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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: July 31

Registrant is making a filing for 10 of its series:

Wells Fargo Capital Growth Fund, Wells Fargo Disciplined U.S. Core Fund, Wells Fargo Endeavor Select Fund, Wells Fargo Growth Fund, Wells Fargo Intrinsic Value Fund, Wells Fargo Large Cap Core Fund, Wells Fargo Large Cap Growth Fund, Wells Fargo Large Company Value Fund, Wells Fargo Omega Growth Fund, and Wells Fargo Premier Large Company Growth Fund.

Date of reporting period: January 31, 2016

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

January 31, 2016

Wells Fargo Capital Growth Fund

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	20
Other information	25
List of abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2016, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

Karla M. Rabusch

President

Wells Fargo Funds

Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Capital Growth Fund for the six-month period that ended January 31, 2016. Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced continuing challenges. In this environment, the broad U.S. stock market experienced heightened volatility and ultimately fell 5.64% overall for the six-month period (as measured by the Russell 3000^® Index,¹ which is the index used to measure U.S. stock market performance throughout this letter).

As the reporting period began, China’s slowdown continued to take a toll on U.S. and international markets.

The U.S. stock market declined 6.04% and 2.91% in August and September 2015, respectively, as investors worried about the impact on the U.S. of China’s slowing growth. A number of positive economic indicators released during these months suggested the U.S. economy remained solid. However, the strengthening U.S. dollar coupled with ongoing global economic turmoil continued to hinder the economy. Although many investors believed the U.S. Federal Reserve (Fed) would raise the federal funds rate during the third quarter of 2015, at its September 2015 meeting the Fed left the rate unchanged. This decision fueled uncertainty about the U.S. economy’s stamina to remain healthy while facing the negative effects of troubles elsewhere in the world. One week later, Fed Chair Janet Yellen reassured investors that, barring unpleasant surprises, the Fed still intended to raise the rate in 2015. International markets were more volatile than the domestic market and delivered even weaker results in August and September. Investors’ anxiety was driven largely by China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—struggled under the strains of reduced demand for commodities and lower prices for the commodities sold.

The U.S. stock market delivered a positive result overall for the last three months of 2015 despite ongoing concerns.

The broad U.S. stock market fluctuated widely in the fourth quarter of 2015, rising 7.90% in October and 0.55% in November before falling 2.05% in December, for an overall quarterly return of 6.27%. Stock markets outside the U.S. generally failed to keep pace with the domestic market as economic concerns, including China’s ongoing slowdown, continued to affect many countries worldwide. U.S. economic data released during the quarter indicated the economy remained solid, with modest growth. However, the strong U.S. dollar and global economic turmoil continued their drag on the economy. In December, the Fed, as expected, slightly raised its target short-term interest rate to between 0.25% and 0.50% after keeping it near zero for seven years. The move, which had been well telegraphed by the Fed for months, reflected confidence in the U.S. economy’s ability to stay healthy with less central-bank support. The Fed also made clear that future interest-rate increases will be gradual.

U.S. stocks struggled in January 2016.

The broad U.S. stock market dropped 5.64% for the month, weighed down by ongoing concerns about heightened market volatility, the continued plunge in oil prices, and the impact of weak global growth on U.S. companies. The U.S. economy, however, remained resilient in January—with continued solid hiring, a

¹  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.

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

reduction in the jobless rate to 4.9%, and signs of an uptick in the pace of wage growth—despite some warning signs that became evident in recent months, such as weaknesses in manufacturing and business growth.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

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

4 Wells Fargo Capital Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA^®

Michael T. Smith, CFA^®

Average annual total returns (%) as of January 31, 2016¹

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (WFCGX)	7-31-2007		(8.99	)		7.41		4.05		(3.43	)		8.70		4.66		1.22		1.11
Class C (WFCCX)	7-31-2007		(5.14	)		7.89		3.92		(4.14	)		7.89		3.92		1.97		1.86
Class R4 (WCGRX)	11-30-2012		–			–		–		(3.00	)		9.14		5.15		0.94		0.75
Class R6 (WFCRX)	11-30-2012		–			–		–		(2.87	)		9.26		5.21		0.79		0.60
Administrator Class (WFCDX)	6-30-2003		–			–		–		(3.18	)		8.94		4.96		1.14		0.94
Institutional Class (WWCIX)	4-8-2005		–			–		–		(3.00	)		9.23		5.20		0.89		0.70
Russell 1000® Growth Index4	–		–			–		–		1.32			11.67		7.72		–		–

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Capital Growth Fund 5

Ten largest holdings (%) as of January 31, 20165
Alphabet Incorporated Class A	6.10
Apple Incorporated	5.62
Facebook Incorporated Class A	4.75
Amazon.com Incorporated	3.99
The Home Depot Incorporated	3.63
Visa Incorporated Class A	3.47
Starbucks Corporation	2.64
Bristol-Myers Squibb Company	2.50
UnitedHealth Group Incorporated	2.39
Intercontinental Exchange Incorporated	2.34

Sector distribution as of January 31, 2016⁶

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

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

³  The manager has contractually committed through November 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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

6 Wells Fargo Capital Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2015 to January 31, 2016.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2015		Ending account value 1-31-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	909.55	$	5.33		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Class C
Actual	$	1,000.00	$	906.19	$	8.91		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Class R4
Actual	$	1,000.00	$	911.66	$	3.60		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81		0.75	%
Class R6
Actual	$	1,000.00	$	912.60	$	2.88		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.12	$	3.05		0.60	%
Administrator Class
Actual	$	1,000.00	$	910.43	$	4.37		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.62		0.91	%
Institutional Class
Actual	$	1,000.00	$	911.31	$	3.22		0.67	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.77	$	3.40		0.67	%

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Capital Growth Fund 7

Security name	Shares		Value
Common Stocks: 99.68%
Consumer Discretionary: 23.96%
Auto Components: 0.82%
Delphi Automotive plc		35,097	$	2,279,195
Automobiles: 0.70%
Tesla Motors Incorporated Ǡ		10,165		1,943,548
Diversified Consumer Services: 1.07%
ServiceMaster Global Holdings Incorporated †		71,000		2,996,910
Hotels, Restaurants & Leisure: 5.97%
Aramark		44,950		1,436,153
Chipotle Mexican Grill Incorporated †		3,750		1,698,638
McDonald’s Corporation		49,850		6,170,433
Starbucks Corporation		120,991		7,352,623
				16,657,847
Internet & Catalog Retail: 4.42%
Amazon.com Incorporated †		18,955		11,126,585
Netflix Incorporated †		13,050		1,198,512
				12,325,097
Specialty Retail: 8.66%
O’Reilly Automotive Incorporated †		17,650		4,604,885
The Home Depot Incorporated		80,633		10,140,406
The TJX Companies Incorporated		75,460		5,375,770
ULTA Salon, Cosmetics and Fragrance Incorporated †		22,350		4,049,150
				24,170,211
Textiles, Apparel & Luxury Goods: 2.32%
Nike Incorporated Class B		104,314		6,468,511
Consumer Staples: 11.71%
Beverages: 5.41%
Constellation Brands Incorporated Class A		40,334		6,150,128
Dr Pepper Snapple Group Incorporated		47,650		4,471,476
Monster Beverage Corporation †		33,100		4,469,493
				15,091,097
Food & Staples Retailing: 3.34%
The Kroger Company		98,300		3,815,023
Walgreens Boots Alliance Incorporated		68,950		5,496,694
				9,311,717
Food Products: 0.96%
Hormel Foods Corporation		33,250		2,673,633
Tobacco: 2.00%
Reynolds American Incorporated		111,700		5,579,415

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

8 Wells Fargo Capital Growth Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name	Shares		Value
Financials: 4.65%
Capital Markets: 1.12%
Charles Schwab Corporation		122,300	$	3,122,319
Diversified Financial Services: 3.53%
Intercontinental Exchange Incorporated		24,795		6,540,921
McGraw Hill Financial Incorporated		38,813		3,299,881
				9,840,802
Health Care: 15.64%
Biotechnology: 4.88%
Alexion Pharmaceuticals Incorporated †		23,250		3,392,873
Celgene Corporation †		41,950		4,208,424
Gilead Sciences Incorporated		22,568		1,873,144
Regeneron Pharmaceuticals Incorporated †		5,231		2,197,491
Vertex Pharmaceuticals Incorporated †		21,383		1,940,507
				13,612,439
Health Care Equipment & Supplies: 5.34%
Align Technology Incorporated †		45,700		3,022,598
Edwards Lifesciences Corporation †		60,350		4,719,974
Hologic Incorporated †		96,600		3,278,604
Intuitive Surgical Incorporated †		7,150		3,867,078
				14,888,254
Health Care Providers & Services: 2.39%
UnitedHealth Group Incorporated		57,800		6,656,248
Pharmaceuticals: 3.03%
Bristol-Myers Squibb Company		112,138		6,970,498
Zoetis Incorporated		34,724		1,494,868
				8,465,366
Industrials: 4.12%
Airlines: 1.76%
Delta Air Lines Incorporated		110,775		4,906,225
Electrical Equipment: 0.95%
Acuity Brands Incorporated		13,100		2,651,833
Professional Services: 1.41%
Verisk Analytics Incorporated †		54,050		3,945,650
Information Technology: 34.48%
Communications Equipment: 1.84%
Harris Corporation		39,650		3,448,361
Palo Alto Networks Incorporated †		11,185		1,672,046
				5,120,407

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Capital Growth Fund 9

Security name				Shares		Value
Internet Software & Services: 12.12%
Alphabet Incorporated Class A †					22,358	$	17,022,263
Facebook Incorporated Class A †					118,174		13,260,305
Tencent Holdings Limited ADR					189,150		3,521,576
							33,804,144
IT Services: 7.90%
Cognizant Technology Solutions Corporation Class A †					75,350		4,770,409
Fidelity National Information Services Incorporated					68,250		4,076,573
PayPal Holdings Incorporated †					97,600		3,527,264
Visa Incorporated Class A					129,833		9,671,260
							22,045,506
Semiconductors & Semiconductor Equipment: 0.73%
Avago Technologies Limited					15,300		2,045,763
Software: 6.28%
Adobe Systems Incorporated †					57,450		5,120,519
Electronic Arts Incorporated †					73,600		4,750,512
Salesforce.com Incorporated †					45,030		3,064,742
ServiceNow Incorporated †					39,730		2,471,603
Tableau Software Incorporated Class A †					26,300		2,110,312
							17,517,688
Technology Hardware, Storage & Peripherals: 5.61%
Apple Incorporated					160,926		15,664,537
Materials: 1.82%
Chemicals: 1.82%
The Sherwin-Williams Company					19,900		5,087,833
Telecommunication Services: 3.30%
Diversified Telecommunication Services: 3.30%
Level 3 Communications Incorporated †					31,504		1,537,710
SBA Communications Corporation Class A †					40,047		3,975,866
Zayo Group Holdings Incorporated †					147,200		3,682,944
							9,196,520
Total Common Stocks (Cost $228,348,303)							278,068,715
	Yield
Short-Term Investments: 0.78%
Investment Companies: 0.78%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.42	%		1,896,300		1,896,300
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.40			274,367		274,367
Total Short-Term Investments (Cost $2,170,667)							2,170,667

Total investments in securities (Cost $230,518,970) *	100.46	%		280,239,382
Other assets and liabilities, net	(0.46	)		(1,272,839	)
Total net assets	100.00	%	$	278,966,543

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

10 Wells Fargo Capital Growth Fund Portfolio of investments—January 31, 2016 (unaudited)

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

† Non-income-earning security

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

(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 $231,307,479 and unrealized gains (losses) consists of:

Gross unrealized gains	$	57,835,275
Gross unrealized losses		(8,903,372	)
Net unrealized gains	$	48,931,903

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

Statement of assets and liabilities—January 31, 2016 (unaudited) Wells Fargo Capital Growth Fund 11

Assets
Investments
In unaffiliated securities (including $1,859,060 of securities loaned), at value (cost $228,348,303)	$	278,068,715
In affiliated securities, at value (cost $2,170,667)		2,170,667
Total investments, at value (cost $230,518,970)		280,239,382
Receivable for investments sold		603,907
Receivable for Fund shares sold		212,149
Receivable for dividends		58,052
Receivable for securities lending income		2,397
Prepaid expenses and other assets		45,181
Total assets		281,161,068
Liabilities
Payable for Fund shares redeemed		92,437
Payable upon receipt of securities loaned		1,896,300
Management fee payable		122,975
Distribution fee payable		2,210
Administration fees payable		24,617
Accrued expenses and other liabilities		55,986
Total liabilities		2,194,525
Total net assets	$	278,966,543
NET ASSETS CONSIST OF
Paid-in capital	$	237,995,159
Accumulated net investment loss		(608,408	)
Accumulated net realized losses on investments		(8,140,620	)
Net unrealized gains on investments		49,720,412
Total net assets	$	278,966,543
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	80,398,499
Shares outstanding – Class A1		5,888,487
Net asset value per share – Class A		$13.65
Maximum offering price per share – Class A2		$14.48
Net assets – Class C	$	3,436,410
Shares outstanding – Class C1		279,997
Net asset value per share – Class C		$12.27
Net assets – Class R4	$	14,181
Share outstanding – Class R41		947
Net asset value per share – Class R4		$14.97
Net assets – Class R6	$	141,558,406
Shares outstanding – Class R61		9,402,383
Net asset value per share – Class R6		$15.06
Net assets – Administrator Class	$	29,933,719
Shares outstanding – Administrator Class1		2,046,993
Net asset value per share – Administrator Class		$14.62
Net assets – Institutional Class	$	23,625,328
Shares outstanding – Institutional Class1		1,573,484
Net asset value per share – Institutional Class		$15.01

¹  The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Capital Growth Fund Statement of operations—six months ended January 31, 2016 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $9,186)	$	940,939
Securities lending income, net		7,420
Income from affiliated securities		5,158
Total investment income		953,517
Expenses
Management fee		1,027,540
Administration fees
Class A		58,200
Class C		3,968
Class R4		5
Class R6		21,864
Administrator Class		20,554
Institutional Class		14,340
Investor Class		55,871	1
Shareholder servicing fees
Class A		68,935
Class C		4,723
Class R4		7
Administrator Class		39,526
Investor Class		43,445	1
Distribution fee
Class C		14,170
Custody and accounting fees		13,660
Professional fees		23,433
Registration fees		53,668
Shareholder report expenses		1,472
Trustees’ fees and expenses		11,588
Other fees and expenses		10,322
Total expenses		1,487,291
Less: Fee waivers and/or expense reimbursements		(284,795	)
Net expenses		1,202,496
Net investment loss		(248,979	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(6,433,501	)
Net change in unrealized gains (losses) on investments		(21,191,438	)
Net realized and unrealized gains (losses) on investments		(27,624,939	)
Net decrease in net assets resulting from operations	$	(27,873,918	)

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

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

Statement of changes in net assets Wells Fargo Capital Growth Fund 13

	Six months ended January 31, 2016 (unaudited)						Year ended July 31, 2015
Operations
Net investment loss				$	(248,979	)				$	(385,156	)
Net realized gains (losses) on investments					(6,433,501	)					55,955,753
Net change in unrealized gains (losses) on investments					(21,191,438	)					(17,785,562	)
Net increase (decrease) in net assets resulting from operations					(27,873,918	)					37,785,035
Distributions to shareholders from
Net realized gains
Class A					(12,289,754	)					(4,805,732	)
Class C					(556,329	)					(1,397,806	)
Class R4					(1,876	)					(3,693	)
Class R6					(18,521,143	)					(36,912,629	)
Administrator Class					(4,001,022	)					(9,378,628	)
Institutional Class					(3,150,712	)					(12,743,781	)
Investor Class					0	1					(24,364,369	)
Total distributions to shareholders					(38,520,836	)					(89,606,638	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		4,684,911			78,251,501			91,633			1,687,079
Class C		28,780			413,209			74,996			1,252,857
Class R6		615,426			10,620,905			698,773			13,635,803
Administrator Class		114,117			1,857,465			196,115			3,846,348
Institutional Class		349,538			6,331,223			569,045			11,364,181
Investor Class		45,169	1		724,379	1		429,740			7,934,159
					98,198,682						39,720,427
Reinvestment of distributions
Class A		842,774			12,076,915			283,053			4,667,546
Class C		37,294			480,716			78,077			1,185,209
Class R4		119			1,876			208			3,693
Class R6		1,172,966			18,521,143			2,067,934			36,912,629
Administrator Class		259,809			3,985,470			533,599			9,316,635
Institutional Class		188,296			2,965,656			349,997			6,236,949
Investor Class		0	1		0	1		1,450,130			23,680,615
					38,031,776						82,003,276
Payment for shares redeemed
Class A		(624,728	)		(9,139,810	)		(259,975	)		(4,889,075	)
Class C		(50,706	)		(743,283	)		(118,419	)		(1,921,172	)
Class R6		(493,950	)		(8,581,035	)		(985,710	)		(19,513,578	)
Administrator Class		(220,187	)		(3,787,664	)		(1,888,744	)		(41,533,388	)
Institutional Class		(162,907	)		(2,844,845	)		(1,930,743	)		(37,357,917	)
Investor Class		(4,836,074	)1		(80,008,433	)1		(1,294,319	)		(23,062,370	)
					(105,105,070	)					(128,277,500	)
Net increase (decrease) in net assets resulting from capital share transactions					31,125,388						(6,553,797	)
Total decrease in net assets					(35,269,366	)					(58,375,400	)
Net assets
Beginning of period					314,235,909						372,611,309
End of period				$	278,966,543					$	314,235,909
Accumulated net investment loss				$	(608,408	)				$	(359,429	)

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

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

14 Wells Fargo Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS A				2015			2014			2013			2012			2011
Net asset value, beginning of period		$17.38			$21.31			$19.87			$16.74			$16.25			$13.07
Net investment income (loss)		(0.03	)1		(0.07	)1		(0.10	)1		0.00	1,2		(0.05	)1		(0.07	)1
Net realized and unrealized gains (losses) on investments		(1.43	)		2.09			3.79			3.43			0.54			3.25
Total from investment operations		(1.46	)		2.02			3.69			3.43			0.49			3.18
Distributions to shareholders from
Net investment income		0.00			0.00			(0.02	)		0.00			0.00			0.00
Net realized gains		(2.27	)		(5.95	)		(2.23	)		(0.30	)		0.00			0.00
Total distributions to shareholders		(2.27	)		(5.95	)		(2.25	)		(0.30	)		0.00			0.00
Net asset value, end of period		$13.65			$17.38			$21.31			$19.87			$16.74			$16.25
Total return3		(9.05	)%		11.00	%		19.09	%		20.85	%		3.02	%		24.43	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.27	%		1.26	%		1.26	%		1.21	%		1.21	%
Net expenses		1.11	%		1.11	%		1.11	%		1.14	%		1.20	%		1.20	%
Net investment income (loss)		(0.44	)%		(0.39	)%		(0.46	)%		0.01	%		(0.30	)%		(0.48	)%
Supplemental data
Portfolio turnover rate		50	%		114	%		94	%		107	%		116	%		116	%
Net assets, end of period (000s omitted)		$80,398			$17,126			$18,561			$16,390			$17,784			$20,693

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Capital Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS C				2015			2014			2013			2012			2011
Net asset value, beginning of period		$15.92			$20.12			$18.98			$16.12			$15.77			$12.77
Net investment loss		(0.09	)1		(0.20	)1		(0.24	)1		(0.13	)1		(0.16	)1		(0.19	)1
Net realized and unrealized gains (losses) on investments		(1.29	)		1.95			3.61			3.29			0.51			3.19
Total from investment operations		(1.38	)		1.75			3.37			3.16			0.35			3.00
Distributions to shareholders from
Net realized gains		(2.27	)		(5.95	)		(2.23	)		(0.30	)		0.00			0.00
Net asset value, end of period		$12.27			$15.92			$20.12			$18.98			$16.12			$15.77
Total return2		(9.38	)%		10.15	%		18.21	%		19.97	%		2.22	%		23.49	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		2.02	%		2.01	%		2.01	%		1.96	%		1.96	%
Net expenses		1.86	%		1.86	%		1.86	%		1.89	%		1.95	%		1.95	%
Net investment loss		(1.20	)%		(1.14	)%		(1.20	)%		(0.73	)%		(1.05	)%		(1.23	)%
Supplemental data
Portfolio turnover rate		50	%		114	%		94	%		107	%		116	%		116	%
Net assets, end of period (000s omitted)		$3,436			$4,212			$4,628			$4,503			$6,042			$8,272

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS R4				2015			2014			20131
Net asset value, beginning of period		$18.79			$22.52			$20.83			$18.22
Net investment income (loss)		(0.01	)2		(0.01	)2		(0.02	)		0.05
Net realized and unrealized gains (losses) on investments		(1.54	)		2.23			3.99			2.95
Total from investment operations		(1.55	)		2.22			3.97			3.00
Distributions to shareholders from
Net investment income		0.00			0.00			(0.05	)		(0.09	)
Net realized gains		(2.27	)		(5.95	)		(2.23	)		(0.30	)
Total distributions to shareholders		(2.27	)		(5.95	)		(2.28	)		(0.39	)
Net asset value, end of period		$14.97			$18.79			$22.52			$20.83
Total return3		(8.83	)%		11.35	%		19.56	%		16.86	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.91	%		0.91	%		0.90	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss)		(0.10	)%		(0.04	)%		(0.10	)%		0.37	%
Supplemental data
Portfolio turnover rate		50	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$14			$16			$14			$12

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

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Capital Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS R6				2015			2014			20131
Net asset value, beginning of period		$18.87			$22.56			$20.85			$18.22
Net investment income		0.00	2		0.02			0.00	2,3		0.07
Net realized and unrealized gains (losses) on investments		(1.54	)		2.24			4.00			2.95
Total from investment operations		(1.54	)		2.26			4.00			3.02
Distributions to shareholders from
Net investment income		0.00			0.00			(0.06	)		(0.09	)
Net realized gains		(2.27	)		(5.95	)		(2.23	)		(0.30	)
Total distributions to shareholders		(2.27	)		(5.95	)		(2.29	)		(0.39	)
Net asset value, end of period		$15.06			$18.87			$22.56			$20.85
Total return4		(8.74	)%		11.54	%		19.71	%		16.99	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.79	%		0.78	%		0.79	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		0.05	%		0.11	%		0.01	%		0.52	%
Supplemental data
Portfolio turnover rate		50	%		114	%		94	%		107	%
Net assets, end of period (000s omitted)		$141,558			$153,009			$142,754			$58

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

²  Amount is less than $0.005 per share.

³  Calculated based upon average shares outstanding

⁴  Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Capital Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$18.43			$22.22			$20.61			$17.32			$16.77			$13.45
Net investment income (loss)		(0.02	)1		(0.03	)1		(0.05	)1		0.04	1		(0.00	)1,2		(0.03	)1
Net realized and unrealized gains (losses) on investments		(1.52	)		2.19			3.93			3.55			0.55			3.35
Total from investment operations		(1.54	)		2.16			3.88			3.59			0.55			3.32
Distributions to shareholders from
Net investment income		0.00			0.00			(0.04	)		0.00			0.00			0.00
Net realized gains		(2.27	)		(5.95	)		(2.23	)		(0.30	)		0.00			0.00
Total distributions to shareholders		(2.27	)		(5.95	)		(2.27	)		(0.30	)		0.00			0.00
Net asset value, end of period		$14.62			$18.43			$22.22			$20.61			$17.32			$16.77
Total return3		(8.96	)%		11.22	%		19.35	%		21.15	%		3.22	%		24.68	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.11	%		1.09	%		1.09	%		1.05	%		1.05	%
Net expenses		0.91	%		0.90	%		0.90	%		0.91	%		0.94	%		0.94	%
Net investment income (loss)		(0.26	)%		(0.16	)%		(0.24	)%		0.24	%		(0.01	)%		(0.21	)%
Supplemental data
Portfolio turnover rate		50	%		114	%		94	%		107	%		116	%		116	%
Net assets, end of period (000s omitted)		$29,934			$34,886			$67,830			$63,786			$74,529			$372,178

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Capital Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$18.84			$22.54			$20.84			$17.56			$16.96			$13.57
Net investment income (loss)		(0.00	)1,2		0.02	1		0.01	1		0.09	1		0.03	1		0.00	1,2
Net realized and unrealized gains (losses) on investments		(1.56	)		2.23			4.00			3.58			0.57			3.39
Total from investment operations		(1.56	)		2.25			4.01			3.67			0.60			3.39
Distributions to shareholders from
Net investment income		0.00			0.00			(0.08	)		(0.09	)		0.00			0.00
Net realized gains		(2.27	)		(5.95	)		(2.23	)		(0.30	)		0.00			0.00
Total distributions to shareholders		(2.27	)		(5.95	)		(2.31	)		(0.39	)		0.00			0.00
Net asset value, end of period		$15.01			$18.84			$22.54			$20.84			$17.56			$16.96
Total return3		(8.87	)%		11.50	%		19.76	%		21.42	%		3.48	%		25.07	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.84	%		0.82	%		0.82	%		0.78	%		0.78	%
Net expenses		0.67	%		0.65	%		0.65	%		0.67	%		0.70	%		0.70	%
Net investment income (loss)		(0.04	)%		0.09	%		0.05	%		0.46	%		0.21	%		0.00	%
Supplemental data
Portfolio turnover rate		50	%		114	%		94	%		107	%		116	%		116	%
Net assets, end of period (000s omitted)		$23,625			$22,578			$49,816			$331,310			$543,933			$988,633

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

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

1. ORGANIZATION

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

Effective at the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the Fund.

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.

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

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

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

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

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

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)

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2016:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	66,841,319	$	0	$	0	$	66,841,319
Consumer staples		32,655,862		0		0		32,655,862
Financials		12,963,121		0		0		12,963,121
Health care		43,622,307		0		0		43,622,307
Industrials		11,503,708		0		0		11,503,708
Information technology		92,676,469		3,521,576		0		96,198,045
Materials		5,087,833		0		0		5,087,833
Telecommunication services		9,196,520		0		0		9,196,520
Short-term investments
Investment companies		274,367		0		0		274,367
Investments measured at net asset value*								1,896,300
Total assets	$	274,821,506	$	3,521,576	$	0	$	280,239,382

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $1,896,300 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2016 common stocks with a market value of $3,521,576 were transferred from Level 1 to Level 2 because of a decrease in the market activity of these securities. The Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2016, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

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

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

Administration fees

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

	Class-level administration fee
Class A, Class C		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class, Institutional Class		0.13
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class C shares, 0.75% for Class R4 shares, 0.60% for R6 shares, 0.94% for Administrator Class shares, and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to December 1, 2015, the Fund’s expenses were capped at 0.90% for Administrator Class shares, and 0.65% for Institutional Class shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2016, Funds Distributor received $1,550 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2016 were $145,892,526 and $153,543,561, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other 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 six months ended January 31, 2016, the Fund paid $498 in commitment fees.

For the six months ended January 31, 2016, there were no borrowings by the Fund under the agreement.

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

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Capital Growth Fund 25

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

26 Wells Fargo Capital Growth Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief financial officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead 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
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Capital Growth Fund 27

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; 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.
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.

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 wellsfargofunds.com.

28 Wells Fargo Capital Growth Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

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 Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2016 Wells Fargo Funds Management, LLC. All rights reserved.

240793 03-16 SA200/SAR200 01-16

Semi-Annual Report

January 31, 2016

Wells Fargo Disciplined U.S. Core Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	13
Statement of operations	14
Statement of changes in net assets	15
Financial highlights	16
Notes to financial statements	22
Other information	26
List of abbreviations	29

The views expressed and any forward-looking statements are as of January 31, 2016, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

Karla M. Rabusch

President

Wells Fargo Funds

Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Disciplined U.S. Core Fund for the six-month period that ended January 31, 2016. Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced continuing challenges. In this environment, the broad U.S. stock market experienced heightened volatility and ultimately fell 5.64% overall for the six-month period (as measured by the Russell 3000^® Index,¹ which is the index used to measure U.S. stock market performance throughout this letter).

As the reporting period began, China’s slowdown continued to take a toll on U.S. and international markets.

The U.S. stock market declined 6.04% and 2.91% in August and September 2015, respectively, as investors worried about the impact on the U.S. of China’s slowing growth. A number of positive economic indicators released during these months suggested the U.S. economy remained solid. However, the strengthening U.S. dollar coupled with ongoing global economic turmoil continued to hinder the economy. Although many investors believed the U.S. Federal Reserve (Fed) would raise the federal funds rate during the third quarter of 2015, at its September 2015 meeting the Fed left the rate unchanged. This decision fueled uncertainty about the U.S. economy’s stamina to remain healthy while facing the negative effects of troubles elsewhere in the world. One week later, Fed Chair Janet Yellen reassured investors that, barring unpleasant surprises, the Fed still intended to raise the rate in 2015. International markets were more volatile than the domestic market and delivered even weaker results in August and September. Investors’ anxiety was driven largely by China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—struggled under the strains of reduced demand for commodities and lower prices for the commodities sold.

The U.S. stock market delivered a positive result overall for the last three months of 2015 despite ongoing concerns.

The broad U.S. stock market fluctuated widely in the fourth quarter of 2015, rising 7.90% in October and 0.55% in November before falling 2.05% in December, for an overall quarterly return of 6.27%. Stock markets outside the U.S. generally failed to keep pace with the domestic market as economic concerns, including China’s ongoing slowdown, continued to affect many countries worldwide. U.S. economic data released during the quarter indicated the economy remained solid, with modest growth. However, the strong U.S. dollar and global economic turmoil continued their drag on the economy. In December, the Fed, as expected, slightly raised its target short-term interest rate to between 0.25% and 0.50% after keeping it near zero for seven years. The move, which had been well telegraphed by the Fed for months, reflected confidence in the U.S. economy’s ability to stay healthy with less central-bank support. The Fed also made clear that future interest-rate increases will be gradual.

U.S. stocks struggled in January 2016.

The broad U.S. stock market dropped 5.64% for the month, weighed down by ongoing concerns about heightened market volatility, the continued plunge in oil prices, and the impact of weak global growth on U.S. companies. The U.S. economy, however, remained resilient in January—with continued solid hiring, a

¹  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.

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

reduction in the jobless rate to 4.9%, and signs of an uptick in the pace of wage growth—despite some warning signs that became evident in recent months, such as weaknesses in manufacturing and business growth.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

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

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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Golden Capital Management, LLC

Portfolio managers

Greg Golden, CFA^®

Average annual total returns (%) as of January 31, 2016¹

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (EVSAX)	2-28-1990		(6.22	)		10.16		6.02		(0.47	)		11.47		6.65		0.84		0.84
Class C (EVSTX)	6-30-1999		(2.16	)		10.65		5.86		(1.16	)		10.65		5.86		1.59		1.59
Class R (EVSHX)	9-30-2015		–			–		–		(0.68	)		11.17		6.34		1.09		1.09
Class R6 (EVSRX)	9-30-2015		–			–		–		0.01			11.95		7.03		0.41		0.41
Administrator Class (EVSYX)	2-21-1995		–			–		–		(0.28	)		11.66		6.87		0.76		0.74
Institutional Class (EVSIX)	7-30-2010		–			–		–		(0.02	)		11.95		7.02		0.51		0.48
S&P 500 Index4	–		–			–		–		(0.67	)		10.91		6.48		–		–

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The use of derivatives may reduce returns and/or increase volatility. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Disciplined U.S. Core Fund 5

Ten largest holdings (%) as of January 31, 20165
Apple Incorporated	3.76
Microsoft Corporation	3.05
Exxon Mobil Corporation	2.56
Johnson & Johnson	2.45
Pfizer Incorporated	1.80
Chevron Corporation	1.62
The Home Depot Incorporated	1.60
Intel Corporation	1.60
JPMorgan Chase & Company	1.58
Alphabet Incorporated Class C	1.57

Sector distribution as of January 31, 2016⁶

¹  Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect higher expenses applicable to Class R shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns 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. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Enhanced S&P 500 Fund.

