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 September 30, 2015.

Pursuant to Section 852 of the Internal Revenue Code, $169,405,915 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $8,684,768 of income dividends paid during the fiscal year ended September 30, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2015, $8,684,768 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 Common Stock 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 144 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 public company or investment company directorships during past 5 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 a CFA ® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust; Harding Loevner Funds; Russell Exchange Traded Funds Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). 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 Common Stock Fund 31

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 72 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 72 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 Common Stock 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 Common Stock 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.

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

Other information (unaudited) Wells Fargo Advantage Common Stock 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 (Class A) 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 2500™ 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, overall investment approach, sector allocations 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, equal to or in range of the median net operating expense ratios of the expense Groups. The Board discussed and accepted Funds Management’s proposal to reduce the net operating expense ratio caps for the Institutional Class, and to convert the Investor Class shares into Class A shares.

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”).

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 lower than, in range of or equal to the average rates for the Fund’s expense Groups for all share classes.

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.

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.

34 Wells Fargo Advantage Common Stock Fund Other information (unaudited)

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 Common Stock 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

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

237462 11-15 A229/AR229 09-15

Wells Fargo Advantage Discovery Fund^SM

Annual Report

September 30, 2015

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	23
Report of independent registered public accounting firm	28
Other information	29
List of abbreviations	35

The views expressed and any forward-looking statements are as of September 30, 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 Discovery Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite generally improving U.S. economic data, the broad U.S. stock market experienced heightened volatility that caused U.S. stocks to end the period close to where they started.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Discovery Fund for the 12-month period that ended September 30, 2015. Despite generally improving U.S. economic data, the broad U.S. stock market experienced heightened volatility that caused U.S. stocks to end the period close to where they started. Small-cap stocks performed best, followed by mid caps and large caps. Markets outside the U.S. faced deeper ongoing challenges and generally delivered weaker results.

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

Strong quarterly U.S. stock results 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 new jobs continued to expand. In addition, the U.S. economy’s third-quarter 2014 growth rate was revised upward, and U.S. companies reported 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. moved forward, major economies elsewhere confronted ongoing challenges. While Japan eased out of a two-quarter contraction, growth in China continued to slow, Russia’s economy contracted for the first time since 2009, and eurozone growth remained sluggish.

In the first quarter of 2015, U.S. small caps and mid caps outperformed large caps; major markets elsewhere rallied.

U.S. small-, mid-, and large-cap stocks tended to move similarly during the first quarter until early March, when results began to diverge by market capitalization. Larger caps slipped as investor concern grew over the strengthening U.S. dollar’s potentially negative effect on the profits of large U.S. multinational firms; 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 the gradually improving 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.

U.S. stocks experienced challenges during the second quarter of 2015.

The broad U.S. stock market fluctuated widely, eventually eking out a small quarterly gain. Mid- and large-cap stocks at times were pressured by investor concerns over the potentially negative effects of financially troubled overseas economies and of a strengthening U.S. dollar on the profits of U.S. multinational firms. 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 they could take action soon. Throughout the quarter, non-U.S. markets also experienced 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.

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

In the third quarter of 2015, China’s slowdown took a toll on economies and markets worldwide.

U.S. stocks sagged during the quarter, experiencing the most volatility since 2011. Economic data released during the quarter suggested the U.S. economy remains solid but has lost some steam, burdened by the drag of the strong U.S. dollar coupled with global economic turmoil. The fact that the Fed left the federal funds interest rate unchanged at its September meeting fueled increased uncertainty about the U.S. economy’s stamina to remain healthy while facing the challenges of slowing in China and troubles elsewhere in the world. Outside the U.S., markets were even more volatile and delivered generally weaker quarterly results, also largely due to increasing anxiety over China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—are struggling under the dual strains of reduced demand for commodities and, because of weaker demand, lower prices for the commodities they do sell. In the eurozone, however, where only about 3% of exports are sent to China, household spending and business investment appeared relatively unaffected.

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,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

Notice to shareholders

At a meeting held August 11-12, 2015, the Board of Trustees of the Fund approved a change in the name of the Fund whereby the word “Advantage” was 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 Discovery Fund Performance highlights (unaudited)

The Fund is closed to most new investors¹.

Investment objective

The Fund seeks long-term total capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA

Michael T. Smith, CFA

Chris Warner, CFA

Average annual total returns² (%) as of September 30, 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 (WFDAX)	7-31-2007		(3.77	)		12.09		8.30		2.09		13.42		8.94		1.20		1.20
Class C (WDSCX)	7-31-2007		0.35			12.57		8.12		1.35		12.57		8.12		1.95		1.95
Class R6 (WFDRX)	6-28-2013		–			–		–		2.53		13.88		9.36		0.77		0.77
Administrator Class (WFDDX)	4-8-2005		–			–		–		2.24		13.56		9.10		1.12		1.12
Institutional Class (WFDSX)	8-31-2006		–			–		–		2.47		13.85		9.34		0.87		0.87
Investor Class (STDIX)+	12-31-1987		–			–		–		2.04		13.34		8.87		1.31		1.28
Russell 2500™ Growth Index5	–		–			–		–		3.35		13.93		8.38		–		–

⁺ Effective at the close of business on October 23, 2015, Investor Class shares of the Fund were converted to Class A shares and Investor Class shares are no longer offered.

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 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, 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. 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 Discovery Fund 5

Growth of $10,000 investment⁶ as of September 30, 2015

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

²  Historical performance shown for Class A and 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 and has been adjusted to reflect the higher expenses applicable to Class C 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, the returns would be higher. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of Administrator Class shares and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns would be higher.

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 January 31, 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 1.22% for Class A, 1.97% for Class C, 0.84% for Class R6, 1.15% for Administrator Class, 0.89% for Institutional Class, and 1.28% 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 2500™ Growth Index measures the performance of those Russell 2500™ 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 2500 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 Discovery Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund underperformed its benchmark, the Russell 2500 Growth Index, for the 12-month period that ended September 30, 2015.

n Challenging stock selection in the information technology (IT) and consumer discretionary sectors more than offset effective stock selection in the materials and consumer staples sectors.

n Despite the relative strength of the U.S. economy, macroeconomic and geopolitical uncertainties drove increased volatility in the stock markets, causing periods when investors inconsistently rewarded companies delivering strong earnings growth.

Although mixed U.S. economic data worried investors at times during the period, the data overall pointed to a continuing U.S. economic recovery. Most other countries could not match the pace of U.S. economic improvement, and many continued to face slowing growth; as a result, U.S. stocks remained a more attractive investment to us. In recent years, frequent periods of heightened macroeconomic or geopolitical concerns—combined with the resultant investor risk aversion—at times caused investors to inconsistently reward companies delivering strong earnings growth. Nevertheless, we continue to adhere to our disciplined investment process through all market environments and to invest the Fund in companies that in our view either dominate their respective markets, establish new markets through innovation, or are undergoing dynamic change. Our investment style leads to a portfolio that varies from the benchmark in both composition and return. Under certain market conditions, our investment style can go out of favor, which occasionally occurred during the reporting period.

Ten largest holdings7 (%) as of September 30, 2015
ServiceMaster Global Holdings Incorporated	2.36
Jarden Corporation	2.22
Wabtec Corporation	2.20
SEI Investments Company	2.15
Carlisle Companies Incorporated	2.06
Tyler Technologies Incorporated	2.03
CoStar Group Incorporated	2.03
Euronet Worldwide Incorporated	1.99
Alere Incorporated	1.76
Vantiv Incorporated Class A	1.75

Stock selection in the consumer discretionary sector detracted the most from Fund performance.

Our original investment thesis for Polaris Industries Incorporated centered on sustainable growth from a family of power-sports products benefiting from increased consumer demand for large-ticket durables, innovative new products, and expanding international demand. We also believed internal cost initiatives and improving scale in motorcycles from the company’s previous acquisition of the Indian Motorcycle brand could drive margin leverage over time. While our revenue thesis played out through the end of 2014 and into 2015, with solid sales in key growth markets, first-quarter 2015 results showed stagnant market share in Polaris’ core off-road vehicle segment due to competitors’ increased promotional efforts, which led Polaris to increase promotional

spending. Foreign exchange headwinds further pressured the company’s margins. These factors raised concern for us, and we sold the stock in favor of companies with greater earnings visibility.

While the IT sector contains some of the most innovative U.S. companies, these types of firms tend to have premium valuations that can suffer during periods of heightened volatility, which was the case at times during the reporting period. Several holdings in the internet software and services industry displayed weakness—especially Yelp Incorporated, which declined significantly; after the company reported decelerating growth trends, investors questioned its longer-term profitability potential. Shutterstock Incorporated also declined, despite reporting strong quarterly results, as investor concern mounted regarding increased competition and the negative effect of a strengthening U.S. dollar on international sales. Based on their disappointing results, both Yelp and Shutterstock were sold from the Fund during the reporting period.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Discovery Fund 7

Sector distribution⁸ as of September 30, 2015

Stock selection in the materials and consumer staples sectors benefited performance.

Although the materials sector typically offers few companies that are a fit for our true-growth style, Vulcan Materials Company—a provider of raw materials for asphalt and cement construction—proved beneficial to Fund performance. Vulcan’s stock rose as investors began appreciating strength in the company’s end markets, including nonresidential construction and infrastructure improvements. Within the consumer staples sector, beer and wine manufacturer Constellation Brands, Incorporated, outperformed, reflecting both a strengthening U.S. consumer and revenue and cost synergies from the company’s acquisition of the U.S. beer business of Grupo Modelo S.A.B. de C.V.

Our outlook for growth stocks remains strong despite some near-term volatility.

Turbulent markets have prompted us to seek higher certainty in Fund positioning. To this end, we use market weakness as an opportunity to upgrade portfolio quality. We believe companies with true organic growth should command a scarcity premium when global growth is weak and are selectively adding to positions with secular growth outlooks—companies we believe have strong catalysts that can help them power through a variety of market environments. These types of companies can be vulnerable to changing market sentiment because they command premium valuations at times; however, we believe the likelihood they could deliver long-term superior earnings growth serves as a floor to their valuation multiples. Common themes evident in the companies we seek include e-commerce, cloud computing, network security, credit card and payment processing, and biotechnology. Based on our experience, we believe these stocks potentially can provide long-term compounding of earnings growth that can be a foundation during volatile markets. We also are adding positions in select companies benefiting from the U.S. economic recovery; we remain believers in U.S. consumers, who are benefiting from a confluence of factors, including an improving job market, modest wage gains, falling inflation, and rising home values.

These remain challenging times for stock investors. Growth is scarce, and investor sentiment shifts rapidly in a market structure that empowers short-term trading and speculation. What have not changed, however, are the fundamentals of companies with innovative products, strong business models, and free cash flow. These fundamentals, which remain the driving factor to long-term excess returns, have been at the heart of our investment process for more than two decades and will remain our key areas of focus going forward.

Please see footnotes on page 5.

8 Wells Fargo Advantage Discovery Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2015 to September 30, 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 4-1-2015		Ending account value 9-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	910.67	$	5.80		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.12		1.21	%
Class C
Actual	$	1,000.00	$	907.46	$	9.37		1.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.24	$	9.90		1.96	%
Class R6
Actual	$	1,000.00	$	912.66	$	3.64		0.76	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.26	$	3.85		0.76	%
Administrator Class
Actual	$	1,000.00	$	911.40	$	5.22		1.09	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.60	$	5.52		1.09	%
Institutional Class
Actual	$	1,000.00	$	912.28	$	4.03		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.26		0.84	%
Investor Class
Actual	$	1,000.00	$	910.27	$	6.13		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.48		1.28	%

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—September 30, 2015 Wells Fargo Advantage Discovery Fund 9

Security name	Shares		Value
Common Stocks: 97.68%
Consumer Discretionary: 25.64%
Auto Components: 1.32%
Gentherm Incorporated †		936,834	$	42,082,583
Diversified Consumer Services: 4.00%
Bright Horizons Family Solutions Incorporated †		812,956		52,224,293
ServiceMaster Global Holdings Incorporated †		2,237,178		75,057,322
				127,281,615
Hotels, Restaurants & Leisure: 5.08%
Aramark		1,485,200		44,021,328
Dave & Buster Entertainment Incorporated †		1,210,475		45,792,269
Domino’s Pizza Incorporated		248,073		26,769,557
Vail Resorts Incorporated		430,920		45,108,706
				161,691,860
Household Durables: 3.12%
Harman International Industries Incorporated		300,800		28,873,792
Jarden Corporation †		1,443,590		70,562,679
				99,436,471
Internet & Catalog Retail: 0.53%
Vipshop Holdings Limited ADR †		1,006,310		16,906,008
Leisure Products: 1.02%
Brunswick Corporation		676,600		32,402,374
Media: 1.59%
Cinemark Holdings Incorporated		1,562,651		50,770,531
Specialty Retail: 6.41%
Caleres Incorporated		1,154,240		35,238,947
Lithia Motors Incorporated Class A		495,818		53,602,884
The Men’s Wearhouse Incorporated		869,000		36,949,880
The Michaels Companies Incorporated †		1,453,771		33,582,110
ULTA Salon, Cosmetics and Fragrance Incorporated †		272,900		44,578,215
				203,952,036
Textiles, Apparel & Luxury Goods: 2.57%
Columbia Sportswear Company		726,591		42,716,285
lululemon athletica Incorporated †«		771,086		39,055,506
				81,771,791
Consumer Staples: 1.30%
Beverages: 1.30%
Constellation Brands Incorporated Class A		329,957		41,313,916

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

10 Wells Fargo Advantage Discovery Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Energy: 1.25%
Oil, Gas & Consumable Fuels: 1.25%
Diamondback Energy Incorporated †		616,365	$	39,817,179
Financials: 4.41%
Capital Markets: 4.41%
Evercore Partners Incorporated Class A		686,000		34,464,640
Raymond James Financial Incorporated		752,160		37,329,701
SEI Investments Company		1,418,799		68,428,676
				140,223,017
Health Care: 18.70%
Biotechnology: 7.01%
Alnylam Pharmaceuticals Incorporated †		329,663		26,491,719
AMAG Pharmaceuticals Incorporated †		700,847		27,844,651
bluebird bio Incorporated †		170,400		14,577,720
Cepheid Incorporated †		955,810		43,202,612
Clovis Oncology Incorporated †		350,600		32,241,176
Insys Therapeutics Incorporation †«		459,200		13,068,832
Medivation Incorporated †		724,830		30,805,275
Novavax Incorporated †		1,754,948		12,407,482
Ultragenyx Pharmaceutical Incorporated †		232,100		22,353,551
				222,993,018
Health Care Equipment & Supplies: 6.35%
Alere Incorporated †		1,165,571		56,122,244
Align Technology Incorporated †		959,020		54,433,975
DexCom Incorporated †		610,773		52,440,970
The Cooper Companies Incorporated		262,194		39,030,199
				202,027,388
Health Care Providers & Services: 4.76%
Community Health Systems Incorporated †		810,500		34,665,085
Envision Healthcare Holdings Incorporated †		1,497,468		55,091,848
HealthEquity Incorporated †		441,441		13,044,582
VCA Incorporated †		926,713		48,791,439
				151,592,954
Pharmaceuticals: 0.58%
GW Pharmaceuticals plc †«		159,161		14,542,541
Intersect ENT Incorporated †		169,356		3,962,930
				18,505,471
Industrials: 17.53%
Aerospace & Defense: 2.32%
Huntington Ingalls Industries Incorporated		333,300		35,713,095

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Discovery Fund 11

Security name	Shares		Value
Aerospace & Defense (continued)
TASER International Incorporated †«		1,738,700	$	38,294,868
				74,007,963
Airlines: 0.89%
Spirit Airlines Incorporated †		602,718		28,508,561
Building Products: 3.04%
A.O. Smith Corporation		690,900		45,039,771
Allegion plc		896,600		51,697,956
				96,737,727
Electrical Equipment: 1.50%
Acuity Brands Incorporated		272,092		47,773,913
Industrial Conglomerates: 2.06%
Carlisle Companies Incorporated		749,979		65,533,165
Machinery: 3.91%
Proto Labs Incorporated †«		309,764		20,754,188
WABCO Holdings Incorporated †		319,700		33,514,151
Wabtec Corporation		796,015		70,089,121
				124,357,460
Road & Rail: 1.36%
Old Dominion Freight Line Incorporated †		710,199		43,322,139
Trading Companies & Distributors: 2.45%
Air Lease Corporation		1,077,600		33,319,392
HD Supply Holdings Incorporated †		1,558,077		44,592,164
				77,911,556
Information Technology: 24.40%
Electronic Equipment, Instruments & Components: 0.91%
Cognex Corporation		844,590		29,028,558
Internet Software & Services: 2.03%
CoStar Group Incorporated †		373,107		64,569,897
IT Services: 7.62%
Black Knight Financial Services Incorporated Class A †		801,025		26,073,364
EPAM Systems Incorporated †		730,847		54,462,718
Euronet Worldwide Incorporated †		854,450		63,306,201
Vantiv Incorporated Class A †		1,240,885		55,740,554
WEX Incorporated †		493,900		42,890,276
				242,473,113
Semiconductors & Semiconductor Equipment: 1.14%
Ambarella Incorporated †«		430,700		24,890,153

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

12 Wells Fargo Advantage Discovery Fund Portfolio of investments—September 30, 2015

Security name				Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Cavium Incorporated †					13,356	$	810,188
Tower Semiconductor Limited †«					825,869		10,628,934
							36,329,275
Software: 12.70%
CyberArk Software Limited †«					844,644		42,350,450
Fleetmatics Group plc †					752,765		36,953,235
Guidewire Software Incorporated †					860,166		45,227,528
Imperva Incorporated †					472,266		30,923,978
Paycom Software Incorporated †					1,387,663		49,830,978
Splunk Incorporated †					902,000		49,925,700
Tableau Software Incorporated Class A †					536,890		42,833,084
Take-Two Interactive Software Incorporated †					1,448,500		41,615,405
Tyler Technologies Incorporated †					433,067		64,661,234
							404,321,592
Materials: 2.83%
Chemicals: 1.55%
Axalta Coating Systems Limited †					1,955,496		49,552,269
Construction Materials: 1.28%
Vulcan Materials Company					456,000		40,675,200
Telecommunication Services: 1.62%
Diversified Telecommunication Services: 1.62%
Zayo Group Holdings Incorporated †					2,031,800		51,526,448
Total Common Stocks (Cost $2,864,710,229)							3,109,397,048
	Yield
Short-Term Investments: 7.11%
Investment Companies: 7.11%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%		155,369,825		155,369,825
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16			71,077,614		71,077,614
Total Short-Term Investments (Cost $226,447,439)							226,447,439

Total investments in securities (Cost $3,091,157,668) *	104.79	%		3,335,844,487
Other assets and liabilities, net	(4.79	)		(152,461,861	)
Total net assets	100.00	%	$	3,183,382,626

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Discovery Fund 13

† 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 $3,098,065,001 and unrealized gains (losses) consists of:

Gross unrealized gains	$	438,104,261
Gross unrealized losses		(200,324,775	)
Net unrealized gains	$	237,779,486

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

14 Wells Fargo Advantage Discovery Fund Statement of assets and liabilities—September 30, 2015

Assets
Investments
In unaffiliated securities (including $154,878,944 of securities loaned), at value (cost $2,864,710,229)	$	3,109,397,048
In affiliated securities, at value (cost $226,447,439)		226,447,439
Total investments, at value (cost $3,091,157,668)		3,335,844,487
Cash		89,660
Receivable for investments sold		32,631,448
Receivable for Fund shares sold		2,909,831
Receivable for dividends		268,727
Receivable for securities lending income		214,848
Prepaid expenses and other assets		100,079
Total assets		3,372,059,080
Liabilities
Payable for investments purchased		27,838,314
Payable for Fund shares redeemed		2,666,497
Payable upon receipt of securities loaned		155,369,825
Management fee payable		1,961,619
Distribution fee payable		43,910
Administration fees payable		450,222
Accrued expenses and other liabilities		346,067
Total liabilities		188,676,454
Total net assets	$	3,183,382,626
NET ASSETS CONSIST OF
Paid-in capital	$	2,703,408,023
Accumulated net investment loss		(15,952,398	)
Accumulated net realized gains on investments		251,240,182
Net unrealized gains on investments		244,686,819
Total net assets	$	3,183,382,626
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	294,661,447
Shares outstanding – Class A1		9,668,134
Net asset value per share – Class A		$30.48
Maximum offering price per share – Class A2		$32.34
Net assets – Class C	$	66,772,295
Shares outstanding – Class C1		2,364,826
Net asset value per share – Class C		$28.24
Net assets – Class R6	$	273,940,804
Shares outstanding – Class R61		8,538,962
Net asset value per share – Class R6		$32.08
Net assets – Administrator Class	$	575,567,922
Shares outstanding – Administrator Class1		18,467,427
Net asset value per share – Administrator Class		$31.17
Net assets – Institutional Class	$	1,436,125,394
Shares outstanding – Institutional Class1		44,829,173
Net asset value per share – Institutional Class		$32.04
Net assets – Investor Class	$	536,314,764
Shares outstanding – Investor Class1		17,741,572
Net asset value per share – Investor Class		$30.23

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—year ended September 30, 2015 Wells Fargo Advantage Discovery Fund 15

Investment income
Dividends	$	17,552,454
Securities lending income, net		1,890,464
Income from affiliated securities		61,213
Total investment income		19,504,131
Expenses
Management fee		24,555,814
Administration fees
Class A		829,849
Class C		198,681
Class R6		79,506
Administrator Class		720,440
Institutional Class		1,391,152
Investor Class		1,942,706
Shareholder servicing fees
Class A		837,932
Class C		200,186
Administrator Class		1,669,347
Investor Class		1,512,797
Distribution fee
Class C		600,559
Custody and accounting fees		186,742
Professional fees		48,304
Registration fees		220,956
Shareholder report expenses		160,720
Trustees’ fees and expenses		12,319
Other fees and expenses		48,367
Total expenses		35,216,377
Less: Fee waivers and/or expense reimbursements		(185,433	)
Net expenses		35,030,944
Net investment loss		(15,526,813	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		275,982,733
Net change in unrealized gains (losses) on investments		(179,089,579	)
Net realized and unrealized gains (losses) on investments		96,893,154
Net increase in net assets resulting from operations	$	81,366,341

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

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

	Year ended September 30, 2015						Year ended September 30, 2014
Operations
Net investment loss				$	(15,526,813	)				$	(24,674,953	)
Net realized gains on investments					275,982,733						251,309,104
Net change in unrealized gains (losses) on investments					(179,089,579	)					(163,265,630	)
Net increase in net assets resulting from operations					81,366,341						63,368,521
Distributions to shareholders from
Net realized gains
Class A					(25,776,649	)					(18,511,657	)
Class C					(6,863,393	)					(3,908,122	)
Class R6					(17,262,427	)					(229,375	)
Administrator Class					(50,657,190	)					(43,636,565	)
Institutional Class					(106,198,751	)					(67,126,218	)
Investor Class					(47,364,646	)					(44,953,612	)
Total distributions to shareholders					(254,123,056	)					(178,365,549	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,233,465			73,592,537			7,194,353			239,880,930
Class C		138,248			4,164,875			1,622,065			51,372,776
Class R6		2,308,430			80,634,658			6,927,824			238,614,217
Administrator Class		3,535,503			118,624,154			9,555,255			322,630,260
Institutional Class		9,758,577			338,209,673			21,122,614			729,415,487
Investor Class		1,282,386			42,218,844			6,373,102			212,464,614
					657,444,741						1,794,378,284
Reinvestment of distributions
Class A		794,342			24,513,393			538,849			17,583,098
Class C		192,115			5,525,235			96,590			2,976,900
Class R6		533,450			17,262,427			6,756			229,375
Administrator Class		1,597,396			50,349,928			1,265,085			42,051,507
Institutional Class		3,201,342			103,499,406			1,949,307			66,159,461
Investor Class		1,517,879			46,477,457			1,369,482			44,412,550
					247,627,846						173,412,891
Payment for shares redeemed
Class A		(3,720,446	)		(122,265,640	)		(4,521,227	)		(147,714,590	)
Class C		(750,393	)		(22,961,276	)		(467,017	)		(14,485,281	)
Class R6		(845,623	)		(29,124,505	)		(392,681	)		(13,289,526	)
Administrator Class		(7,503,991	)		(251,365,044	)		(9,001,522	)		(300,190,618	)
Institutional Class		(9,499,972	)		(326,555,506	)		(10,163,663	)		(348,731,781	)
Investor Class		(4,251,475	)		(138,396,041	)		(7,579,456	)		(245,701,164	)
					(890,668,012	)					(1,070,112,960	)
Net increase in net assets resulting from capital share transactions					14,404,575						897,678,215
Total increase (decrease) in net assets					(158,352,140	)					782,681,187
Net assets
Beginning of period					3,341,734,766						2,559,053,579
End of period				$	3,183,382,626					$	3,341,734,766
Accumulated net investment loss				$	(15,952,398	)				$	(12,579,383	)

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

Financial highlights Wells Fargo Advantage Discovery Fund 17

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$32.35			$33.50			$26.89			$21.20			$20.71
Net investment loss		(0.24	)		(0.30	)		(0.08	)1		(0.14	)1		(0.21	)1
Net realized and unrealized gains (losses) on investments		0.96			1.36			8.14			6.82			0.70
Total from investment operations		0.72			1.06			8.06			6.68			0.49
Distributions to shareholders from
Net realized gains		(2.59	)		(2.21	)		(1.45	)		(0.99	)		0.00
Net asset value, end of period		$30.48			$32.35			$33.50			$26.89			$21.20
Total return2		2.09	%		3.15	%		31.86	%		32.05	%		2.37	%
Ratios to average net assets (annualized)
Gross expenses		1.23	%		1.25	%		1.27	%		1.29	%		1.34	%
Net expenses		1.21	%		1.22	%		1.22	%		1.22	%		1.30	%
Net investment loss		(0.64	)%		(0.95	)%		(0.29	)%		(0.53	)%		(0.86	)%
Supplemental data
Portfolio turnover rate		87	%		84	%		86	%		104	%		111	%
Net assets, end of period (000s omitted)		$294,661			$335,221			$239,506			$114,882			$41,507

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 Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$30.37			$31.81			$25.79			$20.51			$20.19
Net investment loss		(0.43	)1		(0.35	)		(0.30	)1		(0.31	)1		(0.38	)1
Net realized and unrealized gains (losses) on investments		0.89			1.12			7.77			6.58			0.70
Total from investment operations		0.46			0.77			7.47			6.27			0.32
Distributions to shareholders from
Net realized gains		(2.59	)		(2.21	)		(1.45	)		(0.99	)		0.00
Net asset value, end of period		$28.24			$30.37			$31.81			$25.79			$20.51
Total return2		1.35	%		2.33	%		30.89	%		31.10	%		1.59	%
Ratios to average net assets (annualized)
Gross expenses		1.98	%		2.00	%		2.02	%		2.04	%		2.09	%
Net expenses		1.96	%		1.97	%		1.97	%		1.97	%		2.07	%
Net investment loss		(1.39	)%		(1.70	)%		(1.08	)%		(1.28	)%		(1.62	)%
Supplemental data
Portfolio turnover rate		87	%		84	%		86	%		104	%		111	%
Net assets, end of period (000s omitted)		$66,772			$84,585			$48,768			$16,803			$5,205

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 Discovery Fund 19

(For a share outstanding throughout each period)

	Year ended September 30
CLASS R6	2015			2014			20131
Net asset value, beginning of period		$33.78			$34.73			$31.03
Net investment income (loss)		(0.07	)		(0.17	)		0.02	2
Net realized and unrealized gains (losses) on investments		0.96			1.43			3.68
Total from investment operations		0.89			1.26			3.70
Distributions to shareholders from
Net realized gains		(2.59	)		(2.21	)		0.00
Net asset value, end of period		$32.08			$33.78			$34.73
Total return3		2.53	%		3.60	%		11.96	%
Ratios to average net assets (annualized)
Gross expenses		0.76	%		0.77	%		0.77	%
Net expenses		0.76	%		0.77	%		0.77	%
Net investment income (loss)		(0.21	)%		(0.45	)%		0.30	%
Supplemental data
Portfolio turnover rate		87	%		84	%		86	%
Net assets, end of period (000s omitted)		$273,941			$221,043			$28

¹  For the period from June 28, 2013 (commencement of class operations) to September 30, 2013

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$32.99			$34.08			$27.30			$21.50			$20.96
Net investment loss		(0.20	)		(0.27	)1		(0.04	)		(0.12	)1		(0.20	)
Net realized and unrealized gains (losses) on investments		0.97			1.39			8.27			6.91			0.74
Total from investment operations		0.77			1.12			8.23			6.79			0.54
Distributions to shareholders from
Net realized gains		(2.59	)		(2.21	)		(1.45	)		(0.99	)		0.00
Net asset value, end of period		$31.17			$32.99			$34.08			$27.30			$21.50
Total return		2.24	%		3.25	%		32.01	%		32.12	%		2.58	%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.08	%		1.10	%		1.13	%		1.17	%
Net expenses		1.09	%		1.08	%		1.10	%		1.13	%		1.15	%
Net investment loss		(0.52	)%		(0.81	)%		(0.13	)%		(0.45	)%		(0.70	)%
Supplemental data
Portfolio turnover rate		87	%		84	%		86	%		104	%		111	%
Net assets, end of period (000s omitted)		$575,568			$687,537			$648,228			$478,673			$203,820

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Advantage Discovery Fund 21

(For a share outstanding throughout each period

	Year ended September 30
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$33.76			$34.74			$27.73			$21.76			$21.17
Net investment income (loss)		(0.09	)		(0.20	)		0.01			(0.07	)		(0.14	)
Net realized and unrealized gains (losses) on investments		0.96			1.43			8.45			7.03			0.73
Total from investment operations		0.87			1.23			8.46			6.96			0.59
Distributions to shareholders from
Net realized gains		(2.59	)		(2.21	)		(1.45	)		(0.99	)		0.00
Net asset value, end of period		$32.04			$33.76			$34.74			$27.73			$21.76
Total return		2.47	%		3.51	%		32.36	%		32.53	%		2.79	%
Ratios to average net assets (annualized)
Gross expenses		0.82	%		0.82	%		0.84	%		0.86	%		0.91	%
Net expenses		0.82	%		0.82	%		0.84	%		0.86	%		0.90	%
Net investment income (loss)		(0.26	)%		(0.54	)%		0.11	%		(0.19	)%		(0.45	)%
Supplemental data
Portfolio turnover rate		87	%		84	%		86	%		104	%		111	%
Net assets, end of period (000s omitted)		$1,436,125			$1,396,603			$988,615			$524,506			$274,039

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

22 Wells Fargo Advantage Discovery Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INVESTOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$32.13			$33.31			$26.76			$21.12			$20.64
Net investment loss		(0.28	)		(0.33	)1		(0.09	)1		(0.15	)1		(0.24	)
Net realized and unrealized gains (losses) on investments		0.97			1.36			8.09			6.78			0.72
Total from investment operations		0.69			1.03			8.00			6.63			0.48
Distributions to shareholders from
Net realized gains		(2.59	)		(2.21	)		(1.45	)		(0.99	)		0.00
Net asset value, end of period		$30.23			$32.13			$33.31			$26.76			$21.12
Total return		2.04	%		3.04	%		31.78	%		31.93	%		2.33	%
Ratios to average net assets (annualized)
Gross expenses		1.30	%		1.30	%		1.32	%		1.36	%		1.40	%
Net expenses		1.28	%		1.28	%		1.28	%		1.29	%		1.37	%
Net investment loss		(0.71	)%		(1.01	)%		(0.30	)%		(0.61	)%		(0.93	)%
Supplemental data
Portfolio turnover rate		87	%		84	%		86	%		104	%		111	%
Net assets, end of period (000s omitted)		$536,315			$616,746			$633,908			$459,028			$279,715

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 Discovery 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 Discovery 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

24 Wells Fargo Advantage Discovery Fund Notes to financial statements

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary permanent differences causing such reclassifications are due to net operating losses. At September 30, 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
$(12,071,091)	$12,153,798	$(82,707)

As of September 30, 2015, the Fund had a qualified late-year ordinary loss of $15,951,990 which will be recognized on the first day of the following fiscal year.

Class allocations

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

Notes to financial statements Wells Fargo Advantage Discovery Fund 25

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	816,295,269	$	0	$	0	$	816,295,269
Consumer staples		41,313,916		0		0		41,313,916
Energy		39,817,179		0		0		39,817,179
Financials		140,223,017		0		0		140,223,017
Health care		595,118,831		0		0		595,118,831
Industrials		558,152,484		0		0		558,152,484
Information technology		776,722,435		0		0		776,722,435
Materials		90,227,469		0		0		90,227,469
Telecommunication services		51,526,448		0		0		51,526,448
Short-term investments
Investment companies		71,077,614		155,369,825		0		226,447,439
Total assets	$	3,180,474,662	$	155,369,825	$	0	$	3,335,844,487

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At September 30, 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 0.80% and declining to 0.63% 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 0.75% and declined to 0.60% as the average daily net assets of the Fund increased. In addition, fund-level administrative services were provided by Funds Management under a separate

26 Wells Fargo Advantage Discovery Fund Notes to financial statements

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 financial statement purposes, the advisory fee and fund-level administration fee for the year ended September 30, 2015 have been included in management fee on the Statement of Operations.

For the year ended September 30, 2015, the management fee was equivalent to an annual rate of 0.71% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.45% and declining to 0.35% 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 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 January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.22% for Class A shares, 1.97% for Class C shares, 0.84% for Class R6 shares, 1.15% for Administrator Class shares, 0.89% for Institutional Class shares, and 1.28% 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 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 September 30, 2015, Funds Distributor received $7,603 from the sale of Class A shares and $678 in contingent deferred sales charges from redemptions 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, Administrator Class, and Investor Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

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

Notes to financial statements Wells Fargo Advantage Discovery Fund 27

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2015 were $2,944,734,556 and $3,258,618,908, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $200,000,000 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 0.20% of the unused balance is allocated to each participating fund. Prior to September 1, 2015, the revolving credit agreement amount was $150,000,000 and the annual commitment fee was equal to 0.10% of the unused balance which was allocated to each participating fund. For the year ended September 30, 2015, the Fund paid $4,998 in commitment fees.

For the year ended September 30, 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 September 30, 2015 and September 30, 2014 were as follows:

	Year ended September 30
	2015		2014
Ordinary income	$	0	$	62,752,815
Long-term capital gain		254,123,056		115,612,734

As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized gains	Late-year ordinary losses deferred
$258,147,512	$237,779,486	$(15,951,990)

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. SUBSEQUENT EVENT

After the close of business on October 23, 2015, Investor Class shares of the Fund became Class A shares in a tax-free conversion. Shareholders of Investor Class of the Fund received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion.

28 Wells Fargo Advantage Discovery 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 Discovery Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of September 30, 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 September 30, 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 Discovery Fund as of September 30, 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.

Boston, Massachusetts

November 24, 2015

Other information (unaudited) Wells Fargo Advantage Discovery Fund 29

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $254,123,056 was designated as long-term capital gain distributions for the fiscal year ended September 30, 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

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 Discovery 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 144 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 public company or investment company directorships during past 5 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 a CFA ® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust; Harding Loevner Funds; Russell Exchange Traded Funds Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). 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 Discovery Fund 31

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Fund Administration from 2005 to 2010.

¹  Nancy Wiser acts as Treasurer of 72 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 72 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 Discovery 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 Discovery 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 Discovery Fund 33

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

Fund performance and expenses

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 higher than or in range of its benchmark, the Russell 2500™ Growth Index, for all periods under review except the one-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 recent 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 convert the Investor Class shares into Class A shares.

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”).

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 lower than or in range of the average rates for the Fund’s expense Groups for all share classes.

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.

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

34 Wells Fargo Advantage Discovery Fund Other information (unaudited)

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 Discovery 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.

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, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

237463 11-15 A230/AR230 09-15

Wells Fargo Advantage Enterprise Fund^SM

Annual Report

September 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	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 September 30, 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 Enterprise Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite generally improving U.S. economic data, the broad U.S. stock market experienced heightened volatility that caused U.S. stocks to end the period close to where they started.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Enterprise Fund for the 12-month period that ended September 30, 2015. Despite generally improving U.S. economic data, the broad U.S. stock market experienced heightened volatility that caused U.S. stocks to end the period close to where they started. Small-cap stocks performed best, followed by mid caps and large caps. Markets outside the U.S. faced deeper ongoing challenges and generally delivered weaker results.