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

³  The manager has contractually committed through November 30, 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 0.92% for Class A, 1.67% for Class C, 1.17% for Class R, 0.43% for Class R6, 0.74% for Administrator Class, and 0.48% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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

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

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2015 to January 31, 2016.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2015		Ending account value 1-31-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	935.39	$	4.23		0.87	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.76	$	4.42		0.87	%
Class C
Actual	$	1,000.00	$	932.46	$	7.87		1.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.99	$	8.21		1.62	%
Class R
Actual	$	1,000.00	$	934.85	$	5.40		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Class R6
Actual	$	1,000.00	$	937.57	$	2.09		0.43	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.97	$	2.19		0.43	%
Administrator Class
Actual	$	1,000.00	$	936.57	$	3.60		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.76		0.74	%
Institutional Class
Actual	$	1,000.00	$	937.26	$	2.34		0.48	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.72	$	2.44		0.48	%

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Disciplined U.S. Core Fund 7

Security name	Shares		Value
Common Stocks: 98.08%
Consumer Discretionary: 13.08%
Auto Components: 0.18%
The Goodyear Tire & Rubber Company		32,560	$	925,030
Automobiles: 1.75%
Ford Motor Company		394,087		4,705,399
General Motors Company		146,746		4,349,551
				9,054,950
Diversified Consumer Services: 0.35%
H&R Block Incorporated		52,934		1,802,403
Hotels, Restaurants & Leisure: 2.60%
Carnival Corporation		88,695		4,268,890
Darden Restaurants Incorporated		64,231		4,050,407
Starbucks Corporation		84,765		5,151,169
				13,470,466
Household Durables: 0.18%
D.R. Horton Incorporated		34,111		938,394
Internet & Catalog Retail: 0.77%
Amazon.com Incorporated †		4,746		2,785,902
Expedia Incorporated		12,110		1,223,594
				4,009,496
Media: 2.50%
Comcast Corporation Class A		120,742		6,726,537
The Walt Disney Company		64,916		6,220,251
				12,946,788
Multiline Retail: 0.98%
Target Corporation		70,122		5,078,235
Specialty Retail: 3.41%
Best Buy Company Incorporated		54,937		1,534,390
GameStop Corporation Class A «		38,691		1,014,091
Lowe’s Companies Incorporated		76,313		5,468,590
Staples Incorporated		153,982		1,373,519
The Home Depot Incorporated		65,881		8,285,195
				17,675,785
Textiles, Apparel & Luxury Goods: 0.36%
Nike Incorporated Class B		30,289		1,878,222
Consumer Staples: 9.65%
Beverages: 2.59%
Dr Pepper Snapple Group Incorporated		46,948		4,405,600
PepsiCo Incorporated		53,924		5,354,653
The Coca-Cola Company		85,746		3,680,218
				13,440,471

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

8 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name	Shares			Value
Food & Staples Retailing: 2.76%
CVS Health Corporation		69,201		$	6,684,125
The Kroger Company		12,897			500,533
Wal-Mart Stores Incorporated		107,395			7,126,732
					14,311,390
Food Products: 1.07%
Mondelez International Incorporated Class A		27,901			1,202,533
Tyson Foods Incorporated Class A		81,037			4,324,134
					5,526,667
Household Products: 1.43%
Church & Dwight Company Incorporated		6,296			528,864
The Clorox Company		32,479			4,191,415
The Procter & Gamble Company		33,104			2,704,266
					7,424,545
Tobacco: 1.80%
Altria Group Incorporated		127,461			7,789,142
Philip Morris International		17,012			1,531,250
					9,320,392
Energy: 5.91%
Energy Equipment & Services: 0.62%
Schlumberger Limited		44,534			3,218,472
Oil, Gas & Consumable Fuels: 5.29%
Chevron Corporation		97,361			8,418,806
EQT Corporation		25,512			1,575,111
Exxon Mobil Corporation		170,273			13,255,753
Tesoro Corporation		16,026			1,398,269
Valero Energy Corporation		40,921	��		2,777,308
					27,425,247
Financials: 14.73%
Banks: 5.09%
Bank of America Corporation		537,947			7,606,571
Citigroup Incorporated		141,504			6,025,240
JPMorgan Chase & Company		137,552			8,184,344
People’s United Financial Incorporated «		44,581			640,629
Regions Financial Corporation		157,456			1,278,543
SunTrust Banks Incorporated		71,616			2,619,713
					26,355,040
Capital Markets: 2.00%
Ameriprise Financial Incorporated		17,306			1,568,789
Goldman Sachs Group Incorporated		30,968			5,003,190
Morgan Stanley		147,240			3,810,571
					10,382,550

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Disciplined U.S. Core Fund 9

Security name	Shares		Value
Consumer Finance: 0.43%
Capital One Financial Corporation		23,404	$	1,535,770
Synchrony Financial †		25,184		715,729
				2,251,499
Diversified Financial Services: 0.95%
Berkshire Hathaway Incorporated Class B †		37,738		4,897,260
Insurance: 1.70%
American International Group Incorporated		56,684		3,201,512
MetLife Incorporated		29,908		1,335,392
Principal Financial Group Incorporated		18,380		698,440
Prudential Financial Incorporated		25,489		1,786,269
The Travelers Companies Incorporated		12,753		1,365,081
Unum Group		14,014		401,361
				8,788,055
Real Estate Management & Development: 0.60%
CBRE Group Incorporated Class A †		111,502		3,118,711
REITs: 3.96%
American Tower Corporation		45,450		4,287,753
Crown Castle International Corporation		40,763		3,513,771
General Growth Properties Incorporated		108,387		3,039,171
Host Hotels & Resorts Incorporated		104,477		1,447,006
Prologis Incorporated		74,154		2,926,858
Simon Property Group Incorporated		28,599		5,327,422
				20,541,981
Health Care: 15.41%
Biotechnology: 2.87%
Amgen Incorporated		44,615		6,814,049
Biogen Incorporated †		5,986		1,634,537
Gilead Sciences Incorporated		77,372		6,421,876
				14,870,462
Health Care Equipment & Supplies: 1.30%
Medtronic plc		89,004		6,757,184
Health Care Providers & Services: 3.83%
Aetna Incorporated		37,318		3,800,465
AmerisourceBergen Corporation		10,662		954,889
Cigna Corporation		10,234		1,367,262
Express Scripts Holding Company †		13,001		934,382
HCA Holdings Incorporated †		20,969		1,459,023
Humana Incorporated		7,789		1,267,971
McKesson Corporation		20,468		3,294,939
UnitedHealth Group Incorporated		58,828		6,774,632
				19,853,563

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

10 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name	Shares		Value
Pharmaceuticals: 7.41%
AbbVie Incorporated		78,842	$	4,328,426
Bristol-Myers Squibb Company		51,140		3,178,862
Eli Lilly & Company		30,485		2,411,364
Johnson & Johnson		121,809		12,721,732
Merck & Company Incorporated		126,211		6,395,111
Pfizer Incorporated		306,210		9,336,343
				38,371,838
Industrials: 9.21%
Aerospace & Defense: 2.99%
General Dynamics Corporation		37,437		5,007,947
Lockheed Martin Corporation		25,073		5,290,403
The Boeing Company		43,517		5,227,697
				15,526,047
Air Freight & Logistics: 0.79%
Expeditors International of Washington Incorporated		47,068		2,123,708
United Parcel Service Incorporated Class B		20,919		1,949,651
				4,073,359
Airlines: 1.67%
Delta Air Lines Incorporated		48,768		2,159,935
Southwest Airlines Company		108,000		4,062,960
United Continental Holdings Incorporated †		50,967		2,460,687
				8,683,582
Commercial Services & Supplies: 0.64%
Waste Management Incorporated		62,625		3,315,994
Industrial Conglomerates: 1.69%
3M Company		10,392		1,569,192
General Electric Company		246,467		7,172,190
				8,741,382
Machinery: 0.69%
Caterpillar Incorporated		57,201		3,560,190
Road & Rail: 0.74%
Union Pacific Corporation		52,976		3,814,272
Information Technology: 20.34%
Communications Equipment: 1.34%
Cisco Systems Incorporated		291,980		6,946,204
Internet Software & Services: 4.38%
Alphabet Incorporated Class A †		10,394		7,913,472
Alphabet Incorporated Class C †		10,963		8,144,961
eBay Incorporated		37,966		890,682
Facebook Incorporated Class A †		50,978		5,720,241
				22,669,356

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Disciplined U.S. Core Fund 11

Security name	Shares		Value
IT Services: 3.36%
Accenture plc Class A		17,502	$	1,847,161
CSRA Incorporated		38,756		1,037,886
International Business Machines Corporation		27,286		3,405,020
Paychex Incorporated		30,876		1,477,725
The Western Union Company		140,236		2,501,810
Total System Services Incorporated		77,807		3,124,729
Visa Incorporated Class A		14,084		1,049,117
Xerox Corporation		303,600		2,960,100
				17,403,548
Semiconductors & Semiconductor Equipment: 3.18%
Avago Technologies Limited		33,102		4,426,068
Intel Corporation		266,891		8,278,959
Linear Technology Corporation		35,294		1,508,113
Skyworks Solutions Incorporated		33,186		2,287,179
				16,500,319
Software: 3.24%
Citrix Systems Incorporated †		14,053		990,174
Microsoft Corporation		287,200		15,821,848
				16,812,022
Technology Hardware, Storage & Peripherals: 4.84%
Apple Incorporated		200,395		19,506,449
EMC Corporation		58,477		1,448,475
Hewlett-Packard Company		422,448		4,101,970
				25,056,894
Materials: 3.06%
Chemicals: 1.82%
Dow Chemical Company		110,934		4,659,228
LyondellBasell Industries NV Class A		46,374		3,615,781
The Sherwin-Williams Company		4,485		1,146,680
				9,421,689
Containers & Packaging: 0.35%
Avery Dennison Corporation		29,384		1,789,192
Metals & Mining: 0.89%
Newmont Mining Corporation		232,437		4,639,443
Telecommunication Services: 2.96%
Diversified Telecommunication Services: 2.96%
AT&T Incorporated		211,846		7,639,167
CenturyLink Incorporated		46,880		1,191,690
Verizon Communications Incorporated		130,288		6,510,491
				15,341,348

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

12 Wells Fargo Disciplined U.S. Core Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name				Shares		Value
Utilities: 3.73%
Electric Utilities: 1.84%
American Electric Power Company Incorporated					28,301	$	1,725,512
Edison International					70,279		4,343,242
Exelon Corporation					79,514		2,351,229
FirstEnergy Corporation					34,111		1,127,710
							9,547,693
Independent Power & Renewable Electricity Producers: 0.38%
AES Corporation					209,307		1,988,417
Multi-Utilities: 1.51%
Ameren Corporation					53,388		2,398,189
DTE Energy Company					14,833		1,260,953
Public Service Enterprise Group Incorporated					100,309		4,142,764
							7,801,906
Total Common Stocks (Cost $404,166,523)							508,267,953
	Yield
Short-Term Investments: 2.01%
Investment Companies: 2.01%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.42	%		1,552,275		1,552,275
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.40			8,894,394		8,894,394
Total Short-Term Investments (Cost $10,446,669)							10,446,669

Total investments in securities (Cost $414,613,192) *	100.09	%		518,714,622
Other assets and liabilities, net	(0.09	)		(480,812	)
Total net assets	100.00	%	$	518,233,810

† Non-income-earning security

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

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

(r) The investment is a non-registered investment 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 $416,633,642 and unrealized gains (losses) consists of:

Gross unrealized gains	$	121,955,143
Gross unrealized losses		(19,874,163	)
Net unrealized gains	$	102,080,980

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

Statement of assets and liabilities—January 31, 2016 (unaudited) Wells Fargo Disciplined U.S. Core Fund 13

Assets
Investments
In unaffiliated securities (including $1,513,599 of securities loaned), at value (cost $404,166,523)	$	508,267,953
In affiliated securities, at value (cost $10,446,669)		10,446,669
Total investments, at value (cost $414,613,192)		518,714,622
Receivable for Fund shares sold		4,346,371
Receivable for dividends		779,629
Receivable for securities lending income		782
Prepaid expenses and other assets		59,568
Total assets		523,900,972
Liabilities
Payable for investments purchased		3,123,397
Payable for Fund shares redeemed		593,298
Payable upon receipt of securities loaned		1,552,275
Management fee payable		142,348
Distribution fees payable		14,307
Administration fees payable		78,667
Accrued expenses and other liabilities		162,870
Total liabilities		5,667,162
Total net assets	$	518,233,810
NET ASSETS CONSIST OF
Paid-in capital	$	403,778,482
Undistributed net investment income		3,689,918
Accumulated net realized gains on investments		6,663,980
Net unrealized gains on investments		104,101,430
Total net assets	$	518,233,810
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	316,073,162
Shares outstanding – Class A1		24,512,557
Net asset value per share – Class A		$12.89
Maximum offering price per share – Class A2		$13.68
Net assets – Class C	$	27,246,735
Shares outstanding – Class C1		2,269,057
Net asset value per share – Class C		$12.01
Net assets – Class R	$	25,456
Shares outstanding – Class R1		1,936
Net asset value per share – Class R		$13.15
Net assets – Class R6	$	61,153
Shares outstanding – Class R61		4,639
Net asset value per share – Class R6		$13.18
Net assets – Administrator Class	$	76,194,271
Shares outstanding – Administrator Class1		5,772,584
Net asset value per share – Administrator Class		$13.20
Net assets – Institutional Class	$	98,633,033
Shares outstanding – Institutional Class1		7,552,343
Net asset value per share – Institutional Class		$13.06

¹  The Fund has an unlimited number of authorized shares.

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

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

14 Wells Fargo Disciplined U.S. Core Fund Statement of operations—six months ended January 31, 2016 (unaudited)

Investment income
Dividends	$	5,803,761
Securities lending income, net		4,072
Income from affiliated securities		6,441
Total investment income		5,814,274
Expenses
Management fee		892,216
Administration fees
Class A		338,755
Class C		23,843
Class R		18	1
Class R6		4	1
Administrator Class		43,020
Institutional Class		63,878
Shareholder servicing fees
Class A		403,279
Class C		28,385
Class R		22	1
Administrator Class		82,732
Distribution fees
Class C		85,154
Class R		22	1
Custody and accounting fees		20,257
Professional fees		30,327
Registration fees		39,829
Shareholder report expenses		24,162
Trustees’ fees and expenses		12,999
Interest expense		1,658
Other fees and expenses		27,207
Total expenses		2,117,767
Less: Fee waivers and/or expense reimbursements		(47,221	)
Net expenses		2,070,546
Net investment income		3,743,728
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		7,666,152
Net change in unrealized gains (losses) on investments		(45,403,784	)
Net realized and unrealized gains (losses) on investments		(37,737,632	)
Net decrease in net assets resulting from operations	$	(33,993,904	)

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

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

Statement of changes in net assets Wells Fargo Disciplined U.S. Core Fund 15

	Six months ended January 31, 2016 (unaudited)						Year ended July 31, 2015
Operations
Net investment income				$	3,743,728					$	7,538,035
Net realized gains on investments					7,666,152						49,570,546
Net change in unrealized gains (losses) on investments					(45,403,784	)					(1,189,230	)
Net increase (decrease) in net assets resulting from operations					(33,993,904	)					55,919,351
Distributions to shareholders from
Net investment income
Class A					(4,528,285	)					(3,522,119	)
Class C					(257,661	)					(84,291	)
Class R					(495	)1					N/A
Class R6					(1,177	)1					N/A
Administrator Class					(1,187,160	)					(647,073	)
Institutional Class					(1,510,103	)					(1,537,330	)
Net realized gains
Class A					(31,556,160	)					(46,161,619	)
Class C					(2,500,323	)					(2,082,924	)
Class R					(2,461	)1					N/A
Class R6					(5,846	)1					N/A
Administrator Class					(6,952,701	)					(7,515,200	)
Institutional Class					(8,572,495	)					(15,983,371	)
Total distributions to shareholders					(57,074,867	)					(77,533,927	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		3,026,936			43,409,389			2,148,617			33,269,672
Class C		986,041			13,037,194			823,111			12,057,914
Class R		1,724	1		25,180	1		N/A			N/A
Class R6		4,135	1		62,680	1		N/A			N/A
Administrator Class		2,178,467			31,991,960			1,319,355			20,847,005
Institutional Class		2,716,755			38,322,808			3,114,670			50,079,007
					126,849,211						116,253,598
Reinvestment of distributions
Class A		2,569,607			34,916,831			3,224,975			47,843,154
Class C		155,194			1,959,119			105,097			1,464,972
Class R		212	1		2,956	1		N/A			N/A
Class R6		504	1		7,023	1		N/A			N/A
Administrator Class		553,449			7,715,022			491,872			7,465,466
Institutional Class		369,132			5,097,050			561,645			8,449,624
					49,698,001						65,223,216
Payment for shares redeemed
Class A		(2,513,642	)		(35,292,271	)		(2,705,765	)		(42,183,445	)
Class C		(298,117	)		(4,072,427	)		(207,673	)		(3,079,680	)
Administrator Class		(979,907	)		(14,244,971	)		(832,349	)		(13,437,852	)
Institutional Class		(2,552,936	)		(38,883,603	)		(2,190,447	)		(34,044,476	)
					(92,493,272	)					(92,745,453	)
Net increase in net assets resulting from capital share transactions					84,053,940						88,731,361
Total increase (decrease) in net assets					(7,014,831	)					67,116,785
Net assets
Beginning of period					525,248,641						458,131,856
End of period				$	518,233,810					$	525,248,641
Undistributed net investment income				$	3,689,918					$	7,431,071

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

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS A				2015			2014			2013			2012			2011
Net asset value, beginning of period		$15.45			$16.29			$16.27			$14.65			$14.25			$11.93
Net investment income		0.10			0.21			0.19			0.24			0.20			0.16
Net realized and unrealized gains (losses) on investments		(1.03	)		1.60			2.35			3.25			0.93			2.17
Total from investment operations		(0.93	)		1.81			2.54			3.49			1.13			2.33
Distributions to shareholders from
Net investment income		(0.19	)		(0.16	)		(0.24	)		(0.24	)		(0.23	)		(0.01	)
Net realized gains		(1.44	)		(2.49	)		(2.28	)		(1.63	)		(0.50	)		0.00
Total distributions to shareholders		(1.63	)		(2.65	)		(2.52	)		(1.87	)		(0.73	)		(0.01	)
Net asset value, end of period		$12.89			$15.45			$16.29			$16.27			$14.65			$14.25
Total return1		(6.46	)%		12.01	%		17.00	%		26.62	%		8.54	%		19.50	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.89	%		0.93	%		0.94	%		0.92	%		0.93	%
Net expenses		0.87	%		0.89	%		0.92	%		0.92	%		0.92	%		0.92	%
Net investment income		1.41	%		1.43	%		1.27	%		1.66	%		1.43	%		1.18	%
Supplemental data
Portfolio turnover rate		29	%		53	%		71	%		64	%		82	%		64	%
Net assets, end of period (000s omitted)		$316,073			$331,123			$305,577			$285,780			$254,272			$268,460

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS C				2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.50			$15.47			$15.58			$14.10			$13.69			$11.54
Net investment income		0.08			0.13			0.08			0.12			0.09			0.05
Net realized and unrealized gains (losses) on investments		(1.00	)		1.48			2.23			3.12			0.90			2.10
Total from investment operations		(0.92	)		1.61			2.31			3.24			0.99			2.15
Distributions to shareholders from
Net investment income		(0.13	)		(0.09	)		(0.14	)		(0.13	)		(0.08	)		0.00
Net realized gains		(1.44	)		(2.49	)		(2.28	)		(1.63	)		(0.50	)		0.00
Total distributions to shareholders		(1.57	)		(2.58	)		(2.42	)		(1.76	)		(0.58	)		0.00
Net asset value, end of period		$12.01			$14.50			$15.47			$15.58			$14.10			$13.69
Total return1		(6.75	)%		11.18	%		16.10	%		25.65	%		7.75	%		18.63	%
Ratios to average net assets (annualized)
Gross expenses		1.62	%		1.64	%		1.68	%		1.69	%		1.67	%		1.68	%
Net expenses		1.62	%		1.64	%		1.67	%		1.67	%		1.67	%		1.67	%
Net investment income		0.66	%		0.66	%		0.51	%		0.92	%		0.68	%		0.44	%
Supplemental data
Portfolio turnover rate		29	%		53	%		71	%		64	%		82	%		64	%
Net assets, end of period (000s omitted)		$27,247			$20,680			$10,913			$9,544			$8,590			$8,768

¹  Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.

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

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

(For a share outstanding throughout each period)

CLASS R	Period ended January 31, 2016 (unaudited)1
Net asset value, beginning of period		$14.62
Net investment income		0.06	2
Net realized and unrealized gains (losses) on investments		0.17
Total from investment operations		0.23
Distributions to shareholders from
Net investment income		(0.26	)
Net realized gains		(1.44	)
Total distributions to shareholders		(1.70	)
Net asset value, end of period		$13.15
Total return3		1.11	%
Ratios to average net assets (annualized)
Gross expenses		1.11	%
Net expenses		1.11	%
Net investment income		1.27	%
Supplemental data
Portfolio turnover rate		29	%
Net assets, end of period (000s omitted)		$25

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

²  Calculated based upon average shares outstanding

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

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

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

(For a share outstanding throughout each period)

CLASS R6	Period ended January 31, 2016 (unaudited)1
Net asset value, beginning of period		$14.62
Net investment income		0.09	2
Net realized and unrealized gains (losses) on investments		0.17
Total from investment operations		0.26
Distributions to shareholders from
Net investment income		(0.26	)
Net realized gains		(1.44	)
Total distributions to shareholders		(1.70	)
Net asset value, end of period		$13.18
Total return3		1.32	%
Ratios to average net assets (annualized)
Gross expenses		0.43	%
Net expenses		0.43	%
Net investment income		1.82	%
Supplemental data
Portfolio turnover rate		29	%
Net assets, end of period (000s omitted)		$61

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

²  Calculated based upon average shares outstanding

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

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$15.80			$16.60			$16.47			$14.79			$14.36			$11.99
Net investment income		0.11	1		0.25	1		0.25	1		0.28	1		0.23	1		0.19	1
Net realized and unrealized gains (losses) on investments		(1.04	)		1.63			2.35			3.27			0.93			2.19
Total from investment operations		(0.93	)		1.88			2.60			3.55			1.16			2.38
Distributions to shareholders from
Net investment income		(0.23	)		(0.19	)		(0.19	)		(0.24	)		(0.23	)		(0.01	)
Net realized gains		(1.44	)		(2.49	)		(2.28	)		(1.63	)		(0.50	)		0.00
Total distributions to shareholders		(1.67	)		(2.68	)		(2.47	)		(1.87	)		(0.73	)		(0.01	)
Net asset value, end of period		$13.20			$15.80			$16.60			$16.47			$14.79			$14.36
Total return2		(6.34	)%		12.20	%		17.12	%		26.82	%		8.72	%		19.84	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.74	%		0.76	%		0.78	%		0.75	%		0.77	%
Net expenses		0.74	%		0.73	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income		1.55	%		1.58	%		1.56	%		1.87	%		1.63	%		1.37	%
Supplemental data
Portfolio turnover rate		29	%		53	%		71	%		64	%		82	%		64	%
Net assets, end of period (000s omitted)		$76,194			$63,544			$50,498			$127,384			$150,408			$244,716

¹  Calculated based upon average shares outstanding

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

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

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

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$15.66			$16.47			$16.43			$14.78			$14.39			$11.99
Net investment income		0.18			0.30			0.26	1		0.35			0.26	1		0.22
Net realized and unrealized gains (losses) on investments		(1.09	)		1.61			2.37			3.23			0.93			2.19
Total from investment operations		(0.91	)		1.91			2.63			3.58			1.19			2.41
Distributions to shareholders from
Net investment income		(0.25	)		(0.23	)		(0.31	)		(0.30	)		(0.30	)		(0.01	)
Net realized gains		(1.44	)		(2.49	)		(2.28	)		(1.63	)		(0.50	)		0.00
Total distributions to shareholders		(1.69	)		(2.72	)		(2.59	)		(1.93	)		(0.80	)		(0.01	)
Net asset value, end of period		$13.06			$15.66			$16.47			$16.43			$14.78			$14.39
Total return2		(6.27	)%		12.55	%		17.48	%		27.16	%		9.02	%		20.10	%
Ratios to average net assets (annualized)
Gross expenses		0.54	%		0.47	%		0.50	%		0.51	%		0.49	%		0.51	%
Net expenses		0.48	%		0.47	%		0.48	%		0.48	%		0.48	%		0.47	%
Net investment income		1.78	%		1.86	%		1.63	%		2.08	%		1.80	%		1.62	%
Supplemental data
Portfolio turnover rate		29	%		53	%		71	%		64	%		82	%		64	%
Net assets, end of period (000s omitted)		$98,633			$109,901			$91,144			$1,875			$1,215			$12

¹  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

Security loans

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

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2016:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	67,779,769	$	0	$	0	$	67,779,769
Consumer staples		50,023,465		0		0		50,023,465
Energy		30,643,719		0		0		30,643,719
Financials		76,335,096		0		0		76,335,096
Health care		79,853,047		0		0		79,853,047
Industrials		47,714,826		0		0		47,714,826
Information technology		105,388,343		0		0		105,388,343
Materials		15,850,324		0		0		15,850,324
Telecommunications		15,341,348		0		0		15,341,348
Utilities		19,338,016		0		0		19,338,016
Short-term investments
Investment companies		8,894,394		0		0		8,894,394
Investments measured at net asset value*								1,552,275
Total assets	$	517,162,347	$	0	$	0	$	518,714,622

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $1,552,275 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2016, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.35% and declining to 0.28% as the average daily net assets of the Fund increase. For the six months ended January 31, 2016, the management fee was equivalent to an annual rate of 0.35% of the Fund’s average daily net assets.

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

Administration fees

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

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.92% for Class A shares, 1.67% for Class C shares, 1.17% for Class R shares, 0.43% for Class R6 shares, 0.74% for Administrator Class shares, and 0.48% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2016, Funds Distributor received $23,634 from the sale of Class A shares and $367 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2016 were $174,251,022 and $148,616,807, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other 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 six months ended January 31, 2016, the Fund paid $856 in commitment fees.

During the six months ended January 31, 2016, the Fund had average borrowings outstanding of $121,022 (on an annualized basis) at an average rate of 1.37% and paid interest in the amount of $1,658.

7. INDEMNIFICATION

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

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

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

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

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief financial officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead 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
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; 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.
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.

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 wellsfargofunds.com.

List of abbreviations Wells Fargo Disciplined U.S. Core Fund 29

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

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 Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2016 Wells Fargo Funds Management, LLC. All rights reserved.

240794 03-16 SA203/SAR203 01-16

Semi-Annual Report

January 31, 2016

Wells Fargo Endeavor Select Fund

Reduce clutter. Save trees.

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

Contents

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

The views expressed and any forward-looking statements are as of January 31, 2016, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

Karla M. Rabusch

President

Wells Fargo Funds

Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Endeavor Select Fund for the six-month period that ended January 31, 2016. Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced continuing challenges. In this environment, the broad U.S. stock market experienced heightened volatility and ultimately fell 5.64% overall for the six-month period (as measured by the Russell 3000^® Index,¹ which is the index used to measure U.S. stock market performance throughout this letter).

As the reporting period began, China’s slowdown continued to take a toll on U.S. and international markets.

The U.S. stock market declined 6.04% and 2.91% in August and September 2015, respectively, as investors worried about the impact on the U.S. of China’s slowing growth. A number of positive economic indicators released during these months suggested the U.S. economy remained solid. However, the strengthening U.S. dollar coupled with ongoing global economic turmoil continued to hinder the economy. Although many investors believed the U.S. Federal Reserve (Fed) would raise the federal funds rate during the third quarter of 2015, at its September 2015 meeting the Fed left the rate unchanged. This decision fueled uncertainty about the U.S. economy’s stamina to remain healthy while facing the negative effects of troubles elsewhere in the world. One week later, Fed Chair Janet Yellen reassured investors that, barring unpleasant surprises, the Fed still intended to raise the rate in 2015. International markets were more volatile than the domestic market and delivered even weaker results in August and September. Investors’ anxiety was driven largely by China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—struggled under the strains of reduced demand for commodities and lower prices for the commodities sold.

The U.S. stock market delivered a positive result overall for the last three months of 2015 despite ongoing concerns.

The broad U.S. stock market fluctuated widely in the fourth quarter of 2015, rising 7.90% in October and 0.55% in November before falling 2.05% in December, for an overall quarterly return of 6.27%. Stock markets outside the U.S. generally failed to keep pace with the domestic market as economic concerns, including China’s ongoing slowdown, continued to affect many countries worldwide. U.S. economic data released during the quarter indicated the economy remained solid, with modest growth. However, the strong U.S. dollar and global economic turmoil continued their drag on the economy. In December, the Fed, as expected, slightly raised its target short-term interest rate to between 0.25% and 0.50% after keeping it near zero for seven years. The move, which had been well telegraphed by the Fed for months, reflected confidence in the U.S. economy’s ability to stay healthy with less central-bank support. The Fed also made clear that future interest-rate increases will be gradual.

U.S. stocks struggled in January 2016.

The broad U.S. stock market dropped 5.64% for the month, weighed down by ongoing concerns about heightened market volatility, the continued plunge in oil prices, and the impact of weak global growth on U.S. companies. The U.S. economy, however, remained resilient in January—with continued solid hiring, a

¹  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.

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

reduction in the jobless rate to 4.9%, and signs of an uptick in the pace of wage growth—despite some warning signs that became evident in recent months, such as weaknesses in manufacturing and business growth.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

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

4 Wells Fargo Endeavor Select Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA^® Michael T. Smith, CFA^®

Average annual total returns (%) as of January 31, 2016

		Including sales charge							Excluding sales charge							Expense ratios1 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net2
Class A (STAEX)	12-29-2000		(7.76	)		7.63		4.06		(2.12	)		8.91		4.67		1.19		1.19
Class B (WECBX)*	12-29-2000		(7.76	)		7.82		4.10		(2.76	)		8.11		4.10		1.94		1.94
Class C (WECCX)	12-29-2000		(3.84	)		8.11		3.89		(2.84	)		8.11		3.89		1.94		1.94
Administrator Class (WECDX)	4-8-2005		–			–		–		(1.87	)		9.19		4.94		1.11		1.00
Institutional Class (WFCIX)	4-8-2005		–			–		–		(1.74	)		9.38		5.14		0.86		0.80
Russell 1000® Growth Index3	–		–			–		–		1.32			11.67		7.72		–		–

* 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, wellsfargofunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Endeavor Select Fund 5

Ten largest holdings (%) as of January 31, 20164
Apple Incorporated	5.71
Facebook Incorporated Class A	5.13
The Home Depot Incorporated	4.76
Amazon.com Incorporated	4.66
Alphabet Incorporated Class A	4.59
Visa Incorporated Class A	4.35
UnitedHealth Group Incorporated	3.82
Bristol-Myers Squibb Company	3.75
Intercontinental Exchange Incorporated	3.25
Constellation Brands Incorporated Class A	2.88

Sector distribution as of January 31, 2016⁵

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

²  The manager has contractually committed through November 30, 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, 1.00% for Administrator Class, and 0.80% for the 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.