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

Strong quarterly U.S. stock results 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 new jobs continued to expand. In addition, the U.S. economy’s third-quarter 2014 growth rate was revised upward, and U.S. companies reported 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. moved forward, major economies elsewhere confronted ongoing challenges. While Japan eased out of a two-quarter contraction, growth in China continued to slow, Russia’s economy contracted for the first time since 2009, and eurozone growth remained sluggish.

In the first quarter of 2015, U.S. small caps and mid caps outperformed large caps; major markets elsewhere rallied.

U.S. small-, mid-, and large-cap stocks tended to move similarly during the first quarter until early March, when results began to diverge by market capitalization. Larger caps slipped as investor concern grew over the strengthening U.S. dollar’s potentially negative effect on the profits of large U.S. multinational firms; 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 the gradually improving 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.

U.S. stocks experienced challenges during the second quarter of 2015.

The broad U.S. stock market fluctuated widely, eventually eking out a small quarterly gain. Mid- and large-cap stocks at times were pressured by investor concerns over the potentially negative effects of financially troubled overseas economies and of a strengthening U.S. dollar on the profits of U.S. multinational firms. 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 they could take action soon. Throughout the quarter, non-U.S. markets also experienced 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.

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

In the third quarter of 2015, China’s slowdown took a toll on economies and markets worldwide.

U.S. stocks sagged during the quarter, experiencing the most volatility since 2011. Economic data released during the quarter suggested the U.S. economy remains solid but has lost some steam, burdened by the drag of the strong U.S. dollar coupled with global economic turmoil. The fact that the Fed left the federal funds interest rate unchanged at its September meeting fueled increased uncertainty about the U.S. economy’s stamina to remain healthy while facing the challenges of slowing in China and troubles elsewhere in the world. Outside the U.S., markets were even more volatile and delivered generally weaker quarterly results, also largely due to increasing anxiety over China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—are struggling under the dual strains of reduced demand for commodities and, because of weaker demand, lower prices for the commodities they do sell. In the eurozone, however, where only about 3% of exports are sent to China, household spending and business investment appeared relatively unaffected.

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,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

Notice to shareholders

At a meeting held August 11-12, 2015, the Board of Trustees of the Fund approved a change in the name of the Fund whereby the word “Advantage” was 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 Enterprise 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

Chris Warner, CFA

Average annual total returns¹ (%) as of September 30, 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 (SENAX)	2-24-2000		(6.37	)		10.08		6.17		(0.67	)		11.39		6.80		1.24		1.18
Class B (WENBX)*	8-26-2011		(6.38	)		10.30		6.45		(1.38	)		10.57		6.45		1.99		1.93
Class C (WENCX)	3-31-2008		(2.41	)		10.57		6.02		(1.41	)		10.57		6.02		1.99		1.93
Class R6 (WENRX)	10-31-2014		–			–		–		(0.28	)		11.78		7.26		0.81		0.80
Administrator Class (SEPKX)	8-30-2002		–			–		–		(0.46	)		11.51		6.99		1.16		1.10
Institutional Class (WFEIX)	6-30-2003		–			–		–		(0.32	)		11.77		7.25		0.91		0.85
Investor Class (SENTX)+	9-30-1998		–			–		–		(0.72	)		11.32		6.71		1.35		1.24
Russell Midcap® Growth Index4	–		–			–		–		1.45			13.58		8.09		–		–

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

⁺ Effective at the close of business on October 23, 2015, Investor Class shares of the Fund were converted to Class A shares and Investor Class shares are no longer offered.

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 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. 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 Enterprise Fund 5

Growth of $10,000 investment⁵ as of September 30, 2015

¹  Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 19, 2008, includes Advisor Class expenses. Historical performance shown for Class B shares prior to their inception reflects the performance of Class C shares. Historical performance shown for Class C shares prior to their inception reflects the performance of Investor Class shares and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and is not adjusted to reflect Class R6 expenses. If these expenses had been included, returns for Class R6 would be higher.

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

³  The manager has contractually committed through January 31, 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.

⁴  The Russell Midcap^® Growth Index measures the performance of those Russell Midcap^® companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000^® Growth index. 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 Midcap 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 Enterprise Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund underperformed its benchmark, the Russell Midcap Growth Index, for the 12-month period that ended September 30, 2015.

n Challenging stock selection in the health care and telecommunication services sectors more than offset effective stock selection in the materials and financials sectors.

n Despite the relative strength of the U.S. economy, macroeconomic and geopolitical uncertainties drove increased volatility in the stock markets, causing periods when investors inconsistently rewarded companies delivering strong earnings growth.

Although mixed U.S. economic data worried investors at times during the period, the data overall pointed to a continuing U.S. economic recovery. Most other countries could not match the pace of U.S. economic improvement, and many continued to face slowing growth; as a result, U.S. stocks remained a more attractive investment to us. In recent years, frequent periods of heightened macroeconomic or geopolitical concerns—combined with the resultant investor risk aversion—at times caused investors to inconsistently reward companies delivering strong earnings growth. Nevertheless, we continue to adhere to our disciplined investment process through all market environments and to invest the Fund in companies that in our view either dominate their respective markets, establish new markets through innovation, or are undergoing dynamic change. Our investment style leads to a portfolio that varies from the benchmark in both composition and return. Under certain market conditions, our investment style can go out of favor, which occasionally occurred during the reporting period.

Ten largest holdings6 (%) as of September 30, 2015
SBA Communications Corporation Class A	2.65
McGraw Hill Financial Incorporated	2.38
Constellation Brands Incorporated Class A	2.38
ServiceMaster Global Holdings Incorporated	2.27
Carlisle Companies Incorporated	2.08
Intercontinental Exchange Incorporated	2.04
Akamai Technologies Incorporated	2.01
Jarden Corporation	1.98
Alliance Data Systems Corporation	1.97
Wabtec Corporation	1.97

Stock selection in the health care sector detracted the most from Fund performance; selection in telecommunication services also held back results.

Salix Pharmaceuticals, Limited, a gastroenterology-focused specialty pharmaceutical company, hindered results due primarily to management’s reduction in its forward-guidance expectations, citing an unexpected increase in inventory within the wholesaler channel. Despite a positive outlook for approval of new indications for Salix’s existing drugs, this reduction in visibility of end-market demand and management’s ability to forecast it led us to conclude our thesis was at risk; consistent with our sell discipline, we exited the position. Within the telecommunication services sector, shares of Level 3 Communications, Incorporated, declined following

quarterly results that did not meet investor expectations and the company’s poor communication of a salesforce reorganization. Level 3 should enjoy synergies and salesforce productivity improvements from its acquisition of Time Warner Telecom LLC. However, with the increased uncertainty regarding when these benefits may be realized, we sold the position in the stock.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Enterprise Fund 7

Sector distribution⁷ as of September 30, 2015

Stock selection in the materials and financials sectors aided performance.

Although the materials sector typically offers few companies that are a fit for our true-growth style, Vulcan Materials Company—a provider of raw materials for asphalt and cement construction—proved beneficial to Fund performance. Vulcan’s stock rose as investors began appreciating strength in the company’s end markets, including nonresidential construction and infrastructure improvements. Within the financials sector, shares of SEI Investments Company advanced as the company continued to execute on its private bank–focused platform. Over the past several years, SEI developed a new back-office processing solution for trust banks that integrates and streamlines the recordkeeping process; this

innovative platform has been well received in the market, and the company announced it is actively discussing potential conversions with multiple large banks.

Our outlook for growth stocks remains strong despite some near-term volatility.

Turbulent markets have prompted us to seek higher certainty in Fund positioning. To this end, we use market weakness as an opportunity to upgrade portfolio quality. We believe companies with true organic growth should command a scarcity premium when global growth is weak and are selectively adding to positions with secular growth outlooks—companies we believe have strong catalysts that can help them power through a variety of market environments. These types of companies can be vulnerable to changing market sentiment because they command premium valuations at times; however, we believe the likelihood they could deliver long-term superior earnings growth serves as a floor to their valuation multiples. Common themes evident in the companies we seek include e-commerce, cloud computing, network security, credit card and payment processing, and biotechnology. Based on our experience, we believe these stocks potentially can provide long-term compounding of earnings growth that can be a foundation during volatile markets. We also are adding positions in select companies benefiting from the U.S. economic recovery; we remain believers in U.S. consumers, who are benefiting from a confluence of factors, including an improving job market, modest wage gains, falling inflation, and rising home values.

These remain challenging times for stock investors. Growth is scarce, and investor sentiment shifts rapidly in a market structure that empowers short-term trading and speculation. What have not changed, however, are the fundamentals of companies with innovative products, strong business models, and free cash flow. These fundamentals, which remain the driving factor to long-term excess returns, have been at the heart of our investment process for more than two decades and will remain our key areas of focus going forward.

Please see footnotes on page 5.

8 Wells Fargo Advantage Enterprise Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2015 to September 30, 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 4-1-2015		Ending account value 9-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	897.02	$	5.61		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Class B
Actual	$	1,000.00	$	893.89	$	9.16		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.39	$	9.75		1.93	%
Class C
Actual	$	1,000.00	$	893.68	$	9.16		1.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.39	$	9.75		1.93	%
Class R6
Actual	$	1,000.00	$	898.70	$	3.81		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06	$	4.05		0.80	%
Administrator Class
Actual	$	1,000.00	$	898.19	$	5.14		1.08	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.65	$	5.47		1.08	%
Institutional Class
Actual	$	1,000.00	$	898.48	$	4.05		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Investor Class
Actual	$	1,000.00	$	896.73	$	5.90		1.24	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.85	$	6.28		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—September 30, 2015 Wells Fargo Advantage Enterprise Fund 9

Security name	Shares		Value
Common Stocks: 98.52%
Consumer Discretionary: 26.21%
Auto Components: 1.85%
Delphi Automotive plc		159,485	$	12,127,239
Automobiles: 0.54%
Tesla Motors Incorporated Ǡ		14,200		3,527,280
Diversified Consumer Services: 2.27%
ServiceMaster Global Holdings Incorporated †		443,198		14,869,293
Hotels, Restaurants & Leisure: 8.07%
Aramark		269,859		7,998,621
Chipotle Mexican Grill Incorporated †		12,720		9,161,580
Dave & Buster Entertainment Incorporated †		228,700		8,651,721
Hilton Worldwide Holdings Incorporated		468,020		10,736,379
Norwegian Cruise Line Holdings Limited †		149,500		8,566,350
Vail Resorts Incorporated		73,035		7,645,304
				52,759,955
Household Durables: 3.03%
Harman International Industries Incorporated		71,700		6,882,483
Jarden Corporation †		264,900		12,948,312
				19,830,795
Media: 2.51%
Cinemark Holdings Incorporated		305,000		9,909,450
Liberty Global plc Class C †		157,842		6,474,679
				16,384,129
Specialty Retail: 4.36%
Lithia Motors Incorporated Class A		77,200		8,346,092
O’Reilly Automotive Incorporated †		22,900		5,679,853
The Men’s Wearhouse Incorporated		159,900		6,798,948
ULTA Salon, Cosmetics and Fragrance Incorporated †		47,200		7,710,120
				28,535,013
Textiles, Apparel & Luxury Goods: 3.58%
Columbia Sportswear Company		142,981		8,405,853
lululemon athletica Incorporated Ǡ		131,697		6,670,453
Under Armour Incorporated Class A †		85,760		8,299,853
				23,376,159
Consumer Staples: 3.76%
Beverages: 2.38%
Constellation Brands Incorporated Class A		124,200		15,551,082
Food & Staples Retailing: 1.38%
The Kroger Company		250,800		9,046,356

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

10 Wells Fargo Advantage Enterprise Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Energy: 0.71%
Oil, Gas & Consumable Fuels: 0.71%
Diamondback Energy Incorporated †		72,300	$	4,670,580
Financials: 9.19%
Capital Markets: 2.99%
Raymond James Financial Incorporated		157,100		7,796,873
SEI Investments Company		244,300		11,782,589
				19,579,462
Diversified Financial Services: 4.42%
Intercontinental Exchange Incorporated		56,805		13,348,607
McGraw Hill Financial Incorporated		180,041		15,573,547
				28,922,154
Real Estate Management & Development: 1.78%
CBRE Group Incorporated Class A †		363,315		11,626,080
Health Care: 14.93%
Biotechnology: 3.51%
BioMarin Pharmaceutical Incorporated †		87,693		9,235,827
Incyte Corporation †		83,900		9,256,687
Vertex Pharmaceuticals Incorporated †		42,500		4,425,950
				22,918,464
Health Care Equipment & Supplies: 4.63%
Alere Incorporated †		235,939		11,360,463
Align Technology Incorporated †		145,200		8,241,552
Edwards Lifesciences Corporation †		75,300		10,705,401
				30,307,416
Health Care Providers & Services: 3.60%
Community Health Systems Incorporated †		116,000		4,961,320
Envision Healthcare Holdings Incorporated †		248,422		9,139,445
VCA Incorporated †		179,700		9,461,205
				23,561,970
Pharmaceuticals: 3.19%
Endo International plc †		122,300		8,472,944
Zoetis Incorporated		301,100		12,399,298
				20,872,242
Industrials: 15.84%
Aerospace & Defense: 2.15%
Huntington Ingalls Industries Incorporated		60,100		6,439,715
TASER International Incorporated Ǡ		346,500		7,631,663
				14,071,378

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Enterprise Fund 11

Security name	Shares		Value
Airlines: 1.37%
Delta Air Lines Incorporated		199,000	$	8,929,130
Building Products: 1.58%
Allegion plc		174,300		10,050,138
Builders FirstSource Incorporated †		24,138		306,070
				10,356,208
Electrical Equipment: 1.18%
Acuity Brands Incorporated		44,100		7,743,078
Industrial Conglomerates: 2.08%
Carlisle Companies Incorporated		155,933		13,625,426
Machinery: 2.92%
WABCO Holdings Incorporated †		59,200		6,205,936
Wabtec Corporation		146,300		12,881,715
				19,087,651
Professional Services: 1.95%
Verisk Analytics Incorporated Class A †		172,500		12,749,475
Road & Rail: 1.30%
Old Dominion Freight Line Incorporated †		138,800		8,466,800
Trading Companies & Distributors: 1.31%
HD Supply Holdings Incorporated †		299,801		8,580,305
Information Technology: 21.01%
Communications Equipment: 1.41%
Palo Alto Networks Incorporated †		53,691		9,234,852
Electronic Equipment, Instruments & Components: 0.86%
Cognex Corporation		163,900		5,633,243
Internet Software & Services: 5.45%
Akamai Technologies Incorporated †		190,700		13,169,742
CoStar Group Incorporated †		74,163		12,834,649
LinkedIn Corporation Class A †		50,800		9,658,604
				35,662,995
IT Services: 4.63%
Alliance Data Systems Corporation †		49,850		12,910,153
EPAM Systems Incorporated †		101,319		7,550,292
Vantiv Incorporated Class A †		217,981		9,791,707
				30,252,152
Semiconductors & Semiconductor Equipment: 1.51%
Ambarella Incorporated Ǡ		67,100		3,877,709
Avago Technologies Limited		48,000		6,000,480
				9,878,189

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

12 Wells Fargo Advantage Enterprise Fund Portfolio of investments—September 30, 2015

Security name				Shares			Value
Software: 7.15%
CyberArk Software Limited †					67,500		$	3,384,450
Electronic Arts Incorporated †					176,200			11,937,550
Paycom Software Incorporated †					98,879			3,550,745
ServiceNow Incorporated †					163,450			11,351,603
Tableau Software Incorporated Class A †					105,700			8,432,746
Workday Incorporated Class A †					117,100			8,063,506
								46,720,600
Materials: 2.66%
Chemicals: 1.49%
Axalta Coating Systems Limited †					384,402			9,740,747
Construction Materials: 1.17%
Vulcan Materials Company					85,400			7,617,680
Telecommunication Services: 4.21%
Diversified Telecommunication Services: 1.56%
Zayo Group Holdings Incorporated †					401,600			10,184,572
Wireless Telecommunication Services: 2.65%
SBA Communications Corporation Class A †					165,280			17,311,427
						��
Total Common Stocks (Cost $588,190,188)								644,311,577
	Yield
Short-Term Investments: 4.35%
Investment Companies: 4.35%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%		21,401,650			21,401,650
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16			7,070,842			7,070,842
Total Short-Term Investments (Cost $28,472,492)								28,472,492

Total investments in securities (Cost $616,662,680) *	102.87	%		672,784,069
Other assets and liabilities, net	(2.87	)		(18,801,390	)
Total net assets	100.00	%	$	653,982,679

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

† Non-income-earning security

(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 $617,567,830 and unrealized gains (losses) consists of:

Gross unrealized gains	$	90,374,632
Gross unrealized losses		(35,158,393	)
Net unrealized gains	$	55,216,239

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

Statement of assets and liabilities—September 30, 2015 Wells Fargo Advantage Enterprise Fund 13

Assets
Investments
In unaffiliated securities (including $21,301,679 of securities loaned), at value (cost $588,190,188)	$	644,311,577
In affiliated securities, at value (cost $28,472,492)		28,472,492
Total investments, at value (cost $616,662,680)		672,784,069
Cash		17,680
Receivable for investments sold		17,718,059
Receivable for Fund shares sold		771,890
Receivable for dividends		28,709
Receivable for securities lending income		22,853
Prepaid expenses and other assets		107,095
Total assets		691,450,355
Liabilities
Payable for investments purchased		14,539,620
Payable for Fund shares redeemed		822,310
Payable upon receipt of securities loaned		21,401,650
Management fee payable		360,743
Distribution fees payable		6,704
Administration fees payable		130,403
Accrued expenses and other liabilities		206,246
Total liabilities		37,467,676
Total net assets	$	653,982,679
NET ASSETS CONSIST OF
Paid-in capital	$	552,463,951
Accumulated net investment loss		(4,295,244	)
Accumulated net realized gains on investments		49,692,583
Net unrealized gains on investments		56,121,389
Total net assets	$	653,982,679
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	370,743,497
Shares outstanding – Class A1		8,847,571
Net asset value per share – Class A		$41.90
Maximum offering price per share – Class A2		$44.46
Net assets – Class B	$	886,429
Shares outstanding – Class B1		22,878
Net asset value per share – Class B		$38.75
Net assets – Class C	$	9,398,541
Shares outstanding – Class C1		242,515
Net asset value per share – Class C		$38.75
Net assets – Class R6	$	24,041
Shares outstanding – Class R61		536
Net asset value per share – Class R6		$44.89
Net assets – Administrator Class	$	3,542,463
Shares outstanding – Administrator Class1		81,281
Net asset value per share – Administrator Class		$43.58
Net assets – Institutional Class	$	87,278,660
Shares outstanding – Institutional Class1		1,944,987
Net asset value per share – Institutional Class		$44.87
Net assets – Investor Class	$	182,109,048
Shares outstanding – Investor Class1		4,424,037
Net asset value per share – Investor Class		$41.16

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 Enterprise Fund Statement of operations—year ended September 30, 2015

Investment income
Dividends (net of foreign withholding taxes of $2,895)	$	4,273,212
Securities lending income, net		68,761
Income from affiliated securities		5,428
Total investment income		4,347,401
Expenses
Management fee		5,588,329
Administration fees
Class A		1,048,319
Class B		3,197
Class C		25,374
Class R6		7	1
Administrator Class		39,819
Institutional Class		71,857
Investor Class		652,046
Shareholder servicing fees
Class A		1,057,862
Class B		3,199
Class C		25,650
Administrator Class		76,298
Investor Class		508,840
Distribution fees
Class B		9,598
Class C		76,948
Custody and accounting fees		49,425
Professional fees		43,008
Registration fees		122,099
Shareholder report expenses		97,356
Trustees’ fees and expenses		21,905
Other fees and expenses		19,324
Total expenses		9,540,460
Less: Fee waivers and/or expense reimbursements		(736,583	)
Net expenses		8,803,877
Net investment loss		(4,456,476	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		60,042,406
Net change in unrealized gains (losses) on investments		(53,364,165	)
Net realized and unrealized gains (losses) on investments		6,678,241
Net increase in net assets resulting from operations	$	2,221,765

¹  For the period from October 31, 2014 (commencement of class operations) to September 30, 2015

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

Statement of changes in net assets Wells Fargo Advantage Enterprise Fund 15

	Year ended September 30, 2015						Year ended September 30, 2014
Operations
Net investment loss				$	(4,456,476	)				$	(6,533,393	)
Net realized gains on investments					60,042,406						112,335,438
Net change in unrealized gains (losses) on investments					(53,364,165	)					(67,208,817	)
Net increase in net assets resulting from operations					2,221,765						38,593,228
Distributions to shareholders from
Net realized gains
Class A					(50,757,257	)					(35,681,689	)
Class B					(181,113	)					(211,712	)
Class C					(1,277,712	)					(778,785	)
Class R6					(2,811	)1					N/A
Administrator Class					(5,027,746	)					(1,012,394	)
Institutional Class					(8,785,678	)					(6,714,365	)
Investor Class					(24,434,273	)					(17,198,764	)
Total distributions to shareholders					(90,466,590	)					(61,597,709	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		125,100			5,768,841			287,962			13,896,895
Class B		115			5,022			1,507			69,241
Class C		29,071			1,259,547			50,976			2,361,005
Class R6		475	1		25,000	1		N/A			N/A
Administrator Class		127,718			6,003,464			880,332			44,626,697
Institutional Class		876,223			41,657,557			355,524			18,623,743
Investor Class		229,245			10,496,364			204,862			9,916,261
					65,215,795						89,493,842
Reinvestment of distributions
Class A		1,085,457			47,076,276			689,941			32,861,871
Class B		4,370	��		176,274			4,480			201,822
Class C		30,217			1,219,238			16,106			725,586
Class R6		61	1		2,811	1		N/A			N/A
Administrator Class		111,310			5,012,290			15,743			774,411
Institutional Class		126,526			5,860,663			79,143			3,981,687
Investor Class		557,032			23,740,725			356,862			16,751,082
					83,088,277						55,296,459
Payment for shares redeemed
Class A		(1,083,157	)		(49,981,902	)		(894,749	)		(43,816,066	)
Class B		(17,274	)		(754,198	)		(28,086	)		(1,302,951	)
Class C		(31,076	)		(1,334,211	)		(32,725	)		(1,502,681	)
Administrator Class		(1,061,267	)		(49,413,536	)		(189,422	)		(9,521,181	)
Institutional Class		(570,369	)		(28,005,911	)		(478,070	)		(24,984,493	)
Investor Class		(559,225	)		(25,524,047	)		(509,391	)		(24,457,262	)
					(155,013,805	)					(105,584,634	)
Net increase (decrease) in net assets resulting from capital share transactions					(6,709,733	)					39,205,667
Total increase (decrease) in net assets					(94,954,558	)					16,201,186
Net assets
Beginning of period					748,937,237						732,736,051
End of period				$	653,982,679					$	748,937,237
Accumulated net investment loss				$	(4,295,244	)				$	(4,115,510	)

¹  For the period from October 31, 2014 (commencement of class operations) to September 30, 2015

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

16 Wells Fargo Advantage Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$47.93			$49.54			$37.67			$29.10			$30.21
Net investment income (loss)		(0.29	)		(0.43	)1		0.01	1		(0.18	)		(0.17	)1
Net realized and unrealized gains (losses) on investments		0.18			3.00			11.86			8.75			(0.94	)
Total from investment operations		(0.11	)		2.57			11.87			8.57			(1.11	)
Distributions to shareholders from
Net realized gains		(5.92	)		(4.18	)		0.00			0.00			0.00
Net asset value, end of period		$41.90			$47.93			$49.54			$37.67			$29.10
Total return2		(0.67	)%		5.27	%		31.55	%		29.46	%		(3.71	)%
Ratios to average net assets (annualized)
Gross expenses		1.29	%		1.29	%		1.30	%		1.29	%		1.34	%
Net expenses		1.18	%		1.18	%		1.18	%		1.18	%		1.18	%
Net investment income (loss)		(0.60	)%		(0.87	)%		0.01	%		(0.49	)%		(0.51	)%
Supplemental data
Portfolio turnover rate		101	%		98	%		91	%		102	%		104	%
Net assets, end of period (000s omitted)		$370,743			$417,971			$427,860			$359,068			$307,735

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 Enterprise Fund 17

(For a share outstanding throughout each period)

	Year ended September 30
CLASS B	2015			2014			2013			2012			20111
Net asset value, beginning of period		$45.06			$47.14			$36.11			$28.10			$29.17
Net investment loss		(0.58	)2		(0.76	)2		(0.27	)2		(0.42	)2		(0.04	)2
Net realized and unrealized gains (losses) on investments		0.19			2.86			11.30			8.43			(1.03	)
Total from investment operations		(0.39	)		2.10			11.03			8.01			(1.07	)
Distributions to shareholders from
Net realized gains		(5.92	)		(4.18	)		0.00			0.00			0.00
Net asset value, end of period		$38.75			$45.06			$47.14			$36.11			$28.10
Total return3		(1.38	)%		4.46	%		30.55	%		28.51	%		(3.67	)%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.04	%		2.05	%		2.04	%		2.09	%
Net expenses		1.93	%		1.93	%		1.93	%		1.93	%		1.93	%
Net investment loss		(1.34	)%		(1.63	)%		(0.68	)%		(1.25	)%		(1.26	)%
Supplemental data
Portfolio turnover rate		101	%		98	%		91	%		102	%		104	%
Net assets, end of period (000s omitted)		$886			$1,607			$2,723			$3,235			$4,695

¹  For the period from August 26, 2011 (commencement of class operations) to September 30, 2011

²  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Advantage Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$45.07			$47.14			$36.11			$28.10			$29.39
Net investment loss		(0.59	)1		(0.75	)1		(0.29	)1		(0.42	)1		(0.44	)1
Net realized and unrealized gains (losses) on investments		0.19			2.86			11.32			8.43			(0.85	)
Total from investment operations		(0.40	)		2.11			11.03			8.01			(1.29	)
Distributions to shareholders from
Net realized gains		(5.92	)		(4.18	)		0.00			0.00			0.00
Net asset value, end of period		$38.75			$45.07			$47.14			$36.11			$28.10
Total return2		(1.41	)%		4.49	%		30.55	%		28.51	%		(4.39	)%
Ratios to average net assets (annualized)
Gross expenses		2.04	%		2.04	%		2.05	%		2.04	%		2.09	%
Net expenses		1.93	%		1.93	%		1.93	%		1.93	%		1.97	%
Net investment loss		(1.36	)%		(1.62	)%		(0.72	)%		(1.24	)%		(1.35	)%
Supplemental data
Portfolio turnover rate		101	%		98	%		91	%		102	%		104	%
Net assets, end of period (000s omitted)		$9,399			$9,658			$8,483			$7,508			$6,428

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 Enterprise Fund 19

(For a share outstanding throughout the period)

CLASS R6	Period ended September 30, 20151
Net asset value, beginning of period		$52.65
Net investment loss		(0.08	)
Net realized and unrealized gains (losses) on investments		(1.76	)
Total from investment operations		(1.84	)
Distributions to shareholders from
Net realized gains		(5.92	)
Net asset value, end of period		$44.89
Total return2		(3.84	)%
Ratios to average net assets (annualized)
Gross expenses		0.81	%
Net expenses		0.80	%
Net investment loss		(0.19	)%
Supplemental data
Portfolio turnover rate		101	%
Net assets, end of period (000s omitted)		$24

¹  For the period from October 31, 2014 (commencement of class operations) to September 30, 2015

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 Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$49.54			$51.03			$38.77			$29.93			$31.03
Net investment income (loss)		(0.23	)1		(0.37	)1		0.02	1		(0.16	)1		(0.24	)
Net realized and unrealized gains (losses) on investments		0.19			3.06			12.24			9.00			(0.86	)
Total from investment operations		(0.04	)		2.69			12.26			8.84			(1.10	)
Distributions to shareholders from
Net realized gains		(5.92	)		(4.18	)		0.00			0.00			0.00
Net asset value, end of period		$43.58			$49.54			$51.03			$38.77			$29.93
Total return		(0.46	)%		5.33	%		31.62	%		29.54	%		(3.54	)%
Ratios to average net assets (annualized)
Gross expenses		1.09	%		1.12	%		1.13	%		1.12	%		1.17	%
Net expenses		1.07	%		1.09	%		1.11	%		1.12	%		1.15	%
Net investment income (loss)		(0.47	)%		(0.74	)%		0.05	%		(0.46	)%		(0.62	)%
Supplemental data
Portfolio turnover rate		101	%		98	%		91	%		102	%		104	%
Net assets, end of period (000s omitted)		$3,542			$44,760			$10,046			$6,757			$22,811

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Advantage Enterprise Fund 21

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$50.77			$52.07			$39.46			$30.38			$31.42
Net investment income (loss)		(0.13	)1		(0.28	)1		0.18	1		(0.06	)1		(0.13	)1
Net realized and unrealized gains (losses) on investments		0.15			3.16			12.43			9.14			(0.91	)
Total from investment operations		0.02			2.88			12.61			9.08			(1.04	)
Distributions to shareholders from
Net realized gains		(5.92	)		(4.18	)		0.00			0.00			0.00
Net asset value, end of period		$44.87			$50.77			$52.07			$39.46			$30.38
Total return		(0.32	)%		5.61	%		31.96	%		29.89	%		(3.31	)%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.86	%		0.87	%		0.86	%		0.90	%
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.89	%
Net investment income (loss)		(0.27	)%		(0.54	)%		0.41	%		(0.17	)%		(0.37	)%
Supplemental data
Portfolio turnover rate		101	%		98	%		91	%		102	%		104	%
Net assets, end of period (000s omitted)		$87,279			$76,790			$81,021			$93,367			$121,618

¹  Calculated based upon average shares outstanding

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

22 Wells Fargo Advantage Enterprise Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INVESTOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$47.21			$48.88			$37.19			$28.75			$29.87
Net investment loss		(0.30	)1		(0.45	)		(0.02	)1		(0.19	)1		(0.29	)1
Net realized and unrealized gains (losses) on investments		0.17			2.96			11.71			8.63			(0.83	)
Total from investment operations		(0.13	)		2.51			11.69			8.44			(1.12	)
Distributions to shareholders from
Net realized gains		(5.92	)		(4.18	)		0.00			0.00			0.00
Net asset value, end of period		$41.16			$47.21			$48.88			$37.19			$28.75
Total return		(0.72	)%		5.21	%		31.43	%		29.36	%		(3.75	)%
Ratios to average net assets (annualized)
Gross expenses		1.36	%		1.35	%		1.36	%		1.36	%		1.40	%
Net expenses		1.24	%		1.24	%		1.24	%		1.25	%		1.36	%
Net investment loss		(0.67	)%		(0.93	)%		(0.05	)%		(0.56	)%		(0.84	)%
Supplemental data
Portfolio turnover rate		101	%		98	%		91	%		102	%		104	%
Net assets, end of period (000s omitted)		$182,109			$198,152			$202,602			$169,111			$144,883

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 Enterprise 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 Enterprise 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 Enterprise 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.

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 reclassification is due to net operating losses. At September 30, 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
$(4,276,742)	$4,276,742

As of September 30, 2015, the Fund had a qualified late-year ordinary loss of $4,272,398 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

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

Notes to financial statements Wells Fargo Advantage Enterprise Fund 25

hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	171,409,863	$	0	$	0	$	171,409,863
Consumer staples		24,597,438		0		0		24,597,438
Energy		4,670,580		0		0		4,670,580
Financials		60,127,696		0		0		60,127,696
Health care		97,660,092		0		0		97,660,092
Industrials		103,609,451		0		0		103,609,451
Information technology		137,382,031		0		0		137,382,031
Materials		17,358,427		0		0		17,358,427
Telecommunication services		27,495,999		0		0		27,495,999
Short-term investments
Investment companies		7,070,842		21,401,650		0		28,472,492
Total assets	$	651,382,419	$	21,401,650	$	0	$	672,784,069

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At September 30, 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 0.75% and declining to 0.63% 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 0.70% and declined to 0.60% as the average daily net assets of the Fund increased. In addition, 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 financial statement purposes, the advisory fee and fund-level administration fee for the year ended September 30, 2015 have been included in management fee on the Statement of Operations.

For the year ended September 30, 2015, the management fee was equivalent to an annual rate of 0.74% of the Fund’s average daily net assets.

26 Wells Fargo Advantage Enterprise Fund Notes to financial statements

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

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 B, Class C		0.21	%		0.26	%
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 January 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.18% for Class A shares, 1.93% for Class B shares, 1.93% for Class C shares, 0.80% for Class R6 shares, 1.10% for Administrator Class shares, 0.85% for Institutional Class shares, and 1.24% for Investor Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain 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 September 30, 2015, Funds Distributor received $6,417 from the sale of Class A shares and $21 in contingent deferred sales charges from redemptions of Class B shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2015 were $745,689,596 and $849,657,554, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $200,000,000 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

Notes to financial statements Wells Fargo Advantage Enterprise Fund 27

in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.20% of the unused balance is allocated to each participating fund. Prior to September 1, 2015, the revolving credit agreement amount was $150,000,000 and the annual commitment fee was equal to 0.10% of the unused balance which was allocated to each participating fund. For the year ended September 30, 2015, the Fund paid $1,120 in commitment fees.

For the year ended September 30, 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 September 30, 2015 and September 30, 2014 were as follows:

	Year ended September 30
	2015		2014
Ordinary income	$	0	$	9,333,410
Long-term capital gain		90,466,590		52,264,299

As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed long-term gain	Unrealized gains	Late-year ordinary losses deferred
$50,597,733	$55,216,239	$(4,272,398)

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. SUBSEQUENT EVENT

After the close of business on October 23, 2015, Investor Class shares of the Fund became Class A shares in a tax-free conversion. Shareholders of Investor Class of the Fund received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion.

28 Wells Fargo Advantage Enterprise 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 Enterprise Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of September 30, 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 September 30, 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 Enterprise Fund as of September 30, 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.

Boston, Massachusetts

November 24, 2015

Other information (unaudited) Wells Fargo Advantage Enterprise Fund 29

TAX INFORMATION

Pursuant to Section 852 of the Internal Revenue Code, $90,466,590 was designated as long-term capital gain distributions for the fiscal year ended September 30, 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

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 Enterprise 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 144 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 public company or investment company directorships during past 5 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 a CFA ® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust; Harding Loevner Funds; Russell Exchange Traded Funds Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). 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 Enterprise Fund 31

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Fund Administration from 2005 to 2010.

¹  Nancy Wiser acts as Treasurer of 72 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 72 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 Enterprise 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 Enterprise 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.

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.

Other information (unaudited) Wells Fargo Advantage Enterprise 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 (Administrator Class) was higher than the average performance of the Universe for all periods under review except for the one- and three-year periods. The Board also noted that the performance of the Fund was lower than its benchmark, the Russell Midcap^® Growth Index, for all periods under review except the first quarter of 2015.

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 that affected the Fund’s performance, and of longer term and recent 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 discussed and accepted Funds Management’s proposal to convert the Investor Class shares into Class A shares.

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”).

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 lower than or in range of the average rates for the Fund’s expense Groups for all share classes.

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.

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.

34 Wells Fargo Advantage Enterprise 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 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 Enterprise 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.

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, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

237464 11-15 A231/AR231 09-15

Wells Fargo Advantage Opportunity Fund^SM

Annual Report

September 30, 2015

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	14
Statement of operations	15
Statement of changes in net assets	16
Financial highlights	17
Notes to financial statements	23
Report of independent registered public accounting firm	29
Other information	30
List of abbreviations	36

The views expressed and any forward-looking statements are as of September 30, 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 Opportunity Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite generally improving U.S. economic data, the broad U.S. stock market experienced heightened volatility that caused U.S. stocks to end the period close to where they started.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Opportunity Fund for the 12-month period that ended September 30, 2015. Despite generally improving U.S. economic data, the broad U.S. stock market experienced heightened volatility that caused U.S. stocks to end the period close to where they started. Small-cap stocks performed best, followed by mid caps and large caps. Markets outside the U.S. faced deeper ongoing challenges and generally delivered weaker results.

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

Strong quarterly U.S. stock results 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 new jobs continued to expand. In addition, the U.S. economy’s third-quarter 2014 growth rate was revised upward, and U.S. companies reported 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. moved forward, major economies elsewhere confronted ongoing challenges. While Japan eased out of a two-quarter contraction, growth in China continued to slow, Russia’s economy contracted for the first time since 2009, and eurozone growth remained sluggish.