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

⁴  The ten largest holdings, excluding cash and cash equivalents, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

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

6 Wells Fargo Endeavor Select Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2015 to January 31, 2016.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2015		Ending account value 1-31-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	908.99	$	5.76		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	6.09		1.20	%
Class B
Actual	$	1,000.00	$	905.60	$	9.34		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.33	$	9.88		1.95	%
Class C
Actual	$	1,000.00	$	905.60	$	9.34		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.33	$	9.88		1.95	%
Administrator Class
Actual	$	1,000.00	$	909.81	$	4.80		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.11	$	5.08		1.00	%
Institutional Class
Actual	$	1,000.00	$	910.19	$	3.84		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Endeavor Select Fund 7

Security name	Shares		Value
Common Stocks: 96.32%
Consumer Discretionary: 19.48%
Auto Components: 2.09%
Delphi Automotive plc		68,377	$	4,440,402
Hotels, Restaurants & Leisure: 2.74%
Starbucks Corporation		95,600		5,809,612
Internet & Catalog Retail: 4.66%
Amazon.com Incorporated †		16,853		9,892,711
Specialty Retail: 7.26%
The Home Depot Incorporated		80,383		10,108,966
The TJX Companies Incorporated		74,417		5,301,467
				15,410,433
Textiles, Apparel & Luxury Goods: 2.73%
Nike Incorporated Class B		93,472		5,796,199
Consumer Staples: 6.28%
Beverages: 4.59%
Constellation Brands Incorporated Class A		40,115		6,116,735
Dr Pepper Snapple Group Incorporated		38,600		3,622,224
				9,738,959
Food & Staples Retailing: 1.69%
Walgreens Boots Alliance Incorporated		45,000		3,587,400
Financials: 7.00%
Capital Markets: 1.68%
Charles Schwab Corporation		139,900		3,571,647
Diversified Financial Services: 5.32%
Intercontinental Exchange Incorporated		26,183		6,907,075
McGraw Hill Financial Incorporated		51,578		4,385,162
				11,292,237
Health Care: 14.79%
Biotechnology: 5.42%
Alexion Pharmaceuticals Incorporated †		28,300		4,129,819
Celgene Corporation †		46,979		4,712,933
Gilead Sciences Incorporated		32,025		2,658,075
				11,500,827
Health Care Providers & Services: 3.82%
UnitedHealth Group Incorporated		70,400		8,107,264
Pharmaceuticals: 5.55%
Bristol-Myers Squibb Company		128,100		7,962,696
Zoetis Incorporated		88,860		3,825,423
				11,788,119

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

8 Wells Fargo Endeavor Select Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name	Shares		Value
Industrials: 4.72%
Airlines: 2.62%
Delta Air Lines Incorporated		125,479	$	5,557,465
Professional Services: 2.10%
Verisk Analytics Incorporated †		61,200		4,467,600
Information Technology: 37.81%
Communications Equipment: 3.02%
Harris Corporation		59,100		5,139,927
Palo Alto Networks Incorporated †		8,525		1,274,402
				6,414,329
Internet Software & Services: 14.13%
Alphabet Incorporated Class A †		12,799		9,744,519
Alphabet Incorporated Class C †		6,700		4,977,765
Facebook Incorporated Class A †		96,949		10,878,647
Tencent Holdings Limited ADR		235,800		4,390,101
				29,991,032
IT Services: 6.69%
Cognizant Technology Solutions Corporation Class A †		78,500		4,969,835
Visa Incorporated Class A		123,958		9,233,631
				14,203,466
Software: 8.25%
Adobe Systems Incorporated †		55,100		4,911,063
Electronic Arts Incorporated †		82,700		5,337,872
Salesforce.com Incorporated †		64,800		4,410,288
ServiceNow Incorporated †		45,768		2,847,227
				17,506,450
Technology Hardware, Storage & Peripherals: 5.72%
Apple Incorporated		124,583		12,126,909
Materials: 2.56%
Chemicals: 2.56%
The Sherwin-Williams Company		21,200		5,420,204
Telecommunication Services: 3.68%
Diversified Telecommunication Services: 3.68%
Level 3 Communications Incorporated †		61,647		3,008,990
SBA Communications Corporation Class A †		48,425		4,807,635
				7,816,625
Total Common Stocks (Cost $157,997,779)				204,439,890

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Endeavor Select Fund 9

Security name	Yield			Shares		Value
Short-Term Investments: 2.00%
Investment Companies: 2.00%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.40	%		4,248,637	$	4,248,637
Total Short-Term Investments (Cost $4,248,637)							4,248,637

Total investments in securities (Cost $162,246,416) *	98.32	%		208,688,527
Other assets and liabilities, net	1.68			3,568,143
Total net assets	100.00	%	$	212,256,670

† Non-income-earning security

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

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

* Cost for federal income tax purposes is $163,025,868 and unrealized gains (losses) consists of:

Gross unrealized gains	$	53,120,045
Gross unrealized losses		(7,457,386	)
Net unrealized gains	$	45,662,659

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

10 Wells Fargo Endeavor Select Fund Statement of assets and liabilities—January 31, 2016 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $157,997,779)	$	204,439,890
In affiliated securities, at value (cost $4,248,637)		4,248,637
Total investments, at value (cost $162,246,416)		208,688,527
Receivable for investments sold		9,272,838
Receivable for Fund shares sold		129,335
Receivable for dividends		72,324
Prepaid expenses and other assets		32,333
Total assets		218,195,357
Liabilities
Payable for investments purchased		5,440,333
Payable for Fund shares redeemed		274,029
Management fee payable		102,340
Distribution fees payable		3,363
Administration fees payable		25,910
Accrued expenses and other liabilities		92,712
Total liabilities		5,938,687
Total net assets	$	212,256,670
NET ASSETS CONSIST OF
Paid-in capital	$	160,984,247
Accumulated net investment loss		(303,259	)
Accumulated net realized gains on investments		5,133,571
Net unrealized gains on investments		46,442,111
Total net assets	$	212,256,670
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	20,474,359
Shares outstanding – Class A1		2,513,573
Net asset value per share – Class A		$8.15
Maximum offering price per share – Class A2		$8.65
Net assets – Class B	$	20,718
Shares outstanding – Class B1		3,203
Net asset value per share – Class B		$6.47
Net assets – Class C	$	5,063,360
Shares outstanding – Class C1		782,835
Net asset value per share – Class C		$6.47
Net assets – Administrator Class	$	5,694,213
Shares outstanding – Administrator Class1		668,230
Net asset value per share – Administrator Class		$8.52
Net assets – Institutional Class	$	181,004,020
Shares outstanding – Institutional Class1		20,661,476
Net asset value per share – Institutional Class		$8.76

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2016 (unaudited) Wells Fargo Endeavor Select Fund 11

Investment income
Dividends (net of foreign withholding taxes of $80,071)	$	805,769
Income from affiliated securities		4,187
Total investment income		809,956
Expenses
Management fee		889,877
Administration fees
Class A		24,809
Class B		68
Class C		6,479
Administrator Class		8,664
Institutional Class		137,189
Shareholder servicing fees
Class A		29,534
Class B		81
Class C		7,713
Administrator Class		12,052
Distribution fees
Class B		242
Class C		23,138
Custody and accounting fees		12,103
Professional fees		20,850
Registration fees		33,523
Shareholder report expenses		53,283
Trustees’ fees and expenses		11,980
Other fees and expenses		10,098
Total expenses		1,281,683
Less: Fee waivers and/or expense reimbursements		(168,468	)
Net expenses		1,113,215
Net investment loss		(303,259	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		11,918,993
Net change in unrealized gains (losses) on investments		(35,502,222	)
Net realized and unrealized gains (losses) on investments		(23,583,229	)
Net decrease in net assets resulting from operations	$	(23,886,488	)

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

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

	Six months ended January 31, 2016 (unaudited)						Year ended July 31, 2015
Operations
Net investment loss				$	(303,259	)				$	(880,977	)
Net realized gains on investments					11,918,993						133,384,136
Net change in unrealized gains (losses) on investments					(35,502,222	)					(60,133,598	)
Net increase (decrease) in net assets resulting from operations					(23,886,488	)					72,369,561
Distributions to shareholders from
Net realized gains
Class A					(8,268,795	)					(4,180,367	)
Class B					(16,431	)					(29,782	)
Class C					(2,442,837	)					(1,041,460	)
Administrator Class					(2,258,097	)					(6,299,282	)
Institutional Class					(70,034,159	)					(81,434,953	)
Total distributions to shareholders					(83,020,319	)					(92,985,844	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		179,948			1,961,103			155,038			2,127,588
Class C		22,215			211,016			80,725			950,480
Administrator Class		30,919			325,936			353,463			4,955,910
Institutional Class		3,064,635			39,303,430			4,502,805			64,783,218
					41,801,485						72,817,196
Reinvestment of distributions
Class A		899,011			7,758,473			314,153			4,011,740
Class B		2,395			16,431			2,673			29,782
Class C		348,974			2,393,965			91,245			1,017,377
Administrator Class		241,051			2,176,690			479,088			6,280,838
Institutional Class		7,234,603			67,137,120			5,829,180			77,761,267
					79,482,679						89,101,004
Payment for shares redeemed
Class A		(471,788	)		(4,947,688	)		(1,513,775	)		(21,046,656	)
Class B		(7,902	)		(76,962	)		(13,638	)		(161,929	)
Class C		(167,727	)		(1,425,225	)		(127,822	)		(1,483,495	)
Administrator Class		(2,631,241	)		(34,050,947	)		(1,166,520	)		(16,155,945	)
Institutional Class		(5,050,973	)		(59,411,868	)		(37,137,527	)		(520,427,263	)
					(99,912,690	)					(559,275,288	)
Net increase (decrease) in net assets resulting from capital share transactions					21,371,474						(397,357,088	)
Total decrease in net assets					(85,535,333	)					(417,973,371	)
Net assets
Beginning of period					297,792,003						715,765,374
End of period				$	212,256,670					$	297,792,003
Undistributed (accumulated) net investment income (loss)				$	(303,259	)				$	0

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

Financial highlights Wells Fargo Endeavor Select Fund 13

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS A				2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.74			$14.13			$12.52			$10.45			$10.12			$8.12
Net investment income (loss)		(0.03	)1		(0.08	)1		(0.09	)1		0.00	1,2		(0.05	)1		(0.05	)1
Net realized and unrealized gains (losses) on investments		(0.96	)		1.65			2.37			2.07			0.38			2.05
Total from investment operations		(0.99	)		1.57			2.28			2.07			0.33			2.00
Distributions to shareholders from
Net realized gains		(4.60	)		(1.96	)		(0.67	)		0.00			0.00			0.00
Net asset value, end of period		$8.15			$13.74			$14.13			$12.52			$10.45			$10.12
Total return3		(9.10	)%		12.14	%		18.40	%		19.81	%		3.26	%		24.63	%
Ratios to average net assets (annualized)
Gross expenses		1.27	%		1.24	%		1.25	%		1.26	%		1.23	%		1.23	%
Net expenses		1.20	%		1.23	%		1.24	%		1.25	%		1.23	%		1.23	%
Net investment income (loss)		(0.57	)%		(0.55	)%		(0.66	)%		0.03	%		(0.49	)%		(0.52	)%
Supplemental data
Portfolio turnover rate		39	%		126	%		100	%		97	%		94	%		100	%
Net assets, end of period (000s omitted)		$20,474			$26,197			$41,708			$44,041			$47,233			$94,704

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

14 Wells Fargo Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS B				2015			2014			2013			2012			2011
Net asset value, beginning of period		$11.93			$12.60			$11.31			$9.51			$9.28			$7.50
Net investment loss		(0.06	)1		(0.16	)1		(0.17	)1		(0.07	)1		(0.11	)1		(0.11	)1
Net realized and unrealized gains (losses) on investments		(0.80	)		1.45			2.13			1.87			0.34			1.89
Total from investment operations		(0.86	)		1.29			1.96			1.80			0.23			1.78
Distributions to shareholders from
Net realized gains		(4.60	)		(1.96	)		(0.67	)		0.00			0.00			0.00
Net asset value, end of period		$6.47			$11.93			$12.60			$11.31			$9.51			$9.28
Total return2		(9.44	)%		11.31	%		17.50	%		18.93	%		2.48	%		23.73	%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		1.99	%		2.00	%		2.00	%		1.98	%		1.98	%
Net expenses		1.95	%		1.98	%		1.99	%		2.00	%		1.98	%		1.98	%
Net investment loss		(1.22	)%		(1.29	)%		(1.41	)%		(0.67	)%		(1.24	)%		(1.26	)%
Supplemental data
Portfolio turnover rate		39	%		126	%		100	%		97	%		94	%		100	%
Net assets, end of period (000s omitted)		$21			$104			$248			$495			$1,095			$1,633

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Endeavor Select Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS C				2015			2014			2013			2012			2011
Net asset value, beginning of period		$11.93			$12.61			$11.32			$9.51			$9.28			$7.50
Net investment loss		(0.06	)1		(0.16	)1		(0.17	)1		(0.07	)1		(0.11	)1		(0.11	)1
Net realized and unrealized gains (losses) on investments		(0.80	)		1.44			2.13			1.88			0.34			1.89
Total from investment operations		(0.86	)		1.28			1.96			1.81			0.23			1.78
Distributions to shareholders from
Net realized gains		(4.60	)		(1.96	)		(0.67	)		0.00			0.00			0.00
Net asset value, end of period		$6.47			$11.93			$12.61			$11.32			$9.51			$9.28
Total return2		(9.44	)%		11.21	%		17.60	%		18.93	%		2.48	%		23.73	%
Ratios to average net assets (annualized)
Gross expenses		2.02	%		1.99	%		2.00	%		2.01	%		1.98	%		1.98	%
Net expenses		1.95	%		1.99	%		1.99	%		2.00	%		1.98	%		1.98	%
Net investment loss		(1.32	)%		(1.32	)%		(1.41	)%		(0.72	)%		(1.25	)%		(1.27	)%
Supplemental data
Portfolio turnover rate		39	%		126	%		100	%		97	%		94	%		100	%
Net assets, end of period (000s omitted)		$5,063			$6,914			$6,747			$6,320			$6,199			$7,448

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Endeavor Select Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.13			$14.45			$12.78			$10.63			$10.26			$8.22
Net investment income (loss)		0.00	1,2		(0.05	)1		(0.06	)1		0.03	1		(0.03	)1		(0.03	)1
Net realized and unrealized gains (losses) on investments		(1.01	)		1.69			2.42			2.12			0.40			2.07
Total from investment operations		(1.01	)		1.64			2.36			2.15			0.37			2.04
Distributions to shareholders from
Net investment income		0.00			0.00			(0.02	)		0.00			0.00			0.00
Net realized gains		(4.60	)		(1.96	)		(0.67	)		0.00			0.00			0.00
Total distributions to shareholders		(4.60	)		(1.96	)		(0.69	)		0.00			0.00			0.00
Net asset value, end of period		$8.52			$14.13			$14.45			$12.78			$10.63			$10.26
Total return3		(9.02	)%		12.38	%		18.77	%		20.13	%		3.51	%		24.94	%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.05	%		1.06	%		1.08	%		1.07	%		1.07	%
Net expenses		1.00	%		0.99	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss)		0.04	%		(0.32	)%		(0.42	)%		0.23	%		(0.27	)%		(0.29	)%
Supplemental data
Portfolio turnover rate		39	%		126	%		100	%		97	%		94	%		100	%
Net assets, end of period (000s omitted)		$5,694			$42,776			$48,560			$68,611			$57,533			$232,954

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Endeavor Select Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.39			$14.65			$12.95			$10.75			$10.37			$8.28
Net investment income (loss)		(0.01	)1		(0.01	)1		(0.03	)1		0.06	1		(0.01	)1		(0.01	)1
Net realized and unrealized gains (losses) on investments		(1.02	)		1.71			2.45			2.14			0.39			2.10
Total from investment operations		(1.03	)		1.70			2.42			2.20			0.38			2.09
Distributions to shareholders from
Net investment income		0.00			0.00			(0.05	)		0.00			0.00			0.00
Net realized gains		(4.60	)		(1.96	)		(0.67	)		0.00			0.00			0.00
Total distributions to shareholders		(4.60	)		(1.96	)		(0.72	)		0.00			0.00			0.00
Net asset value, end of period		$8.76			$14.39			$14.65			$12.95			$10.75			$10.37
Total return2		(8.98	)%		12.63	%		18.98	%		20.37	%		3.66	%		25.24	%
Ratios to average net assets (annualized)
Gross expenses		0.94	%		0.81	%		0.82	%		0.83	%		0.80	%		0.80	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.79	%		0.80	%
Net investment income (loss)		(0.19	)%		(0.09	)%		(0.22	)%		0.50	%		(0.06	)%		(0.08	)%
Supplemental data
Portfolio turnover rate		39	%		126	%		100	%		97	%		94	%		100	%
Net assets, end of period (000s omitted)		$181,004			$221,801			$618,502			$508,685			$735,633			$853,494

¹  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Wells Fargo Endeavor Select 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 principal exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures. 

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

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

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

Security loans

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2016:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	41,349,357	$	0	$	0	$	41,349,357
Consumer staples		13,326,359		0		0		13,326,359
Financials		14,863,884		0		0		14,863,884
Health care		31,396,210		0		0		31,396,210
Industrials		10,025,065		0		0		10,025,065
Information technology		75,852,085		4,390,101		0		80,242,186
Materials		5,420,204		0		0		5,420,204
Telecommunication services		7,816,625		0		0		7,816,625
Short-term investments
Investment companies		4,248,637		0		0		4,248,637
Total assets	$	204,298,426	$	4,390,101	$	0	$	208,688,527

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2016, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2016, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

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

Administration fees

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

	Class-level administration fee
Class A, Class B, Class C		0.21	%
Administrator Class, Institutional Class		0.13

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

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

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 six months ended January 31, 2016, Funds Distributor received $1,594 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2016 were $97,686,666 and $157,825,759, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other 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 six months ended January 31, 2016, the Fund paid $445 in commitment fees.

For the six months ended January 31, 2016, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

22 Wells Fargo Endeavor Select Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Endeavor Select Fund 23

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief financial officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead 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
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

24 Wells Fargo Endeavor Select Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; 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.
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.

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 wellsfargofunds.com.

List of abbreviations Wells Fargo Endeavor Select Fund 25

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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 Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2016 Wells Fargo Funds Management, LLC. All rights reserved.

240795 03-16 SA205/SAR205 01-16

Semi-Annual Report

January 31, 2016

Wells Fargo Growth Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	19
Other information	24
List of abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2016, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

2 Wells Fargo Growth Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Funds

Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Growth Fund for the six-month period that ended January 31, 2016. Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced continuing challenges. In this environment, the broad U.S. stock market experienced heightened volatility and ultimately fell 5.64% overall for the six-month period (as measured by the Russell 3000^® Index,¹ which is the index used to measure U.S. stock market performance throughout this letter).

As the reporting period began, China’s slowdown continued to take a toll on U.S. and international markets.

The U.S. stock market declined 6.04% and 2.91% in August and September 2015, respectively, as investors worried about the impact on the U.S. of China’s slowing growth. A number of positive economic indicators released during these months suggested the U.S. economy remained solid. However, the strengthening U.S. dollar coupled with ongoing global economic turmoil continued to hinder the economy. Although many investors believed the U.S. Federal Reserve (Fed) would raise the federal funds rate during the third quarter of 2015, at its September 2015 meeting the Fed left the rate unchanged. This decision fueled uncertainty about the U.S. economy’s stamina to remain healthy while facing the negative effects of troubles elsewhere in the world. One week later, Fed Chair Janet Yellen reassured investors that, barring unpleasant surprises, the Fed still intended to raise the rate in 2015. International markets were more volatile than the domestic market and delivered even weaker results in August and September. Investors’ anxiety was driven largely by China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—struggled under the strains of reduced demand for commodities and lower prices for the commodities sold.

The U.S. stock market delivered a positive result overall for the last three months of 2015 despite ongoing concerns.

The broad U.S. stock market fluctuated widely in the fourth quarter of 2015, rising 7.90% in October and 0.55% in November before falling 2.05% in December, for an overall quarterly return of 6.27%. Stock markets outside the U.S. generally failed to keep pace with the domestic market as economic concerns, including China’s ongoing slowdown, continued to affect many countries worldwide. U.S. economic data released during the quarter indicated the economy remained solid, with modest growth. However, the strong U.S. dollar and global economic turmoil continued their drag on the economy. In December, the Fed, as expected, slightly raised its target short-term interest rate to between 0.25% and 0.50% after keeping it near zero for seven years. The move, which had been well telegraphed by the Fed for months, reflected confidence in the U.S. economy’s ability to stay healthy with less central-bank support. The Fed also made clear that future interest-rate increases will be gradual.

U.S. stocks struggled in January 2016.

The broad U.S. stock market dropped 5.64% for the month, weighed down by ongoing concerns about heightened market volatility, the continued plunge in oil prices, and the impact of weak global growth on U.S. companies. The U.S. economy, however, remained resilient in January—with continued solid hiring, a

¹ 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.

Letter to shareholders (unaudited) Wells Fargo Growth Fund 3

reduction in the jobless rate to 4.9%, and signs of an uptick in the pace of wage growth—despite some warning signs that became evident in recent months, such as weaknesses in manufacturing and business growth.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

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

4 Wells Fargo Growth Fund Performance highlights (unaudited)

The Fund is currently closed to most new investors.¹

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®, CPA

Thomas C. Ognar, CFA^®

Bruce C. Olson, CFA^®

Average annual total returns (%) as of January 31, 2016²

		Including sales charge							Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net4
Class A (SGRAX)	2-24-2000		(11.77	)		8.10		8.05		(6.38	)		9.39		8.69		1.13		1.13
Class C (WGFCX)	12-26-2002		(8.09	)		8.58		7.88		(7.09	)		8.58		7.88		1.88		1.88
Class R6 (SGRHX)	9-30-2015		–			–		–		(5.97	)		9.87		9.19		0.70		0.70
Administrator Class (SGRKX)	8-30-2002		–			–		–		(6.19	)		9.64		9.00		1.05		0.96
Institutional Class (SGRNX)	2-24-2000		–			–		–		(5.99	)		9.87		9.19		0.80		0.75
Russell 3000® Growth Index5	–		–			–		–		0.41			11.41		7.56		–		–

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Growth Fund 5

Ten largest holdings (%) as of January 31, 20166
Alphabet Incorporated Class A	4.76
Facebook Incorporated Class A	4.33
Dollar Tree Incorporated	3.31
Alexion Pharmaceuticals Incorporated	3.24
Amazon.com Incorporated	3.04
Microchip Technology Incorporated	2.83
MarketAxess Holdings Incorporated	2.51
MasterCard Incorporated Class A	2.41
Apple Incorporated	2.23
Alliance Data Systems Corporation	2.21

Sector distribution as of January 31, 2016⁷

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

²  Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 20, 2008, includes Advisor Class expenses. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher.

³  Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report.

⁴  The manager has contractually committed through November 30, 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 1.21% for Class A, 1.96% for Class C, 0.70% for Class R6, 0.96% for Administrator Class, and 0.75% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

⁶  The ten largest 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 Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2015 to January 31, 2016.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2015		Ending account value 1-31-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	855.22	$	5.32		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.79		1.14	%
Class C
Actual	$	1,000.00	$	851.88	$	8.80		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.63	$	9.58		1.89	%
Class R6
Actual	$	1,000.00	$	857.19	$	3.27		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%
Administrator Class
Actual	$	1,000.00	$	855.95	$	4.48		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.88		0.96	%
Institutional Class
Actual	$	1,000.00	$	857.01	$	3.50		0.75	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.37	$	3.81		0.75	%

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Growth Fund 7

Security name	Shares		Value
Common Stocks: 96.92%
Consumer Discretionary: 24.17%
Auto Components: 0.45%
Delphi Automotive plc		538,510	$	34,970,839
Distributors: 1.65%
LKQ Corporation †		4,713,750		129,156,750
Diversified Consumer Services: 1.70%
Grand Canyon Education Incorporated †(l)		3,526,000		132,753,900
Hotels, Restaurants & Leisure: 5.14%
Fiesta Restaurant Group Incorporated †(l)		2,330,983		84,847,781
Jack in the Box Incorporated		1,544,000		119,876,160
Planet Fitness Incorporated Class A †«		865,400		12,366,566
Starbucks Corporation		2,591,720		157,498,824
The Habit Restaurants Incorporated Class A †(l)«		1,381,000		28,351,930
				402,941,261
Internet & Catalog Retail: 3.04%
Amazon.com Incorporated †		405,930		238,280,910
Media: 0.57%
The Walt Disney Company		467,810		44,825,554
Multiline Retail: 5.79%
Burlington Stores Incorporated †		3,103,100		166,729,563
Dollar General Corporation		367,000		27,547,020
Dollar Tree Incorporated †		3,188,235		259,267,270
				453,543,853
Specialty Retail: 4.38%
Boot Barn Holdings Incorporated †«		863,300		5,248,864
CarMax Incorporated †		2,448,000		108,152,640
Five Below Incorporated †		1,168,243		41,157,201
The Home Depot Incorporated		96,000		12,072,960
Tractor Supply Company		1,698,230		149,970,691
ULTA Salon, Cosmetics and Fragrance Incorporated †		148,000		26,813,160
				343,415,516
Textiles, Apparel & Luxury Goods: 1.45%
Skechers U.S.A. Incorporated Class A †		1,290,467		36,378,265
Under Armour Incorporated Class A †«		899,000		76,801,570
				113,179,835
Consumer Staples: 3.54%
Food & Staples Retailing: 2.64%
Costco Wholesale Corporation		271,270		40,994,322
Sprouts Farmers Market Incorporated †		7,282,845		166,048,866
				207,043,188

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

8 Wells Fargo Growth Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name	Shares		Value
Personal Products: 0.90%
The Estee Lauder Companies Incorporated Class A		825,550	$	70,378,138
Energy: 1.01%
Oil, Gas & Consumable Fuels: 1.01%
Concho Resources Incorporated †		830,000		78,957,900
Financials: 4.35%
Capital Markets: 1.83%
Raymond James Financial Incorporated		1,182,000		51,783,420
TD Ameritrade Holding Corporation		3,310,630		91,307,175
				143,090,595
Consumer Finance: 0.02%
LendingClub Corporation †«		207,000		1,527,660
Diversified Financial Services: 2.50%
MarketAxess Holdings Incorporated		1,689,130		196,327,580
Health Care: 20.90%
Biotechnology: 9.93%
Alexion Pharmaceuticals Incorporated †		1,739,456		253,838,814
BioMarin Pharmaceutical Incorporated †		820,000		60,696,400
Celgene Corporation †		1,396,860		140,132,995
Incyte Corporation †		459,000		32,387,040
Medivation Incorporated †		1,300,640		42,530,928
PTC Therapeutics Incorporated †«		877,000		20,890,140
Regeneron Pharmaceuticals Incorporated †		258,910		108,765,502
Ultragenyx Pharmaceutical Incorporated †		896,000		50,310,400
Vertex Pharmaceuticals Incorporated †		747,000		67,790,250
				777,342,469
Health Care Equipment & Supplies: 2.13%
Align Technology Incorporated †		645,000		42,660,300
Intuitive Surgical Incorporated †		62,000		33,532,700
Medtronic plc		1,193,951		90,644,760
				166,837,760
Health Care Providers & Services: 4.56%
Acadia Healthcare Company Incorporated †		2,827,642		172,570,991
AmerisourceBergen Corporation		923,840		82,739,110
Diplomat Pharmacy Incorporated †«		1,321,000		35,944,410
VCA Incorporated †		1,291,670		66,223,921
				357,478,432
Health Care Technology: 1.94%
Cerner Corporation †		1,309,000		75,935,090
Veeva Systems Incorporated Class A †«		3,144,000		75,770,400
				151,705,490

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Growth Fund 9

Security name	Shares		Value
Life Sciences Tools & Services: 0.73%
Quintiles Transnational Holdings Incorporated †		942,360	$	57,323,759
Pharmaceuticals: 1.61%
Bristol-Myers Squibb Company		1,456,000		90,504,960
Perrigo Company plc		246,970		35,706,923
				126,211,883
Industrials: 6.97%
Aerospace & Defense: 0.57%
The Boeing Company		370,350		44,490,146
Air Freight & Logistics: 1.05%
United Parcel Service Incorporated Class B		883,000		82,295,600
Commercial Services & Supplies: 1.95%
KAR Auction Services Incorporated		1,580,000		52,803,600
Waste Connections Incorporated		1,671,850		100,260,845
				153,064,445
Machinery: 0.40%
ITT Corporation		963,000		31,249,350
Road & Rail: 3.00%
Genesee & Wyoming Incorporated Class A †		50,000		2,479,000
Kansas City Southern		1,195,000		84,701,600
Union Pacific Corporation		2,047,940		147,451,680
				234,632,280
Information Technology: 33.96%
Internet Software & Services: 12.71%
Akamai Technologies Incorporated †		644,000		29,379,280
Alphabet Incorporated Class A †		489,770		372,886,390
Alphabet Incorporated Class C †		56,681		42,111,149
CoStar Group Incorporated †		474,950		83,291,982
Envestnet Incorporated †(l)		3,276,731		76,839,342
Facebook Incorporated Class A †		3,024,760		339,408,320
New Relic Incorporated †«		1,754,000		49,497,880
Shutterstock Incorporated †«		81,000		2,340,090
				995,754,433
IT Services: 8.10%
Alliance Data Systems Corporation †		866,603		173,138,613
Cognizant Technology Solutions Corporation Class A †		448,000		28,362,880
Global Payments Incorporated		786,900		46,387,755
MasterCard Incorporated Class A		2,116,880		188,465,826
Vantiv Incorporated Class A †		609,893		28,695,466
Visa Incorporated Class A		2,270,300		169,114,647
				634,165,187

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

10 Wells Fargo Growth Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name				Shares		Value
Semiconductors & Semiconductor Equipment: 3.09%
Microchip Technology Incorporated					4,946,260	$	221,641,911
Monolithic Power Systems Incorporated					112,000		7,007,840
Silicon Laboratories Incorporated †					297,818		13,580,501
							242,230,252
Software: 7.83%
Adobe Systems Incorporated †					275,080		24,517,880
Fortinet Incorporated †					3,757,910		105,747,587
Paycom Software Incorporated †					2,031,345		61,245,052
Paylocity Holding Corporation †«					1,170,625		36,429,850
Proofpoint Incorporated †					1,461,000		73,575,960
Red Hat Incorporated †					349,726		24,498,306
Salesforce.com Incorporated †					714,000		48,594,840
ServiceNow Incorporated †					543,200		33,792,472
Splunk Incorporated †					2,096,000		97,023,840
Synchronoss Technologies Incorporated †					806,960		24,725,254
Tableau Software Incorporated Class A †					702,000		56,328,480
Ultimate Software Group Incorporated †					150,630		26,455,147
							612,934,668
Technology Hardware, Storage & Peripherals: 2.23%
Apple Incorporated					1,794,610		174,687,337
Materials: 2.02%
Chemicals: 2.02%
Ecolab Incorporated					1,137,000		122,648,190
Praxair Incorporated					355,630		35,563,000
							158,211,190
Total Common Stocks (Cost $5,444,619,628)							7,591,008,160
	Yield
Short-Term Investments: 2.14%
Investment Companies: 2.14%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.42	%		119,352,425		119,352,425
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.40			48,150,734		48,150,734
Total Short-Term Investments (Cost $167,503,159)							167,503,159

Total investments in securities (Cost $5,612,122,787) *	99.06	%		7,758,511,319
Other assets and liabilities, net	0.94			73,581,381
Total net assets	100.00	%	$	7,832,092,700

† Non-income-earning security

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

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

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

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

* Cost for federal income tax purposes is $5,632,654,064 and unrealized gains (losses) consists of:

Gross unrealized gains	$	2,555,996,000
Gross unrealized losses		(430,138,745	)
Net unrealized gains	$	2,125,857,255

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

Statement of assets and liabilities—January 31, 2016 (unaudited) Wells Fargo Growth Fund 11

Assets
Investments
In unaffiliated securities (including $116,533,976 of securities loaned), at value (cost $5,004,583,481)	$	7,268,215,207
In affiliated securities, at value (cost $607,539,306)		490,296,112
Total investments, at value (cost $5,612,122,787)		7,758,511,319
Cash		1,246,376
Receivable for investments sold		247,515,241
Receivable for Fund shares sold		6,227,320
Receivable for dividends		1,069,482
Receivable for securities lending income		59,824
Prepaid expenses and other assets		111,731
Total assets		8,014,741,293
Liabilities
Payable for investments purchased		27,129,732
Payable for Fund shares redeemed		29,256,865
Payable upon receipt of securities loaned		119,352,425
Management fee payable		4,278,911
Distribution fee payable		230,332
Administration fees payable		1,109,278
Accrued expenses and other liabilities		1,291,050
Total liabilities		182,648,593
Total net assets	$	7,832,092,700
NET ASSETS CONSIST OF
Paid-in capital	$	5,588,337,085
Accumulated net investment loss		(17,447,637	)
Accumulated net realized gains on investments		114,814,720
Net unrealized gains on investments		2,146,388,532
Total net assets	$	7,832,092,700
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	2,654,595,870
Shares outstanding – Class A1		72,175,547
Net asset value per share – Class A		$36.78
Maximum offering price per share – Class A2		$39.02
Net assets – Class C	$	348,413,191
Shares outstanding – Class C1		10,762,890
Net asset value per share – Class C		$32.37
Net assets – Class R6	$	26,284
Shares outstanding – Class R61		632
Net asset value per share – Class R6		$41.58
Net assets – Administrator Class	$	1,741,537,976
Shares outstanding – Administrator Class1		43,882,802
Net asset value per share – Administrator Class		$39.69
Net assets – Institutional Class	$	3,087,519,379
Shares outstanding – Institutional Class1		74,281,276
Net asset value per share – Institutional Class		$41.57

¹  The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Growth Fund Statement of operations—six months ended January 31, 2016 (unaudited)

Investment income
Dividends	$	27,232,205
Securities lending income, net		331,245
Income from affiliated securities		73,381
Total investment income		27,636,831
Expenses
Management fee		30,267,704
Administration fees
Class A		2,341,588
Class C		430,154
Class R6		2	1
Administrator Class		1,316,103
Institutional Class		2,293,227
Investor Class		1,413,072	2
Shareholder servicing fees
Class A		2,785,861
Class C		512,087
Administrator Class		2,515,047
Investor Class		1,102,754	2
Distribution fee
Class C		1,536,262
Custody and accounting fees		243,769
Professional fees		22,976
Registration fees		80,227
Shareholder report expenses		267,341
Trustees’ fees and expenses		11,595
Other fees and expenses		62,936
Total expenses		47,202,705
Less: Fee waivers and/or expense reimbursements		(2,118,237	)
Net expenses		45,084,468
Net investment loss		(17,447,637	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		524,656,349
Affiliated securities		(81,051,839	)
Net realized gains on investments		443,604,510
Net change in unrealized gains (losses) on:
Unaffiliated securities		(1,710,614,246	)
Affiliated securities		(117,583,479	)
Net change in unrealized gains (losses) on investments		(1,828,197,725	)
Net realized and unrealized gains (losses) on investments		(1,384,593,215	)
Net decrease in net assets resulting from operations	$	(1,402,040,852	)

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

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

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

Statement of changes in net assets Wells Fargo Growth Fund 13

	Six months ended January 31, 2016 (unaudited)						Year ended July 31, 2015
Operations
Net investment loss				$	(17,447,637	)				$	(46,794,164	)
Net realized gains on investments					443,604,510						1,219,370,154
Net change in unrealized gains (losses) on investments					(1,828,197,725	)					328,837,984
Net increase (decrease) in net assets resulting from operations					(1,402,040,852	)					1,501,413,974
Distributions to shareholders from
Net realized gains
Class A					(399,298,978	)					(231,582,982	)
Class C					(58,938,406	)					(75,250,933	)
Class R6					(3,078	)1					N/A
Administrator Class					(246,890,849	)					(343,165,487	)
Institutional Class					(415,951,081	)					(470,228,817	)
Investor Class					0	2					(300,177,941	)
Total distributions to shareholders					(1,121,082,392	)					(1,420,406,160	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		42,327,841			1,958,427,302			3,096,946			149,093,930
Class C		502,562			18,149,599			687,649			28,728,045
Class R6		564	1		27,370	1		N/A			N/A
Administrator Class		4,537,154			213,535,847			7,685,162			396,601,510
Institutional Class		8,270,621			403,724,363			29,073,710			1,572,598,987
Investor Class		481,943	2		22,113,995	2		1,516,862			73,282,154
					2,615,978,476						2,220,304,626
Reinvestment of distributions
Class A		9,441,799			377,011,011			4,653,339			208,236,915
Class C		1,219,231			42,892,540			1,331,646			53,838,455
Class R6		68	1		3,078	1		N/A			N/A
Administrator Class		5,707,643			245,828,196			6,824,589			325,601,120
Institutional Class		8,792,866			396,558,261			9,196,950			455,984,759
Investor Class		0	2		0	2		6,596,013			293,918,329
					1,062,293,086						1,337,579,578
Payment for shares redeemed
Class A		(9,201,427	)		(393,223,571	)		(19,102,932	)		(941,145,013	)
Class C		(1,425,230	)		(54,560,728	)		(3,749,283	)		(167,465,881	)
Administrator Class		(10,810,691	)		(503,093,774	)		(33,692,681	)		(1,742,600,427	)
Institutional Class		(13,028,774	)		(626,904,597	)		(22,580,802	)		(1,219,410,764	)
Investor Class		(43,198,360	)2		(1,994,219,513	)2		(10,699,627	)		(519,360,449	)
					(3,572,002,183	)					(4,589,982,534	)
Net increase (decrease) in net assets resulting from capital share transactions					106,269,379						(1,032,098,330	)
Total decrease in net assets					(2,416,853,865	)					(951,090,516	)
Net assets
Beginning of period					10,248,946,565						11,200,037,081
End of period				$	7,832,092,700					$	10,248,946,565
Undistributed (accumulated) net investment income (loss)				$	(17,447,637	)				$	0

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

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

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

14 Wells Fargo Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS A				2015			2014			2013			2012			2011
Net asset value, beginning of period		$49.50			$49.99			$46.74			$37.85			$35.88			$26.10
Net investment loss		(0.12	)1		(0.29	)1		(0.32	)1		(0.17	)1		(0.21	)1		(0.27	)1
Net realized and unrealized gains (losses) on investments		(6.57	)		7.03			5.34			9.06			2.65			10.05
Total from investment operations		(6.69	)		6.74			5.02			8.89			2.44			9.78
Distributions to shareholders from
Net realized gains		(6.03	)		(7.23	)		(1.77	)		0.00			(0.47	)		0.00
Net asset value, end of period		$36.78			$49.50			$49.99			$46.74			$37.85			$35.88
Total return2		(14.48	)%		15.01	%		10.77	%		23.49	%		6.93	%		37.43	%
Ratios to average net assets (annualized)
Gross expenses		1.14	%		1.18	%		1.18	%		1.19	%		1.20	%		1.24	%
Net expenses		1.14	%		1.18	%		1.18	%		1.19	%		1.20	%		1.24	%
Net investment loss		(0.54	)%		(0.59	)%		(0.64	)%		(0.41	)%		(0.56	)%		(0.81	)%
Supplemental data
Portfolio turnover rate		21	%		35	%		42	%		38	%		47	%		54	%
Net assets, end of period (000s omitted)		$2,654,596			$1,465,643			$2,047,410			$2,464,533			$2,265,845			$1,204,675

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS C				2015			2014			2013			2012			2011
Net asset value, beginning of period		$44.51			$45.95			$43.41			$35.42			$33.86			$24.81
Net investment loss		(0.19	)1		(0.60	)1		(0.64	)1		(0.45	)1		(0.46	)1		(0.51	)1
Net realized and unrealized gains (losses) on investments		(5.92	)		6.39			4.95			8.44			2.49			9.56
Total from investment operations		(6.11	)		5.79			4.31			7.99			2.03			9.05
Distributions to shareholders from
Net realized gains		(6.03	)		(7.23	)		(1.77	)		0.00			(0.47	)		0.00
Net asset value, end of period		$32.37			$44.51			$45.95			$43.41			$35.42			$33.86
Total return2		(14.81	)%		14.16	%		9.96	%		22.56	%		6.12	%		36.44	%
Ratios to average net assets (annualized)
Gross expenses		1.89	%		1.93	%		1.93	%		1.94	%		1.95	%		1.99	%
Net expenses		1.89	%		1.93	%		1.93	%		1.94	%		1.95	%		1.99	%
Net investment loss		(1.28	)%		(1.34	)%		(1.39	)%		(1.16	)%		(1.32	)%		(1.57	)%
Supplemental data
Portfolio turnover rate		21	%		35	%		42	%		38	%		47	%		54	%
Net assets, end of period (000s omitted)		$348,413			$465,833			$560,481			$589,402			$525,285			$233,114

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Growth Fund Financial highlights

(For a share outstanding throughout the period)

	Period ended January 31,  2016 (unaudited)1
CLASS R6
Net asset value, beginning of period		$48.97
Net investment loss		(0.03	)
Net realized and unrealized gains (losses) on investments		(1.33	)
Total from investment operations		(1.36	)
Distributions to shareholders from
Net realized gains		(6.03	)
Net asset value, end of period		$41.58
Total return2		(3.74	)%
Ratios to average net assets (annualized)
Gross expenses		0.70	%
Net expenses		0.70	%
Net investment loss		(0.23	)%
Supplemental data
Portfolio turnover rate		21	%
Net assets, end of period (000s omitted)		$26

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

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

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

Financial highlights Wells Fargo Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$52.86			$52.80			$49.16			$39.72			$37.54			$27.24
Net investment loss		(0.08	)1		(0.20	)1		(0.23	)		(0.08	)1		(0.13	)1		(0.18	)1
Net realized and unrealized gains (losses) on investments		(7.06	)		7.49			5.64			9.52			2.78			10.48
Total from investment operations		(7.14	)		7.29			5.41			9.44			2.65			10.30
Distributions to shareholders from
Net realized gains		(6.03	)		(7.23	)		(1.77	)		0.00			(0.47	)		0.00
Net asset value, end of period		$39.69			$52.86			$52.80			$49.16			$39.72			$37.54
Total return2		(14.40	)%		15.28	%		11.04	%		23.77	%		7.15	%		37.81	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.02	%		1.02	%		1.03	%		1.03	%		1.08	%
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%		0.96	%
Net investment loss		(0.35	)%		(0.37	)%		(0.42	)%		(0.18	)%		(0.33	)%		(0.51	)%
Supplemental data
Portfolio turnover rate		21	%		35	%		42	%		38	%		47	%		54	%
Net assets, end of period (000s omitted)		$1,741,538			$2,349,359			$3,359,480			$3,309,683			$2,984,775			$1,339,245

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$54.99			$54.54			$50.63			$40.83			$38.49			$27.88
Net investment income (loss)		(0.07	)1		(0.09	)1		(0.13	)		0.01	1		(0.05	)1		(0.12	)1
Net realized and unrealized gains (losses) on investments		(7.32	)		7.77			5.81			9.79			2.86			10.73
Total from investment operations		(7.39	)		7.68			5.68			9.80			2.81			10.61
Distributions to shareholders from
Net realized gains		(6.03	)		(7.23	)		(1.77	)		0.00			(0.47	)		0.00
Net asset value, end of period		$41.57			$54.99			$54.54			$50.63			$40.83			$38.49
Total return2		(14.30	)%		15.53	%		11.26	%		24.03	%		7.37	%		38.06	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.76	%		0.75	%		0.76	%		0.77	%		0.81	%
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.76	%		0.80	%
Net investment income (loss)		(0.14	)%		(0.17	)%		(0.21	)%		0.02	%		(0.13	)%		(0.35	)%
Supplemental data
Portfolio turnover rate		21	%		35	%		42	%		38	%		47	%		54	%
Net assets, end of period (000s omitted)		$3,087,519			$3,863,196			$2,975,721			$2,649,095			$2,312,074			$992,748

¹  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

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

Effective at the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the Fund.

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 principal exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

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

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2016:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	1,893,068,418	$	0	$	0	$	1,893,068,418
Consumer staples		277,421,326		0		0		277,421,326
Energy		78,957,900		0		0		78,957,900
Financials		340,945,835		0		0		340,945,835
Health care		1,636,899,793		0		0		1,636,899,793
Industrials		545,731,821		0		0		545,731,821
Information technology		2,659,771,877		0		0		2,659,771,877
Materials		158,211,190		0		0		158,211,190
Short-term investments
Investment companies		48,150,734		0		0		48,150,734
Investments measured at net asset value*								119,352,425
Total assets	$	7,639,158,894	$	0	$	0	$	7,758,511,319

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $119,352,425 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2016, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.80% and declining to 0.555% as the average daily net assets of the Fund increase. For the six months ended January 31, 2016, the management fee was equivalent to an annual rate of 0.67% of the Fund’s average daily net assets.

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

Administration fees

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

	Class-level administration fee
Class A, Class C		0.21	%
Class R6		0.03
Administrator Class, Institutional Class		0.13
Investor Class		0.32

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.21% for Class A shares, 1.96% for Class C shares, 0.70% for Class R6 shares, 0.96% for Administrator Class, and 0.75% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2016, Funds Distributor received $11,586 from the sale of Class A shares and $3,593 in contingent deferred sales charges from redemptions of Class C.

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 are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2016 were $1,858,961,907 and $2,914,831,035, respectively.

6. INVESTMENTS IN AFFILIATES

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

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		Income from affiliated securities		Realized gains (losses)
Envestnet Incorporated		3,268,908		7,823		0		3,276,731	$	76,839,342	$	0	$	0
Fiesta Restaurant Group Incorporated		2,098,000		527,000		294,017		2,330,983		84,847,781		0		(8,479,131	)
Grand Canyon Education Incorporated		3,903,000		0		377,000		3,526,000		132,753,900		0		(2,277,134	)
Inovalon Holdings Incorporated*		1,629,037		0		1,629,037		0		0		0		(13,372,108	)
Shutterstock Incorporated*		2,028,000		0		1,947,000		81,000		2,340,090		0		(56,923,466	)
The Habit Restaurants Incorporated Class A		0		1,381,000		0		1,381,000		28,351,930		0		0
											$	0	$	(81,051,839	)

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

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds) 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 six months ended January 31, 2016, the Fund paid $15,740 in commitment fees.

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

For the six months ended January 31, 2016, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

24 Wells Fargo Growth Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Growth Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief financial officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead 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
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust

26 Wells Fargo Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; 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.
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.

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 wellsfargofunds.com.

List of abbreviations Wells Fargo Growth Fund 27

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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 Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2016 Wells Fargo Funds Management, LLC. All rights reserved.

240796 03-16 SA206/SAR206 01-16

Semi-Annual Report

January 31, 2016

Wells Fargo Intrinsic Value Fund

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	21
Other information	26
List of abbreviations	29

The views expressed and any forward-looking statements are as of January 31, 2016, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

Karla M. Rabusch

President

Wells Fargo Funds

Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Intrinsic Value Fund for the six-month period that ended January 31, 2016. Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced continuing challenges. In this environment, the broad U.S. stock market experienced heightened volatility and ultimately fell 5.64% overall for the six-month period (as measured by the Russell 3000^® Index,¹ which is the index used to measure U.S. stock market performance throughout this letter).

As the reporting period began, China’s slowdown continued to take a toll on U.S. and international markets.

The U.S. stock market declined 6.04% and 2.91% in August and September 2015, respectively, as investors worried about the impact on the U.S. of China’s slowing growth. A number of positive economic indicators released during these months suggested the U.S. economy remained solid. However, the strengthening U.S. dollar coupled with ongoing global economic turmoil continued to hinder the economy. Although many investors believed the U.S. Federal Reserve (Fed) would raise the federal funds rate during the third quarter of 2015, at its September 2015 meeting the Fed left the rate unchanged. This decision fueled uncertainty about the U.S. economy’s stamina to remain healthy while facing the negative effects of troubles elsewhere in the world. One week later, Fed Chair Janet Yellen reassured investors that, barring unpleasant surprises, the Fed still intended to raise the rate in 2015. International markets were more volatile than the domestic market and delivered even weaker results in August and September. Investors’ anxiety was driven largely by China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—struggled under the strains of reduced demand for commodities and lower prices for the commodities sold.

The U.S. stock market delivered a positive result overall for the last three months of 2015 despite ongoing concerns.

The broad U.S. stock market fluctuated widely in the fourth quarter of 2015, rising 7.90% in October and 0.55% in November before falling 2.05% in December, for an overall quarterly return of 6.27%. Stock markets outside the U.S. generally failed to keep pace with the domestic market as economic concerns, including China’s ongoing slowdown, continued to affect many countries worldwide. U.S. economic data released during the quarter indicated the economy remained solid, with modest growth. However, the strong U.S. dollar and global economic turmoil continued their drag on the economy. In December, the Fed, as expected, slightly raised its target short-term interest rate to between 0.25% and 0.50% after keeping it near zero for seven years. The move, which had been well telegraphed by the Fed for months, reflected confidence in the U.S. economy’s ability to stay healthy with less central-bank support. The Fed also made clear that future interest-rate increases will be gradual.

U.S. stocks struggled in January 2016.

The broad U.S. stock market dropped 5.64% for the month, weighed down by ongoing concerns about heightened market volatility, the continued plunge in oil prices, and the impact of weak global growth on U.S. companies. The U.S. economy, however, remained resilient in January—with continued solid hiring, a

¹ 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.

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

reduction in the jobless rate to 4.9%, and signs of an uptick in the pace of wage growth—despite some warning signs that became evident in recent months, such as weaknesses in manufacturing and business growth.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

Notice to shareholders

At a meeting held on February 17-18, 2016, the Board of Trustees approved a change to the subadviser for the Fund to Wells Capital Management Incorporated (“WellsCap”) in connection with the merger of Metropolitan West Capital Management, LLC (“MetWest”), the Fund’s current sub-adviser, into WellsCap (the “Merger”). The Merger is expected to take place on or about July 1, 2016. With the completion of the Merger, MetWest personnel will become exclusively personnel of WellsCap. The Merger will not result in any change to the services provided to the Fund or to the Fund’s strategies or fees and expenses.

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

4 Wells Fargo Intrinsic Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Metropolitan West Capital Management, LLC

Portfolio managers

Miguel E. Giaconi, CFA^®

Jean-Baptiste Nadal, CFA^®

Jeffrey Peck

Average annual total returns (%) as of January 31, 2016¹

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		Since Inception		1 year			5 year		Since Inception		Gross		Net3
Class A (EIVAX)	8-1-2006		(9.28	)		7.28		5.93		(3.74	)		8.56		6.59		1.17		1.11
Class B (EIVBX)*	8-1-2006		(8.78	)		7.45		6.01		(4.50	)		7.74		6.01		1.92		1.86
Class C (EIVCX)	8-1-2006		(5.53	)		7.73		5.80		(4.53	)		7.73		5.80		1.92		1.86
Class R (EIVTX)	3-1-2013		–			–		–		(3.97	)		8.32		6.36		1.42		1.36
Class R4 (EIVRX)	11-30-2012		–			–		–		(3.42	)		8.93		6.91		0.89		0.80
Class R6 (EIVFX)	11-30-2012		–			–		–		(3.28	)		8.94		6.91		0.74		0.65
Administrator Class (EIVDX)	7-30-2010		–			–		–		(3.62	)		8.78		6.78		1.09		0.95
Institutional Class (EIVIX)	8-1-2006		–			–		–		(3.31	)		9.01		6.95		0.84		0.70
Russell 1000® Value Index4	–		–			–		–		(5.00	)		9.61		4.95		–		–

* 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, wellsfargofunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Intrinsic Value Fund 5

Ten largest holdings (%) as of January 31, 20165
Microsoft Corporation	3.18
Anheuser-Busch InBev NV ADR	3.12
Lockheed Martin Corporation	3.08
The TJX Companies Incorporated	2.95
BB&T Corporation	2.94
NextEra Energy Incorporated	2.86
Goldman Sachs Group Incorporated	2.82
Honeywell International Incorporated	2.78
Alphabet Incorporated Class C	2.67
The Procter & Gamble Company	2.62

Sector distribution as of January 31, 2016⁶

¹  Historical performance shown for Class R shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R shares. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Intrinsic Value Fund.

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

³  The manager has contractually committed through November 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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

6 Wells Fargo Intrinsic Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2015 to January 31, 2016.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2015		Ending account value 1-31-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	895.99	$	5.29		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Class B
Actual	$	1,000.00	$	892.93	$	8.85		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Class C
Actual	$	1,000.00	$	892.26	$	8.85		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Class R
Actual	$	1,000.00	$	894.94	$	6.48		1.36	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.30	$	6.90		1.36	%
Class R4
Actual	$	1,000.00	$	897.83	$	3.82		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%
Class R6
Actual	$	1,000.00	$	898.28	$	3.10		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.87	$	3.30		0.65	%
Administrator Class
Actual	$	1,000.00	$	896.87	$	4.53		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82		0.95	%
Institutional Class
Actual	$	1,000.00	$	898.24	$	3.34		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Intrinsic Value Fund 7

Security name	Shares		Value
Common Stocks: 97.24%
Consumer Discretionary: 7.27%
Hotels, Restaurants & Leisure: 1.88%
Marriott International Incorporated Class A «		310,087	$	19,002,131
Media: 2.44%
The Walt Disney Company		257,095		24,634,843
Specialty Retail: 2.95%
The TJX Companies Incorporated		419,010		29,850,272
Consumer Staples: 9.25%
Beverages: 6.62%
Anheuser-Busch InBev NV ADR		250,677		31,545,194
Diageo plc ADR		98,421		10,596,989
PepsiCo Incorporated		249,624		24,787,663
				66,929,846
Household Products: 2.63%
The Procter & Gamble Company		324,709		26,525,478
Energy: 6.51%
Energy Equipment & Services: 3.25%
FMC Technologies Incorporated †		513,132		12,905,270
Schlumberger Limited		276,300		19,968,201
				32,873,471
Oil, Gas & Consumable Fuels: 3.26%
EOG Resources Incorporated		312,515		22,194,815
Occidental Petroleum Corporation		155,431		10,698,316
				32,893,131
Financials: 19.89%
Banks: 6.91%
BB&T Corporation		910,414		29,734,121
CIT Group Incorporated		605,920		17,783,752
SunTrust Banks Incorporated		611,299		22,361,317
				69,879,190
Capital Markets: 6.12%
Charles Schwab Corporation		615,059		15,702,456
Goldman Sachs Group Incorporated		176,625		28,535,535
UBS Group AG		1,058,174		17,608,015
				61,846,006
Consumer Finance: 2.14%
Synchrony Financial †		761,768		21,649,447

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

8 Wells Fargo Intrinsic Value Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name	Shares		Value
Insurance: 2.46%
The Allstate Corporation		409,529	$	24,817,457
REITs: 2.26%
Crown Castle International Corporation		264,534		22,802,831
Health Care: 11.22%
Biotechnology: 2.08%
Gilead Sciences Incorporated		253,405		21,032,615
Health Care Equipment & Supplies: 2.29%
Abbott Laboratories		611,469		23,144,102
Health Care Providers & Services: 4.52%
Cigna Corporation		186,723		24,946,193
Express Scripts Holding Company †		288,956		20,767,268
				45,713,461
Pharmaceuticals: 2.33%
Merck & Company Incorporated		463,877		23,504,648
Industrials: 14.06%
Aerospace & Defense: 7.94%
Honeywell International Incorporated		271,998		28,070,194
Lockheed Martin Corporation		147,354		31,091,694
The Boeing Company		174,962		21,018,185
				80,180,073
Air Freight & Logistics: 2.13%
United Parcel Service Incorporated Class B		230,690		21,500,308
Electrical Equipment: 2.11%
Sensata Technologies Holding NV †		581,518		21,341,711
Trading Companies & Distributors: 1.88%
Aercap Holdings NV †		619,637		19,029,052
Information Technology: 21.88%
Communications Equipment: 5.06%
Cisco Systems Incorporated		879,724		20,928,634
Motorola Solutions Incorporated		389,914		26,034,558
QUALCOMM Incorporated		91,758		4,160,308
				51,123,500
Internet Software & Services: 2.68%
Alphabet Incorporated Class C †		36,382		27,030,007
IT Services: 4.69%
Accenture plc Class A		248,706		26,248,431
The Western Union Company		1,186,218		21,162,129
				47,410,560

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Intrinsic Value Fund 9

Security name				Shares			Value
Semiconductors & Semiconductor Equipment: 2.24%
Texas Instruments Incorporated					427,559		$	22,630,698
Software: 5.37%
Microsoft Corporation					582,817	��		32,107,389
Oracle Corporation					609,744			22,139,805
								54,247,194
Technology Hardware, Storage & Peripherals: 1.84%
Apple Incorporated					191,528			18,643,336
Telecommunication Services: 2.18%
Diversified Telecommunication Services: 2.18%
Verizon Communications Incorporated					441,041			22,038,819
Utilities: 4.98%
Electric Utilities: 2.86%
NextEra Energy Incorporated					258,870			28,918,368
Multi-Utilities: 2.12%
WEC Energy Group Incorporated					388,280			21,444,702
Total Common Stocks (Cost $909,001,320)								982,637,257
	Yield
Short-Term Investments: 4.55%
Investment Companies: 4.55%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.42	%		17,817,250			17,817,250
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.40			28,112,628			28,112,628
Total Short-Term Investments (Cost $45,929,878)								45,929,878

Total investments in securities (Cost $954,931,198) *	101.79	%		1,028,567,135
Other assets and liabilities, net	(1.79	)		(18,053,362	)
Total net assets	100.00	%	$	1,010,513,773

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

† Non-income-earning security

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

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

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

* Cost for federal income tax purposes is $955,222,134 and unrealized gains (losses) consists of:

Gross unrealized gains	$	135,039,885
Gross unrealized losses		(61,694,884	)
Net unrealized gains	$	73,345,001

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

10 Wells Fargo Intrinsic Value Fund Statement of assets and liabilities—January 31, 2016 (unaudited)

Assets
Investments
In unaffiliated securities (including $17,437,345 of securities loaned), at value (cost $909,001,320)	$	982,637,257
In affiliated securities, at value (cost $45,929,878)		45,929,878
Total investments, at value (cost $954,931,198)		1,028,567,135
Receivable for Fund shares sold		334,341
Receivable for dividends		950,256
Receivable for securities lending income		4,399
Prepaid expenses and other assets		60,956
Total assets		1,029,917,087
Liabilities
Payable for Fund shares redeemed		576,850
Payable upon receipt of securities loaned		17,817,250
Management fee payable		494,031
Distribution fees payable		19,798
Administration fees payable		135,389
Accrued expenses and other liabilities		359,996
Total liabilities		19,403,314
Total net assets	$	1,010,513,773
NET ASSETS CONSIST OF
Paid-in capital	$	924,776,295
Undistributed net investment income		277,394
Accumulated net realized gains on investments		11,824,147
Net unrealized gains on investments		73,635,937
Total net assets	$	1,010,513,773
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	309,855,688
Shares outstanding – Class A1		28,302,832
Net asset value per share – Class A		$10.95
Maximum offering price per share – Class A2		$11.62
Net assets – Class B	$	1,047,155
Shares outstanding – Class B1		96,632
Net asset value per share – Class B		$10.84
Net assets – Class C	$	29,564,217
Shares outstanding – Class C1		2,751,980
Net asset value per share – Class C		$10.74
Net assets – Class R	$	31,846
Shares outstanding – Class R1		2,885
Net asset value per share – Class R		$11.04
Net assets – Class R4	$	13,587
Share outstanding – Class R41		1,238
Net asset value per share – Class R4		$10.97
Net assets – Class R6	$	2,570,761
Shares outstanding – Class R61		237,462
Net asset value per share – Class R6		$10.83
Net assets – Administrator Class	$	452,682,906
Shares outstanding – Administrator Class1		39,714,379
Net asset value per share – Administrator Class		$11.40
Net assets – Institutional Class	$	214,747,613
Shares outstanding – Institutional Class1		19,543,047
Net asset value per share – Institutional Class		$10.99

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2016 (unaudited) Wells Fargo Intrinsic Value Fund 11

Investment income
Dividends (net of foreign withholding taxes of $118,922)	$	11,533,921
Securities lending income, net		166,852
Income from affiliated securities		36,710
Total investment income		11,737,483
Expenses
Management fee		3,771,641
Administration fees
Class A		358,310
Class B		1,522
Class C		34,607
Class R		37
Class R4		5
Class R6		208
Administrator Class		317,837
Institutional Class		154,113
Shareholder servicing fees
Class A		409,216
Class B		1,812
Class C		41,199
Class R		44
Class R4		7
Administrator Class		611,019
Distribution fees
Class B		5,435
Class C		123,597
Class R		44
Custody and accounting fees		33,031
Professional fees		20,840
Registration fees		52,088
Shareholder report expenses		43,001
Trustees’ fees and expenses		13,579
Other fees and expenses		11,168
Total expenses		6,004,360
Less: Fee waivers and/or expense reimbursements		(633,138	)
Net expenses		5,371,222
Net investment income		6,366,261
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		43,576,161
Net change in unrealized gains (losses) on investments		(170,114,692	)
Net realized and unrealized gains (losses) on investments		(126,538,531	)
Net decrease in net assets resulting from operations	$	(120,172,270	)

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

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

	Six months ended January 31, 2016 (unaudited)						Year ended July 31, 2015
Operations
Net investment income				$	6,366,261					$	11,044,365
Net realized gains on investments					43,576,161						129,111,859
Net change in unrealized gains (losses) on investments					(170,114,692	)					(31,816,136	)
Net increase (decrease) in net assets resulting from operations					(120,172,270	)					108,340,088
Distributions to shareholders from
Net investment income
Class A					(3,169,347	)					(2,172,530	)
Class C					(37,447	)					0
Class R					(201	)					(81	)
Class R4					(186	)					(130	)
Class R6					(38,287	)					(2,896	)
Administrator Class					(5,583,834	)					(4,135,495	)
Institutional Class					(3,324,787	)					(2,556,860	)
Net realized gains
Class A					(34,464,666	)					(27,285,622	)
Class B					(132,772	)					(212,769	)
Class C					(3,405,696	)					(2,625,365	)
Class R					(3,205	)					(2,211	)
Class R4					(1,451	)					(1,003	)
Class R6					(277,898	)					(11,038	)
Administrator Class					(47,759,263	)					(36,136,386	)
Institutional Class					(24,324,139	)					(17,741,411	)
Total distributions to shareholders					(122,523,179	)					(92,883,797	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		279,966			3,487,238			624,836			8,481,516
Class B		538			6,161			2,136			28,654
Class C		149,437			1,797,713			209,050			2,773,670
Class R		562			6,983			1,217			16,683
Class R6		209,989			2,804,309			339			4,595
Administrator Class		301,909			4,041,238			690,160			9,705,283
Institutional Class		1,750,898			22,018,198			2,658,478			36,641,333
					34,161,840						57,651,734
Reinvestment of distributions
Class A		3,054,414			35,703,185			2,128,410			27,919,064
Class B		11,006			126,021			15,779			204,498
Class C		256,273			2,914,692			174,638			2,247,594
Class R		290			3,406			174			2,292
Class R4		139			1,637			87			1,132
Class R6		27,254			316,185			1,068			13,934
Administrator Class		4,139,213			50,467,673			2,786,857			37,930,250
Institutional Class		2,026,547			23,875,792			1,210,532			15,960,088
					113,408,591						84,278,852
Payment for shares redeemed
Class A		(2,162,642	)		(26,880,737	)		(4,381,343	)		(59,669,917	)
Class B		(58,656	)		(743,625	)		(163,321	)		(2,207,079	)
Class C		(338,009	)		(4,053,888	)		(442,242	)		(5,907,017	)
Class R		(938	)		(12,246	)		(470	)		(6,451	)
Class R4		0			0			(111	)		(1,553	)
Class R6		(12,217	)		(148,607	)		0			0
Administrator Class		(1,867,930	)		(24,148,844	)		(4,305,966	)		(60,992,273	)
Institutional Class		(2,747,419	)		(33,944,679	)		(3,233,572	)		(43,813,596	)
					(89,932,626	)					(172,597,886	)
Net increase (decrease) in net assets resulting from capital share transactions					57,637,805						(30,667,300	)
Total decrease in net assets					(185,057,644	)					(15,211,009	)
Net assets
Beginning of period					1,195,571,417						1,210,782,426
End of period				$	1,010,513,773					$	1,195,571,417
Undistributed net investment income				$	277,394					$	6,065,222

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

Financial highlights Wells Fargo Intrinsic Value Fund 13

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS A				2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.73			$13.60			$12.52			$10.44			$11.50			$9.84
Net investment income		0.06			0.10			0.07			0.07	1		0.11	1		0.10
Net realized and unrealized gains (losses) on investments		(1.41	)		1.09			1.53			2.75			0.24			1.65
Total from investment operations		(1.35	)		1.19			1.60			2.82			0.35			1.75
Distributions to shareholders from
Net investment income		(0.11	)		(0.07	)		(0.06	)		(0.10	)		(0.28	)		(0.09	)
Net realized gains		(1.32	)		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00
Total distributions to shareholders		(1.43	)		(1.06	)		(1.52	)		(0.74	)		(1.41	)		(0.09	)
Net asset value, end of period		$10.95			$13.73			$13.60			$12.52			$10.44			$11.50
Total return2		(10.40	)%		9.19	%		13.09	%		28.53	%		4.38	%		17.88	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.20	%		1.21	%		1.20	%		1.24	%		1.24	%
Net expenses		1.11	%		1.16	%		1.16	%		1.16	%		1.17	%		1.17	%
Net investment income		1.02	%		0.75	%		0.53	%		0.57	%		1.05	%		0.81	%
Supplemental data
Portfolio turnover rate		21	%		29	%		23	%		28	%		34	%		25	%
Net assets, end of period (000s omitted)		$309,856			$372,443			$391,028			$386,655			$87,784			$159,178

¹  Calculated based upon average shares outstanding

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

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

14 Wells Fargo Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS B				2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.54			$13.45			$12.42			$10.34			$11.37			$9.72
Net investment income (loss)		0.02	1		0.00	1,2		(0.03	)1		(0.02	)		0.03	1		0.01	1
Net realized and unrealized gains (losses) on investments		(1.40	)		1.08			1.52			2.74			0.24			1.64
Total from investment operations		(1.38	)		1.08			1.49			2.72			0.27			1.65
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			(0.17	)		(0.00	)2
Net realized gains		(1.32	)		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00
Total distributions to shareholders		(1.32	)		(0.99	)		(0.46	)		(0.64	)		(1.30	)		(0.00	)2
Net asset value, end of period		$10.84			$13.54			$13.45			$12.42			$10.34			$11.37
Total return3		(10.71	)%		8.36	%		12.25	%		27.57	%		3.56	%		17.03	%
Ratios to average net assets (annualized)
Gross expenses		1.92	%		1.96	%		1.97	%		1.97	%		2.01	%		1.99	%
Net expenses		1.86	%		1.91	%		1.91	%		1.91	%		1.92	%		1.91	%
Net investment income (loss)		0.31	%		0.00	%		(0.20	)%		(0.03	)%		0.27	%		0.07	%
Supplemental data
Portfolio turnover rate		21	%		29	%		23	%		28	%		34	%		25	%
Net assets, end of period (000s omitted)		$1,047			$1,947			$3,889			$5,589			$4,323			$7,666

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Intrinsic Value Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS C				2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.45			$13.36			$12.35			$10.30			$11.35			$9.72
Net investment income (loss)		0.02			0.00	1		(0.03	)		(0.01	)2		0.03	2		0.02
Net realized and unrealized gains (losses) on investments		(1.40	)		1.08			1.50			2.72			0.24			1.63
Total from investment operations		(1.38	)		1.08			1.47			2.71			0.27			1.65
Distributions to shareholders from
Net investment income		(0.01	)		0.00			0.00			(0.02	)		(0.19	)		(0.02	)
Net realized gains		(1.32	)		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00
Total distributions to shareholders		(1.33	)		(0.99	)		(0.46	)		(0.66	)		(1.32	)		(0.02	)
Net asset value, end of period		$10.74			$13.45			$13.36			$12.35			$10.30			$11.35
Total return3		(10.77	)%		8.42	%		12.24	%		27.50	%		3.62	%		16.98	%
Ratios to average net assets (annualized)
Gross expenses		1.92	%		1.96	%		1.97	%		1.97	%		2.01	%		1.97	%
Net expenses		1.86	%		1.91	%		1.91	%		1.91	%		1.92	%		1.92	%
Net investment income (loss)		0.27	%		0.00	%		(0.22	)%		(0.05	)%		0.26	%		0.07	%
Supplemental data
Portfolio turnover rate		21	%		29	%		23	%		28	%		34	%		25	%
Net assets, end of period (000s omitted)		$29,564			$36,098			$36,654			$35,616			$20,187			$28,230

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS R				2015			2014			20131
Net asset value, beginning of period		$13.81			$13.66			$12.55			$11.20
Net investment income		0.05	2		0.05			0.03			0.00	3
Net realized and unrealized gains (losses) on investments		(1.43	)		1.12			1.54			1.35
Total from investment operations		(1.38	)		1.17			1.57			1.35
Distributions to shareholders from
Net investment income		(0.07	)		(0.03	)		0.00			0.00
Net realized gains		(1.32	)		(0.99	)		(0.46	)		0.00
Total distributions to shareholders		(1.39	)		(1.02	)		(0.46	)		0.00
Net asset value, end of period		$11.04			$13.81			$13.66			$12.55
Total return4		(10.51	)%		8.96	%		12.77	%		12.05	%
Ratios to average net assets (annualized)
Gross expenses		1.44	%		1.47	%		1.49	%		1.46	%
Net expenses		1.36	%		1.40	%		1.41	%		1.41	%
Net investment income		0.76	%		0.50	%		0.26	%		0.01	%
Supplemental data
Portfolio turnover rate		21	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$32			$41			$28			$18

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

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Intrinsic Value Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS R4				2015			2014			20131
Net asset value, beginning of period		$13.78			$13.65			$12.55			$11.10
Net investment income		0.08	2		0.15			0.12			0.09
Net realized and unrealized gains (losses) on investments		(1.42	)		1.09			1.54			2.15
Total from investment operations		(1.34	)		1.24			1.66			2.24
Distributions to shareholders from
Net investment income		(0.15	)		(0.12	)		(0.10	)		(0.15	)
Net realized gains		(1.32	)		(0.99	)		(0.46	)		(0.64	)
Total distributions to shareholders		(1.47	)		(1.11	)		(0.56	)		(0.79	)
Net asset value, end of period		$10.97			$13.78			$13.65			$12.55
Total return3		(10.22	)%		9.53	%		13.55	%		21.73	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.86	%		0.87	%		0.88	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income		1.31	%		1.11	%		0.88	%		0.99	%
Supplemental data
Portfolio turnover rate		21	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$14			$15			$15			$14

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

²  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS R6				2015			2014			20131
Net asset value, beginning of period		$13.62			$13.60			$12.56			$11.10
Net investment income		0.07	2		0.17	2		0.14	2		0.19
Net realized and unrealized gains (losses) on investments		(1.37	)		1.08			1.47			2.06
Total from investment operations		(1.30	)		1.25			1.61			2.25
Distributions to shareholders from
Net investment income		(0.17	)		(0.24	)		(0.11	)		(0.15	)
Net realized gains		(1.32	)		(0.99	)		(0.46	)		(0.64	)
Total distributions to shareholders		(1.49	)		(1.23	)		(0.57	)		(0.79	)
Net asset value, end of period		$10.83			$13.62			$13.60			$12.56
Total return3		(10.17	)%		9.74	%		13.19	%		21.84	%
Ratios to average net assets (annualized)
Gross expenses		0.74	%		0.74	%		0.74	%		0.73	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		1.10	%		1.25	%		1.10	%		0.85	%
Supplemental data
Portfolio turnover rate		21	%		29	%		23	%		28	%
Net assets, end of period (000s omitted)		$2,571			$169			$150			$3,359

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

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Intrinsic Value Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.25			$14.08			$12.95			$10.78			$11.55			$9.87
Net investment income		0.07			0.13			0.10			0.08	1		0.12	1		0.11	1
Net realized and unrealized gains (losses) on investments		(1.46	)		1.14			1.58			2.87			0.28			1.68
Total from investment operations		(1.39	)		1.27			1.68			2.95			0.40			1.79
Distributions to shareholders from
Net investment income		(0.14	)		(0.11	)		(0.09	)		(0.14	)		(0.04	)		(0.11	)
Net realized gains		(1.32	)		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00
Total distributions to shareholders		(1.46	)		(1.10	)		(0.55	)		(0.78	)		(1.17	)		(0.11	)
Net asset value, end of period		$11.40			$14.25			$14.08			$12.95			$10.78			$11.55
Total return2		(10.31	)%		9.42	%		13.36	%		28.77	%		4.57	%		18.23	%
Ratios to average net assets (annualized)
Gross expenses		1.10	%		1.06	%		1.06	%		1.05	%		1.09	%		1.06	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income		1.18	%		0.95	%		0.74	%		0.68	%		1.13	%		1.04	%
Supplemental data
Portfolio turnover rate		21	%		29	%		23	%		28	%		34	%		25	%
Net assets, end of period (000s omitted)		$452,683			$529,293			$534,641			$515,012			$26,687			$9,693

¹  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Intrinsic Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.80			$13.67			$12.58			$10.48			$11.56			$9.87
Net investment income		0.09	1		0.15			0.13			0.16			0.14	1		0.13	1
Net realized and unrealized gains (losses) on investments		(1.41	)		1.11			1.53			2.73			0.24			1.67
Total from investment operations		(1.32	)		1.26			1.66			2.89			0.38			1.80
Distributions to shareholders from
Net investment income		(0.17	)		(0.14	)		(1.11	)		(0.15	)		(0.33	)		(0.11	)
Net realized gains		(1.32	)		(0.99	)		(0.46	)		(0.64	)		(1.13	)		0.00
Total distributions to shareholders		(1.49	)		(1.13	)		(0.57	)		(0.79	)		(1.46	)		(0.11	)
Net asset value, end of period		$10.99			$13.80			$13.67			$12.58			$10.48			$11.56
Total return2		(10.18	)%		9.66	%		13.64	%		29.04	%		4.71	%		18.32	%
Ratios to average net assets (annualized)
Gross expenses		0.85	%		0.79	%		0.79	%		0.79	%		0.83	%		0.79	%
Net expenses		0.70	%		0.70	%		0.70	%		0.73	%		0.82	%		0.79	%
Net investment income		1.43	%		1.20	%		0.99	%		1.21	%		1.35	%		1.16	%
Supplemental data
Portfolio turnover rate		21	%		29	%		23	%		28	%		34	%		25	%
Net assets, end of period (000s omitted)		$214,748			$255,565			$244,378			$221,128			$222,949			$277,329

¹  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Intrinsic Value Fund 21

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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 principal exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $12,596,933 expiring in 2017.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Intrinsic 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 January 31, 2016:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	73,487,246	$	0	$	0	$	73,487,246
Consumer staples		93,455,324		0		0		93,455,324
Energy		65,766,602		0		0		65,766,602
Financials		200,994,931		0		0		200,994,931
Health care		113,394,826		0		0		113,394,826
Industrials		142,051,144		0		0		142,051,144
Information technology		221,085,295		0		0		221,085,295
Telecommunication services		22,038,819		0		0		22,038,819
Utilities		50,363,070		0		0		50,363,070
Short-term investments
Investment companies		28,112,628		0		0		28,112,628
Investments measured at net asset value*								17,817,250
Total assets	$	1,010,749,885	$	0	$	0	$	1,028,567,135

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $17,817,250 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2016, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2016, the management fee was equivalent to an annual rate of 0.68% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Metropolitan West Capital Management, LLC, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.25% as the average daily net assets of the Fund increase.