In the first quarter of 2015, U.S. small caps and mid caps outperformed large caps; major markets elsewhere rallied.

U.S. small-, mid-, and large-cap stocks tended to move similarly during the first quarter until early March, when results began to diverge by market capitalization. Larger caps slipped as investor concern grew over the strengthening U.S. dollar’s potentially negative effect on the profits of large U.S. multinational firms;

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 the gradually improving 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.

U.S. stocks experienced challenges during the second quarter of 2015.

The broad U.S. stock market fluctuated widely, eventually eking out a small quarterly gain. Mid- and large-cap stocks at times were pressured by investor concerns over the potentially negative effects of financially troubled overseas economies and of a strengthening U.S. dollar on the profits of U.S. multinational firms. 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 they could take action soon. Throughout the quarter, non-U.S. markets also experienced 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.

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

In the third quarter of 2015, China’s slowdown took a toll on economies and markets worldwide.

U.S. stocks sagged during the quarter, experiencing the most volatility since 2011. Economic data released during the quarter suggested the U.S. economy remains solid but has lost some steam, burdened by the drag of the strong U.S. dollar coupled with global economic turmoil. The fact that the Fed left the federal funds interest rate unchanged at its September meeting fueled increased uncertainty about the U.S. economy’s stamina to remain healthy while facing the challenges of slowing in China and troubles elsewhere in the world. Outside the U.S., markets were even more volatile and delivered generally weaker quarterly results, also largely due to increasing anxiety over China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—are struggling under the dual strains of reduced demand for commodities and, because of weaker demand, lower prices for the commodities they do sell. In the eurozone, however, where only about 3% of exports are sent to China, household spending and business investment appeared relatively unaffected.

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,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

Notice to shareholders

At a meeting held August 11–12, 2015, the Board of Trustees of the Fund approved a change in the name of the Fund whereby the word “Advantage” was 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 Opportunity Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term of capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Ann M. Miletti

Average annual total returns¹ (%) as of September 30, 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 (SOPVX)	2-24-2000		(7.88	)		8.24		5.46		(2.27	)		9.53		6.09		1.22		1.22
Class B (SOPBX)*	8-26-2011		(7.98	)		8.43		5.50		(2.98	)		8.72		5.50		1.97		1.97
Class C (WFOPX)	3-31-2008		(4.01	)		8.72		5.30		(3.01	)		8.72		5.30		1.97		1.97
Administrator Class (WOFDX)	8-30-2002		–			–		–		(2.04	)		9.79		6.35		1.14		1.01
Institutional Class (WOFNX)	7-30-2010		–			–		–		(1.81	)		10.05		6.47		0.89		0.76
Investor Class (SOPFX)+	12-31-1985		–			–		–		(2.30	)		9.47		6.03		1.33		1.24
Russell 3000® Index4	–		–			–		–		(0.49	)		13.28		6.92		–		–

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

⁺ Effective at the close of business on October 23, 2015, Investor Class shares of the Fund were converted to Class A shares and Investor Class shares are no longer offered.

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, 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. 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 Opportunity Fund 5

Growth of $10,000 investment⁵ as of September 30, 2015

¹  Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for the Class A shares through June 19, 2008, includes Advisor Class expenses. Historical performance shown for Class B shares prior to their inception reflects the performance of Class C shares. Historical performance shown for Class C shares prior to their inception reflects the performance of Class A shares and has been adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Institutional Class prior to their inception reflects the performance of Administrator Class shares, and includes the higher expenses applicable to Administrator Class shares. If these expenses had not been included, returns would be higher.

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The manager has contractually committed through January 31, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at 1.21% for Class A, 1.96% for Class B, 1.96% for Class C, 1.00% for Administrator class, 0.75% for Institutional Class, and 1.23% 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.

⁴  The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. 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 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 Opportunity Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund underperformed its benchmark, the Russell 3000^® Index, for the 12-month period that ended September 30, 2015.

n Stock selection in the consumer discretionary and industrials sectors detracted the most from performance.

n Stock selection added significant value in the information technology (IT) sector and, to a lesser extent, in the financials sector.

The broad U.S. stock market rose for the first three quarters of the period, hitting all-time highs in the summer of 2015, then declined sharply in a highly volatile final quarter, ending the 12-month period close to the level at which it started. A number of factors influenced the stock market. While the U.S. Federal Reserve had been expected to increase the federal funds target interest rate during the period, no action was taken as of September 30. The plummeting price of crude oil negatively affected stocks within the energy sector and nearly every commodity-related industry. China’s economy, previously a big driver of global growth, showed signs of slowing down, prompting the country’s government to devalue its currency and take steps to control China’s stock market. The U.S. dollar rose more than every major currency for most of the period. The U.S. economy remained strong, with favorable trends in employment, gross domestic product, wages, disposable income, housing, and inflation. In this environment and with the expectation of tighter U.S. monetary policy and higher volatility to come, we continued to seek well-positioned companies (those with good business models, strong management teams, and healthy cash flows) trading at attractive discounts to their private market values (PMVs). (The PMV represents the expected price an investor would pay for the entire company as a stand-alone private entity.)

Ten largest holdings6 (%) as of September 30, 2015
Apple Incorporated	2.50
Alphabet Incorporated Class C	2.24
Medtronic plc	2.15
American International Group Incorporated	2.09
Bio-Rad Laboratories Incorporated Class A	2.03
ACE Limited	1.77
PNC Financial Services Group Incorporated	1.77
The Progressive Corporation	1.73
Citigroup Incorporated	1.61
Comcast Corporation Class A	1.57

Stock selection within the consumer discretionary and industrials sectors held back Fund performance.

Overall, the Fund’s holdings in the consumer discretionary sector did not keep pace with the consumer discretionary sector within the Russell 3000 Index. In the for-profit education industry, Apollo Education Group, Inc., declined sharply for the period. The company faced a number of unfavorable regulatory and labor market trends during the period. Apollo recently delivered disappointing fiscal-year-end results; the company also exited the associate’s degree business, resulting in lowered expectations for its 2016 fiscal year. In the industrials sector, the road and rail and the aerospace and defense industries underperformed. Lower demand for commodities negatively affected the rail industry,

including Canadian Pacific Railway Limited. Also, Hertz Global Holdings, Incorporated, declined due to uncertainty caused by management turnover and missed regulatory financial filings.

Fund performance benefited from positive stock selection in multiple sectors.

The Fund’s top-performing sector, IT, benefited from positive stock selection as well as overweight positioning in the sector. A number of outperforming stocks could be found in the IT services and semiconductor industries. Global Payments Incorporated, which provides electronic payment processing services, continued to gain market share, expand margins, and buy back stock. The Fund’s semiconductor holdings benefited from merger and acquisition (M&A) activity and from continued expansion in mobile communication devices, usage, services, and infrastructure. Avago Technologies Limited’s acquisitions of Broadcom Corporation and LSI Corporation were accretive to earnings, and the Fund also benefited from its position in semiconductor firm Altera Corporation, which was acquired by Intel Corporation during the period. M&A activity proved beneficial as well in the materials sector, where Cytec Industries Incorporated, a specialty-materials and chemicals company for the aerospace and other industries, agreed to be acquired by Solvay SA. In the insurance industry, First American Financial Corporation rose in tandem with an improving housing market and increasing margins. Also, The Progressive Corporation benefited from a rise in auto insurance premiums and effective advertising that ultimately helped its bottom line. Select Fund holdings in the consumer staples sector, including The Kroger Company and Church & Dwight Company, Incorporated, benefited from increased consumer spending within its U.S. client base.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Opportunity Fund 7

Sector distribution⁷ as of September 30, 2015

Our focus remains constant: to add value for shareholders through attractively priced, high-quality Fund holdings.

Our methodology includes buying stocks at a discount to their estimated PMVs and selling stocks as they approach or exceed 80% of their PMVs.

Our process typically leads us to overweights in the IT and consumer discretionary sectors and to underweights in the financials (due to lower exposure to real estate investment trusts) and utilities sectors. Through our disciplined investment process, we remain keenly aware of both price and enterprise values on a company-by-company basis. Our proprietary database of company acquisitions across industries, sectors, and time frames

enables us to maintain a steady foundation for assessing the PMVs of companies compared with their public stock prices. We strive to take advantage of those price discrepancies for the benefit of Fund shareholders by purchasing stocks when we believe they are selling at a discount to their PMVs.

An improving economy and favorable investor sentiment helped broadly lift stock prices and keep multiples high over most of the 12-month period; however, events at the end of the period led the market downward and stock prices closer to the level at which they began. With the probability of rising interest rates over the near term, we believe stock investors will be more discerning going forward. In our view, companies with attractive stock prices relative to their PMVs should be brought to the forefront by our process, potentially allowing us to add value through our unique bottom-up research.

Please see footnotes on page 5.

8 Wells Fargo Advantage Opportunity Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2015 to September 30, 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 4-1-2015		Ending account value 9-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	899.38	$	5.76		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.12		1.21	%
Class B
Actual	$	1,000.00	$	896.16	$	9.32		1.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.24	$	9.90		1.96	%
Class C
Actual	$	1,000.00	$	895.97	$	9.32		1.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.24	$	9.90		1.96	%
Administrator Class
Actual	$	1,000.00	$	900.59	$	4.76		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Institutional Class
Actual	$	1,000.00	$	901.48	$	3.58		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.31	$	3.80		0.75	%
Investor Class
Actual	$	1,000.00	$	899.27	$	5.86		1.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.23		1.23	%

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—September 30, 2015 Wells Fargo Advantage Opportunity Fund 9

Security name	Shares		Value
Common Stocks: 98.87%
Consumer Discretionary: 18.00%
Auto Components: 1.48%
Johnson Controls Incorporated		608,170	$	25,153,911
Diversified Consumer Services: 0.65%
Apollo Education Group Incorporated †		1,006,111		11,127,588
Hotels, Restaurants & Leisure: 2.56%
Carnival Corporation		401,671		19,963,049
McDonald’s Corporation		240,312		23,677,941
				43,640,990
Household Durables: 1.35%
Harman International Industries Incorporated		239,726		23,011,299
Media: 5.01%
Comcast Corporation Class A		467,504		26,759,929
Discovery Communications Incorporated Class C †		658,157		15,986,634
Omnicom Group Incorporated		286,178		18,859,130
Twenty First Century Fox Incorporated Class B		870,618		23,567,629
				85,173,322
Multiline Retail: 3.50%
Macy’s Incorporated		322,797		16,565,942
Nordstrom Incorporated		294,558		21,122,754
Target Corporation		277,345		21,815,958
				59,504,654
Specialty Retail: 2.17%
Dick’s Sporting Goods Incorporated		378,351		18,769,993
Lowe’s Companies Incorporated		262,627		18,100,253
				36,870,246
Textiles, Apparel & Luxury Goods: 1.28%
Ralph Lauren Corporation		183,787		21,716,272
Consumer Staples: 7.19%
Food & Staples Retailing: 1.18%
The Kroger Company		555,255		20,028,048
Food Products: 3.52%
General Mills Incorporated		286,557		16,084,444
Mead Johnson Nutrition Company		295,787		20,823,405
The Hershey Company		250,651		23,029,814
				59,937,663
Household Products: 1.14%
Church & Dwight Company Incorporated		230,540		19,342,306

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

10 Wells Fargo Advantage Opportunity Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Personal Products: 1.35%
The Estee Lauder Companies Incorporated Class A		285,811	$	23,059,231
Energy: 7.98%
Energy Equipment & Services: 3.01%
Cameron International Corporation †		229,493		14,072,511
Schlumberger Limited		283,812		19,574,514
Weatherford International plc †		2,063,808		17,501,092
				51,148,117
Oil, Gas & Consumable Fuels: 4.97%
Cimarex Energy Company		218,099		22,350,786
EOG Resources Incorporated		333,600		24,286,080
Newfield Exploration Company †		683,604		22,490,572
Southwestern Energy Company †		1,222,608		15,514,896
				84,642,334
Financials: 16.79%
Banks: 6.17%
Citigroup Incorporated		552,602		27,414,585
KeyCorp		1,889,710		24,585,127
PNC Financial Services Group Incorporated		336,737		30,036,940
Regions Financial Corporation		2,541,321		22,897,302
				104,933,954
Capital Markets: 2.47%
Invesco Limited		672,405		20,999,208
TD Ameritrade Holding Corporation		663,727		21,133,068
				42,132,276
Insurance: 6.60%
ACE Limited		291,295		30,119,903
American International Group Incorporated		625,416		35,536,137
First American Financial Corporation		438,631		17,137,313
The Progressive Corporation		960,103		29,417,556
				112,210,909
REITs: 1.55%
American Tower Corporation		299,691		26,366,814
Health Care: 11.06%
Health Care Equipment & Supplies: 3.08%
Medtronic plc		545,951		36,545,960
Zimmer Holdings Incorporated		168,025		15,782,588
				52,328,548
Health Care Providers & Services: 0.83%
Patterson Companies Incorporated		325,312		14,069,744

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Opportunity Fund 11

Security name	Shares		Value
Life Sciences Tools & Services: 4.38%
Agilent Technologies Incorporated		525,236	$	18,031,352
Bio-Rad Laboratories Incorporated Class A †		257,615		34,600,271
Thermo Fisher Scientific Incorporated		179,511		21,950,605
				74,582,228
Pharmaceuticals: 2.77%
Merck & Company Incorporated		438,868		21,675,691
Novartis AG ADR		276,189		25,387,293
				47,062,984
Industrials: 12.70%
Aerospace & Defense: 2.92%
B/E Aerospace Incorporated		318,276		13,972,316
BWX Technologies Incorporated		655,550		17,280,298
United Technologies Corporation		205,964		18,328,736
				49,581,350
Airlines: 1.15%
United Continental Holdings Incorporated †		369,447		19,599,163
Commercial Services & Supplies: 2.59%
Republic Services Incorporated		576,667		23,758,680
Tyco International plc		603,967		20,208,736
				43,967,416
Electrical Equipment: 1.80%
Babcock & Wilcox Enterprises Incorporated †		803,713		13,502,378
Regal-Beloit Corporation		303,200		17,115,640
				30,618,018
Professional Services: 1.34%
Towers Watson & Company Class A		194,073		22,780,289
Road & Rail: 2.90%
Canadian Pacific Railway Limited		70,779		10,161,741
Hertz Global Holdings Incorporated †		1,230,500		20,586,265
J.B. Hunt Transport Services Incorporated		261,081		18,641,183
				49,389,189
Information Technology: 20.82%
Electronic Equipment, Instruments & Components: 2.58%
Amphenol Corporation Class A		412,470		21,019,471
TE Connectivity Limited		381,343		22,838,632
				43,858,103
Internet Software & Services: 2.24%
Alphabet Incorporated Class C †		62,652		38,118,730

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

12 Wells Fargo Advantage Opportunity Fund Portfolio of investments—September 30, 2015

Security name				Shares		Value
IT Services: 3.66%
Alliance Data Systems Corporation †					94,703	$	24,526,183
Cognizant Technology Solutions Corporation Class A †					272,098		17,036,056
Global Payments Incorporated					180,565		20,716,222
							62,278,461
Semiconductors & Semiconductor Equipment: 3.46%
ARM Holdings plc					1,142,497		16,414,497
Avago Technologies Limited					187,483		23,437,250
ON Semiconductor Corporation †					2,016,712		18,957,093
							58,808,840
Software: 6.38%
Check Point Software Technologies Limited †«					300,862		23,867,382
Citrix Systems Incorporated †					303,598		21,033,269
Oracle Corporation					550,817		19,895,510
Red Hat Incorporated †					341,204		24,525,744
Salesforce.com Incorporated †					277,020		19,233,499
							108,555,404
Technology Hardware, Storage & Peripherals: 2.50%
Apple Incorporated					384,936		42,458,441
Materials: 4.33%
Chemicals: 2.21%
PPG Industries Incorporated					200,779		17,606,311
Praxair Incorporated					196,209		19,985,849
							37,592,160
Containers & Packaging: 1.10%
Crown Holdings Incorporated †					407,279		18,633,014
Metals & Mining: 1.02%
Steel Dynamics Incorporated					1,012,607		17,396,588
Total Common Stocks (Cost $1,344,565,819)							1,681,678,604
	Yield
Short-Term Investments: 2.77%
Investment Companies: 2.77%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%		23,006,900		23,006,900
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16			24,116,741		24,116,741
Total Short-Term Investments (Cost $47,123,641)							47,123,641

Total investments in securities (Cost $1,391,689,460) *	101.64	%		1,728,802,245
Other assets and liabilities, net	(1.64	)		(27,976,121	)
Total net assets	100.00	%	$	1,700,826,124

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Opportunity Fund 13

† 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 $1,401,288,234 and unrealized gains (losses) consists of:

Gross unrealized gains	$	416,140,970
Gross unrealized losses		(88,626,959	)
Net unrealized gains	$	327,514,011

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

14 Wells Fargo Advantage Opportunity Fund Statement of assets and liabilities—September 30, 2015

Assets
Investments
In unaffiliated securities (including $22,672,514 of securities loaned), at value (cost $1,344,565,819)	$	1,681,678,604
In affiliated securities, at value (cost $47,123,641)		47,123,641
Total investments, at value (cost $1,391,689,460)		1,728,802,245
Receivable for Fund shares sold		140,447
Receivable for dividends		2,473,246
Receivable for securities lending income		1,849
Prepaid expenses and other assets		68,660
Total assets		1,731,486,447
Liabilities
Payable for Fund shares redeemed		5,685,736
Payable upon receipt of securities loaned		23,006,900
Management fee payable		939,923
Distribution fees payable		25,965
Administration fees payable		381,776
Accrued expenses and other liabilities		620,023
Total liabilities		30,660,323
Total net assets	$	1,700,826,124
NET ASSETS CONSIST OF
Paid-in capital	$	1,129,072,662
Undistributed net investment income		24,803,981
Accumulated net realized gains on investments		209,837,172
Net unrealized gains on investments		337,112,309
Total net assets	$	1,700,826,124
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	390,153,838
Shares outstanding – Class A1		8,999,133
Net asset value per share – Class A		$43.35
Maximum offering price per share – Class A2		$45.99
Net assets – Class B	$	3,558,638
Shares outstanding – Class B1		85,548
Net asset value per share – Class B		$41.60
Net assets – Class C	$	37,196,120
Shares outstanding – Class C1		894,042
Net asset value per share – Class C		$41.60
Net assets – Administrator Class	$	223,280,804
Shares outstanding – Administrator Class1		4,842,806
Net asset value per share – Administrator Class		$46.11
Net assets – Institutional Class	$	11,905,589
Shares outstanding – Institutional Class1		254,614
Net asset value per share – Institutional Class		$46.76
Net assets – Investor Class	$	1,034,731,135
Shares outstanding – Investor Class1		23,318,401
Net asset value per share – Investor Class		$44.37