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class B shares, 1.86% for Class C shares, 1.36% for Class R shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended January 31, 2016, Funds Distributor received $3,128 from the sale of Class A shares and $906 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, Class R and Administrator Class of the Fund are charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 shares are charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2016 were $228,513,719 and $258,381,549, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other 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 six months ended January 31, 2016, the Fund paid $1,898 in commitment fees.

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

For the six months ended January 31, 2016, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

26 Wells Fargo Intrinsic Value Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Intrinsic Value Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief financial officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead 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
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

28 Wells Fargo Intrinsic Value Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; 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.
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.

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 wellsfargofunds.com.

List of abbreviations Wells Fargo Intrinsic Value Fund 29

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

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 Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2016 Wells Fargo Funds Management, LLC. All rights reserved.

240797 03-16 SA207/SAR207 01-16

Semi-Annual Report

January 31, 2016

Wells Fargo Large Cap Core Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	10
Statement of operations	11
Statement of changes in net assets	12
Financial highlights	13
Notes to financial statements	19
Other information	24
List of abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2016, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

Karla M. Rabusch

President

Wells Fargo Funds

Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Large Cap Core Fund for the six-month period that ended January 31, 2016. Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced continuing challenges. In this environment, the broad U.S. stock market experienced heightened volatility and ultimately fell 5.64% overall for the six-month period (as measured by the Russell 3000^® Index,¹ which is the index used to measure U.S. stock market performance throughout this letter).

As the reporting period began, China’s slowdown continued to take a toll on U.S. and international markets.

The U.S. stock market declined 6.04% and 2.91% in August and September 2015, respectively, as investors worried about the impact on the U.S. of China’s slowing growth. A number of positive economic indicators released during these months suggested the U.S. economy remained solid. However, the strengthening U.S. dollar coupled with ongoing global economic turmoil continued to hinder the economy. Although many investors believed the U.S. Federal Reserve (Fed) would raise the federal funds rate during the third quarter of 2015, at its September 2015 meeting the Fed left the rate unchanged. This decision fueled uncertainty about the U.S. economy’s stamina to remain healthy while facing the negative effects of troubles elsewhere in the world. One week later, Fed Chair Janet Yellen reassured investors that, barring unpleasant surprises, the Fed still intended to raise the rate in 2015. International markets were more volatile than the domestic market and delivered even weaker results in August and September. Investors’ anxiety was driven largely by China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—struggled under the strains of reduced demand for commodities and lower prices for the commodities sold.

The U.S. stock market delivered a positive result overall for the last three months of 2015 despite ongoing concerns.

The broad U.S. stock market fluctuated widely in the fourth quarter of 2015, rising 7.90% in October and 0.55% in November before falling 2.05% in December, for an overall quarterly return of 6.27%. Stock markets outside the U.S. generally failed to keep pace with the domestic market as economic concerns, including China’s ongoing slowdown, continued to affect many countries worldwide. U.S. economic data released during the quarter indicated the economy remained solid, with modest growth. However, the strong U.S. dollar and global economic turmoil continued their drag on the economy. In December, the Fed, as expected, slightly raised its target short-term interest rate to between 0.25% and 0.50% after keeping it near zero for seven years. The move, which had been well telegraphed by the Fed for months, reflected confidence in the U.S. economy’s ability to stay healthy with less central-bank support. The Fed also made clear that future interest-rate increases will be gradual.

U.S. stocks struggled in January 2016.

The broad U.S. stock market dropped 5.64% for the month, weighed down by ongoing concerns about heightened market volatility, the continued plunge in oil prices, and the impact of weak global growth on U.S. companies. The U.S. economy, however, remained resilient in January—with continued solid hiring, a

¹  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.

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

reduction in the jobless rate to 4.9%, and signs of an uptick in the pace of wage growth—despite some warning signs that became evident in recent months, such as weaknesses in manufacturing and business growth.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

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

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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Golden Capital Management, LLC

Portfolio managers

John Campbell, CFA^®

Jeff C. Moser, CFA^®

Average annual total returns (%) as of January 31, 2016¹

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		Since Inception		1 year			5 year		Since Inception		Gross		Net3
Class A (EGOAX)	12-17-2007		(10.29	)		9.41		4.25		(4.84	)		10.71		5.01		1.21		1.14
Class C (EGOCX)	12-17-2007		(6.51	)		9.88		4.25		(5.51	)		9.88		4.25		1.96		1.89
Class R (EGOHX)	9-30-2015		–			–		–		(5.07	)		10.44		4.77		1.46		1.39
Class R6 (EGORX)	9-30-2015		–			–		–		(4.33	)		11.23		5.45		0.78		0.68
Administrator Class (WFLLX)	7-16-2010		–			–		–		(4.57	)		11.01		5.22		1.13		1.00
Institutional Class (EGOIX)	12-17-2007		–			–		–		(4.36	)		11.24		5.46		0.88		0.70
S&P 500 Index4	–		–			–		–		(0.67	)		10.91		5.96		–		–

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

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

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

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

Please see footnotes on page 5.

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

Ten largest holdings (%) as of January 31, 20165
The Home Depot Incorporated	2.72
Microsoft Corporation	2.57
Delta Air Lines Incorporated	2.36
CVS Health Corporation	2.34
Lowe’s Companies Incorporated	2.33
Northrop Grumman Corporation	2.33
Lear Corporation	2.30
Pinnacle Foods Incorporated	2.26
Foot Locker Incorporated	2.24
AT&T Incorporated	2.23

Sector distribution as of January 31, 2016⁶

¹  Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect higher expenses applicable to Administrator Class shares. Historical performance shown for Class R shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect higher expenses applicable to Class R shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Golden Large Cap Core Fund.

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

³  The manager has contractually committed through November 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

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

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

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

6 Wells Fargo Large Cap Core Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2015 to January 31, 2016.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2015		Ending account value 1-31-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	892.01	$	5.42		1.14	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.41	$	5.79		1.14	%
Class C
Actual	$	1,000.00	$	888.59	$	8.97		1.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.63	$	9.58		1.89	%
Class R
Actual	$	1,000.00	$	890.93	$	6.61		1.39	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.15	$	7.05		1.39	%
Class R6
Actual	$	1,000.00	$	894.23	$	3.24		0.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.46		0.68	%
Administrator Class
Actual	$	1,000.00	$	893.53	$	4.43		0.93	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.46	$	4.72		0.93	%
Institutional Class
Actual	$	1,000.00	$	893.92	$	3.24		0.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.46		0.68	%

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Large Cap Core Fund 7

Security name	Shares		Value
Common Stocks: 97.54%
Consumer Discretionary: 16.53%
Auto Components: 2.30%
Lear Corporation		186,844	$	19,400,013
Automobiles: 3.07%
Ford Motor Company		798,110		9,529,433
General Motors Company		553,420		16,403,369
				25,932,802
Media: 1.98%
Comcast Corporation Class A		300,066		16,716,677
Multiline Retail: 1.88%
Target Corporation		220,007		15,932,907
Specialty Retail: 7.30%
Foot Locker Incorporated		280,669		18,961,998
Lowe’s Companies Incorporated		275,137		19,716,317
The Home Depot Incorporated		182,676		22,973,334
				61,651,649
Consumer Staples: 4.60%
Food & Staples Retailing: 2.34%
CVS Health Corporation		204,653		19,767,433
Food Products: 2.26%
Pinnacle Foods Incorporated		445,832		19,121,734
Energy: 5.01%
Oil, Gas & Consumable Fuels: 5.01%
Exxon Mobil Corporation		146,036		11,368,903
Valero Energy Corporation		267,655		18,165,745
Western Refining Incorporated		387,677		12,754,573
				42,289,221
Financials: 12.15%
Banks: 5.36%
Huntington Bancshares Incorporated		1,532,883		13,152,136
JPMorgan Chase & Company		276,542		16,454,249
SunTrust Banks Incorporated		427,934		15,653,826
				45,260,211
Capital Markets: 1.84%
Goldman Sachs Group Incorporated		96,374		15,570,183
Diversified Financial Services: 1.50%
Voya Financial Incorporated		414,652		12,680,058

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

8 Wells Fargo Large Cap Core Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name	Shares		Value
Insurance: 3.45%
Lincoln National Corporation		383,570	$	15,135,672
Prudential Financial Incorporated		199,533		13,983,273
				29,118,945
Health Care: 17.63%
Biotechnology: 3.92%
Amgen Incorporated		110,009		16,801,675
Gilead Sciences Incorporated		196,164		16,281,612
				33,083,287
Health Care Providers & Services: 12.02%
Aetna Incorporated		174,878		17,809,576
AmerisourceBergen Corporation		187,560		16,797,874
AmSurg Corporation †		216,306		15,831,436
Centene Corporation †		287,148		17,820,405
McKesson Corporation		93,989		15,130,349
UnitedHealth Group Incorporated		157,767		18,168,448
				101,558,088
Pharmaceuticals: 1.69%
Merck & Company Incorporated		282,184		14,298,263
Industrials: 11.78%
Aerospace & Defense: 6.39%
Northrop Grumman Corporation		106,214		19,655,963
Orbital ATK Incorporated		207,674		18,738,425
Spirit AeroSystems Holdings Incorporated Class A †		367,240		15,570,976
				53,965,364
Airlines: 4.40%
Delta Air Lines Incorporated		449,607		19,913,094
Southwest Airlines Company		459,116		17,271,944
				37,185,038
Machinery: 0.99%
Trinity Industries Incorporated		389,397		8,340,884
Information Technology: 21.73%
Electronic Equipment, Instruments & Components: 3.66%
CDW Corporation of Delaware		422,052		16,227,899
Jabil Circuit Incorporated		736,264		14,659,016
				30,886,915
Internet Software & Services: 3.51%
Alphabet Incorporated Class C †		22,343		16,599,732
Tessera Technologies Incorporated		454,382		13,095,289
				29,695,021

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Large Cap Core Fund 9

Security name				Shares		Value
IT Services: 2.09%
DST Systems Incorporated					167,554	$	17,661,867
Semiconductors & Semiconductor Equipment: 5.67%
Intel Corporation					480,396		14,901,884
Skyworks Solutions Incorporated					213,195		14,693,399
Teradyne Incorporated					941,359		18,290,605
							47,885,888
Software: 4.67%
Electronic Arts Incorporated †					275,272		17,767,431
Microsoft Corporation					393,892		21,699,510
							39,466,941
Technology Hardware, Storage & Peripherals: 2.13%
Apple Incorporated					184,719		17,980,547
Materials: 5.88%
Chemicals: 3.71%
Air Products & Chemicals Incorporated					132,531		16,793,003
The Dow Chemical Company					347,408		14,591,137
							31,384,140
Containers & Packaging: 2.17%
Avery Dennison Corporation					300,774		18,314,129
Telecommunication Services: 2.23%
Diversified Telecommunication Services: 2.23%
AT&T Incorporated					521,984		18,822,743
Total Common Stocks (Cost $828,689,015)							823,970,948
	Yield
Short-Term Investments: 2.10%
Investment Companies: 2.10%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.40	%		17,764,199		17,764,199
Total Short-Term Investments (Cost $17,764,199)							17,764,199

Total investments in securities (Cost $846,453,214) *	99.64	%		841,735,147
Other assets and liabilities, net	0.36			3,059,929
Total net assets	100.00	%	$	844,795,076

† Non-income-earning security

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

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

* Cost for federal income tax purposes is $846,688,267 and unrealized gains (losses) consists of:

Gross unrealized gains	$	50,195,580
Gross unrealized losses		(55,148,700	)
Net unrealized losses	$	(4,953,120	)

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

10 Wells Fargo Large Cap Core Fund Statement of assets and liabilities—January 31, 2016 (unaudited)

Assets
Investments
In unaffiliated securities, at value (cost $828,689,015)	$	823,970,948
In affiliated securities, at value (cost $17,764,199)		17,764,199
Total investments, at value (cost $846,453,214)		841,735,147
Receivable for Fund shares sold		8,617,989
Receivable for dividends		1,193,879
Prepaid expenses and other assets		88,280
Total assets		851,635,295
Liabilities
Payable for investments purchased		5,057,314
Payable for Fund shares redeemed		1,063,355
Management fee payable		422,404
Distribution fees payable		47,112
Administration fees payable		124,572
Accrued expenses and other liabilities		125,462
Total liabilities		6,840,219
Total net assets	$	844,795,076
NET ASSETS CONSIST OF
Paid-in capital	$	858,233,785
Undistributed net investment income		748,094
Accumulated net realized losses on investments		(9,468,736	)
Net unrealized losses on investments		(4,718,067	)
Total net assets	$	844,795,076
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	389,638,441
Shares outstanding – Class A1		27,941,318
Net asset value per share – Class A		$13.94
Maximum offering price per share – Class A2		$14.79
Net assets – Class C	$	74,275,757
Shares outstanding – Class C1		5,400,471
Net asset value per share – Class C		$13.75
Net assets – Class R	$	24,203
Shares outstanding – Class R1		1,729
Net asset value per share – Class R		$14.00
Net assets – Class R6	$	1,775,669
Shares outstanding – Class R61		126,743
Net asset value per share – Class R6		$14.01
Net assets – Administrator Class	$	107,154,585
Shares outstanding – Administrator Class1		7,667,083
Net asset value per share – Administrator Class		$13.98
Net assets – Institutional Class	$	271,926,421
Shares outstanding – Institutional Class1		19,416,717
Net asset value per share – Institutional Class		$14.00

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2016 (unaudited) Wells Fargo Large Cap Core Fund 11

Investment income
Dividends (net of foreign withholding taxes of $17,592)	$	6,075,999
Income from affiliated securities		14,793
Securities lending income, net		4,008
Total investment income		6,094,800
Expenses
Management fee		2,346,920
Administration fees
Class A		279,331
Class C		66,256
Class R		18	1
Class R6		2	1
Administrator Class		63,845
Institutional Class		81,030
Investor Class		199,867	2
Shareholder servicing fees
Class A		330,184
Class C		78,877
Class R		22	1
Administrator Class		122,778
Investor Class		150,680	2
Distribution fees
Class C		236,630
Class R		22	1
Custody and accounting fees		26,426
Professional fees		23,187
Registration fees		73,383
Shareholder report expenses		32,627
Trustees’ fees and expenses		11,876
Other fees and expenses		5,107
Total expenses		4,129,068
Less: Fee waivers and/or expense reimbursements		(387,157	)
Net expenses		3,741,911
Net investment income		2,352,889
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(9,102,291	)
Net change in unrealized gains (losses) on investments		(80,778,069	)
Net realized and unrealized gains (losses) on investments		(89,880,360	)
Net decrease in net assets resulting from operations	$	(87,527,471	)

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

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

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

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

	Six months ended January 31, 2016 (unaudited)						Year ended July 31, 2015
Operations
Net investment income				$	2,352,889					$	1,288,942
Net realized gains (losses) on investments					(9,102,291	)					23,591,082
Net change in unrealized gains (losses) on investments					(80,778,069	)					11,901,160
Net increase (decrease) in net assets resulting from operations					(87,527,471	)					36,781,184
Distributions to shareholders from
Net investment income
Class A					(1,280,167	)					(183,035	)
Class R					(136	)1					NA
Class R6					(184	)1					NA
Administrator Class					(617,773	)					(122,314	)
Institutional Class					(732,443	)					(94,797	)
Investor Class					0	2					(308,152	)
Net realized gains
Class A					(3,571,260	)					0
Class C					(613,350	)					0
Class R					(222	)1					NA
Class R6					(222	)1					NA
Administrator Class					(908,858	)					0
Institutional Class					(831,664	)					0
Total distributions to shareholders					(8,556,279	)					(708,298	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		23,714,016			368,097,469			5,820,072			89,378,472
Class C		2,396,940			35,943,847			3,114,897			47,430,665
Class R		1,706	1		25,000	1		NA			NA
Class R6		126,716	1		1,776,408	1		NA			NA
Administrator Class		3,650,940			55,207,104			5,744,427			89,108,080
Institutional Class		17,028,551			255,655,076			3,978,349			62,377,535
Investor Class		508,724	2		7,701,975	2		3,949,960			61,216,814
					724,406,879						349,511,566
Reinvestment of distributions
Class A		311,622			4,725,942			11,869			173,408
Class C		32,452			481,595			0			0
Class R		23	1		358	1		NA			NA
Class R6		27	1		406	1		NA			NA
Administrator Class		99,938			1,525,664			8,331			122,042
Institutional Class		63,053			966,052			5,103			74,803
Investor Class		0	2		0	2		20,620			302,078
					7,700,017						672,331
Payment for shares redeemed
Class A		(2,220,808	)		(33,098,437	)		(1,561,861	)		(24,219,042	)
Class C		(429,095	)		(6,279,364	)		(323,242	)		(4,921,172	)
Administrator Class		(1,356,106	)		(20,417,649	)		(958,200	)		(14,722,079	)
Institutional Class		(1,649,689	)		(24,751,156	)		(411,020	)	��	(6,506,688	)
Investor Class		(18,604,700	)2		(290,535,166	)2		(1,941,756	)		(29,909,371	)
					(375,081,772	)					(80,278,352	)
Net increase in net assets resulting from capital share transactions					357,025,124						269,905,545
Total increase in net assets					260,941,374						305,978,431
Net assets
Beginning of period					583,853,702						277,875,271
End of period				$	844,795,076					$	583,853,702
Undistributed net investment income				$	748,094					$	1,025,908

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

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

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

Financial highlights Wells Fargo Large Cap Core Fund 13

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS A				2015			2014			2013			2012			2011
Net asset value, beginning of period		$15.81			$14.30			$12.13			$9.50			$8.75			$7.37
Net investment income		0.05	1		0.06			0.06	1		0.07			0.06			0.05
Net realized and unrealized gains (losses) on investments		(1.74	)		1.50			2.20			2.64			0.74			1.36
Total from investment operations		(1.69	)		1.56			2.26			2.71			0.80			1.41
Distributions to shareholders from
Net investment income		(0.05	)		(0.05	)		(0.09	)		(0.08	)		(0.05	)		(0.03	)
Net realized gains		(0.13	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.18	)		(0.05	)		(0.09	)		(0.08	)		(0.05	)		(0.03	)
Net asset value, end of period		$13.94			$15.81			$14.30			$12.13			$9.50			$8.75
Total return2		(10.80	)%		10.99	%		18.58	%		28.76	%		9.27	%		19.16	%
Ratios to average net assets (annualized)
Gross expenses		1.20	%		1.26	%		1.29	%		1.33	%		1.37	%		1.30	%
Net expenses		1.14	%		1.14	%		1.14	%		1.14	%		1.14	%		1.14	%
Net investment income		0.71	%		0.35	%		0.47	%		0.75	%		0.71	%		0.61	%
Supplemental data
Portfolio turnover rate		22	%		44	%		61	%		67	%		41	%		43	%
Net assets, end of period (000s omitted)		$389,638			$97,041			$26,685			$15,267			$8,277			$7,495

¹  Calculated based upon average shares outstanding

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

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

14 Wells Fargo Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS C				2015			2014			2013			2012			2011
Net asset value, beginning of period		$15.61			$14.17			$12.05			$9.45			$8.71			$7.37
Net investment loss		(0.01	)1		(0.06	)1		(0.01	)		(0.00	)2		(0.00	)2		(0.01	)
Net realized and unrealized gains (losses) on investments		(1.72	)		1.50			2.15			2.62			0.74			1.35
Total from investment operations		(1.73	)		1.44			2.14			2.62			0.74			1.34
Distributions to shareholders from
Net investment income		0.00			0.00			(0.02	)		(0.02	)		0.00			0.00
Net realized gains		(0.13	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.13	)		0.00			(0.02	)		(0.02	)		0.00			0.00
Net asset value, end of period		$13.75			$15.61			$14.17			$12.05			$9.45			$8.71
Total return3		(11.14	)%		10.16	%		17.73	%		27.82	%		8.50	%		18.18	%
Ratios to average net assets (annualized)
Gross expenses		1.96	%		2.01	%		2.04	%		2.08	%		2.12	%		2.05	%
Net expenses		1.89	%		1.89	%		1.89	%		1.89	%		1.89	%		1.89	%
Net investment loss		(0.08	)%		(0.38	)%		(0.30	)%		(0.01	)%		(0.04	)%		(0.13	)%
Supplemental data
Portfolio turnover rate		22	%		44	%		61	%		67	%		41	%		43	%
Net assets, end of period (000s omitted)		$74,276			$53,076			$8,624			$3,786			$2,041			$1,750

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Large Cap Core Fund 15

(For a share outstanding throughout the period)

	Period ended January 31,  20161 (unaudited)
CLASS R
Net asset value, beginning of period		$14.66
Net investment income		0.02
Net realized and unrealized gains (losses) on investments		(0.47	)
Total from investment operations		(0.45	)
Distributions to shareholders from
Net investment income		(0.08	)
Net realized gains		(0.13	)
Total distributions to shareholders		(0.21	)
Net asset value, end of period		$14.00
Total return		(3.19	)%
Ratios to average net assets (annualized)
Gross expenses		1.46	%
Net expenses		1.39	%
Net investment income		0.41	%
Supplemental data
Portfolio turnover rate		22	%
Net assets, end of period (000s omitted)		$24

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

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

16 Wells Fargo Large Cap Core Fund Financial highlights

(For a share outstanding throughout the period)

	Period ended January 31, 20161 (unaudited)
CLASS R6
Net asset value, beginning of period		$14.66
Net investment income		0.11
Net realized and unrealized gains (losses) on investments		(0.52	)
Total from investment operations		(0.41	)
Distributions to shareholders from
Net investment income		(0.11	)
Net realized gains		(0.13	)
Total distributions to shareholders		(0.24	)
Net asset value, end of period		$14.01
Total return		(2.95	)%
Ratios to average net assets (annualized)
Gross expenses		0.76	%
Net expenses		0.68	%
Net investment income		1.12	%
Supplemental data
Portfolio turnover rate		22	%
Net assets, end of period (000s omitted)		$1,776

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

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

Financial highlights Wells Fargo Large Cap Core Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$15.87			$14.34			$12.16			$9.52			$8.77			$7.38
Net investment income		0.06			0.10			0.09			0.10			0.09			0.07	1
Net realized and unrealized gains (losses) on investments		(1.73	)		1.50			2.20			2.64			0.74			1.36
Total from investment operations		(1.67	)		1.60			2.29			2.74			0.83			1.43
Distributions to shareholders from
Net investment income		(0.09	)		(0.07	)		(0.11	)		(0.10	)		(0.08	)		(0.04	)
Net realized gains		(0.13	)		0.00			0.00			0.00			0.00			0.00
Total distributions to shareholders		(0.22	)		(0.07	)		(0.11	)		(0.10	)		(0.08	)		(0.04	)
Net asset value, end of period		$13.98			$15.87			$14.34			$12.16			$9.52			$8.77
Total return2		(10.65	)%		11.28	%		18.83	%		29.12	%		9.61	%		19.44	%
Ratios to average net assets (annualized)
Gross expenses		1.13	%		1.11	%		1.11	%		1.14	%		1.16	%		1.08	%
Net expenses		0.93	%		0.90	%		0.90	%		0.89	%		0.87	%		0.86	%
Net investment income		0.87	%		0.61	%		0.63	%		1.00	%		0.97	%		0.76	%
Supplemental data
Portfolio turnover rate		22	%		44	%		61	%		67	%		41	%		43	%
Net assets, end of period (000s omitted)		$107,155			$83,692			$6,849			$1,192			$522			$477

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Large Cap Core Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2015			2014			2013			2012				2011
Net asset value, beginning of period		$15.91			$14.35			$12.16			$9.52			$8.77				$7.38
Net investment income		0.08			0.14	1		0.11	1		0.13	1		0.12				0.10	1
Net realized and unrealized gains (losses) on investments		(1.75	)		1.50			2.21			2.63			0.73				1.35
Total from investment operations		(1.67	)		1.64			2.32			2.76			0.85				1.45
Distributions to shareholders from
Net investment income		(0.11	)		(0.08	)		(0.13	)		(0.12	)		(0.10	)			(0.06	)
Net realized gains		(0.13	)		0.00			0.00			0.00			0.00				0.00
Total distributions to shareholders		(0.24	)		(0.08	)		(0.13	)		(0.12	)		(0.10	)	��		(0.06	)
Net asset value, end of period		$14.00			$15.91			$14.35			$12.16			$9.52				$8.77
Total return2		(10.61	)%		11.51	%		19.21	%		29.38	%		9.88	%			19.65	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.84	%		0.85	%		0.90	%		0.94	%			0.86	%
Net expenses		0.68	%		0.66	%		0.66	%		0.66	%		0.66	%			0.66	%
Net investment income		1.10	%		0.86	%		0.83	%		1.24	%		1.19	%			1.32	%
Supplemental data
Portfolio turnover rate		22	%		44	%		61	%		67	%		41	%			43	%
Net assets, end of period (000s omitted)		$271,926			$63,235			$5,775			$537			$480				$478

¹  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Large Cap Core Fund 19

1. ORGANIZATION

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

Effective at the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the Fund.

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 principal exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

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

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $309,497 expiring in 2017.

Class allocations

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.)

Notes to financial statements (unaudited) Wells Fargo Large Cap Core Fund 21

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 January 31, 2016:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	139,634,048	$	0	$	0	$	139,634,048
Consumer staples		38,889,167		0		0		38,889,167
Energy		42,289,221		0		0		42,289,221
Financials		102,629,397		0		0		102,629,397
Health care		148,939,638		0		0		148,939,638
Industrials		99,491,286		0		0		99,491,286
Information technology		183,577,179		0		0		183,577,179
Materials		49,698,269		0		0		49,698,269
Telecommunication services		18,822,743		0		0		18,822,743
Short-term investments
Investment companies		17,764,199		0		0		17,764,199
Total assets	$	841,735,147	$	0	$	0	$	841,735,147

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2016, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2016, the management fee was equivalent to an annual rate of 0.69% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Golden Capital Management, LLC, an affiliate of Funds Management, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.30% as the average daily net assets of the Fund increase.

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

Administration fees

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

	Class-level administration fee
Class A, Class C, Class R		0.21	%
Class R6		0.03
Administrator Class, Institutional Class		0.13
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.14% for Class A shares, 1.89% for Class C shares, 1.39% for Class R shares, 0.68% for Class R6 shares, 1.00% for Administrator Class shares and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to December 1, 2015, the Fund’s expenses were capped at 0.90% for Administrator Class shares and 0.66% for Institutional Class shares.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2016, Funds Distributor received $53,172 from the sale of Class A shares and $861 in contingent deferred sales charges from redemptions of Class C shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2016 were $488,960,907 and $147,149,698, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other 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 six months ended January 31, 2016, the Fund paid $1,041 in commitment fees.

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

For the six months ended January 31, 2016, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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

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

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Large Cap Core Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief financial officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead 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
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; 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.
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.

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 wellsfargofunds.com.

List of abbreviations Wells Fargo Large Cap Core Fund 27

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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 Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2016 Wells Fargo Funds Management, LLC. All rights reserved.

240798 03-16 SA208/SAR208 01-16

Semi-Annual Report

January 31, 2016

Wells Fargo Large Cap Growth Fund

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Contents

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

The views expressed and any forward-looking statements are as of January 31, 2016, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

Karla M. Rabusch

President

Wells Fargo Funds

Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Large Cap Growth Fund for the six-month period that ended January 31, 2016. Despite generally continuing U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced ongoing challenges. In this environment, the broad U.S. stock market experienced heightened volatility and ultimately fell 5.64% overall for the six-month period (as measured by the Russell 3000^® Index,¹ which is the index used to measure U.S. stock market performance throughout this letter).

As the reporting period began, China’s slowdown continued to take a toll on U.S. and international markets.

The U.S. stock market declined 6.04% and 2.91% in August and September 2015, respectively, as investors worried about the impact on the U.S. of China’s slowing growth. A number of positive economic indicators released during these months suggested the U.S. economy remained solid. However, the strengthening U.S. dollar coupled with ongoing global economic turmoil continued to hinder the economy. Although many investors believed the U.S. Federal Reserve (Fed) would raise the federal funds rate during the third quarter of 2015, at its September 2015 meeting the Fed left the rate unchanged. This decision fueled uncertainty about the U.S. economy’s stamina to remain healthy while facing the negative effects of troubles elsewhere in the world. One week later, Fed Chair Janet Yellen reassured investors that, barring unpleasant surprises, the Fed still intended to raise the rate in 2015. International markets were more volatile than the domestic market and delivered even weaker results in August and September. Investors’ anxiety was driven largely by China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—struggled under the strains of reduced demand for commodities and lower prices for the commodities sold.

The U.S. stock market delivered a positive result overall for the last three months of 2015 despite ongoing concerns.

The broad U.S. stock market fluctuated widely in the fourth quarter of 2015, rising 7.90% in October and 0.55% in November before falling 2.05% in December, for an overall quarterly return of 6.27%. Stock markets outside the U.S. generally failed to keep pace with the domestic market as economic concerns, including China’s ongoing slowdown, continued to affect many countries worldwide. U.S. economic data released during the quarter indicated the economy remained solid, with modest growth. However, the strong U.S. dollar and global economic turmoil continued their drag on the economy. In December, the Fed, as expected, slightly raised its target short-term interest rate to between 0.25% and 0.50% after keeping it near zero for seven years. The move, which had been well telegraphed by the Fed for months, reflected confidence in the U.S. economy’s ability to stay healthy with less central-bank support. The Fed also made clear that future interest-rate increases will be gradual.

U.S. stocks struggled in January 2016.

The broad U.S. stock market dropped 5.64% for the month, weighed down by ongoing concerns about heightened market volatility, the continued plunge in oil prices, and the impact of weak global growth on U.S. companies. The U.S. economy, however, remained resilient in January—with continued solid hiring, a

¹  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.

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

reduction in the jobless rate to 4.9%, and signs of an uptick in the pace of wage growth—despite some warning signs that became evident in recent months, such as weaknesses in manufacturing and business growth.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

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

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

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Fargo Funds Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA^®, CPA

Thomas C. Ognar, CFA^®

Bruce C. Olson, , CFA^®

Average annual total returns (%) as of January 31, 2016¹

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (STAFX)	7-30-2010		(8.03	)		8.76		5.88		(2.41	)		10.06		6.51		1.15		1.07
Class C (STOFX)	7-30-2010		(4.14	)		9.24		5.75		(3.14	)		9.24		5.75		1.90		1.82
Class R (STMFX)	6-15-2012		–			–		–		(2.66	)		9.80		6.31		1.40		1.32
Class R4 (SLGRX)	11-30-2012		–			–		–		(2.11	)		10.43		6.71		0.87		0.80
Class R6 (STFFX)	11-30-2012		–			–		–		(1.95	)		10.54		6.76		0.72		0.65
Administrator Class (STDFX)	7-30-2010		–			–		–		(2.30	)		10.21		6.59		1.07		0.95
Institutional Class (STNFX)	7-30-2010		–			–		–		(2.00	)		10.50		6.74		0.82		0.75
Russell 1000® Growth Index4	–		–			–		–		1.32			11.67		7.72		–		–

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

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

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

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

Please see footnotes on page 5.

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

Ten largest holdings (%) as of January 31, 20165
Facebook Incorporated Class A	4.67
Alphabet Incorporated Class A	3.63
Dollar Tree Incorporated	3.19
Microsoft Corporation	2.83
Alphabet Incorporated Class C	2.80
Amazon.com Incorporated	2.80
Nike Incorporated Class B	2.59
MasterCard Incorporated Class A	2.57
Costco Wholesale Corporation	2.53
Alexion Pharmaceuticals Incorporated	2.49

Sector distribution as of January 31, 2016⁶

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

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

³  The manager has contractually committed through November 30, 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 1000^® Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

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

6 Wells Fargo Large Cap Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2015 to January 31, 2016.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2015		Ending account value 1-31-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	897.08	$	5.10		1.07	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.76	$	5.43		1.07	%
Class C
Actual	$	1,000.00	$	893.82	$	8.66		1.82	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.99	$	9.22		1.82	%
Class R
Actual	$	1,000.00	$	895.93	$	6.29		1.32	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.70		1.32	%
Class R4
Actual	$	1,000.00	$	898.39	$	3.67		0.77	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.27	$	3.91		0.77	%
Class R6
Actual	$	1,000.00	$	899.08	$	2.96		0.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.02	$	3.15		0.62	%
Administrator Class
Actual	$	1,000.00	$	897.63	$	4.53		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.82		0.95	%
Institutional Class
Actual	$	1,000.00	$	898.94	$	3.25		0.68	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.72	$	3.46		0.68	%

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Large Cap Growth Fund 7

Security name	Shares		Value
Common Stocks: 98.15%
Consumer Discretionary: 27.10%
Auto Components: 0.74%
Delphi Automotive plc		159,000	$	10,325,460
Hotels, Restaurants & Leisure: 4.32%
Hilton Worldwide Holdings Incorporated		420,000		7,480,200
Marriott International Incorporated Class A «		318,000		19,487,040
Starbucks Corporation		555,000		33,727,350
				60,694,590
Internet & Catalog Retail: 4.00%
Amazon.com Incorporated †		67,000		39,329,000
Netflix Incorporated †		90,800		8,339,072
The Priceline Group Incorporated †		8,000		8,519,760
				56,187,832
Media: 2.18%
Charter Communication Incorporated Class A Ǡ		39,000		6,683,040
The Walt Disney Company		250,000		23,955,000
				30,638,040
Multiline Retail: 3.72%
Dollar Tree Incorporated †		551,000		44,807,320
Nordstrom Incorporated «		153,000		7,512,300
				52,319,620
Specialty Retail: 7.62%
CarMax Incorporated Ǡ		438,000		19,350,840
O’Reilly Automotive Incorporated †		120,000		31,308,000
The Home Depot Incorporated		226,000		28,421,760
Tractor Supply Company		316,000		27,905,960
				106,986,560
Textiles, Apparel & Luxury Goods: 4.52%
Nike Incorporated Class B		587,000		36,399,870
VF Corporation		432,000		27,043,200
				63,443,070
Consumer Staples: 6.27%
Food & Staples Retailing: 4.13%
Costco Wholesale Corporation		235,000		35,513,200
CVS Health Corporation		233,000		22,505,470
				58,018,670
Household Products: 0.62%
Colgate-Palmolive Company		130,000		8,778,900

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

8 Wells Fargo Large Cap Growth Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name	Shares		Value
Personal Products: 1.52%
The Estee Lauder Companies Incorporated Class A		250,000	$	21,312,500
Energy: 1.31%
Oil, Gas & Consumable Fuels: 1.31%
Concho Resources Incorporated †		194,000		18,455,220
Financials: 1.24%
Capital Markets: 1.24%
TD Ameritrade Holding Corporation		631,000		17,402,980
Health Care: 16.67%
Biotechnology: 8.71%
Alexion Pharmaceuticals Incorporated †		240,000		35,023,200
Biogen Incorporated †		35,000		9,557,100
BioMarin Pharmaceutical Incorporated †		76,000		5,625,520
Celgene Corporation †		247,000		24,779,040
Gilead Sciences Incorporated		132,000		10,956,000
Incyte Corporation †		55,000		3,880,800
Medivation Incorporated †		128,000		4,185,600
Regeneron Pharmaceuticals Incorporated †		54,000		22,684,860
Vertex Pharmaceuticals Incorporated †		63,000		5,717,250
				122,409,370
Health Care Equipment & Supplies: 1.64%
Medtronic plc		303,148		23,014,996
Health Care Providers & Services: 1.38%
AmerisourceBergen Corporation		216,050		19,349,438
Health Care Technology: 0.90%
Cerner Corporation †		219,000		12,704,190
Life Sciences Tools & Services: 0.79%
Quintiles Transnational Holdings Incorporated †		182,200		11,083,226
Pharmaceuticals: 3.25%
Allergan plc †		36,125		10,275,034
Bristol-Myers Squibb Company		297,000		18,461,520
Perrigo Company plc		117,000		16,915,861
				45,652,415
Industrials: 6.99%
Aerospace & Defense: 1.10%
The Boeing Company		129,000		15,496,770
Airlines: 1.29%
Southwest Airlines Company		482,000		18,132,840

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Large Cap Growth Fund 9

Security name	Shares		Value
Industrial Conglomerates: 2.28%
3M Company		123,000	$	18,573,000
Danaher Corporation		154,240		13,364,896
				31,937,896
Road & Rail: 2.32%
Kansas City Southern		124,680		8,837,318
Union Pacific Corporation		330,000		23,760,000
				32,597,318
Information Technology: 35.46%
Communications Equipment: 0.65%
Palo Alto Networks Incorporated †		61,000		9,118,890
Internet Software & Services: 11.10%
Alphabet Incorporated Class A †		67,000		51,010,450
Alphabet Incorporated Class C †		53,000		39,376,350
Facebook Incorporated Class A †		584,000		65,530,640
				155,917,440
IT Services: 8.86%
Accenture plc Class A		164,000		17,308,560
Alliance Data Systems Corporation †		140,000		27,970,600
Cognizant Technology Solutions Corporation Class A †		192,000		12,155,520
MasterCard Incorporated Class A		405,000		36,057,150
Visa Incorporated Class A		416,000		30,987,840
				124,479,670
Semiconductors & Semiconductor Equipment: 4.04%
ARM Holdings plc ADR		135,000		5,815,800
Avago Technologies Limited		89,000		11,900,190
Microchip Technology Incorporated «		507,000		22,718,670
Texas Instruments Incorporated		309,000		16,355,370
				56,790,030
Software: 8.47%
Adobe Systems Incorporated †		208,000		18,539,040
Microsoft Corporation		722,000		39,774,980
Red Hat Incorporated †		92,000		6,444,600
Salesforce.com Incorporated †		333,000		22,663,980
ServiceNow Incorporated †		240,000		14,930,400
Splunk Incorporated †		197,000		9,119,130
Tableau Software Incorporated Class A †		93,000		7,462,319
				118,934,449
Technology Hardware, Storage & Peripherals: 2.34%
Apple Incorporated		338,000		32,900,920

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

10 Wells Fargo Large Cap Growth Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name				Shares		Value
Materials: 3.11%
Chemicals: 3.11%
Ecolab Incorporated					229,000	$	24,702,230
Praxair Incorporated					190,000		19,000,000
							43,702,230
Total Common Stocks (Cost $961,179,595)							1,378,785,530
	Yield
Short-Term Investments: 5.28%
Investment Companies: 5.28%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.42	%		60,587,550		60,587,550
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.40			13,573,720		13,573,720
Total Short-Term Investments (Cost $74,161,270)							74,161,270

Total investments in securities (Cost $1,035,340,865) *	103.43	%		1,452,946,800
Other assets and liabilities, net	(3.43	)		(48,233,981	)
Total net assets	100.00	%	$	1,404,712,819

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

† Non-income-earning security

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

(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 $1,037,181,274 and unrealized gains (losses) consists of:

Gross unrealized gains	$	452,291,268
Gross unrealized losses		(36,525,742	)
Net unrealized gains	$	415,765,526

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

Statement of assets and liabilities—January 31, 2016 (unaudited) Wells Fargo Large Cap Growth Fund 11

Assets
Investments
In unaffiliated securities (including $59,200,623 of securities loaned), at value (cost $961,179,595)	$	1,378,785,530
In affiliated securities, at value (cost $74,161,270)		74,161,270
Total investments, at value (cost $1,035,340,865)		1,452,946,800
Cash		9,535
Receivable for investments sold		24,273,018
Receivable for Fund shares sold		1,904,282
Receivable for dividends		452,740
Receivable for securities lending income		14,300
Prepaid expenses and other assets		68,565
Total assets		1,479,669,240
Liabilities
Payable for investments purchased		12,116,246
Payable for Fund shares redeemed		1,083,404
Payable upon receipt of securities loaned		60,587,550
Management fee payable		702,470
Distribution fees payable		15,080
Administration fees payable		189,951
Accrued expenses and other liabilities		261,720
Total liabilities		74,956,421
Total net assets	$	1,404,712,819
NET ASSETS CONSIST OF
Paid-in capital	$	984,539,337
Overdistributed net investment income		(633,259	)
Accumulated net realized gains on investments		3,200,806
Net unrealized gains on investments		417,605,935
Total net assets	$	1,404,712,819
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	571,030,980
Shares outstanding – Class A1		13,569,906
Net asset value per share – Class A		$42.08
Maximum offering price per share – Class A2		$44.65
Net assets – Class C	$	19,564,258
Shares outstanding – Class C1		486,057
Net asset value per share – Class C		$40.25
Net assets – Class R	$	10,871,095
Shares outstanding – Class R1		261,127
Net asset value per share – Class R		$41.63
Net assets – Class R4	$	6,598,471
Share outstanding – Class R41		154,870
Net asset value per share – Class R4		$42.61
Net assets – Class R6	$	106,329,296
Shares outstanding – Class R61		2,490,492
Net asset value per share – Class R6		$42.69
Net assets – Administrator Class	$	224,993,209
Shares outstanding – Administrator Class1		5,318,943
Net asset value per share – Administrator Class		$42.30
Net assets – Institutional Class	$	465,325,510
Shares outstanding – Institutional Class1		10,910,624
Net asset value per share – Institutional Class		$42.65

¹  The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Large Cap Growth Fund Statement of operations—six months ended January 31, 2016 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $2,320)	$	8,520,372
Securities lending income, net		44,357
Income from affiliated securities		14,089
Total investment income		8,578,818
Expenses
Management fee		5,130,577
Administration fees
Class A		433,916
Class C		22,050
Class R		12,342
Class R4		2,792
Class R6		16,901
Administrator Class		157,306
Institutional Class		327,810
Investor Class		334,829	1
Shareholder servicing fees
Class A		516,566
Class C		26,250
Class R		14,693
Class R4		3,490
Administrator Class		302,284
Investor Class		261,244	1
Distribution fees
Class C		78,749
Class R		14,693
Custody and accounting fees		40,912
Professional fees		21,574
Registration fees		56,569
Shareholder report expenses		56,284
Trustees’ fees and expenses		12,505
Other fees and expenses		15,727
Total expenses		7,860,063
Less: Fee waivers and/or expense reimbursements		(951,667	)
Net expenses		6,908,396
Net investment income		1,670,422
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		15,142,110
Net change in unrealized gains (losses) on investments		(179,809,958	)
Net realized and unrealized gains (losses) on investments		(164,667,848	)
Net decrease in net assets resulting from operations	$	(162,997,426	)

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

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

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

	Six months ended January 31, 2016 (unaudited)						Year ended July 31, 2015
Operations
Net investment income				$	1,670,422					$	2,126,502
Net realized gains on investments					15,142,110						86,753,919
Net change in unrealized gains (losses) on investments					(179,809,958	)					129,352,284
Net increase (decrease) in net assets resulting from operations					(162,997,426	)					218,232,705
Distributions to shareholders from
Net investment income
Class A					(8,533	)					0
Class R4					(26,255	)					0
Class R6					(542,444	)					(5,386	)
Administrator Class					(399,214	)					0
Institutional Class					(2,359,767	)					(392,482	)
Net realized gains
Class A					(33,357,991	)					(9,083,839	)
Class C					(1,130,136	)					(1,024,179	)
Class R					(642,814	)					(537,456	)
Class R4					(366,120	)					(95,079	)
Class R6					(5,970,675	)					(286,515	)
Administrator Class					(12,858,667	)					(10,809,644	)
Institutional Class					(26,507,074	)					(26,749,730	)
Investor Class					0	1					(21,002,277	)
Total distributions to shareholders					(84,169,690	)					(69,986,587	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		10,082,076			492,376,748			604,229			28,340,904
Class C		78,445			3,514,099			91,683			4,185,001
Class R		64,713			3,006,710			83,403			3,934,240
Class R4		13,773			646,505			109,342			5,395,990
Class R6		110,366			5,189,801			2,237,120			108,798,050
Administrator Class		469,544			21,997,689			1,113,913			52,906,429
Institutional Class		946,029			43,684,340			1,575,447			75,088,702
Investor Class		88,699	1		4,159,678	1		770,891			36,000,565
					574,575,570						314,649,881
Reinvestment of distributions
Class A		689,341			31,248,057			162,603			7,413,043
Class C		21,233			921,496			17,563			774,161
Class R		5,901			264,733			4,111			186,032
Class R4		8,508			392,375			2,062			95,079
Class R6		140,783			6,513,119			6,321			291,901
Administrator Class		290,191			13,252,210			235,753			10,802,180
Institutional Class		541,392			25,023,933			511,339			23,607,785
Investor Class		0	1		0	1		448,656			20,413,846
					77,615,923						63,584,027
Payment for shares redeemed
Class A		(925,268	)		(42,597,330	)		(1,728,758	)		(81,675,715	)
Class C		(92,608	)		(4,166,574	)		(147,803	)		(6,761,459	)
Class R		(55,599	)		(2,560,500	)		(114,456	)		(5,361,082	)
Class R4		(10,841	)		(524,399	)		(14,494	)		(712,377	)
Class R6		(99,570	)		(4,809,576	)		(34,221	)		(1,666,642	)
Administrator Class		(708,545	)		(33,101,953	)		(1,474,270	)		(70,446,514	)
Institutional Class		(1,211,877	)		(56,463,582	)		(4,464,060	)		(215,627,720	)
Investor Class		(9,823,525	)1		(479,180,640	)1		(1,815,052	)		(85,116,561	)
					(623,404,554	)					(467,368,070	)
Net increase (decrease) in net assets resulting from capital share transactions					28,786,939						(89,134,162	)
Total increase (decrease) in net assets					(218,380,177	)					59,111,956
Net assets
Beginning of period					1,623,092,996						1,563,981,040
End of period				$	1,404,712,819					$	1,623,092,996
Undistributed (overdistributed) net investment income				$	(633,259	)				$	1,032,532

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

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

14 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS A				2015			2014			2013			2012			2011
Net asset value, beginning of period		$49.55			$45.30			$39.73			$32.92			$31.62			$24.54
Net investment income (loss)		(0.01	)1		(0.01	)1		(0.06	)		0.04			(0.12	)1		(0.10	)1
Net realized and unrealized gains (losses) on investments		(4.91	)		6.33			7.01			6.81			1.42			7.18
Total from investment operations		(4.92	)		6.32			6.95			6.85			1.30			7.08
Distributions to shareholders from
Net investment income		(0.00	)2		0.00			0.00			(0.04	)		0.00			0.00
Net realized gains		(2.55	)		(2.07	)		(1.38	)		0.00			0.00			0.00
Total distributions to shareholders		(2.55	)		(2.07	)		(1.38	)		(0.04	)		0.00			0.00
Net asset value, end of period		$42.08			$49.55			$45.30			$39.73			$32.92			$31.62
Total return3		(10.29	)%		14.35	%		17.69	%		20.84	%		4.08	%		28.89	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.20	%		1.22	%		1.23	%		1.24	%		1.25	%
Net expenses		1.07	%		1.07	%		1.07	%		1.07	%		1.10	%		1.12	%
Net investment income (loss)		(0.06	)%		(0.02	)%		(0.17	)%		0.09	%		(0.37	)%		(0.33	)%
Supplemental data
Portfolio turnover rate		14	%		26	%		35	%		57	%		46	%		47	%
Net assets, end of period (000s omitted)		$571,031			$184,504			$212,273			$131,616			$75,149			$2,368

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Large Cap Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS C				2015			2014			2013			2012			2011
Net asset value, beginning of period		$47.68			$43.99			$38.90			$32.43			$31.38			$24.54
Net investment loss		(0.13	)		(0.42	)		(0.33	)		(0.20	)		(0.37	)1		(0.32	)1
Net realized and unrealized gains (losses) on investments		(4.75	)		6.18			6.80			6.67			1.42			7.16
Total from investment operations		(4.88	)		5.76			6.47			6.47			1.05			6.84
Distributions to shareholders from
Net realized gains		(2.55	)		(2.07	)		(1.38	)		0.00			0.00			0.00
Net asset value, end of period		$40.25			$47.68			$43.99			$38.90			$32.43			$31.38
Total return2		(10.62	)%		13.47	%		16.81	%		19.95	%		3.31	%		27.91	%
Ratios to average net assets (annualized)
Gross expenses		1.91	%		1.95	%		1.97	%		1.98	%		1.99	%		2.00	%
Net expenses		1.82	%		1.82	%		1.82	%		1.82	%		1.84	%		1.87	%
Net investment loss		(0.69	)%		(0.77	)%		(0.89	)%		(0.65	)%		(1.16	)%		(1.04	)%
Supplemental data
Portfolio turnover rate		14	%		26	%		35	%		57	%		46	%		47	%
Net assets, end of period (000s omitted)		$19,564			$22,839			$22,767			$17,748			$11,829			$272

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS R				2015			2014			2013			20121
Net asset value, beginning of period		$49.11			$45.03			$39.59			$32.86			$32.91
Net investment loss		(0.02	)		(0.16	)		(0.15	)		(0.06	)2		(0.05	)2
Net realized and unrealized gains (losses) on investments		(4.91	)		6.31			6.97			6.80			0.00	3
Total from investment operations		(4.93	)		6.15			6.82			6.74			(0.05	)
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			(0.01	)		0.00
Net realized gains		(2.55	)		(2.07	)		(1.38	)		0.00			0.00
Total distributions to shareholders		(2.55	)		(2.07	)		(1.38	)		(0.01	)		0.00
Net asset value, end of period		$41.63			$49.11			$45.03			$39.59			$32.86
Total return4		(10.41	)%		14.05	%		17.42	%		20.53	%		(0.15	)%
Ratios to average net assets (annualized)
Gross expenses		1.41	%		1.45	%		1.47	%		1.47	%		1.47	%
Net expenses		1.32	%		1.32	%		1.32	%		1.32	%		1.32	%
Net investment loss		(0.19	)%		(0.28	)%		(0.41	)%		(0.16	)%		(0.95	)%
Supplemental data
Portfolio turnover rate		14	%		26	%		35	%		57	%		46	%
Net assets, end of period (000s omitted)		$10,871			$12,086			$12,295			$8,149			$5,065

¹  For the period from June 15, 2012 (commencement of class operations) to July 31, 2012

²  Calculated based upon average shares outstanding

³  Amount is less than $0.005.

⁴  Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Large Cap Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS R4				2015			2014			20131
Net asset value, beginning of period		$50.23			$45.76			$40.05			$34.26
Net investment income		0.08			0.07			0.08			0.09
Net realized and unrealized gains (losses) on investments		(4.98	)		6.47			7.11			5.81
Total from investment operations		(4.90	)		6.54			7.19			5.90
Distributions to shareholders from
Net investment income		(0.17	)		0.00			(0.10	)		(0.11	)
Net realized gains		(2.55	)		(2.07	)		(1.38	)		0.00
Total distributions to shareholders		(2.72	)		(2.07	)		(1.48	)		(0.11	)
Net asset value, end of period		$42.61			$50.23			$45.76			$40.05
Total return2		(10.16	)%		14.69	%		18.07	%		17.37	%
Ratios to average net assets (annualized)
Gross expenses		0.88	%		0.87	%		0.89	%		0.87	%
Net expenses		0.77	%		0.75	%		0.75	%		0.75	%
Net investment income		0.36	%		0.17	%		0.17	%		0.39	%
Supplemental data
Portfolio turnover rate		14	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$6,598			$7,205			$2,129			$12

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

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

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

18 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS R6				2015			2014			20131
Net asset value, beginning of period		$50.34			$45.82			$40.11			$34.26
Net investment income		0.12			0.07	2		0.12			0.15
Net realized and unrealized gains (losses) on investments		(5.00	)		6.56			7.11			5.82
Total from investment operations		(4.88	)		6.63			7.23			5.97
Distributions to shareholders from
Net investment income		(0.22	)		(0.04	)		(0.14	)		(0.12	)
Net realized gains		(2.55	)		(2.07	)		(1.38	)		0.00
Total distributions to shareholders		(2.77	)		(2.11	)		(1.52	)		(0.12	)
Net asset value, end of period		$42.69			$50.34			$45.82			$40.11
Total return3		(10.09	)%		14.88	%		18.25	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.73	%		0.72	%		0.74	%		0.75	%
Net expenses		0.62	%		0.60	%		0.60	%		0.60	%
Net investment income		0.51	%		0.13	%		0.29	%		0.26	%
Supplemental data
Portfolio turnover rate		14	%		26	%		35	%		57	%
Net assets, end of period (000s omitted)		$106,329			$117,741			$5,942			$2,278

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

²  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Large Cap Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$49.84			$45.50			$39.86			$33.02			$31.67			$24.54
Net investment income (loss)		0.04			0.05			(0.01	)		0.09	1		(0.06	)1		(0.06	)1
Net realized and unrealized gains (losses) on investments		(4.95	)		6.36			7.04			6.83			1.41			7.19
Total from investment operations		(4.91	)		6.41			7.03			6.92			1.35			7.13
Distributions to shareholders from
Net investment income		(0.08	)		0.00			(0.01	)		(0.08	)		0.00			0.00
Net realized gains		(2.55	)		(2.07	)		(1.38	)		0.00			0.00			0.00
Total distributions to shareholders		(2.63	)		(2.07	)		(1.39	)		(0.08	)		0.00			0.00
Net asset value, end of period		$42.30			$49.84			$45.50			$39.86			$33.02			$31.67
Total return2		(10.24	)%		14.48	%		17.84	%		21.00	%		4.26	%		29.05	%
Ratios to average net assets (annualized)
Gross expenses		1.08	%		1.05	%		1.06	%		1.07	%		1.08	%		1.07	%
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%		0.94	%
Net investment income (loss)		0.18	%		0.10	%		(0.02	)%		0.24	%		(0.17	)%		(0.19	)%
Supplemental data
Portfolio turnover rate		14	%		26	%		35	%		57	%		46	%		47	%
Net assets, end of period (000s omitted)		$224,993			$262,535			$245,364			$208,053			$75,099			$1,379

¹  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Large Cap Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$50.30			$45.80			$40.11			$33.16			$31.73			$24.54
Net investment income (loss)		0.10			0.19	1		0.11			0.20			(0.08	)1		(0.00	)2
Net realized and unrealized gains (losses) on investments		(4.98	)		6.41			7.09			6.86			1.51			7.19
Total from investment operations		(4.88	)		6.60			7.20			7.06			1.43			7.19
Distributions to shareholders from
Net investment income		(0.22	)		(0.03	)		(0.13	)		(0.11	)		0.00			0.00
Net realized gains		(2.55	)		(2.07	)		(1.38	)		0.00			0.00			0.00
Total distributions to shareholders		(2.77	)		(2.10	)		(1.51	)		(0.11	)		0.00			0.00
Net asset value, end of period		$42.65			$50.30			$45.80			$40.11			$33.16			$31.73
Total return3		(10.11	)%		14.82	%		18.16	%		21.34	%		4.47	%		29.34	%
Ratios to average net assets (annualized)
Gross expenses		0.83	%		0.78	%		0.79	%		0.79	%		0.80	%		0.81	%
Net expenses		0.68	%		0.65	%		0.65	%		0.69	%		0.75	%		0.75	%
Net investment income (loss)		0.44	%		0.40	%		0.28	%		0.53	%		(0.25	)%		(0.01	)%
Supplemental data
Portfolio turnover rate		14	%		26	%		35	%		57	%		46	%		47	%
Net assets, end of period (000s omitted)		$465,326			$534,975			$596,006			$508,853			$601,684			$846

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

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

1. ORGANIZATION

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

Effective at the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the Fund.

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 principal exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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 Large Cap Growth Fund Notes to financial statements (unaudited)

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2016:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	380,595,172	$	0	$	0	$	380,595,172
Consumer staples		88,110,070		0		0		88,110,070
Energy		18,455,220		0		0		18,455,220
Financials		17,402,980		0		0		17,402,980
Health care		234,213,635		0		0		234,213,635
Industrials		98,164,824		0		0		98,164,824
Information technology		498,141,399		0		0		498,141,399
Materials		43,702,230		0		0		43,702,230
Short-term investments
Investment companies		13,573,720		0		0		13,573,720
Investments measured at net asset value*								60,587,550
Total assets	$	1,392,359,250	$	0	$	0	$	1,452,946,800

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $60,587,550 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2016, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2016, the management fee was equivalent to an annual rate of 0.67% of the Fund’s average daily net assets.

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

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

Administration fees

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

	Class-level administration fee
Class A, Class C, Class R		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class, Institutional Class		0.13
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.07% for Class A shares, 1.82% for Class C shares, 1.32% for Class R shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 0.95% for Administrator Class shares, and 0.75% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to December 1, 2015, the Fund’s expenses were capped at 0.75% for Class R4 shares, 0.60% for Class R6 shares, and 0.65% for Institutional Class shares.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2016, Funds Distributor received $10,109 from the sale of Class A shares and $51 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, where by Class A, Class C, Class R, Administrator Class, and Investor Class of the Fund is charged a fee at an annual rate of 0.25% of the average daily net assets of each respective class. Class R4 shares are charged a fee at an annual rate of 0.10% of its average daily net assets.

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2016 were $217,618,089 and $285,933,421, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other 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 six months ended January 31, 2016, the Fund paid $2,597 in commitment fees.

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

For the six months ended January 31, 2016, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these

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

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Large Cap Growth Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief financial officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead 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
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

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

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; 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.
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.

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 wellsfargofunds.com.

List of abbreviations Wells Fargo Large Cap Growth Fund 29

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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 Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2016 Wells Fargo Funds Management, LLC. All rights reserved.

240799 03-16 SA209/SAR209 01-16

Semi-Annual Report

January 31, 2016

Wells Fargo Large Company Value Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	12
Statement of operations	13
Statement of changes in net assets	14
Financial highlights	15
Notes to financial statements	19
Other information	24
List of abbreviations	27

The views expressed and any forward-looking statements are as of January 31, 2016, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

Karla M. Rabusch

President

Wells Fargo Funds

Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Large Company Value Fund for the six-month period that ended January 31, 2016. Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced continuing challenges. In this environment, the broad U.S. stock market experienced heightened volatility and ultimately fell 5.64% overall for the six-month period (as measured by the Russell 3000^® Index,¹ which is the index used to measure U.S. stock market performance throughout this letter).

As the reporting period began, China’s slowdown continued to take a toll on U.S. and international markets.

The U.S. stock market declined 6.04% and 2.91% in August and September 2015, respectively, as investors worried about the impact on the U.S. of China’s slowing growth. A number of positive economic indicators released during these months suggested the U.S. economy remained solid. However, the strengthening U.S. dollar coupled with ongoing global economic turmoil continued to hinder the economy. Although many investors believed the U.S. Federal Reserve (Fed) would raise the federal funds rate during the third quarter of 2015, at its September 2015 meeting the Fed left the rate unchanged. This decision fueled uncertainty about the U.S. economy’s stamina to remain healthy while facing the negative effects of troubles elsewhere in the world. One week later, Fed Chair Janet Yellen reassured investors that, barring unpleasant surprises, the Fed still intended to raise the rate in 2015. International markets were more volatile than the domestic market and delivered even weaker results in August and September. Investors’ anxiety was driven largely by China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—struggled under the strains of reduced demand for commodities and lower prices for the commodities sold.

The U.S. stock market delivered a positive result overall for the last three months of 2015 despite ongoing concerns.

The broad U.S. stock market fluctuated widely in the fourth quarter of 2015, rising 7.90% in October and 0.55% in November before falling 2.05% in December, for an overall quarterly return of 6.27%. Stock markets outside the U.S. generally failed to keep pace with the domestic market as economic concerns, including China’s ongoing slowdown, continued to affect many countries worldwide. U.S. economic data released during the quarter indicated the economy remained solid, with modest growth. However, the strong U.S. dollar and global economic turmoil continued their drag on the economy. In December, the Fed, as expected, slightly raised its target short-term interest rate to between 0.25% and 0.50% after keeping it near zero for seven years. The move, which had been well telegraphed by the Fed for months, reflected confidence in the U.S. economy’s ability to stay healthy with less central-bank support. The Fed also made clear that future interest-rate increases will be gradual.

U.S. stocks struggled in January 2016.

The broad U.S. stock market dropped 5.64% for the month, weighed down by ongoing concerns about heightened market volatility, the continued plunge in oil prices, and the impact of weak global growth on U.S. companies. The U.S. economy, however, remained resilient in January—with continued solid hiring, a

¹  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.

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

reduction in the jobless rate to 4.9%, and signs of an uptick in the pace of wage growth—despite some warning signs that became evident in recent months, such as weaknesses in manufacturing and business growth.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

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

4 Wells Fargo Large Company Value Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Phocas Financial Corporation

Portfolio managers

Stephen L. Block, CFA^®

William F.K. Schaff, CFA^®

Average annual total returns (%) as of January 31, 2016¹

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (WLCAX)	3-31-2008		(12.40	)		5.73		3.74		(7.08	)		6.98		4.35		1.23		1.10
Class C (WFLVX)	3-31-2008		(8.79	)		6.20		3.62		(7.79	)		6.20		3.62		1.98		1.85
Administrator Class (WWIDX)	12-31-2001		–			–		–		(6.84	)		7.26		4.67		1.15		0.98
Institutional Class (WLCIX)	3-31-2008		–			–		–		(6.65	)		7.49		4.84		0.90		0.75
Russell 1000® Value Index4	–		–			–		–		(5.00	)		9.61		5.19		–		–

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

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

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

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Large Company Value Fund 5

Ten largest holdings (%) as of January 31, 20165
Exxon Mobil Corporation	3.08
CVS Health Corporation	2.93
JPMorgan Chase & Company	2.63
First Republic Bank	2.47
American International Group Incorporated	2.24
Alexandria Real Estate Equities Incorporated	2.05
Ameriprise Financial Incorporated	2.05
MetLife Incorporated	1.98
Pfizer Incorporated	1.82
Baxalta Incorporated	1.82

Sector distribution as of January 31, 2016⁶

¹  Historical performance shown for Class A shares prior to their inception reflects the performance of the former Investor Class shares, and includes the higher expenses applicable to the former Investor Class shares (except during those periods in which the expenses of Class A shares would have been higher than those of the former Investor Class shares). If these expenses had not been included, returns would be higher. Historical performance shown for Class C shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to reflect the higher expenses applicable to Class C shares. Historical performance shown for Institutional Class shares prior to their inception reflects the performance of the former Investor Class shares and includes the higher expenses applicable to the former Investor Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for all classes of the Fund prior to March 21, 2008 does not reflect the Fund’s current investment objective and strategies.