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 September 30, 2015 Wells Fargo Advantage Opportunity Fund 15

Investment income
Dividends (net of foreign withholding taxes of $126,540)	$	48,318,449
Income from affiliated securities		36,293
Securities lending income, net		23,447
Total investment income		48,378,189
Expenses
Management fee		13,833,141
Administration fees
Class A		1,096,387
Class B		12,661
Class C		105,409
Administrator Class		271,190
Institutional Class		19,406
Investor Class		3,706,411
Shareholder servicing fees
Class A		1,105,075
Class B		12,661
Class C		106,232
Administrator Class		632,159
Investor Class		2,894,415
Distribution fees
Class B		37,983
Class C		318,696
Custody and accounting fees		97,999
Professional fees		47,465
Registration fees		60,039
Shareholder report expenses		157,487
Trustees’ fees and expenses		2,168
Other fees and expenses		28,557
Total expenses		24,545,541
Less: Fee waivers and/or expense reimbursements		(1,101,763	)
Net expenses		23,443,778
Net investment income		24,934,411
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		221,473,940
Net change in unrealized gains (losses) on investments		(257,879,486	)
Net realized and unrealized gains (losses) on investments		(36,405,546	)
Net decrease in net assets resulting from operations	$	(11,471,135	)

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

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

	Year ended September 30, 2015						Year ended September 30, 2014
Operations
Net investment income (loss)				$	24,934,411					$	(2,954,606	)
Net realized gains on investments					221,473,940						205,518,589
Net change in unrealized gains (losses) on investments					(257,879,486	)					54,060,891
Net increase (decrease) in net assets resulting from operations					(11,471,135	)					256,624,874
Distributions to shareholders from
Net realized gains
Class A					(46,799,012	)					(27,911,632	)
Class B					(617,936	)					(558,187	)
Class C					(4,663,792	)					(2,837,875	)
Administrator Class					(25,429,048	)					(15,349,123	)
Institutional Class					(2,498,291	)					(975,990	)
Investor Class					(119,041,800	)					(69,491,598	)
Total distributions to shareholders					(199,049,879	)					(117,124,405	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		160,357			7,615,018			201,825			9,694,873
Class B		46			2,206			386			19,149
Class C		19,132			863,333			17,900			841,189
Administrator Class		127,668			6,594,713			178,209			9,063,496
Institutional Class		270,104			13,636,292			353,517			18,588,366
Investor Class		472,972			22,990,522			445,121			22,019,130
					51,702,084						60,226,203
Reinvestment of distributions
Class A		998,030			45,340,511			590,219			27,067,521
Class B		13,977			612,904			12,223			547,196
Class C		97,150			4,260,996			57,486			2,574,239
Administrator Class		497,170			23,978,499			297,637			14,369,886
Institutional Class		46,857			2,287,085			20,045			975,990
Investor Class		2,493,408			115,943,517			1,444,831			67,704,787
					192,423,512						113,239,619
Payment for shares redeemed
Class A		(1,094,612	)		(56,454,349	)		(1,183,365	)		(57,478,700	)
Class B		(59,795	)		(2,828,077	)		(80,536	)		(3,797,215	)
Class C		(114,995	)		(5,685,281	)		(137,010	)		(6,485,555	)
Administrator Class		(624,551	)		(33,952,919	)		(730,685	)		(37,488,128	)
Institutional Class		(617,715	)		(31,505,421	)		(105,359	)		(5,489,013	)
Investor Class		(2,321,853	)		(124,633,589	)		(2,334,126	)		(115,474,402	)
					(255,059,636	)					(226,213,013	)
Net decrease in net assets resulting from capital share transactions					(10,934,040	)					(52,747,191	)
Total increase (decrease) in net assets					(221,455,054	)					86,753,278
Net assets
Beginning of period					1,922,281,178						1,835,527,900
End of period				$	1,700,826,124					$	1,922,281,178
Undistributed (accumulated) net investment income (loss)				$	24,803,981					$	(130,577	)

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

Financial highlights Wells Fargo Advantage Opportunity Fund 17

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$49.56			$46.23			$38.99			$32.08			$34.08
Net investment income (loss)		0.64			(0.07	)		(0.04	)		(0.03	)		0.06	1
Net realized and unrealized gains (losses) on investments		(1.52	)		6.46			8.80			6.94			(2.06	)
Total from investment operations		(0.88	)		6.39			8.76			6.91			(2.00	)
Distributions to shareholders from
Net realized gains		(5.33	)		(3.06	)		(1.52	)		0.00			0.00
Net asset value, end of period		$43.35			$49.56			$46.23			$38.99			$32.08
Total return2		(2.27	)%		14.35	%		23.31	%		21.54	%		(5.87	)%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.26	%		1.26	%		1.25	%		1.27	%
Net expenses		1.22	%		1.22	%		1.23	%		1.25	%		1.25	%
Net investment income (loss)		1.30	%		(0.13	)%		(0.08	)%		(0.08	)%		0.15	%
Supplemental data
Portfolio turnover rate		42	%		32	%		26	%		41	%		31	%
Net assets, end of period (000s omitted)		$390,154			$442,840			$431,201			$399,828			$394,194

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 Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS B	2015			2014			2013			2012			20111
Net asset value, beginning of period		$48.09			$45.27			$38.49			$31.91			$33.61
Net investment income (loss)		0.30	2		(0.43	)2		(0.35	)2		(0.31	)2		(0.01	)
Net realized and unrealized gains (losses) on investments		(1.46	)		6.31			8.65			6.89			(1.69	)
Total from investment operations		(1.16	)		5.88			8.30			6.58			(1.70	)
Distributions to shareholders from
Net realized gains		(5.33	)		(3.06	)		(1.52	)		0.00			0.00
Net asset value, end of period		$41.60			$48.09			$45.27			$38.49			$31.91
Total return3		(2.98	)%		13.48	%		22.39	%		20.62	%		(5.06	)%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		2.01	%		2.01	%		2.00	%		2.02	%
Net expenses		1.97	%		1.97	%		1.98	%		2.00	%		2.00	%
Net investment income (loss)		0.64	%		(0.90	)%		(0.83	)%		(0.83	)%		(0.45	)%
Supplemental data
Portfolio turnover rate		42	%		32	%		26	%		41	%		31	%
Net assets, end of period (000s omitted)		$3,559			$6,316			$9,020			$11,743			$16,154

¹  For the period from August 26, 2011 (commencement of class operations) to September 30, 2011

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Advantage Opportunity Fund 19

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$48.10			$45.27			$38.49			$31.91			$34.15
Net investment income (loss)		0.26			(0.42	)1		(0.35	)1		(0.31	)1		(0.18	)1
Net realized and unrealized gains (losses) on investments		(1.43	)		6.31			8.65			6.89			(2.06	)
Total from investment operations		(1.17	)		5.89			8.30			6.58			(2.24	)
Distributions to shareholders from
Net realized gains		(5.33	)		(3.06	)		(1.52	)		0.00			0.00
Net asset value, end of period		$41.60			$48.10			$45.27			$38.49			$31.91
Total return2		(3.01	)%		13.48	%		22.41	%		20.62	%		(6.56	)%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		2.01	%		2.01	%		2.00	%		2.02	%
Net expenses		1.97	%		1.97	%		1.98	%		2.00	%		2.00	%
Net investment income (loss)		0.55	%		(0.88	)%		(0.83	)%		(0.83	)%		(0.50	)%
Supplemental data
Portfolio turnover rate		42	%		32	%		26	%		41	%		31	%
Net assets, end of period (000s omitted)		$37,196			$42,940			$43,209			$42,720			$45,096

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 Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$52.27			$48.50			$40.74			$33.44			$35.44
Net investment income		0.79			0.08			0.06	1		0.09			0.07	1
Net realized and unrealized gains (losses) on investments		(1.62	)		6.75			9.22			7.21			(2.07	)
Total from investment operations		(0.83	)		6.83			9.28			7.30			(2.00	)
Distributions to shareholders from
Net realized gains		(5.33	)		(3.06	)		(1.52	)		0.00			0.00
Net asset value, end of period		$46.11			$52.27			$48.50			$40.74			$33.44
Total return		(2.04	)%		14.60	%		23.59	%		21.83	%		(5.64	)%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.10	%		1.10	%		1.09	%		1.09	%
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%		1.03	%
Net investment income		1.52	%		0.09	%		0.13	%		0.17	%		0.17	%
Supplemental data
Portfolio turnover rate		42	%		32	%		26	%		41	%		31	%
Net assets, end of period (000s omitted)		$223,281			$253,121			$247,230			$395,493			$360,968

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Advantage Opportunity Fund 21

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$52.82			$48.86			$40.93			$33.52			$35.45
Net investment income		0.92	1		0.19	1		0.17			0.21			0.24	1
Net realized and unrealized gains (losses) on investments		(1.65	)		6.83			9.28			7.20			(2.17	)
Total from investment operations		(0.73	)		7.02			9.45			7.41			(1.93	)
Distributions to shareholders from
Net realized gains		(5.33	)		(3.06	)		(1.52	)		0.00			0.00
Net asset value, end of period		$46.76			$52.82			$48.86			$40.93			$33.52
Total return		(1.81	)%		14.89	%		23.91	%		22.11	%		(5.44	)%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.83	%		0.83	%		0.82	%		0.83	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.78	%
Net investment income		1.79	%		0.36	%		0.41	%		0.39	%		0.61	%
Supplemental data
Portfolio turnover rate		42	%		32	%		26	%		41	%		31	%
Net assets, end of period (000s omitted)		$11,906			$29,335			$14,030			$10,804			$14,027

¹  Calculated based upon average shares outstanding

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

22 Wells Fargo Advantage Opportunity Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INVESTOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$50.62			$47.19			$39.79			$32.76			$34.82
Net investment income (loss)		0.63			(0.10	)		(0.08	)		(0.07	)		(0.07	)
Net realized and unrealized gains (losses) on investments		(1.55	)		6.59			9.00			7.10			(1.99	)
Total from investment operations		(0.92	)		6.49			8.92			7.03			(2.06	)
Distributions to shareholders from
Net realized gains		(5.33	)		(3.06	)		(1.52	)		0.00			0.00
Net asset value, end of period		$44.37			$50.62			$47.19			$39.79			$32.76
Total return		(2.30	)%		14.27	%		23.24	%		21.46	%		(5.92	)%
Ratios to average net assets (annualized)
Gross expenses		1.31	%		1.32	%		1.32	%		1.32	%		1.32	%
Net expenses		1.25	%		1.28	%		1.29	%		1.32	%		1.32	%
Net investment income (loss)		1.27	%		(0.19	)%		(0.14	)%		(0.15	)%		(0.15	)%
Supplemental data
Portfolio turnover rate		42	%		32	%		26	%		41	%		31	%
Net assets, end of period (000s omitted)		$1,034,731			$1,147,730			$1,090,838			$1,006,114			$941,172

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

Notes to financial statements Wells Fargo Advantage Opportunity 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 Opportunity 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.

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

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On September 30, 2015, such fair value pricing was used in pricing foreign securities.

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. 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

24 Wells Fargo Advantage Opportunity Fund Notes to financial statements

used in determining fair valuations are identified based on the type of security, taking into consideration factors utilized by market participants in valuing the investment, knowledge about the issuer and the current market environment.

Foreign currency translation

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

Security loans

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

The Fund lends its securities through an unaffiliated securities lending agent. Cash collateral received in connection with its securities lending transactions is invested in Securities Lending Cash Investments, LLC (the “Securities Lending Fund”). 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, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

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

Federal and other taxes

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

Notes to financial statements Wells Fargo Advantage Opportunity Fund 25

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

Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. At September 30, 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
$147	$(147)

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

26 Wells Fargo Advantage Opportunity Fund Notes to financial statements

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	306,198,282	$	0	$	0	$	306,198,282
Consumer staples		122,367,248		0		0		122,367,248
Energy		135,790,451		0		0		135,790,451
Financials		285,643,953		0		0		285,643,953
Health care		188,043,504		0		0		188,043,504
Industrials		215,935,425		0		0		215,935,425
Information technology		337,663,482		16,414,497		0		354,077,979
Materials		73,621,762		0		0		73,621,762
Short-term investments
Investment companies		24,116,741		23,006,900		0		47,123,641
Total assets	$	1,689,380,848	$	39,421,397	$	0	$	1,728,802,245

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At September 30, 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 0.75% and declining to 0.63% 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 0.70% and declined to 0.60% as the average daily net assets of the Fund increased. In addition, 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 financial statement purposes, the advisory fee and fund-level administration fee for the year ended September 30, 2015 have been included in management fee on the Statement of Operations.

For the year ended September 30, 2015, the management fee was equivalent to an annual rate of 0.72% of the Fund’s average daily net assets.

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

Notes to financial statements Wells Fargo Advantage Opportunity Fund 27

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 B, 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 January 31, 2017 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 B shares, 1.96% for Class C shares, 1.00% for Administrator Class shares, 0.75% for Institutional Class shares, and 1.23% 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. Prior to July 1, 2015, the Fund’s expenses were capped at 1.22% for Class A shares, 1.97% for Class B shares, and 1.97% for Class C shares. Prior to January 31, 2015, the Fund’s expenses were capped at 1.28% for Investor Class 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 September 30, 2015, Funds Distributor received $7,990 from the sale of Class A shares and $171 and $19 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.

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 September 30, 2015 were $780,020,026 and $909,332,344, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $200,000,000 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 0.20% of the unused balance is allocated to each participating fund. Prior to September 1, 2015, the revolving credit agreement amount was $150,000,000 and the

28 Wells Fargo Advantage Opportunity Fund Notes to financial statements

annual commitment fee was equal to 0.10% of the unused balance which was allocated to each participating fund. For the year ended September 30, 2015, the Fund paid $2,872 in commitment fees.

For the year ended September 30, 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 September 30, 2015 and September 30, 2015 were as follows:

	Year ended September 30
	2015		2014
Ordinary income	$	15,991,178	$	0
Long-term capital gain		183,058,701		117,124,405

As of September 30, 2015, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	Undistributed long-term gain	Unrealized gains
$25,071,157	$219,607,289	$327,180,012

8. INDEMNIFICATION

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

9. SUBSEQUENT EVENT

After the close of business on October 23, 2015, Investor Class shares of the Fund became Class A shares in a tax-free conversion. Shareholders of Investor Class of the Fund received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion.

Report of independent registered public accounting firm Wells Fargo Advantage Opportunity 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 Opportunity Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of September 30, 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 September 30, 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 Opportunity Fund as of September 30, 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.

Boston, Massachusetts

November 24, 2015

30 Wells Fargo Advantage Opportunity Fund Other information (unaudited)

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 September 30, 2015.

Pursuant to Section 852 of the Internal Revenue Code, $183,058,701 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $15,991,178 of income dividends paid during the fiscal year ended September 30, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2015, $15,991,178 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.

Other information (unaudited) Wells Fargo Advantage Opportunity Fund 31

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 144 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 public company or investment company directorships during past 5 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 a CFA ® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust; Harding Loevner Funds; Russell Exchange Traded Funds Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). 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 Opportunity Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 72 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 72 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 Opportunity 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 Opportunity 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.

34 Wells Fargo Advantage Opportunity Fund Other information (unaudited)

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

Fund performance and expenses

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 three- and five-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 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 overall investment approach, sector allocations and investment decisions that affected the Fund’s performance, and of longer term and recent 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 convert the Investor Class shares into Class A shares and, to lower the net operating expense ratio caps for the Class A, Class B and Class C.

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”).

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 lower than or in range of the average rates for the Fund’s expense Groups for all share classes except for the Investor Class and Class A. The Board discussed and accepted Funds Management’s proposal to convert the Investor Class shares into Class A shares and to lower the net operating expense ratio caps for the Class A, Class B and Class C.

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.

Other information (unaudited) Wells Fargo Advantage Opportunity Fund 35

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.

36 Wells Fargo Advantage Opportunity Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —   Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

More information about Wells Fargo 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, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

237465 11-15 A232/AR232 9-15

Wells Fargo Advantage

Special Mid Cap Value Fund

Annual Report

September 30, 2015

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	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 September 30, 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 Special Mid Cap Value Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Despite generally improving U.S. economic data, the broad U.S. stock market experienced heightened volatility that caused U.S. stocks to end the period close to where they started.

Dear Valued Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Advantage Special Mid Cap Value Fund for the 12-month period that ended September 30, 2015. Despite generally improving U.S. economic data, the broad U.S. stock market experienced heightened volatility that caused U.S. stocks to end the period close to where they started. Small-cap stocks performed best, followed by mid caps and large caps. Markets outside the U.S. faced deeper ongoing challenges and generally delivered weaker results.

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

Strong quarterly U.S. stock results 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 new jobs continued to expand. In addition, the U.S. economy’s third-quarter 2014 growth rate was revised upward, and U.S. companies reported 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. moved forward, major economies elsewhere confronted ongoing challenges. While Japan eased out of a two-quarter contraction, growth in China continued to slow, Russia’s economy contracted for the first time since 2009, and eurozone growth remained sluggish.

In the first quarter of 2015, U.S. small caps and mid caps outperformed large caps; major markets elsewhere rallied.

U.S. small-, mid-, and large-cap stocks tended to move similarly during the first quarter until early March, when results began to diverge by market capitalization. Larger caps slipped as investor concern grew over the strengthening U.S. dollar’s potentially negative effect on the profits of large U.S. multinational firms;

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 the gradually improving 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.

U.S. stocks experienced challenges during the second quarter of 2015.

The broad U.S. stock market fluctuated widely, eventually eking out a small quarterly gain. Mid- and large-cap stocks at times were pressured by investor concerns over the potentially negative effects of financially troubled overseas economies and of a strengthening U.S. dollar on the profits of U.S. multinational firms. 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 they could take action soon. Throughout the quarter, non-U.S. markets also experienced 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.