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

³  The manager has contractually committed through November 30, 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 1000^® Value Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

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

6 Wells Fargo Large Company Value Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2015 to January 31, 2016.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2015		Ending account value 1-31-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	879.34	$	5.20		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.61	$	5.58		1.10	%
Class C
Actual	$	1,000.00	$	876.58	$	8.73		1.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.84	$	9.37		1.85	%
Administrator Class
Actual	$	1,000.00	$	880.91	$	4.21		0.89	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.66	$	4.52		0.89	%
Institutional Class
Actual	$	1,000.00	$	881.78	$	3.41		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Large Company Value Fund 7

Security name		Shares		Value
Common Stocks: 97.16%
Consumer Discretionary: 7.61%
Hotels, Restaurants & Leisure: 1.33%
Norwegian Cruise Line Holdings Limited †			70,500	$	3,198,585
Household Durables: 2.43%
Harman International Industries Incorporated			38,756		2,883,059
Jarden Corporation †			55,832		2,961,888
					5,844,947
Leisure Products: 1.19%
Mattel Incorporated			103,926		2,867,318
Media: 1.25%
Scripps Networks Interactive Incorporated Class A			49,084		2,992,651
Multiline Retail: 0.64%
JCPenny Company Incorporated Ǡ			213,347		1,548,899
Textiles, Apparel & Luxury Goods: 0.77%
Skechers U.S.A. Incorporated Class A †			65,554		1,847,967
Consumer Staples: 6.52%
Food & Staples Retailing: 2.93%
CVS Health Corporation			72,890		7,040,445
Food Products: 1.04%
TreeHouse Foods Incorporated †			31,582		2,506,348
Household Products: 1.38%
The Procter & Gamble Company			40,705		3,325,191
Personal Products: 1.17%
Herbalife Limited Ǡ			60,728		2,806,241
Energy: 11.02%
Energy Equipment & Services: 1.29%
Baker Hughes Incorporated			53,361		2,321,737
Noble Corporation plc «			101,315		789,244
					3,110,981
Oil, Gas & Consumable Fuels: 9.73%
Chevron Corporation			29,364		2,539,105
ConocoPhillips			63,485		2,480,994
Exxon Mobil Corporation			95,233		7,413,889
Kinder Morgan Incorporated			223,575		3,677,809
Noble Energy Incorporated			97,170		3,145,393
Valero Energy Corporation			61,297		4,160,227
	��				23,417,417

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

8 Wells Fargo Large Company Value Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name	Shares		Value
Financials: 28.18%
Banks: 10.45%
Bank of America Corporation		212,335	$	3,002,417
BOK Financial Corporation «		65,518		3,276,555
Citigroup Incorporated		68,778		2,928,567
First Republic Bank		87,533		5,952,244
JPMorgan Chase & Company		106,221		6,320,150
KeyCorp		104,886		1,170,528
SunTrust Banks Incorporated		68,378		2,501,267
				25,151,728
Capital Markets: 4.47%
Affiliated Managers Group Incorporated †		17,260		2,316,119
Ameriprise Financial Incorporated		54,517		4,941,966
Goldman Sachs Group Incorporated		21,572		3,485,172
				10,743,257
Insurance: 7.40%
American International Group Incorporated		95,534		5,395,760
Arthur J. Gallagher & Company		70,263		2,644,699
Chubb Ltd		23,574		2,665,512
Endurance Specialty Holdings Limited		37,787		2,340,149
MetLife Incorporated		106,674		4,762,994
				17,809,114
REITs: 5.86%
Alexandria Real Estate Equities Incorporated		62,432		4,943,366
Equity Residential		55,215		4,256,524
Prologis Incorporated		60,344		2,381,778
VEREIT Incorporated		326,891		2,520,330
				14,101,998
Health Care: 13.05%
Biotechnology: 2.49%
Baxalta Incorporated		109,201		4,369,132
Gilead Sciences Incorporated		19,446		1,614,018
				5,983,150
Health Care Equipment & Supplies: 1.07%
Medtronic plc		34,022		2,582,950
Health Care Providers & Services: 1.91%
Cigna Corporation		18,492		2,470,531
HCA Holdings Incorporated †		30,459		2,119,337
				4,589,868
Pharmaceuticals: 7.58%
AbbVie Incorporated		34,760		1,908,324
Allergan plc †		14,596		4,151,540

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Large Company Value Fund 9

Security name	Shares		Value
Pharmaceuticals (continued)
Johnson & Johnson		25,401	$	2,652,880
Mallinckrodt plc †		40,772		2,368,445
Merck & Company Incorporated		55,066		2,790,194
Pfizer Incorporated		143,456		4,373,973
				18,245,356
Industrials: 10.06%
Aerospace & Defense: 3.01%
Curtiss-Wright Corporation		38,746		2,673,474
Raytheon Company		19,019		2,438,997
The Boeing Company		17,843		2,143,480
				7,255,951
Airlines: 0.42%
United Continental Holdings Incorporated †		20,796		1,004,031
Commercial Services & Supplies: 0.92%
Progressive Waste Solutions Limited		78,316		2,206,162
Electrical Equipment: 0.83%
Eaton Corporation plc		39,467		1,993,478
Industrial Conglomerates: 1.74%
General Electric Company		143,632		4,179,691
Machinery: 1.51%
Stanley Black & Decker Incorporated		38,597		3,641,241
Professional Services: 0.70%
CEB Incorporated		28,586		1,686,002
Road & Rail: 0.93%
Norfolk Southern Corporation		31,798		2,241,759
Information Technology: 10.83%
Electronic Equipment, Instruments & Components: 2.56%
Synnex Corporation		46,519		3,905,270
TE Connectivity Limited		39,505		2,258,106
				6,163,376
Internet Software & Services: 1.54%
Alphabet Incorporated Class C †		5,002		3,716,236
Semiconductors & Semiconductor Equipment: 3.82%
Intel Corporation		102,757		3,187,522
NXP Semiconductors NV †		48,432		3,621,745
Skyworks Solutions Incorporated		34,892		2,375,098
				9,184,365

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

10 Wells Fargo Large Company Value Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name				Shares		Value
Software: 0.52%
Citrix Systems Incorporated †					17,761	$	1,251,440
Technology Hardware, Storage & Peripherals: 2.39%
Apple Incorporated					23,452		2,282,818
NCR Corporation †					162,816		3,474,493
							5,757,311
Materials: 3.07%
Chemicals: 1.64%
Cabot Corporation					39,683		1,600,812
FMC Corporation					65,488		2,339,231
							3,940,043
Containers & Packaging: 1.43%
Crown Holdings Incorporated †					56,933		2,612,086
WestRock Company					23,710		836,489
							3,448,575
Telecommunication Services: 2.35%
Diversified Telecommunication Services: 2.35%
AT&T Incorporated					75,353		2,717,229
Verizon Communications Incorporated					58,767		2,936,591
							5,653,820
Utilities: 4.47%
Electric Utilities: 3.33%
Duke Energy Corporation					50,505		3,803,027
The Southern Company					85,997		4,206,973
							8,010,000
Gas Utilities: 1.14%
Atmos Energy Corporation					39,541		2,737,028
Total Common Stocks (Cost $209,745,358)							233,784,920
	Yield
Short-Term Investments: 4.09%
Investment Companies: 4.09%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.42	%		8,210,173		8,210,173
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.40			1,627,785		1,627,785
Total Short-Term Investments (Cost $9,837,958)							9,837,958

Total investments in securities (Cost $219,583,316) *	101.25	%		243,622,878
Other assets and liabilities, net	(1.25	)		(2,998,106	)
Total net assets	100.00	%	$	240,624,772

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Large Company Value Fund 11

† Non-income-earning security

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

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

(r) The investment is a non-registered investment 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 $223,622,652 and unrealized gains (losses) consists of:

Gross unrealized gains	$	38,398,850
Gross unrealized losses		(18,398,624	)
Net unrealized gains	$	20,000,226

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

12 Wells Fargo Large Company Value Fund Statement of assets and liabilities—January 31, 2016 (unaudited)

Assets
Investments
In unaffiliated securities (including $8,001,830 of securities loaned), at value (cost $209,745,358)	$	233,784,920
In affiliated securities, at value (cost $9,837,958)		9,837,958
Total investments, at value (cost $219,583,316)		243,622,878
Cash		685
Receivable for investments sold		8,642,906
Receivable for Fund shares sold		20,011
Receivable for dividends		297,634
Receivable for securities lending income		8,257
Prepaid expenses and other assets		43,272
Total assets		252,635,643
Liabilities
Payable for investments purchased		3,306,681
Payable for Fund shares redeemed		247,401
Payable upon receipt of securities loaned		8,210,173
Management fee payable		112,737
Distribution fee payable		2,339
Administration fees payable		41,063
Accrued expenses and other liabilities		90,477
Total liabilities		12,010,871
Total net assets	$	240,624,772
NET ASSETS CONSIST OF
Paid-in capital	$	229,190,750
Undistributed net investment income		95,455
Accumulated net realized losses on investments		(12,700,995	)
Net unrealized gains on investments		24,039,562
Total net assets	$	240,624,772
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	205,640,688
Shares outstanding – Class A1		15,784,679
Net asset value per share – Class A		$13.03
Maximum offering price per share – Class A2		$13.82
Net assets – Class C	$	3,569,541
Shares outstanding – Class C1		268,137
Net asset value per share – Class C		$13.31
Net assets – Administrator Class	$	23,133,680
Shares outstanding – Administrator Class1		1,764,663
Net asset value per share – Administrator Class		$13.11
Net assets – Institutional Class	$	8,280,863
Shares outstanding – Institutional Class1		632,242
Net asset value per share – Institutional Class		$13.10

¹  The Fund has an unlimited number of authorized shares.

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

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

Statement of operations—six months ended January 31, 2016 (unaudited) Wells Fargo Large Company Value Fund 13

Investment income
Dividends (net of foreign withholding taxes of $2,998)	$	2,747,597
Securities lending income, net		51,488
Income from affiliated securities		5,925
Total investment income		2,805,010
Expenses
Management fee		908,249
Administration fees
Class A		172,341
Class C		4,132
Administrator Class		17,468
Institutional Class		2,250
Investor Class		97,752	1
Shareholder servicing fees
Class A		204,622
Class C		4,919
Administrator Class		33,592
Investor Class		76,122	1
Distribution fee
Class C		14,758
Custody and accounting fees		10,881
Professional fees		20,149
Registration fees		32,782
Shareholder report expenses		24,586
Trustees’ fees and expenses		12,037
Other fees and expenses		5,751
Total expenses		1,642,391
Less: Fee waivers and/or expense reimbursements		(216,735	)
Net expenses		1,425,656
Net investment income		1,379,354
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(5,065,164	)
Net change in unrealized gains (losses) on investments		(29,906,439	)
Net realized and unrealized gains (losses) on investments		(34,971,603	)
Net decrease in net assets resulting from operations	$	(33,592,249	)

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

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

14 Wells Fargo Large Company Value Fund Statement of changes in net assets

	Six months ended January 31, 2016 (unaudited)						Year ended July 31, 2015
Operations
Net investment income				$	1,379,354					$	2,249,903
Net realized gains (losses) on investments					(5,065,164	)					31,510,363
Net change in unrealized gains (losses) on investments					(29,906,439	)					(16,922,395	)
Net increase (decrease) in net assets resulting from operations					(33,592,249	)					16,837,871
Distributions to shareholders from
Net investment income
Class A					(910,440	)					(879,902	)
Class C					(2,861	)					(2,940	)
Administrator Class					(181,824	)					(376,690	)
Institutional Class					(41,773	)					(21,092	)
Investor Class					(248,226	)1					(1,017,744	)
Net realized gains
Class A					(16,632,476	)					(9,704,404	)
Class C					(275,850	)					(389,854	)
Administrator Class					(1,889,643	)					(3,048,826	)
Institutional Class					(642,971	)					(160,301	)
Investor Class					0	1					(12,477,097	)
Total distributions to shareholders					(20,826,064	)					(28,078,850	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		8,785,895			136,490,514			123,205			2,013,071
Class C		22,765			335,852			38,787			642,242
Administrator Class		53,190			785,882			119,049			1,984,735
Institutional Class		522,234			7,965,902			70,995			1,223,711
Investor Class		32,361	1		501,185	1		320,863			5,443,693
					146,079,335						11,307,452
Reinvestment of distributions
Class A		1,226,102			17,042,852			651,156			10,256,986
Class C		17,519			248,292			21,352			341,919
Administrator Class		133,451			1,871,174			197,644			3,137,103
Institutional Class		45,488			636,244			6,036			95,717
Investor Class		15,819	1		239,184	1		800,321			12,965,138
					20,037,746						26,796,863
Payment for shares redeemed
Class A		(716,112	)		(10,457,722	)		(1,205,076	)		(20,028,888	)
Class C		(45,620	)		(692,449	)		(58,702	)		(985,449	)
Administrator Class		(284,829	)		(4,267,479	)		(580,514	)		(9,574,977	)
Institutional Class		(27,173	)		(400,503	)		(36,394	)		(597,478	)
Investor Class		(8,624,994	)1		(137,935,922	)1		(1,044,020	)		(17,642,122	)
					(153,754,075	)					(48,828,914	)
Net increase (decrease) in net assets resulting from capital share transactions					12,363,006						(10,724,599	)
Total decrease in net assets					(42,055,307	)					(21,965,578	)
Net assets
Beginning of period					282,680,079						304,645,657
End of period				$	240,624,772					$	282,680,079
Undistributed net investment income				$	95,455					$	101,225

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

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

Financial highlights Wells Fargo Large Company Value Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS A				2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.10			$16.82			$16.39			$12.96			$12.61			$11.04
Net investment income		0.07	1		0.13	1		0.10			0.14			0.17			0.12
Net realized and unrealized gains (losses) on investments		(1.94	)		0.78			2.04			3.48			0.35			1.51
Total from investment operations		(1.87	)		0.91			2.14			3.62			0.52			1.63
Distributions to shareholders from
Net investment income		(0.08	)		(0.13	)		(0.09	)		(0.19	)		(0.17	)		(0.06	)
Net realized gains		(1.12	)		(1.50	)		(1.62	)		0.00			0.00			0.00
Total distributions to shareholders		(1.20	)		(1.63	)		(1.71	)		(0.19	)		(0.17	)		(0.06	)
Net asset value, end of period		$13.03			$16.10			$16.82			$16.39			$12.96			$12.61
Total return2		(12.07	)%		5.72	%		13.68	%		28.16	%		4.21	%		14.77	%
Ratios to average net assets (annualized)
Gross expenses		1.24	%		1.27	%		1.28	%		1.28	%		1.27	%		1.32	%
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%		1.25	%
Net investment income		1.02	%		0.76	%		0.61	%		1.00	%		1.29	%		0.74	%
Supplemental data
Portfolio turnover rate		33	%		71	%		59	%		78	%		37	%		35	%
Net assets, end of period (000s omitted)		$205,641			$104,453			$116,398			$115,895			$103,195			$642

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Large Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS C				2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.41			$17.12			$16.70			$13.21			$12.81			$11.26
Net investment income (loss)		0.02			0.00	1		(0.02	)		0.04			0.09			0.01
Net realized and unrealized gains (losses) on investments		(1.99	)		0.80			2.07			3.54			0.36			1.55
Total from investment operations		(1.97	)		0.80			2.05			3.58			0.45			1.56
Distributions to shareholders from
Net investment income		(0.01	)		(0.01	)		(0.01	)		(0.09	)		(0.05	)		(0.01	)
Net realized gains		(1.12	)		(1.50	)		(1.62	)		0.00			0.00			0.00
Total distributions to shareholders		(1.13	)		(1.51	)		(1.63	)		(0.09	)		(0.05	)		(0.01	)
Net asset value, end of period		$13.31			$16.41			$17.12			$16.70			$13.21			$12.81
Total return2		(12.34	)%		4.92	%		12.83	%		27.17	%		3.49	%		13.85	%
Ratios to average net assets (annualized)
Gross expenses		1.99	%		2.02	%		2.03	%		2.03	%		2.02	%		2.08	%
Net expenses		1.85	%		1.85	%		1.85	%		1.85	%		1.85	%		2.00	%
Net investment income (loss)		0.32	%		0.01	%		(0.14	)%		0.25	%		0.54	%		0.04	%
Supplemental data
Portfolio turnover rate		33	%		71	%		59	%		78	%		37	%		35	%
Net assets, end of period (000s omitted)		$3,570			$4,488			$4,659			$4,543			$4,022			$513

¹  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Large Company Value Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.20			$16.93			$16.47			$13.02			$12.68			$11.08
Net investment income		0.10			0.17			0.15			0.21			0.19	1		0.11
Net realized and unrealized gains (losses) on investments		(1.97	)		0.78			2.05			3.46			0.36			1.56
Total from investment operations		(1.87	)		0.95			2.20			3.67			0.55			1.67
Distributions to shareholders from
Net investment income		(0.10	)		(0.18	)		(0.12	)		(0.22	)		(0.21	)		(0.07	)
Net realized gains		(1.12	)		(1.50	)		(1.62	)		0.00			0.00			0.00
Total distributions to shareholders		(1.22	)		(1.68	)		(1.74	)		(0.22	)		(0.21	)		(0.07	)
Net asset value, end of period		$13.11			$16.20			$16.93			$16.47			$13.02			$12.68
Total return2		(11.91	)%		5.95	%		13.94	%		28.52	%		4.47	%		15.12	%
Ratios to average net assets (annualized)
Gross expenses		1.16	%		1.12	%		1.12	%		1.10	%		1.11	%		1.17	%
Net expenses		0.89	%		0.85	%		0.85	%		0.85	%		0.85	%		0.96	%
Net investment income		1.29	%		1.01	%		0.86	%		1.28	%		1.54	%		1.93	%
Supplemental data
Portfolio turnover rate		33	%		71	%		59	%		78	%		37	%		35	%
Net assets, end of period (000s omitted)		$23,134			$30,177			$36,002			$38,798			$176,623			$667

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Large Company Value Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.17			$16.91			$16.44			$13.00			$12.68			$11.08
Net investment income		0.08	1		0.20	1		0.18	1		0.26	1		0.22			0.14
Net realized and unrealized gains (losses) on investments		(1.92	)		0.78			2.05			3.45			0.35			1.54
Total from investment operations		(1.84	)		0.98			2.23			3.71			0.57			1.68
Distributions to shareholders from
Net investment income		(0.11	)		(0.22	)		(0.14	)		(0.27	)		(0.25	)		(0.08	)
Net realized gains		(1.12	)		(1.50	)		(1.62	)		0.00			0.00			0.00
Total distributions to shareholders		(1.23	)		(1.72	)		(1.76	)		(0.27	)		(0.25	)		(0.08	)
Net asset value, end of period		$13.10			$16.17			$16.91			$16.44			$13.00			$12.68
Total return2		(11.82	)%		6.14	%		14.16	%		28.93	%		4.67	%		15.36	%
Ratios to average net assets (annualized)
Gross expenses		0.91	%		0.85	%		0.85	%		0.84	%		0.85	%		0.89	%
Net expenses		0.72	%		0.65	%		0.65	%		0.65	%		0.66	%		0.75	%
Net investment income		1.17	%		1.23	%		1.10	%		1.83	%		1.80	%		1.12	%
Supplemental data
Portfolio turnover rate		33	%		71	%		59	%		78	%		37	%		35	%
Net assets, end of period (000s omitted)		$8,281			$1,483			$863			$3,299			$15,924			$14,401

¹  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Large Company Value Fund 19

1. ORGANIZATION

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

Effective at the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the Fund.

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 principal exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

20 Wells Fargo Large Company Value Fund Notes to financial statements (unaudited)

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $4,679,794 expiring in 2016.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

Notes to financial statements (unaudited) Wells Fargo Large Company Value Fund 21

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2016:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	18,300,367	$	0	$	0	$	18,300,367
Consumer staples		15,678,225		0		0		15,678,225
Energy		26,528,398		0		0		26,528,398
Financials		67,806,097		0		0		67,806,097
Health care		31,401,324		0		0		31,401,324
Industrials		24,208,315		0		0		24,208,315
Information technology		26,072,728		0		0		26,072,728
Materials		7,388,618		0		0		7,388,618
Telecommunication services		5,653,820		0		0		5,653,820
Utilities		10,747,028		0		0		10,747,028
Short-term investments
Investment companies		1,627,785		0		0		1,627,785
Investments measured at net asset value*								8,210,173
Total assets	$	235,412,705	$	0	$	0	$	243,622,878

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $8,210,173 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2016, the Fund did not have any transfers into/out of Level 1, Level 2 or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2016, the management fee was equivalent to an annual rate of 0.70% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Phocas Financial Corporation is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.29% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees

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

	Class-level administration fee
Class A, Class C		0.21	%
Administrator Class, Institutional Class		0.13
Investor Class		0.32

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.10% for Class A shares, 1.85% for Class C shares, 0.98% for Class Administrator Class shares, and 0.75% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to October 23, 2015, the Fund’s expenses were capped at 0.85% for Administrator Class shares and 0.65% for Institutional Class shares.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended January 31, 2016, Funds Distributor received $800 from the sale of Class A shares.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2016 were $84,203,826 and $90,870,304, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other 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 six months ended January 31, 2016, the Fund paid $446 in commitment fees.

For the six months ended January 31, 2016, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

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

9. SUBSEQUENT DISTRIBUTION

On March 24, 2016, the Fund declared distributions from net investment income to shareholders of record on March 23, 2016. The per share amounts payable on March 28, 2016 were as follows:

	Net investment income
Class A	$	0.05202
Class C		0.03189
Administrator Class		0.05012
Institutional Class		0.06091

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the Fund’s tax year-end.

24 Wells Fargo Large Company Value Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Large Company Value Fund 25

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief financial officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead 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
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

26 Wells Fargo Large Company Value Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; 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.
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.

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 wellsfargofunds.com.

List of abbreviations Wells Fargo Large Company Value Fund 27

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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 Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2016 Wells Fargo Funds Management, LLC. All rights reserved.

240800 03-16 SA210/SAR210 01-16

Semi-Annual Report

January 31, 2016

Wells Fargo Omega Growth Fund

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	6
Portfolio of investments	7
Financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	20
Other information	25
List of abbreviations	28

The views expressed and any forward-looking statements are as of January 31, 2016, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

Karla M. Rabusch

President

Wells Fargo Funds

Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Omega Growth Fund for the six-month period that ended January 31, 2016. Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced continuing challenges. In this environment, the broad U.S. stock market experienced heightened volatility and ultimately fell 5.64% overall for the six-month period (as measured by the Russell 3000^® Index,¹ which is the index used to measure U.S. stock market performance throughout this letter).

As the reporting period began, China’s slowdown continued to take a toll on U.S. and international markets.

The U.S. stock market declined 6.04% and 2.91% in August and September 2015, respectively, as investors worried about the impact on the U.S. of China’s slowing growth. A number of positive economic indicators released during these months suggested the U.S. economy remained solid. However, the strengthening U.S. dollar coupled with ongoing global economic turmoil continued to hinder the economy. Although many investors believed the U.S. Federal Reserve (Fed) would raise the federal funds rate during the third quarter of 2015, at its September 2015 meeting the Fed left the rate unchanged. This decision fueled uncertainty about the U.S. economy’s stamina to remain healthy while facing the negative effects of troubles elsewhere in the world. One week later, Fed Chair Janet Yellen reassured investors that, barring unpleasant surprises, the Fed still intended to raise the rate in 2015. International markets were more volatile than the domestic market and delivered even weaker results in August and September. Investors’ anxiety was driven largely by China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—struggled under the strains of reduced demand for commodities and lower prices for the commodities sold.

The U.S. stock market delivered a positive result overall for the last three months of 2015 despite ongoing concerns.

The broad U.S. stock market fluctuated widely in the fourth quarter of 2015, rising 7.90% in October and 0.55% in November before falling 2.05% in December, for an overall quarterly return of 6.27%. Stock markets outside the U.S. generally failed to keep pace with the domestic market as economic concerns, including China’s ongoing slowdown, continued to affect many countries worldwide. U.S. economic data released during the quarter indicated the economy remained solid, with modest growth. However, the strong U.S. dollar and global economic turmoil continued their drag on the economy. In December, the Fed, as expected, slightly raised its target short-term interest rate to between 0.25% and 0.50% after keeping it near zero for seven years. The move, which had been well telegraphed by the Fed for months, reflected confidence in the U.S. economy’s ability to stay healthy with less central-bank support. The Fed also made clear that future interest-rate increases will be gradual.

U.S. stocks struggled in January 2016.

The broad U.S. stock market dropped 5.64% for the month, weighed down by ongoing concerns about heightened market volatility, the continued plunge in oil prices, and the impact of weak global growth on U.S. companies. The U.S. economy, however, remained resilient in January—with continued solid hiring, a

¹ 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.

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

reduction in the jobless rate to 4.9%, and signs of an uptick in the pace of wage growth—despite some warning signs that became evident in recent months, such as weaknesses in manufacturing and business growth.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

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

4 Wells Fargo Omega Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Thomas J. Pence, CFA^®

Michael T. Smith, CFA^®

Average annual total returns (%) as of January 31, 2016¹

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (EKOAX)	4-29-1968		(10.67	)		6.83		6.86		(5.22	)		8.10		7.49		1.27		1.27
Class B (EKOBX)*	8-2-1993		(10.08	)		7.03		6.93		(5.91	)		7.30		6.93		2.02		2.02
Class C (EKOCX)	8-2-1993		(6.92	)		7.30		6.69		(5.92	)		7.30		6.69		2.02		2.02
Class R (EKORX)	10-10-2003		–			–		–		(5.42	)		7.84		7.23		1.52		1.52
Administrator Class (EOMYX)	1-13-1997		–			–		–		(4.99	)		8.37		7.76		1.19		1.10
Institutional Class (EKONX)	7-30-2010		–			–		–		(4.75	)		8.64		7.91		0.94		0.85
Russell 3000® Growth Index4	–		–			–		–		0.41			11.41		7.56		–		–

* 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, wellsfargofunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Omega Growth Fund 5

Ten largest holdings (%) as of January 31, 20165
Facebook Incorporated Class A	4.49
Apple Incorporated	3.87
Amazon.com Incorporated	3.81
The Home Depot Incorporated	3.60
Visa Incorporated Class A	3.40
ServiceMaster Global Holdings Incorporated	3.26
Alphabet Incorporated Class A	3.15
Bristol-Myers Squibb Company	2.69
Alphabet Incorporated Class C	2.66
UnitedHealth Group Incorporated	2.64

Sector distribution as of January 31, 2016⁶

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

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

³  The manager has contractually committed through November 30, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at 1.30% for Class A, 2.05% for Class B, 2.05% for Class C, 1.55% for Class R, 1.10% for Administrator Class, and 0.85% for Institutional Class. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴  The Russell 3000^® Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

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

6 Wells Fargo Omega Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2015 to January 31, 2016.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2015		Ending account value 1-31-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	870.88	$	6.02		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.70	$	6.50		1.28	%
Class B
Actual	$	1,000.00	$	867.78	$	9.53		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.93	$	10.28		2.03	%
Class C
Actual	$	1,000.00	$	867.92	$	9.53		2.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.93	$	10.28		2.03	%
Class R
Actual	$	1,000.00	$	869.96	$	7.19		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.44	$	7.76		1.53	%
Administrator Class
Actual	$	1,000.00	$	871.96	$	4.99		1.06	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.81	$	5.38		1.06	%
Institutional Class
Actual	$	1,000.00	$	873.02	$	3.81		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06	$	4.12		0.81	%

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Omega Growth Fund 7

Security name	Shares		Value
Common Stocks: 98.59%
Consumer Discretionary: 19.00%
Auto Components: 1.26%
Delphi Automotive plc		148,100	$	9,617,614
Diversified Consumer Services: 3.26%
ServiceMaster Global Holdings Incorporated †		592,312		25,001,490
Hotels, Restaurants & Leisure: 4.13%
Dave & Buster’s Entertainment Incorporated †		146,668		5,319,648
Starbucks Corporation		234,600		14,256,642
Vail Resorts Incorporated		96,402		12,050,250
				31,626,540
Internet & Catalog Retail: 4.73%
Amazon.com Incorporated †		49,700		29,173,900
Ctrip.com International Limited ADR †		88,300		3,768,644
Netflix Incorporated †		36,000		3,306,240
				36,248,784
Media: 0.97%
Cinemark Holdings Incorporated		251,995		7,431,333
Specialty Retail: 3.59%
The Home Depot Incorporated		219,000		27,541,440
Textiles, Apparel & Luxury Goods: 1.06%
Nike Incorporated Class B		130,600		8,098,506
Consumer Staples: 4.80%
Beverages: 3.72%
Constellation Brands Incorporated Class��A		100,100		15,263,248
Dr Pepper Snapple Group Incorporated		141,200		13,250,208
				28,513,456
Food & Staples Retailing: 1.08%
Walgreens Boots Alliance Incorporated		103,600		8,258,992
Financials: 7.56%
Capital Markets: 2.55%
Raymond James Financial Incorporated		252,602		11,066,494
SEI Investments Company		215,900		8,471,916
				19,538,410
Diversified Financial Services: 3.65%
Intercontinental Exchange Incorporated		63,400		16,724,920
McGraw Hill Financial Incorporated		132,200		11,239,644
				27,964,564

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

8 Wells Fargo Omega Growth Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name	Shares		Value
Real Estate Management & Development: 1.36%
CBRE Group Incorporated Class A †		371,500	$	10,390,855
Health Care: 14.22%
Biotechnology: 5.18%
Alexion Pharmaceuticals Incorporated †		74,000		10,798,820
Celgene Corporation †		126,075		12,647,844
Gilead Sciences Incorporated		107,298		8,905,734
Vertex Pharmaceuticals Incorporated †		80,900		7,341,675
				39,694,073
Health Care Equipment & Supplies: 2.53%
Alere Incorporated †		251,400		9,352,080
Align Technology Incorporated †		151,338		10,009,495
				19,361,575
Health Care Providers & Services: 2.64%
UnitedHealth Group Incorporated		175,400		20,199,064
Pharmaceuticals: 3.87%
Bristol-Myers Squibb Company		331,200		20,587,392
Zoetis Incorporated		210,300		9,053,415
				29,640,807
Industrials: 9.21%
Aerospace & Defense: 1.02%
Orbital ATK Incorporated		86,500		7,804,895
Airlines: 1.66%
Delta Air Lines Incorporated		288,100		12,759,949
Commercial Services & Supplies: 1.52%
KAR Auction Services Incorporated		349,048		11,665,184
Electrical Equipment: 0.46%
Acuity Brands Incorporated		17,582		3,517,184
Industrial Conglomerates: 1.04%
Carlisle Companies Incorporated		95,200		7,966,336
Machinery: 0.43%
Proto Labs Incorporated †«		60,202		3,310,508
Professional Services: 1.38%
Verisk Analytics Incorporated †		144,500		10,548,500
Trading Companies & Distributors: 1.70%
Air Lease Corporation		208,400		5,368,384
HD Supply Holdings Incorporated †		291,177		7,649,220
				13,017,604

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Omega Growth Fund 9

Security name	Shares		Value
Information Technology: 38.16%
Communications Equipment: 2.12%
Harris Corporation		135,000	$	11,740,950
Palo Alto Networks Incorporated †		30,106		4,500,546
				16,241,496
Internet Software & Services: 13.04%
Akamai Technologies Incorporated †		54,100		2,468,042
Alphabet Incorporated Class A †		31,700		24,134,795
Alphabet Incorporated Class C †		27,385		20,345,686
CoStar Group Incorporated †		46,600		8,172,242
Facebook Incorporated Class A †		306,800		34,426,028
Tencent Holdings Limited ADR		556,300		10,357,138
				99,903,931
IT Services: 8.13%
Alliance Data Systems Corporation †		34,200		6,832,818
Cognizant Technology Solutions Corporation Class A †		125,000		7,913,750
EPAM Systems Incorporated †		148,641		11,133,211
PayPal Holdings Incorporated †		286,200		10,343,268
Visa Incorporated Class A		349,904		26,064,349
				62,287,396
Software: 10.99%
Adobe Systems Incorporated †		126,900		11,310,597
CyberArk Software Limited †«		91,200		3,974,496
Electronic Arts Incorporated †		206,600		13,334,997
Paycom Software Incorporated †		215,124		6,485,989
Salesforce.com Incorporated †		95,800		6,520,148
ServiceNow Incorporated †		106,400		6,619,144
Splunk Incorporated †		159,300		7,373,997
Tableau Software Incorporated Class A †		80,200		6,435,248
Take-Two Interactive Software Incorporated †		340,400		11,811,880
Tyler Technologies Incorporated †		65,600		10,303,136
				84,169,632
Technology Hardware, Storage & Peripherals: 3.88%
Apple Incorporated		304,900		29,678,966
Materials: 2.95%
Chemicals: 1.66%
The Sherwin-Williams Company		49,700		12,706,799
Construction Materials: 1.29%
Vulcan Materials Company		112,600		9,931,320
Telecommunication Services: 2.69%
Diversified Telecommunication Services: 1.05%
Zayo Group Holdings Incorporated †		319,800		8,001,396

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

10 Wells Fargo Omega Growth Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name				Shares		Value
Wireless Telecommunication Services: 1.64%
SBA Communications Corporation Class A †					126,802	$	12,588,901
Total Common Stocks (Cost $644,807,192)							755,227,500
	Yield
Short-Term Investments: 2.29%
Investment Companies: 2.29%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.42	%		6,640,900		6,640,900
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.40			10,900,136		10,900,136
Total Short-Term Investments (Cost $17,541,036)							17,541,036

Total investments in securities (Cost $662,348,228) *	100.88	%		772,768,536
Other assets and liabilities, net	(0.88	)		(6,744,416	)
Total net assets	100.00	%	$	766,024,120

† Non-income-earning security

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

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

(r) The investment is a non-registered investment 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 $664,407,504 and unrealized gains (losses) consists of:

Gross unrealized gains	$	152,910,314
Gross unrealized losses		(44,549,282	)
Net unrealized gains	$	108,361,032

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

Statement of assets and liabilities—January 31, 2016 (unaudited) Wells Fargo Omega Growth Fund 11

Assets
Investments
In unaffiliated securities (including $6,497,590 of securities loaned), at value (cost $644,807,192)	$	755,227,500
In affiliated securities, at value (cost $17,541,036)		17,541,036
Total investments, at value (cost $662,348,228)		772,768,536
Receivable for investments sold		7,562,618
Receivable for Fund shares sold		185,631
Receivable for dividends		119,806
Receivable for securities lending income		4,325
Prepaid expenses and other assets		45,357
Total assets		780,686,273
Liabilities
Payable for investments purchased		5,963,965
Payable for Fund shares redeemed		1,075,494
Payable upon receipt of securities loaned		6,640,900
Management fee payable		510,286
Distribution fees payable		56,064
Administration fees payable		131,698
Accrued expenses and other liabilities		283,746
Total liabilities		14,662,153
Total net assets	$	766,024,120
NET ASSETS CONSIST OF
Paid-in capital	$	680,635,940
Accumulated net investment loss		(7,180,757	)
Accumulated net realized losses on investments		(17,851,371	)
Net unrealized gains on investments		110,420,308
Total net assets	$	766,024,120
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	556,714,605
Shares outstanding – Class A1		14,502,642
Net asset value per share – Class A		$38.39
Maximum offering price per share – Class A2		$40.73
Net assets – Class B	$	4,871,736
Shares outstanding – Class B1		169,078
Net asset value per share – Class B		$28.81
Net assets – Class C	$	77,513,093
Shares outstanding – Class C1		2,680,779
Net asset value per share – Class C		$28.91
Net assets – Class R	$	11,605,438
Shares outstanding – Class R1		314,421
Net asset value per share – Class R		$36.91
Net assets – Administrator Class	$	53,017,820
Shares outstanding – Administrator Class1		1,294,174
Net asset value per share – Administrator Class		$40.97
Net assets – Institutional Class	$	62,301,428
Shares outstanding – Institutional Class1		1,493,090
Net asset value per share – Institutional Class		$41.73

¹  The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Omega Growth Fund Statement of operations—six months ended January 31, 2016 (unaudited)