Letter to shareholders (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 3

In the third quarter of 2015, China’s slowdown took a toll on economies and markets worldwide.

U.S. stocks sagged during the quarter, experiencing the most volatility since 2011. Economic data released during the quarter suggested the U.S. economy remains solid but has lost some steam, burdened by the drag of the strong U.S. dollar coupled with global economic turmoil. The fact that the Fed left the federal funds interest rate unchanged at its September meeting fueled increased uncertainty about the U.S. economy’s stamina to remain healthy while facing the challenges of slowing in China and troubles elsewhere in the world. Outside the U.S., markets were even more volatile and delivered generally weaker quarterly results, also largely due to increasing anxiety over China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—are struggling under the dual strains of reduced demand for commodities and, because of weaker demand, lower prices for the commodities they do sell. In the eurozone, however, where only about 3% of exports are sent to China, household spending and business investment appeared relatively unaffected.

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,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

Notice to shareholders

At a meeting held August 11–12, 2015, the Board of Trustees of the Fund approved a change in the name of the Fund whereby the word “Advantage” was 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 Special Mid Cap Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

James M. Tringas, CFA, CPA

Bryant VanCronkhite, CFA, CPA

Average annual total returns¹ (%) as of September 30, 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 (WFPAX)	7-31-2007		(5.09	)		12.93		7.36		0.69			14.27		8.00		1.24		1.24
Class C (WFPCX)	7-31-2007		(1.05	)		13.42		7.21		(0.05	)		13.42		7.21		1.99		1.99
Class R (WFHHX)	9-30-2015		–			–		–		0.44			14.01		7.76		1.49		1.49
Class R6 (WFPRX)	6-28-2013		–			–		–		1.14			14.76		8.44		0.81		0.81
Administrator Class (WFMDX)	4-8-2005		–			–		–		0.84			14.41		8.14		1.16		1.15
Institutional Class (WFMIX)	4-8-2005		–			–		–		1.10			14.73		8.43		0.91		0.88
Investor Class (SMCDX)+	12-31-1998		–			–		–		0.65			14.20		7.94		1.35		1.32
Russell Midcap® Value Index4	–		–			–		–		(2.07	)		13.15		7.42		–		–

⁺ Effective at the close of business on October 23, 2015, Investor Class shares of the Fund were converted to Class A shares and Investor Class shares are no longer offered.

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 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. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. 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 Special Mid Cap Value Fund 5

Growth of $10,000 investment⁵ as of September 30, 2015

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

²  Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

³  The manager has contractually committed through January 31, 2016 (January 31, 2017 for Class R), 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 1.25% for Class A, 2.00% for Class C, 1.50% for Class R, 0.82% for Class R6, 1.14% for Administrator Class, 0.87% for Institutional Class, and 1.31% 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.

⁴  The Russell Midcap^®Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. 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 Midcap 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 Special Mid Cap Value Fund Performance highlights (unaudited)

MANAGER’S DISCUSSION

Fund highlights

n The Fund outperformed its benchmark, the Russell Midcap^® Value Index, for the 12-month period that ended September 30, 2015.

n Contributors to outperformance included stock selection in information technology (IT), health care, and industrials, as well as an underweight to energy. Detractors included stock selection in consumer discretionary and underweights to the interest-rate-sensitive real estate investment trusts (REITs) and utilities stocks.

n Our investment process is based on evaluating companies according to their relative risk and return profiles, a process that we believe has proven successful over time, especially during times of market stress.

Global forces make for volatile markets and handcuffed the Federal Reserve.

The complexities of a more globalized economy kept the market guessing during the past 12 months. Whether it was the Organization of the Petroleum Exporting Countries’ decision to increase oil production in pursuit of market share, the ongoing Greek debt crisis, or China’s yuan devaluation, markets around the world remained volatile. Geopolitical tension in the Middle East and the fight against the Islamic State of Iraq and Syria (ISIS) also added to investor concerns. Toward the end of the period, weakness in emerging markets and their related currencies began to take hold and was cited as a factor in the decision of the U.S. Federal Reserve (Fed) to refrain from raising rates. As bottom-up investors, we evaluate how these macroeconomic events will affect our individual holdings, but we do not derive our security selection from macroeconomic musings. We look to use the volatility opportunistically, and we will continue to use any future volatility to the advantage of our bottom-up stock selection process.

Ten largest holdings6 (%) as of September 30, 2015
Molson Coors Brewing Company Class B	3.16
Republic Services Incorporated	2.97
Loews Corporation	2.78
Brown & Brown Incorporated	2.76
Synopsys Incorporated	2.58
ProAssurance Corporation	2.52
Fidelity National Information Services Incorporated	2.44
Church & Dwight Company Incorporated	2.42
WellCare Health Plans Incorporated	2.40
EMCOR Group Incorporated	2.38

Our stock selection process led to modest changes to the portfolio’s sector weightings during the period. We remained overweight the industrials and IT sectors because both groups offer an eclectic set of companies that, in our view, create unique investment opportunities. We increased the Fund’s consumer staples overweight and decreased the health care overweight. We remained heavily underweight utilities because our bottom-up stock analysis led us to conclude they were overvalued, offering low potential returns relative to expected risk over our three-year investment horizon. In the materials sector, we reduced our underweight and added new names Packaging Corporation of America and Eagle Materials Incorporated. Our underweight to energy widened over the year, but that was mainly due to an increase in the

Russell Midcap Value Index energy weighting with the annual summer rebalance. Our energy positioning in absolute terms actually increased by almost 150 basis points (bps; 100 bps equals 1.00%), including new names Anadarko Petroleum Corporation; Frank’s International N.V.; Patterson-UTI Energy, Incorporated; and Superior Energy Services, Incorporated, despite having exited our position in offshore driller Enso Limited due to the deteriorating fundamental outlook for offshore drillers.

The IT and health care sectors aided relative performance, but the consumer discretionary and financials sectors detracted.

Stock selection in IT contributed to the Fund’s outperformance. At DST Systems, Incorporated, an increasingly frustrated board of directors and shareholder base pressed for change at the senior management level, which resulted in monetizing several of the company’s assets. The proceeds from the transactions were used to buy back a significant amount of stock. Through this process, the true value of the assets was reflected in a higher stock price, leading us to trim our position. In health care, the acquisition of clinical research provider Covance Incorporated* resulted in a strong contribution to Fund performance. The firm’s sustainable competitive advantage, consistent cash flows, and deployable balance sheet compelled the acquirer to pay a 31% premium for Covance shares.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 7

Stock selection in the consumer discretionary sector detracted from performance. Tribune Media Company underperformed the benchmark because of investor concerns around cord-cutting—a nascent trend of consumers discontinuing cable television subscriptions and accessing programming through alternative sources—and it might affect television advertising revenues. Tribune underinvested in its content assets and delayed fee negotiations throughout its bankruptcy process. After emerging from bankruptcy in 2013, it spun off publishing assets and is in the process of securing higher affiliate-fee payments and improving internal content. We believe the company’s potential with the proper amount of investment is not reflected in its current stock price and continue to view the reward/risk relationship favorably. The financials sector was a key detractor largely due to an underweight to REITs, which benefited from the Fed’s decision to delay hiking the federal funds rate.

Sector distribution⁷ as of September 30, 2015

We will continue to do what we always strive to do—protect our investors from risk that they are not compensated for taking.

As we look to the end of 2015, there are numerous market forces at play that will likely bring further volatility. In the U.S., aside from growth concerns, politics will continue to make front-page news. A potential government shutdown and the negotiations of a longer-term highway-spending bill present uncertainties, as do the upcoming presidential primaries and the market anxiety that usually accompanies a significant change in leadership. Abroad, investors will be intently watching data points from China and other emerging markets, with close attention to the behavior of those economies and currencies. Tension in the Middle East

and the fight against ISIS will also be monitored. All these issues are affecting perhaps the biggest question mark facing investors—whether or not the Fed will raise rates in 2015. The labor market has improved substantially, but inflation goals remain unmet; market swings in the months ahead will likely correlate the latest comments from the Fed and interpretations of them as hawkish or dovish. Predicting these moves is often a fool’s game and better left for economists, which we are not.

We believe our fundamental analysis, risk management, and active investment process are well suited to take advantage of new opportunities as the equity market evolves. If merger and acquisition activity continues at an accelerated pace, the portfolio should benefit because the company characteristics we seek can provide the resources that companies need to initiate acquisitions while, at the same time, proving attractive to acquirers. While volatility may remain elevated, the strong balance sheets and stable cash flow of the companies in our portfolio should support consistent long-term performance. We maintain a favorable outlook for the portfolio as we enter the fourth quarter of 2015.

Please see footnotes on page 5.

8 Wells Fargo Advantage Special Mid Cap Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from April 1, 2015 to September 30, 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 4-1-2015		Ending account value 09-30-2015		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	915.24	$	5.91		1.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.23		1.23	%
Class C
Actual	$	1,000.00	$	911.66	$	9.49		1.98	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.14	$	10.00		1.98	%
Class R
Actual	$	1,000.00	$	913.95	$	7.20		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Class R6
Actual	$	1,000.00	$	917.26	$	3.80		0.79	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.00		0.79	%
Administrator Class
Actual	$	1,000.00	$	915.79	$	5.38		1.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.45	$	5.67		1.12	%
Institutional Class
Actual	$	1,000.00	$	916.97	$	4.08		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Investor Class
Actual	$	1,000.00	$	914.99	$	6.29		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.63		1.31	%

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—September 30, 2015 Wells Fargo Advantage Special Mid Cap Value Fund 9

Security name	Shares		Value
Common Stocks: 94.59%
Consumer Discretionary: 5.77%
Hotels, Restaurants & Leisure: 1.56%
The Wendy’s Company		3,620,400	$	31,316,460
Leisure Products: 1.35%
Vista Outdoor Incorporated †		606,800		26,960,124
Media: 2.02%
Tribune Media Company Class A		1,136,600		40,462,960
Specialty Retail: 0.84%
Guess? Incorporated		787,125		16,812,990
Consumer Staples: 9.55%
Beverages: 3.16%
Molson Coors Brewing Company Class B		762,000		63,261,240
Food & Staples Retailing: 1.99%
Sysco Corporation		1,020,600		39,772,782
Food Products: 1.99%
TreeHouse Foods Incorporated †		511,600		39,797,364
Household Products: 2.41%
Church & Dwight Company Incorporated		576,400		48,359,960
Energy: 5.95%
Energy Equipment & Services: 2.43%
Frank’s International N.V. «		895,700		13,731,081
Patterson-UTI Energy Incorporated		1,486,400		19,531,296
Superior Energy Services Incorporated		1,212,000		15,307,560
				48,569,937
Oil, Gas & Consumable Fuels: 3.52%
Anadarko Petroleum Corporation		508,000		30,678,120
Cimarex Energy Company		292,110		29,935,433
Southwestern Energy Company †		776,500		9,853,785
				70,467,338
Financials: 24.41%
Banks: 3.33%
PacWest Bancorp		694,607		29,736,126
Regions Financial Corporation		4,097,200		36,915,772
				66,651,898
Capital Markets: 1.81%
Northern Trust Corporation		533,000		36,329,280

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

10 Wells Fargo Advantage Special Mid Cap Value Fund Portfolio of investments—September 30, 2015

Security name	Shares		Value
Consumer Finance: 2.00%
Ally Financial Incorporated †		1,961,361	$	39,972,537
Insurance: 14.86%
Arch Capital Group Limited †		568,460		41,764,756
Brown & Brown Incorporated		1,781,300		55,166,861
FNF Group		1,150,800		40,818,876
Loews Corporation		1,537,900		55,579,706
ProAssurance Corporation		1,026,900		50,389,983
The Allstate Corporation		534,900		31,152,576
Validus Holdings Limited		502,069		22,628,250
				297,501,008
REITs: 2.41%
Hatteras Financial Corporation		2,213,200		33,529,980
Host Hotels & Resorts Incorporated		934,500		14,774,445
				48,304,425
Health Care: 7.03%
Health Care Equipment & Supplies: 0.45%
C.R. Bard Incorporated		48,200		8,980,142
Health Care Providers & Services: 6.58%
Cigna Corporation		154,775		20,897,721
Humana Incorporated		158,800		28,425,200
Patterson Companies Incorporated		792,400		34,271,300
WellCare Health Plans Incorporated †		558,700		48,148,766
				131,742,987
Industrials: 19.64%
Aerospace & Defense: 1.29%
B/E Aerospace Incorporated		588,700		25,843,930
Air Freight & Logistics: 1.00%
Expeditors International of Washington Incorporated		424,700		19,982,135
Commercial Services & Supplies: 5.01%
Pitney Bowes Incorporated		2,053,300		40,758,005
Republic Services Incorporated		1,444,775		59,524,730
				100,282,735
Construction & Engineering: 4.56%
EMCOR Group Incorporated		1,074,709		47,555,873
Jacobs Engineering Group Incorporated †		1,170,000		43,793,100
				91,348,973
Machinery: 0.64%
Joy Global Incorporated «		851,700		12,715,881

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

Portfolio of investments—September 30, 2015 Wells Fargo Advantage Special Mid Cap Value Fund 11

Security name	Shares		Value
Marine: 1.57%
Kirby Corporation †		506,900	$	31,402,455
Professional Services: 1.76%
Towers Watson & Company Class A		300,400		35,260,952
Road & Rail: 0.98%
Ryder System Incorporated		264,400		19,576,176
Trading Companies & Distributors: 1.25%
W.W. Grainger Incorporated «		116,700		25,091,667
Transportation Infrastructure: 1.58%
Macquarie Infrastructure Company LLC		424,406		31,686,152
Information Technology: 14.43%
Communications Equipment: 3.54%
ARRIS Group Incorporated †		1,153,800		29,964,186
Harris Corporation		559,200		40,905,480
				70,869,666
IT Services: 3.85%
DST Systems Incorporated		268,220		28,200,651
Fidelity National Information Services Incorporated		727,700		48,814,116
				77,014,767
Semiconductors & Semiconductor Equipment: 1.71%
Lam Research Corporation		523,800		34,219,854
Software: 3.66%
Check Point Software Technologies Limited Ǡ		271,800		21,561,894
Synopsys Incorporated †		1,120,700		51,753,926
				73,315,820
Technology Hardware, Storage & Peripherals: 1.67%
Western Digital Corporation		422,400		33,555,456
Materials: 5.81%
Chemicals: 1.84%
FMC Corporation		1,088,200		36,900,862
Construction Materials: 1.73%
Eagle Materials Incorporated		507,500		34,723,150
Containers & Packaging: 2.24%
Packaging Corporation of America		744,200		44,771,070
Utilities: 2.00%
Multi-Utilities: 2.00%
Ameren Corporation		949,350		40,129,026
Total Common Stocks (Cost $1,879,604,004)				1,893,954,159

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

12 Wells Fargo Advantage Special Mid Cap Value Fund Portfolio of investments—September 30, 2015

Security name	Yield			Shares		Value
Short-Term Investments: 6.92%
Investment Companies: 6.92%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.15	%		14,300,900	$	14,300,900
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.16			124,185,489		124,185,489
Total Short-Term Investments (Cost $138,486,389)							138,486,389

Total investments in securities (Cost $2,018,090,393) *	101.51	%		2,032,440,548
Other assets and liabilities, net	(1.51	)		(30,196,495	)
Total net assets	100.00	%	$	2,002,244,053

† 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 $2,021,203,262 and unrealized gains (losses) consists of:

Gross unrealized gains	$	185,746,528
Gross unrealized losses		(174,509,242	)
Net unrealized gains	$	11,237,286

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

Statement of assets and liabilities—September 30, 2015 Wells Fargo Advantage Special Mid Cap Value Fund 13

Assets
Investments
In unaffiliated securities (including $14,109,230 of securities loaned), at value (cost $1,879,604,004)	$	1,893,954,159
In affiliated securities, at value (cost $138,486,389)		138,486,389
Total investments, at value (cost $2,018,090,393)		2,032,440,548
Receivable for investments sold		5,232,435
Receivable for Fund shares sold		22,686,597
Receivable for dividends		3,570,960
Receivable for securities lending income		1,814
Prepaid expenses and other assets		93,040
Total assets		2,064,025,394
Liabilities
Payable for investments purchased		41,513,059
Payable for Fund shares redeemed		4,108,472
Payable upon receipt of securities loaned		14,300,900
Management fee payable		1,173,471
Distribution fee payable		38,619
Administration fees payable		327,221
Accrued expenses and other liabilities		319,599
Total liabilities		61,781,341
Total net assets	$	2,002,244,053
NET ASSETS CONSIST OF
Paid-in capital	$	1,896,525,909
Undistributed net investment income		10,602,293
Accumulated net realized gains on investments		80,765,696
Net unrealized gains on investments		14,350,155
Total net assets	$	2,002,244,053
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	509,386,178
Shares outstanding – Class A1		17,028,805
Net asset value per share – Class A		$29.91
Maximum offering price per share – Class A2		$31.73
Net assets – Class C	$	63,430,829
Shares outstanding – Class C1		2,187,109
Net asset value per share – Class C		$29.00
Net assets – Class R	$	25,000
Shares outstanding – Class R1		814
Net asset value per share – Class R		$30.70
Net assets – Class R6	$	105,972,813
Shares outstanding – Class R61		3,450,816
Net asset value per share – Class R6		$30.71
Net assets – Administrator Class	$	394,187,715
Shares outstanding – Administrator Class1		12,946,877
Net asset value per share – Administrator Class		$30.45
Net assets – Institutional Class	$	411,919,281
Shares outstanding – Institutional Class1		13,416,653
Net asset value per share – Institutional Class		$30.70
Net assets – Investor Class	$	517,322,237
Shares outstanding – Investor Class1		16,986,308
Net asset value per share – Investor Class		$30.46

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 Special Mid Cap Value Fund Statement of operations—year ended September 30, 2015

Investment income
Dividends (net of foreign withholding taxes of $33,555)	$	34,364,360
Income from affiliated securities		120,730
Securities lending income, net		117,957
Total investment income		34,603,047
Expenses
Management fee		12,116,218
Administration fees
Class A		1,131,501
Class C		113,185
Class R6		11,815
Administrator Class		292,862
Institutional Class		292,309
Investor Class		1,800,336
Shareholder servicing fees
Class A		1,151,050
Class C		116,198
Administrator Class		666,029
Investor Class		1,405,383
Distribution fee
Class C		348,594
Custody and accounting fees		103,169
Professional fees		44,306
Registration fees		222,827
Shareholder report expenses		117,452
Trustees’ fees and expenses		18,033
Other fees and expenses		27,401
Total expenses		19,978,668
Less: Fee waivers and/or expense reimbursements		(136,304	)
Net expenses		19,842,364
Net investment income		14,760,683
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		99,137,662
Net change in unrealized gains (losses) on investments		(138,463,872	)
Net realized and unrealized gains (losses) on investments		(39,326,210	)
Net decrease in net assets resulting from operations	$	(24,565,527	)

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

Statement of changes in net assets Wells Fargo Advantage Special Mid Cap Value Fund 15

	Year ended September 30, 2015						Year ended September 30, 2014
Operations
Net investment income				$	14,760,683					$	3,213,841
Net realized gains on investments					99,137,662						113,573,174
Net change in unrealized gains (losses) on investments					(138,463,872	)					8,254,196
Net increase (decrease) in net assets resulting from operations					(24,565,527	)					125,041,211
Distributions to shareholders from
Net investment income
Class A					(2,404,466	)					(153,521	)
Class R6					(45,443	)					(162	)
Administrator Class					(922,301	)					(401,318	)
Institutional Class					(1,465,190	)					(404,780	)
Investor Class					(963,123	)					(867,730	)
Net realized gains
Class A					(36,145,688	)					(3,308,750	)
Class C					(3,059,339	)					(1,219,837	)
Class R6					(527,423	)					(1,896	)
Administrator Class					(17,119,649	)					(8,600,693	)
Institutional Class					(17,898,031	)					(5,036,509	)
Investor Class					(47,391,502	)					(40,164,061	)
Total distributions to shareholders					(127,942,155	)					(60,159,257	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		15,633,402			498,183,836			2,877,231			92,744,955
Class C		1,444,914			45,340,872			471,148			14,868,700
Class R		814	1		25,000	1		N/A			N/A
Class R6		3,639,150			120,551,746			132,701			4,514,252
Administrator Class		12,563,219			406,786,505			3,236,966			106,014,219
Institutional Class		9,959,577			330,102,387			4,004,579			132,390,867
Investor Class		3,146,655			104,038,226			4,602,000			149,483,779
					1,505,028,572						500,016,772
Reinvestment of distributions
Class A		1,195,510			37,042,885			98,387			2,992,506
Class C		93,002			2,799,357			37,117			1,103,131
Class R6		18,058			572,866			66			2,058
Administrator Class		572,229			18,011,446			286,133			8,814,496
Institutional Class		542,244			17,199,534			175,401			5,441,063
Investor Class		1,519,579			47,828,295			1,317,664			40,576,456
					123,454,383						58,929,710
Payment for shares redeemed
Class A		(3,172,402	)		(102,128,564	)		(859,046	)		(28,107,230	)
Class C		(268,920	)		(8,411,582	)		(91,752	)		(2,901,821	)
Class R6		(326,593	)		(10,742,055	)		(13,437	)		(451,461	)
Administrator Class		(5,860,843	)		(190,655,125	)		(1,663,467	)		(53,560,740	)
Institutional Class		(2,327,220	)		(76,918,868	)		(1,075,224	)		(34,962,383	)
Investor Class		(4,421,468	)		(145,795,400	)		(7,561,660	)		(243,590,617	)
					(534,651,594	)					(363,574,252	)
Net increase in net assets resulting from capital share transactions					1,093,831,361						195,372,230
Total increase in net assets					941,323,679						260,254,184
Net assets
Beginning of period					1,060,920,374						800,666,190
End of period				$	2,002,244,053					$	1,060,920,374
Undistributed net investment income				$	10,602,293					$	2,342,269

¹  The class commenced operations on September 30, 2015. Information represents activity for the one day of operation.

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

16 Wells Fargo Advantage Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
CLASS A	2015			2014			2013			2012			2011
Net asset value, beginning of period		$32.68			$30.36			$22.83			$17.84			$18.60
Net investment income		0.25			0.12	1		0.15	1		0.08	1		0.03
Net realized and unrealized gains (losses) on investments		0.07			4.47			7.60			4.94			(0.52	)
Total from investment operations		0.32			4.59			7.75			5.02			(0.49	)
Distributions to shareholders from
Net investment income		(0.18	)		(0.09	)		(0.22	)		(0.03	)		(0.27	)
Net realized gains		(2.91	)		(2.18	)		0.00			0.00			0.00
Total distributions to shareholders		(3.09	)		(2.27	)		(0.22	)		(0.03	)		(0.27	)
Net asset value, end of period		$29.91			$32.68			$30.36			$22.83			$17.84
Total return2		0.69	%		15.70	%		34.23	%		28.18	%		(2.82	)%
Ratios to average net assets (annualized)
Gross expenses		1.25	%		1.28	%		1.29	%		1.30	%		1.29	%
Net expenses		1.24	%		1.25	%		1.25	%		1.25	%		1.25	%
Net investment income		0.85	%		0.38	%		0.54	%		0.38	%		0.14	%
Supplemental data
Portfolio turnover rate		58	%		58	%		87	%		87	%		78	%
Net assets, end of period (000s omitted)		$509,386			$110,219			$38,119			$9,545			$9,850

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 Special Mid Cap Value Fund 17

(For a share outstanding throughout each period)

	Year ended September 30
CLASS C	2015			2014			2013			2012			2011
Net asset value, beginning of period		$31.82			$29.73			$22.38			$17.60			$18.40
Net investment income (loss)		0.02	1		(0.04	)		(0.07	)1		(0.03	)		(0.13	)
Net realized and unrealized gains (losses) on investments		0.07			4.31			7.49			4.81			(0.49	)
Total from investment operations		0.09			4.27			7.42			4.78			(0.62	)
Distributions to shareholders from
Net investment income		0.00			0.00			(0.07	)		0.00			(0.18	)
Net realized gains		(2.91	)		(2.18	)		0.00			0.00			0.00
Total distributions to shareholders		(2.91	)		(2.18	)		(0.07	)		0.00			(0.18	)
Net asset value, end of period		$29.00			$31.82			$29.73			$22.38			$17.60
Total return2		(0.05	)%		14.86	%		33.23	%		27.16	%		(3.52	)%
Ratios to average net assets (annualized)
Gross expenses		2.00	%		2.03	%		2.04	%		2.06	%		2.04	%
Net expenses		1.99	%		2.00	%		2.00	%		2.00	%		2.00	%
Net investment income (loss)		0.08	%		(0.38	)%		(0.25	)%		(0.35	)%		(0.60	)%
Supplemental data
Portfolio turnover rate		58	%		58	%		87	%		87	%		78	%
Net assets, end of period (000s omitted)		$63,431			$29,217			$14,913			$2,770			$1,714

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 Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout the period)

CLASS R	Period ended September 30, 20151
Net asset value, beginning of period		$30.70
Net investment income		0.00
Net realized and unrealized gains (losses) on investments		0.00
Total from investment operations		0.00
Net asset value, end of period		$30.70
Total return2		0.00	%
Ratios to average net assets (annualized)
Gross expenses		0.00	%
Net expenses		0.00	%
Net investment income		0.00	%
Supplemental data
Portfolio turnover rate		58	%
Net assets, end of period (000s omitted)		$25

¹  The class commenced operations on September 30, 2015. Information represents activity for the one day of operation.

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

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

Financial highlights Wells Fargo Advantage Special Mid Cap Value Fund 19

(For a share outstanding throughout each period)

	Year ended September 30
CLASS R6	2015			2014			20131
Net asset value, beginning of period		$33.39			$30.90			$28.69
Net investment income		0.41	2		0.41	2		0.06	2
Net realized and unrealized gains (losses) on investments		0.05			4.43			2.15
Total from investment operations		0.46			4.84			2.21
Distributions to shareholders from
Net investment income		(0.23	)		(0.17	)		0.00
Net realized gains		(2.91	)		(2.18	)		0.00
Total distributions to shareholders		(3.14	)		(2.35	)		0.00
Net asset value, end of period		$30.71			$33.39			$30.90
Total return3		1.14	%		16.29	%		7.70	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.80	%		0.81	%
Net expenses		0.79	%		0.80	%		0.81	%
Net investment income		1.26	%		1.22	%		0.73	%
Supplemental data
Portfolio turnover rate		58	%		58	%		87	%
Net assets, end of period (000s omitted)		$105,973			$4,013			$27

¹  For the period from June 28, 2013 (commencement of class operations) to September 30, 2013

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Advantage Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
ADMINISTRATOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$33.14			$30.71			$23.09			$18.04			$18.80
Net investment income		0.31	1		0.15			0.20	1		0.11	1		0.06	1
Net realized and unrealized gains (losses) on investments		0.05			4.55			7.67			4.99			(0.54	)
Total from investment operations		0.36			4.70			7.87			5.10			(0.48	)
Distributions to shareholders from
Net investment income		(0.14	)		(0.09	)		(0.25	)		(0.05	)		(0.28	)
Net realized gains		(2.91	)		(2.18	)		0.00			0.00			0.00
Total distributions to shareholders		(3.05	)		(2.27	)		(0.25	)		(0.05	)		(0.28	)
Net asset value, end of period		$30.45			$33.14			$30.71			$23.09			$18.04
Total return		0.84	%		15.89	%		34.41	%		28.30	%		(2.72	)%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.12	%		1.13	%		1.14	%		1.13	%
Net expenses		1.11	%		1.12	%		1.13	%		1.13	%		1.13	%
Net investment income		0.95	%		0.48	%		0.71	%		0.50	%		0.26	%
Supplemental data
Portfolio turnover rate		58	%		58	%		87	%		87	%		78	%
Net assets, end of period (000s omitted)		$394,188			$187,968			$117,087			$61,596			$62,122

¹  Calculated based upon average shares outstanding

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

Financial highlights Wells Fargo Advantage Special Mid Cap Value Fund 21

(For a share outstanding throughout each period)

	Year ended September 30
INSTITUTIONAL CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$33.38			$30.91			$23.15			$18.10			$18.86
Net investment income		0.41	1		0.24			0.20	1		0.16			0.10
Net realized and unrealized gains (losses) on investments		0.04			4.57			7.81			5.01			(0.52	)
Total from investment operations		0.45			4.81			8.01			5.17			(0.42	)
Distributions to shareholders from
Net investment income		(0.22	)		(0.16	)		(0.25	)		(0.12	)		(0.34	)
Net realized gains		(2.91	)		(2.18	)		0.00			0.00			0.00
Total distributions to shareholders		(3.13	)		(2.34	)		(0.25	)		(0.12	)		(0.34	)
Net asset value, end of period		$30.70			$33.38			$30.91			$23.15			$18.10
Total return		1.10	%		16.17	%		34.90	%		28.65	%		(2.46	)%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.85	%		0.85	%		0.87	%		0.86	%
Net expenses		0.85	%		0.85	%		0.85	%		0.87	%		0.86	%
Net investment income		1.23	%		0.81	%		0.72	%		0.76	%		0.52	%
Supplemental data
Portfolio turnover rate		58	%		58	%		87	%		87	%		78	%
Net assets, end of period (000s omitted)		$411,919			$174,989			$66,056			$125,623			$104,360

¹  Calculated based upon average shares outstanding

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

22 Wells Fargo Advantage Special Mid Cap Value Fund Financial highlights

(For a share outstanding throughout each period)

	Year ended September 30
INVESTOR CLASS	2015			2014			2013			2012			2011
Net asset value, beginning of period		$33.12			$30.70			$23.08			$18.04			$18.80
Net investment income		0.24			0.08			0.15			0.07	1		0.02
Net realized and unrealized gains (losses) on investments		0.06			4.56			7.67			4.99			(0.53	)
Total from investment operations		0.30			4.64			7.82			5.06			(0.51	)
Distributions to shareholders from
Net investment income		(0.05	)		(0.04	)		(0.20	)		(0.02	)		(0.25	)
Net realized gains		(2.91	)		(2.18	)		0.00			0.00			0.00
Total distributions to shareholders		(2.96	)		(2.22	)		(0.20	)		(0.02	)		(0.25	)
Net asset value, end of period		$30.46			$33.12			$30.70			$23.08			$18.04
Total return		0.65	%		15.67	%		34.14	%		28.04	%		(2.88	)%
Ratios to average net assets (annualized)
Gross expenses		1.32	%		1.34	%		1.35	%		1.37	%		1.36	%
Net expenses		1.31	%		1.31	%		1.31	%		1.31	%		1.31	%
Net investment income		0.72	%		0.24	%		0.53	%		0.32	%		0.08	%
Supplemental data
Portfolio turnover rate		58	%		58	%		87	%		87	%		78	%
Net assets, end of period (000s omitted)		$517,322			$554,514			$564,465			$315,791			$336,239

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 Special Mid Cap 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 Special Mid Cap Value Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the primary exchange or market 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

24 Wells Fargo Advantage Special Mid Cap Value Fund Notes to financial statements

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

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.

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. At September 30, 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
$(700,136)	$700,136

As of September 30, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $124,975 expiring in 2017.

Class allocations

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

Notes to financial statements Wells Fargo Advantage Special Mid Cap Value Fund 25

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of September 30, 2015:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	115,552,534	$	0	$	0	$	115,552,534
Consumer staples		191,191,346		0		0		191,191,346
Energy		119,037,275		0		0		119,037,275
Financials		488,759,148		0		0		488,759,148
Health care		140,723,129		0		0		140,723,129
Industrials		393,191,056		0		0		393,191,056
Information technology		288,975,563		0		0		288,975,563
Materials		116,395,082		0		0		116,395,082
Utilities		40,129,026		0		0		40,129,026
Short-term investments
Investment companies		124,185,489		14,300,900		0		138,486,389
Total assets	$	2,018,139,648	$	14,300,900	$	0	$	2,032,440,548

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At September 30, 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 0.75% and declining to 0.63% 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 0.70% and declined to 0.60% as the average daily net assets of the Fund increased. In addition, fund-level administrative services were provided by Funds Management under a separate

26 Wells Fargo Advantage Special Mid Cap Value Fund Notes to financial statements

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 financial statement purposes, the advisory fee and fund-level administration fee for the year ended September 30, 2015 have been included in management fee on the Statement of Operations.

For the year ended September 30, 2015, the management fee was equivalent to an annual rate of 0.72% of the Fund’s average daily net assets.

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

Administration fees

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 R		0.21			N/A
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 to waive fees and/or reimburse expenses to the extent necessary to cap expenses as follows:

	Expense ratio cap			Expiration date
Class A		1.25	%		January 31, 2016
Class C		2.00			January 31, 2016
Class R		1.50			January 31, 2017
Class R6		0.82			January 31, 2016
Administrator Class		1.14			January 31, 2016
Institutional Class		0.87			January 31, 2016
Investor Class		1.31			January 31, 2016

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended September 30, 2015, Funds Distributor received $39,574 from the sale of Class A shares and $1,393 in contingent deferred sales charges from redemptions of Class C shares.

Notes to financial statements Wells Fargo Advantage Special Mid Cap Value Fund 27

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended September 30, 2015 were $1,858,454,929 and $913,504,427, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds) and Wells Fargo Variable Trust are parties to a $200,000,000 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 0.20% of the unused balance is allocated to each participating fund. Prior to September 1, 2015, the revolving credit agreement amount was $150,000,000 and the annual commitment fee was equal to 0.10% of the unused balance which was allocated to each participating fund. For the year ended September 30, 2015, the Fund paid $2,070 in commitment fees.

For the year ended September 30, 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 September 30, 2015 and September 30, 2014 were as follows:

	Year ended September 30
	2015		2014
Ordinary income	$	50,726,509	$	18,393,127
Long-term capital gain		77,215,646		41,766,130

As of September 30, 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
$30,590,383	$64,015,440	$11,237,286	$(124,975)

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

10. SUBSEQUENT EVENT

After the close of business on October 23, 2015, Investor Class shares of the Fund became Class A shares in a tax-free conversion. Shareholders of Investor Class of the Fund received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion.

28 Wells Fargo Advantage Special Mid Cap 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 Special Mid Cap Value Fund (the “Fund”), one of the funds constituting the Wells Fargo Funds Trust, as of September 30, 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 September 30, 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 Special Mid Cap Value Fund as of September 30, 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.

Boston, Massachusetts

November 24, 2015

Other information (unaudited) Wells Fargo Advantage Special Mid Cap Value Fund 29

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 32.63% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended September 30, 2015.

Pursuant to Section 852 of the Internal Revenue Code, $77,215,646 was designated as long-term capital gain distributions for the fiscal year ended September 30, 2015.

Pursuant to Section 854 of the Internal Revenue Code, $18,039,596 of income dividends paid during the fiscal year ended September 30, 2015 has been designated as qualified dividend income (QDI).

For the fiscal year ended September 30, 2015, $44,925,985 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 Special Mid Cap Value Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 144 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 public company or investment company directorships during past 5 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 a CFA ® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015**	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust; Harding Loevner Funds; Russell Exchange Traded Funds Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). 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 Special Mid Cap Value Fund 31

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Other public company or investment company directorships during past 5 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.
Nancy Wiser1 (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
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	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma1 (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹ Nancy Wiser acts as Treasurer of 72 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 72 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 Special Mid Cap 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 Special Mid Cap 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 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.

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.

Other information (unaudited) Wells Fargo Advantage Special Mid Cap 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 (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 Russell Midcap^® Value 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 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 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”).

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 lower than, equal to, or in range of the average rates for the Fund’s expense Groups for all share classes except Class A. The Board noted that the net operating expense ratio of Class A was lower than the median net operating expense ratio of its expense Group.

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.

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.

34 Wells Fargo Advantage Special Mid Cap Value Fund Other information (unaudited)

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the Fund and the fund family as a whole. The Board also 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 Special Mid Cap 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

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

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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, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

237466 11-15 A234/AR234 09-15

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 September 30, 2015		Fiscal year ended September 30, 2014
Audit fees	$	270,080	$	270,080
Audit-related fees		—		—
Tax fees (1)		36,770		34,470
All other fees		—		—
	$	306,850		304,550

⁽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:
	Karla M. Rabusch President
Date:	November 24, 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
	President
Date:	November 24, 2015
By:	/s/ Nancy Wiser
	Treasurer
Date:	November 24, 2015
By:	/s/ Jeremy DePalma
	Treasurer
Date:	November 24, 2015