Investment income
Dividends	$	2,851,425
Securities lending income, net		103,917
Income from affiliated securities		7,302
Total investment income		2,962,644
Expenses
Management fee		3,390,524
Administration fees
Class A		647,916
Class B		6,527
Class C		91,961
Class R		14,521
Administrator Class		45,872
Institutional Class		49,222
Shareholder servicing fees
Class A		771,329
Class B		7,770
Class C		109,477
Class R		17,287
Administrator Class		82,201
Distribution fees
Class B		23,311
Class C		328,431
Class R		17,287
Custody and accounting fees		30,915
Professional fees		24,168
Registration fees		42,495
Shareholder report expenses		59,878
Trustees’ fees and expenses		12,452
Other fees and expenses		10,091
Total expenses		5,783,635
Less: Fee waivers and/or expense reimbursements		(92,520	)
Net expenses		5,691,115
Net investment loss		(2,728,471	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(12,444,322	)
Net change in unrealized gains (losses) on investments		(105,080,832	)
Net realized and unrealized gains (losses) on investments		(117,525,154	)
Net decrease in net assets resulting from operations	$	(120,253,625	)

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

Statement of changes in net assets Wells Fargo Omega Growth Fund 13

	Six months ended January 31, 2016 (unaudited)						Year ended July 31, 2015
Operations
Net investment loss				$	(2,728,471	)				$	(6,158,068	)
Net realized gains (losses) on investments					(12,444,322	)					83,493,222
Net change in unrealized gains (losses) on investments					(105,080,832	)					22,205,824
Net increase (decrease) in net assets resulting from operations					(120,253,625	)					99,540,978
Distributions to shareholders from
Net realized gains
Class A					(53,442,331	)					(88,485,249	)
Class B					(648,915	)					(1,659,485	)
Class C					(9,667,016	)					(16,860,203	)
Class R					(1,155,110	)					(2,357,246	)
Administrator Class					(4,963,941	)					(11,565,611	)
Institutional Class					(5,527,216	)					(8,555,196	)
Total distributions to shareholders					(75,404,529	)					(129,482,990	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		386,073			17,117,742			1,073,382			51,726,380
Class B		101			3,253			3,036			118,881
Class C		90,014			2,959,519			278,343			10,475,969
Class R		56,404			2,341,628			114,110			5,204,171
Administrator Class		84,204			4,006,148			459,293			23,327,789
Institutional Class		45,632			2,189,007			1,015,747			53,541,695
					28,617,297						144,394,885
Reinvestment of distributions
Class A		1,213,454			49,860,826			1,824,272			82,165,203
Class B		20,867			644,380			46,774			1,640,836
Class C		278,845			8,638,611			404,364			14,229,572
Class R		11,870			469,234			21,691			945,291
Administrator Class		110,013			4,822,974			205,792			9,812,172
Institutional Class		110,554			4,935,146			136,046			6,577,836
					69,371,171						115,370,910
Payment for shares redeemed
Class A		(1,280,690	)		(56,002,654	)		(3,198,159	)		(154,561,009	)
Class B		(60,692	)		(2,079,204	)		(150,668	)		(5,747,142	)
Class C		(326,940	)		(11,039,847	)		(708,562	)		(26,619,160	)
Class R		(122,490	)		(5,248,236	)		(180,460	)		(8,460,276	)
Administrator Class		(594,390	)		(28,253,262	)		(1,166,619	)		(60,110,360	)
Institutional Class		(337,459	)		(16,646,283	)		(418,232	)		(21,368,714	)
					(119,269,486	)					(276,866,661	)
Net decrease in net assets resulting from capital share transactions					(21,281,018	)					(17,100,866	)
Total decrease in net assets					(216,939,172	)					(47,042,878	)
Net assets
Beginning of period					982,963,292						1,030,006,170
End of period				$	766,024,120					$	982,963,292
Accumulated net investment loss				$	(7,180,757	)				$	(4,452,286	)

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

14 Wells Fargo Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS A				2015			2014			2013			2012			2011
Net asset value, beginning of period		$48.29			$49.99			$47.97			$39.09			$38.29			$30.11
Net investment loss		(0.13	)		(0.28	)1		(0.49	)		(0.02	)		(0.28	)1		(0.29	)
Net realized and unrealized gains (losses) on investments		(5.84	)		5.12			8.28			10.31			1.08			8.47
Total from investment operations		(5.97	)		4.84			7.79			10.29			0.80			8.18
Distributions to shareholders from
Net realized gains		(3.93	)		(6.54	)		(5.77	)		(1.41	)		0.00			0.00
Net asset value, end of period		$38.39			$48.29			$49.99			$47.97			$39.09			$38.29
Total return2		(12.91	)%		10.65	%		16.58	%		27.07	%		2.09	%		27.17	%
Ratios to average net assets (annualized)
Gross expenses		1.28	%		1.32	%		1.32	%		1.34	%		1.35	%		1.36	%
Net expenses		1.28	%		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%
Net investment loss		(0.60	)%		(0.58	)%		(0.84	)%		(0.08	)%		(0.75	)%		(0.80	)%
Supplemental data
Portfolio turnover rate		44	%		94	%		101	%		88	%		101	%		123	%
Net assets, end of period (000s omitted)		$556,715			$685,005			$724,071			$668,992			$550,758			$584,871

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Omega Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS B				2015			2014			2013			2012			2011
Net asset value, beginning of period		$37.44			$40.45			$40.07			$33.12			$32.68			$25.89
Net investment loss		(0.23	)1		(0.51	)1		(0.65	)1		(0.28	)1		(0.47	)1		(0.48	)1
Net realized and unrealized gains (losses) on investments		(4.47	)		4.04			6.80			8.64			0.91			7.27
Total from investment operations		(4.70	)		3.53			6.15			8.36			0.44			6.79
Distributions to shareholders from
Net realized gains		(3.93	)		(6.54	)		(5.77	)		(1.41	)		0.00			0.00
Net asset value, end of period		$28.81			$37.44			$40.45			$40.07			$33.12			$32.68
Total return2		(13.22	)%		9.82	%		15.71	%		26.11	%		1.32	%		26.23	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.07	%		2.07	%		2.09	%		2.10	%		2.12	%
Net expenses		2.03	%		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%
Net investment loss		(1.34	)%		(1.32	)%		(1.58	)%		(0.78	)%		(1.51	)%		(1.55	)%
Supplemental data
Portfolio turnover rate		44	%		94	%		101	%		88	%		101	%		123	%
Net assets, end of period (000s omitted)		$4,872			$7,817			$12,526			$17,476			$22,271			$40,023

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS C				2015			2014			2013			2012			2011
Net asset value, beginning of period		$37.55			$40.56			$40.15			$33.18			$32.75			$25.94
Net investment loss		(0.23	)1		(0.51	)1		(0.65	)1		(0.31	)1		(0.47	)1		(0.49	)1
Net realized and unrealized gains (losses) on investments		(4.48	)		4.04			6.83			8.69			0.90			7.30
Total from investment operations		(4.71	)		3.53			6.18			8.38			0.43			6.81
Distributions to shareholders from
Net realized gains		(3.93	)		(6.54	)		(5.77	)		(1.41	)		0.00			0.00
Net asset value, end of period		$28.91			$37.55			$40.56			$40.15			$33.18			$32.75
Total return2		(13.21	)%		9.79	%		15.73	%		26.11	%		1.31	%		26.25	%
Ratios to average net assets (annualized)
Gross expenses		2.03	%		2.07	%		2.07	%		2.09	%		2.10	%		2.11	%
Net expenses		2.03	%		2.05	%		2.05	%		2.05	%		2.05	%		2.05	%
Net investment loss		(1.35	)%		(1.33	)%		(1.59	)%		(0.85	)%		(1.49	)%		(1.55	)%
Supplemental data
Portfolio turnover rate		44	%		94	%		101	%		88	%		101	%		123	%
Net assets, end of period (000s omitted)		$77,513			$99,100			$108,073			$83,206			$59,481			$58,329

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Omega Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS R				2015			2014			2013			2012			2011
Net asset value, beginning of period		$46.66			$48.62			$46.90			$38.35			$37.66			$29.69
Net investment loss		(0.18	)1		(0.39	)1		(0.53	)1		(0.09	)		(0.36	)1		(0.13	)
Net realized and unrealized gains (losses) on investments		(5.64	)		4.97			8.02			10.05			1.05			8.10
Total from investment operations		(5.82	)		4.58			7.49			9.96			0.69			7.97
Distributions to shareholders from
Net realized gains		(3.93	)		(6.54	)		(5.77	)		(1.41	)		0.00			0.00
Net asset value, end of period		$36.91			$46.66			$48.62			$46.90			$38.35			$37.66
Total return2		(13.00	)%		10.38	%		16.30	%		26.73	%		1.83	%		26.89	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.57	%		1.57	%		1.59	%		1.60	%		1.59	%
Net expenses		1.53	%		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%
Net investment loss		(0.84	)%		(0.83	)%		(1.09	)%		(0.38	)%		(0.99	)%		(1.08	)%
Supplemental data
Portfolio turnover rate		44	%		94	%		101	%		88	%		101	%		123	%
Net assets, end of period (000s omitted)		$11,605			$17,199			$20,095			$23,745			$15,408			$6,515

¹  Calculated based upon average shares outstanding

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

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

18 Wells Fargo Omega Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$51.20			$52.50			$50.00			$40.60			$39.67			$31.12
Net investment income (loss)		(0.09	)1		(0.17	)1		(0.31	)1		0.07	1		(0.19	)1		(0.21	)1
Net realized and unrealized gains (losses) on investments		(6.21	)		5.41			8.58			10.74			1.12			8.76
Total from investment operations		(6.30	)		5.24			8.27			10.81			0.93			8.55
Distributions to shareholders from
Net realized gains		(3.93	)		(6.54	)		(5.77	)		(1.41	)		0.00			0.00
Net asset value, end of period		$40.97			$51.20			$52.50			$50.00			$40.60			$39.67
Total return2		(12.80	)%		10.91	%		16.89	%		27.35	%		2.34	%		27.47	%
Ratios to average net assets (annualized)
Gross expenses		1.18	%		1.15	%		1.15	%		1.17	%		1.17	%		1.18	%
Net expenses		1.06	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Net investment income (loss)		(0.37	)%		(0.33	)%		(0.59	)%		0.16	%		(0.49	)%		(0.56	)%
Supplemental data
Portfolio turnover rate		44	%		94	%		101	%		88	%		101	%		123	%
Net assets, end of period (000s omitted)		$53,018			$86,756			$115,281			$69,264			$51,560			$41,242

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Omega Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$52.01			$53.10			$50.40			$40.81			$39.77			$31.12
Net investment income (loss)		(0.02	)		(0.04	)1		(0.24	)		0.11	1		(0.10	)		(0.03	)
Net realized and unrealized gains (losses) on investments		(6.33	)		5.49			8.71			10.89			1.14			8.68
Total from investment operations		(6.35	)		5.45			8.47			11.00			1.04			8.65
Distributions to shareholders from
Net realized gains		(3.93	)		(6.54	)		(5.77	)		(1.41	)		0.00			0.00
Net asset value, end of period		$41.73			$52.01			$53.10			$50.40			$40.81			$39.77
Total return2		(12.70	)%		11.20	%		17.17	%		27.68	%		2.62	%		27.80	%
Ratios to average net assets (annualized)
Gross expenses		0.95	%		0.90	%		0.89	%		0.91	%		0.92	%		0.88	%
Net expenses		0.81	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		(0.13	)%		(0.09	)%		(0.36	)%		0.24	%		(0.24	)%		(0.34	)%
Supplemental data
Portfolio turnover rate		44	%		94	%		101	%		88	%		101	%		123	%
Net assets, end of period (000s omitted)		$62,301			$87,085			$49,960			$3,507			$779			$656

¹  Calculated based upon average shares outstanding

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

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

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

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

Security loans

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

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2015, the Fund had a qualified late-year ordinary loss of $4,425,506 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of January 31, 2016:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	145,565,707	$	0	$	0	$	145,565,707
Consumer staples		36,772,448		0		0		36,772,448
Financials		57,893,829		0		0		57,893,829
Health care		108,895,519		0		0		108,895,519
Industrials		70,590,160		0		0		70,590,160
Information technology		281,924,283		10,357,138		0		292,281,421
Materials		22,638,119		0		0		22,638,119
Telecommunication services		20,590,297		0		0		20,590,297
Short-term investments
Investment companies		10,900,136		0		0		10,900,136
Investments measured at net asset value*								6,640,900
Total assets	$	755,770,498	$	10,357,138	$	0	$	772,768,536

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $6,640,900 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2016, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.80% and declining to 0.555% as the average daily net assets of the Fund increase. For the six months ended January 31, 2016, the management fee was equivalent to an annual rate of 0.78% of the Fund’s average daily net assets.

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

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

Administration fees

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

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

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.30% for Class A shares, 2.05% for Class B shares, 2.05% for Class C shares, 1.55% for Class R, 1.10% for Administrator Class shares, and 0.85% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to December 1, 2015, the Fund’s expenses were capped at 1.05% for Administrator Class and 0.80% for Institutional Class shares.

Distribution fees

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended January 31, 2016, Funds Distributor received $10,616 from the sale of Class A shares and $28 and $424 in contingent deferred sales charges from redemptions of Class B and Class C shares, respectively.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2016 were $386,531,412 and $487,055,096, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other 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 six months ended January 31, 2016, the Fund paid $1,508 in commitment fees.

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

For the six months ended January 31, 2016, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Omega Growth Fund 25

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

26 Wells Fargo Omega Growth Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief financial officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead 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
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust

Other information (unaudited) Wells Fargo Omega Growth Fund 27

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; 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.
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.

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 wellsfargofunds.com.

28 Wells Fargo Omega Growth Fund List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

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 Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2016 Wells Fargo Funds Management, LLC. All rights reserved.

240801 03-16 SA211/SAR211 01-16

Semi-Annual Report

January 31, 2016

Wells Fargo
Premier Large Company Growth Fund

Reduce clutter. Save trees.

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

Contents

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

The views expressed and any forward-looking statements are as of January 31, 2016, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

2 Wells Fargo Premier Large Company Growth Fund Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Funds

Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced ongoing challenges.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Premier Large Company Growth Fund for the six-month period that ended January 31, 2016. Despite generally improving U.S. economic data, ongoing global turmoil tempered U.S. economic growth during the period as many economies and markets outside the U.S. faced continuing challenges. In this environment, the broad U.S. stock market experienced heightened volatility and ultimately fell 5.64% overall for the six-month period (as measured by the Russell 3000^® Index,¹ which is the index used to measure U.S. stock market performance throughout this letter).

As the reporting period began, China’s slowdown continued to take a toll on U.S. and international markets.

The U.S. stock market declined 6.04% and 2.91% in August and September 2015, respectively, as investors worried about the impact on the U.S. of China’s slowing growth. A number of positive economic indicators released during these months suggested the U.S. economy remained solid. However, the strengthening U.S. dollar coupled with ongoing global economic turmoil continued to hinder the economy. Although many investors believed the U.S. Federal Reserve (Fed) would raise the federal funds rate during the third quarter of 2015, at its September 2015 meeting the Fed left the rate unchanged. This decision fueled uncertainty about the U.S. economy’s stamina to remain healthy while facing the negative effects of troubles elsewhere in the world. One week later, Fed Chair Janet Yellen reassured investors that, barring unpleasant surprises, the Fed still intended to raise the rate in 2015. International markets were more volatile than the domestic market and delivered even weaker results in August and September. Investors’ anxiety was driven largely by China’s weakened economy. Because China is the world’s largest importer of many commodities, a number of emerging markets—key commodities exporters—struggled under the strains of reduced demand for commodities and lower prices for the commodities sold.

The U.S. stock market delivered a positive result overall for the last three months of 2015 despite ongoing concerns.

The broad U.S. stock market fluctuated widely in the fourth quarter of 2015, rising 7.90% in October and 0.55% in November before falling 2.05% in December, for an overall quarterly return of 6.27%. Stock markets outside the U.S. generally failed to keep pace with the domestic market as economic concerns, including China’s ongoing slowdown, continued to affect many countries worldwide. U.S. economic data released during the quarter indicated the economy remained solid, with modest growth. However, the strong U.S. dollar and global economic turmoil continued their drag on the economy. In December, the Fed, as expected, slightly raised its target short-term interest rate to between 0.25% and 0.50% after keeping it near zero for seven years. The move, which had been well telegraphed by the Fed for months, reflected confidence in the U.S. economy’s ability to stay healthy with less central-bank support. The Fed also made clear that future interest-rate increases will be gradual.

U.S. stocks struggled in January 2016.

The broad U.S. stock market dropped 5.64% for the month, weighed down by ongoing concerns about heightened market volatility, the continued plunge in oil prices, and the impact of weak global growth on U.S. companies. The U.S. economy, however, remained resilient in January—with continued solid hiring, a

¹  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.

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

reduction in the jobless rate to 4.9%, and signs of an uptick in the pace of wage growth—despite some warning signs that became evident in recent months, such as weaknesses in manufacturing and business growth.

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

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

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

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance.

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

4 Wells Fargo Premier Large Company Growth Fund Performance highlights (unaudited)

Investment objective

The Fund seeks long-term capital appreciation.

Manager

Wells Fargo Funds Management Incorporated

Subadviser

Wells Fargo Capital Management, LLC

Portfolio managers

Joseph M. Eberhardy, CFA^®, CPA

Thomas C. Ognar, CFA^®

Bruce C. Olson, CFA^®

Average annual total returns (%) as of January 31, 2016¹

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (EKJAX)	1-20-1998		(10.59	)		8.42		7.08		(5.13	)		9.71		7.72		1.11		1.11
Class B (EKJBX)*	9-11-1935		(10.17	)		8.62		7.17		(5.82	)		8.90		7.17		1.86		1.86
Class C (EKJCX)	1-22-1998		(6.84	)		8.91		6.93		(5.84	)		8.91		6.93		1.86		1.86
Class R4 (EKJRX)	11-30-2012		–			–		–		(4.85	)		10.08		8.05		0.83		0.80
Class R6 (EKJFX)	11-30-2012		–			–		–		(4.71	)		10.18		8.10		0.68		0.65
Administrator Class (WFPDX)	7-16-2010		–			–		–		(4.97	)		9.89		7.85		1.03		1.00
Institutional Class (EKJYX)	6-30-1999		–			–		–		(4.71	)		10.17		8.09		0.78		0.70
Russell 1000® Growth Index4	–		–			–		–		1.32			11.67		7.72		–		–

* 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, wellsfargofunds.com.

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

For Class A shares, the maximum front-end sales charge is 5.75%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R4, Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

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

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Premier Large Company Growth Fund 5

Ten largest holdings (%) as of January 31, 20165
Facebook Incorporated Class A	4.70
Alphabet Incorporated Class A	4.51
Alexion Pharmaceuticals Incorporated	3.35
Amazon.com Incorporated	3.25
Dollar Tree Incorporated	3.18
Microchip Technology Incorporated	2.89
Apple Incorporated	2.70
MasterCard Incorporated Class A	2.34
Visa Incorporated Class A	2.34
Starbucks Corporation	2.33

Sector distribution as of January 31, 2016⁶

¹  Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares, and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Administrator Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Large Company Growth Fund.

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

³  The manager has contractually committed through November 30, 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 1000^® Growth Index measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

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

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

6 Wells Fargo Premier Large Company Growth Fund Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from August 1, 2015 to January 31, 2016.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 8-1-2015		Ending account value 1-31-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	878.76	$	5.24		1.11	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.56	$	5.63		1.11	%
Class B
Actual	$	1,000.00	$	875.91	$	8.77		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Class C
Actual	$	1,000.00	$	875.64	$	8.79		1.86	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.79	$	9.42		1.86	%
Class R4
Actual	$	1,000.00	$	880.25	$	3.78		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%
Class R6
Actual	$	1,000.00	$	880.66	$	3.07		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.87	$	3.30		0.65	%
Administrator Class
Actual	$	1,000.00	$	879.11	$	4.53		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.88		0.96	%
Institutional Class
Actual	$	1,000.00	$	880.59	$	3.31		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Premier Large Company Growth Fund 7

Security name	Shares		Value
Common Stocks: 97.99%
Consumer Discretionary: 24.12%
Auto Components: 0.62%
Delphi Automotive plc		414,880	$	26,942,307
Distributors: 1.68%
LKQ Corporation †		2,645,060		72,474,644
Hotels, Restaurants & Leisure: 2.76%
Hilton Worldwide Holdings Incorporated		1,062,290		18,919,385
Starbucks Corporation		1,655,160		100,584,073
				119,503,458
Internet & Catalog Retail: 3.61%
Amazon.com Incorporated †		239,230		140,428,010
Netflix Incorporated †		173,890		15,970,058
				156,398,068
Media: 1.15%
Charter Communication Incorporated Class A †«		126,000		21,591,360
The Walt Disney Company		292,140		27,992,855
				49,584,215
Multiline Retail: 5.20%
Dollar General Corporation		1,164,460		87,404,368
Dollar Tree Incorporated †		1,689,480		137,388,514
				224,792,882
Specialty Retail: 5.76%
CarMax Incorporated †		1,293,290		57,137,552
The Home Depot Incorporated		496,880		62,487,629
The TJX Companies Incorporated		666,730		47,497,845
Tractor Supply Company		929,730		82,104,456
				249,227,482
Textiles, Apparel & Luxury Goods: 3.34%
Nike Incorporated Class B		1,053,120		65,303,971
Under Armour Incorporated Class A †		609,220		52,045,665
VF Corporation		436,090		27,299,234
				144,648,870
Consumer Staples: 5.28%
Beverages: 1.06%
The Coca-Cola Company		1,070,470		45,944,572
Food & Staples Retailing: 2.72%
Costco Wholesale Corporation		275,840		41,684,941
CVS Health Corporation		455,850		44,030,552
Sprouts Farmers Market Incorporated †«		1,391,802		31,733,086
				117,448,579

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

8 Wells Fargo Premier Large Company Growth Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name	Shares		Value
Household Products: 0.50%
Colgate-Palmolive Company		319,110	$	21,549,498
Personal Products: 1.00%
The Estee Lauder Companies Incorporated Class A		507,670		43,278,868
Energy: 0.96%
Oil, Gas & Consumable Fuels: 0.96%
Concho Resources Incorporated †		436,460		41,520,440
Financials: 2.01%
Capital Markets: 1.28%
TD Ameritrade Holding Corporation		2,014,520		55,560,462
REITs: 0.73%
American Tower Corporation		332,560		31,373,710
Health Care: 17.78%
Biotechnology: 9.63%
Alexion Pharmaceuticals Incorporated †		993,624		144,999,550
BioMarin Pharmaceutical Incorporated †		802,220		59,380,324
Celgene Corporation †		759,418		76,184,814
Incyte Corporation †		192,670		13,594,795
Medivation Incorporated †		640,970		20,959,719
Regeneron Pharmaceuticals Incorporated †		146,130		61,387,752
Vertex Pharmaceuticals Incorporated †		442,090		40,119,668
				416,626,622
Health Care Equipment & Supplies: 2.08%
Intuitive Surgical Incorporated †		38,880		21,028,248
Medtronic plc		905,012		68,708,511
				89,736,759
Health Care Providers & Services: 1.38%
AmerisourceBergen Corporation		666,670		59,706,965
Health Care Technology: 1.23%
Cerner Corporation †		915,200		53,090,752
Life Sciences Tools & Services: 0.87%
Mettler-Toledo International Incorporated †		12,750		3,988,838
Quintiles Transnational Holdings Incorporated †		555,177		33,771,417
				37,760,255
Pharmaceuticals: 2.59%
Allergan plc †		81,030		23,047,363
Bristol-Myers Squibb Company		822,350		51,117,276
Perrigo Company plc		261,710		37,838,032
				112,002,671

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

Portfolio of investments—January 31, 2016 (unaudited) Wells Fargo Premier Large Company Growth Fund 9

Security name	Shares		Value
Industrials: 7.76%
Aerospace & Defense: 0.84%
The Boeing Company		301,270	$	36,191,565
Air Freight & Logistics: 1.35%
United Parcel Service Incorporated Class B		629,290		58,649,828
Airlines: 1.54%
Southwest Airlines Company		1,770,940		66,622,763
Industrial Conglomerates: 0.81%
Danaher Corporation		405,360		35,124,444
Road & Rail: 3.22%
Canadian Pacific Railway Limited		45,550		5,453,702
Kansas City Southern		653,100		46,291,728
Union Pacific Corporation		1,213,940		87,403,680
				139,149,110
Information Technology: 37.75%
Communications Equipment: 0.47%
Palo Alto Networks Incorporated †		136,500		20,405,385
Internet Software & Services: 10.68%
Akamai Technologies Incorporated †		404,290		18,443,710
Alphabet Incorporated Class A †		256,390		195,202,527
Alphabet Incorporated Class C †		60,678		45,080,720
Facebook Incorporated Class A †		1,812,080		203,333,497
				462,060,454
IT Services: 9.59%
Accenture plc Class A		514,130		54,261,280
Alliance Data Systems Corporation †		436,220		87,152,394
Cognizant Technology Solutions Corporation Class A †		1,123,030		71,099,029
MasterCard Incorporated Class A		1,137,340		101,257,380
Visa Incorporated Class A		1,357,490		101,119,430
				414,889,513
Semiconductors & Semiconductor Equipment: 6.83%
ARM Holdings plc ADR «		1,525,187		65,705,056
Avago Technologies Limited		212,937		28,471,806
Broadcom Corporation Class A		389,340		21,285,218
Microchip Technology Incorporated «		2,787,790		124,920,870
Texas Instruments Incorporated		1,037,960		54,939,223
				295,322,173
Software: 7.48%
Adobe Systems Incorporated †		471,990		42,068,469
Fortinet Incorporated †		2,172,970		61,147,376
Microsoft Corporation		853,580		47,023,722

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

10 Wells Fargo Premier Large Company Growth Fund Portfolio of investments—January 31, 2016 (unaudited)

Security name			Shares		Value
Software (continued)
NetSuite Incorporated †«				32,690	$	2,267,705
Red Hat Incorporated †				480,930		33,689,147
Salesforce.com Incorporated †				478,650		32,576,919
ServiceNow Incorporated †				366,040		22,771,348
Splunk Incorporated †				1,096,960		50,778,278
Tableau Software Incorporated Class A †				392,154		31,466,437
						323,789,401
Technology Hardware, Storage & Peripherals: 2.70%
Apple Incorporated				1,199,540		116,763,224
Materials: 2.33%
Chemicals: 2.33%
Ecolab Incorporated				695,580		75,032,211
Praxair Incorporated				258,140		25,814,000
						100,846,211
Total Common Stocks (Cost $3,201,613,251)						4,238,986,150
	Yield
Short-Term Investments: 4.75%
Investment Companies: 4.75%
Securities Lending Cash Investments, LLC (l)(r)(u)	0.42	%		142,620,425		142,620,425
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)	0.40			62,671,289		62,671,289
Total Short-Term Investments (Cost $205,291,714)						205,291,714

Total investments in securities (Cost $3,406,904,965) *	102.74	%		4,444,277,864
Other assets and liabilities, net	(2.74	)		(118,323,234	)
Total net assets	100.00	%	$	4,325,954,630

† Non-income-earning security

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

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

(r) The investment is a non-registered investment 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 $3,417,214,452 and unrealized gains (losses) consists of:

Gross unrealized gains	$	1,146,501,535
Gross unrealized losses		(119,438,123	)
Net unrealized gains	$	1,027,063,412

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

Statement of assets and liabilities—January 31, 2016 (unaudited) Wells Fargo Premier Large Company Growth Fund 11

Assets
Investments
In unaffiliated securities (including $139,194,220 of securities loaned), at value (cost $3,201,613,251)	$	4,238,986,150
In affiliated securities, at value (cost $205,291,714)		205,291,714
Total investments, at value (cost $3,406,904,965)		4,444,277,864
Cash		23,272
Receivable for investments sold		42,492,483
Receivable for Fund shares sold		4,202,856
Receivable for dividends		1,284,376
Receivable for securities lending income		62,177
Prepaid expenses and other assets		162,027
Total assets		4,492,505,055
Liabilities
Payable for investments purchased		6,057,347
Payable for Fund shares redeemed		13,948,839
Payable upon receipt of securities loaned		142,620,425
Management fee payable		2,284,625
Distribution fees payable		210,354
Administration fees payable		644,624
Accrued expenses and other liabilities		784,211
Total liabilities		166,550,425
Total net assets	$	4,325,954,630
NET ASSETS CONSIST OF
Paid-in capital	$	3,298,149,033
Accumulated net investment loss		(5,503,812	)
Accumulated net realized losses on investments		(4,063,490	)
Net unrealized gains on investments		1,037,372,899
Total net assets	$	4,325,954,630
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	2,038,327,537
Shares outstanding – Class A1		152,877,167
Net asset value per share – Class A		$13.33
Maximum offering price per share – Class A2		$14.14
Net assets – Class B	$	1,251,515
Shares outstanding – Class B1		108,346
Net asset value per share – Class B		$11.55
Net assets – Class C	$	321,255,375
Shares outstanding – Class C1		27,885,785
Net asset value per share – Class C		$11.52
Net assets – Class R4	$	2,002,883
Share outstanding – Class R41		147,269
Net asset value per share – Class R4		$13.60
Net assets – Class R6	$	168,209,299
Shares outstanding – Class R61		12,311,553
Net asset value per share – Class R6		$13.66
Net assets – Administrator Class	$	579,520,535
Shares outstanding – Administrator Class1		43,080,078
Net asset value per share – Administrator Class		$13.45
Net assets – Institutional Class	$	1,215,387,486
Shares outstanding – Institutional Class1		89,040,547
Net asset value per share – Institutional Class		$13.65

¹  The Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Premier Large Company Growth Fund Statement of operations—six months ended January 31, 2016 (unaudited)

Investment income
Dividends (net of foreign withholding taxes of $9,133)	$	22,213,989
Securities lending income, net		233,753
Income from affiliated securities		35,085
Total investment income		22,482,827
Expenses
Management fee		15,818,150
Administration fees
Class A		2,297,155
Class B		1,716
Class C		374,525
Class R4		819
Class R6		26,928
Administrator Class		545,344
Institutional Class		853,919
Investor Class		132,962	1
Shareholder servicing fees
Class A		2,734,146
Class B		2,043
Class C		445,863
Class R4		1,024
Administrator Class		1,035,439
Investor Class		103,446	1
Distribution fees
Class B		6,129
Class C		1,337,589
Custody and accounting fees		125,352
Professional fees		27,173
Registration fees		81,239
Shareholder report expenses		214,986
Trustees’ fees and expenses		12,318
Other fees and expenses		49,098
Total expenses		26,227,363
Less: Fee waivers and/or expense reimbursements		(1,029,873	)
Net expenses		25,197,490
Net investment loss		(2,714,663	)
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains on investments		165,333,691
Net change in unrealized gains (losses) on investments		(791,676,422	)
Net realized and unrealized gains (losses) on investments		(626,342,731	)
Net decrease in net assets resulting from operations	$	(629,057,394	)

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

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

Statement of changes in net assets Wells Fargo Premier Large Company Growth Fund 13

	Six months ended January 31, 2016 (unaudited)						Year ended July 31, 2015
Operations
Net investment loss				$	(2,714,663	)				$	(4,932,440	)
Net realized gains on investments					165,333,691						217,385,650
Net change in unrealized gains (losses) on investments					(791,676,422	)					456,933,003
Net increase (decrease) in net assets resulting from operations					(629,057,394	)					669,386,213
Distributions to shareholders from
Net realized gains
Class A					(154,141,985	)					(25,289,106	)
Class B					(115,925	)					(52,310	)
Class C					(27,659,123	)					(6,075,432	)
Class R4					(138,255	)					(26,355	)
Class R6					(12,437,527	)					(2,294,051	)
Administrator Class					(51,332,185	)					(17,637,288	)
Institutional Class					(90,311,280	)					(16,043,030	)
Investor Class					0	1					(2,767,968	)
Total distributions to shareholders					(336,136,280	)					(70,185,540	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		18,976,587			293,542,817			44,287,833			683,559,842
Class B		5,432			69,448			4,474			61,128
Class C		2,067,611			26,834,778			4,631,916			62,766,733
Class R4		9,715			146,317			89,416			1,331,780
Class R6		2,331,068			37,093,722			1,160,674			18,210,412
Administrator Class		2,585,940			39,178,964			11,745,864			181,283,260
Institutional Class		19,964,037			305,416,475			26,787,602			422,028,125
Investor Class		204,065	1		3,092,910	1		1,217,432			18,676,165
					705,375,431						1,387,917,445
Reinvestment of distributions
Class A		10,119,274			145,413,973			1,553,406			23,409,833
Class B		7,422			92,480			3,219			42,848
Class C		1,715,487			21,323,504			333,914			4,431,032
Class R4		9,437			138,255			1,723			26,355
Class R6		813,689			11,977,506			141,900			2,176,746
Administrator Class		3,513,370			50,943,861			1,033,233			15,674,143
Institutional Class		4,638,850			68,237,489			854,382			13,097,671
Investor Class		0	1		0	1		181,619			2,727,921
					298,127,068						61,586,549
Payment for shares redeemed
Class A		(16,270,357	)		(242,742,181	)		(36,977,346	)		(568,178,692	)
Class B		(56,247	)		(757,920	)		(166,018	)		(2,261,194	)
Class C		(3,107,223	)		(40,629,042	)		(6,821,898	)		(93,243,358	)
Class R4		(438	)		(6,922	)		(14,450	)		(227,033	)
Class R6		(869,115	)		(12,930,953	)		(2,357,872	)		(37,477,435	)
Administrator Class		(31,898,281	)		(477,933,646	)		(34,510,354	)		(539,756,076	)
Institutional Class		(14,639,037	)		(223,817,643	)		(18,413,561	)		(290,307,468	)
Investor Class		(12,187,103	)1		(190,582,272	)1		(3,060,955	)		(47,139,147	)
					(1,189,400,579	)					(1,578,590,403	)
Net decrease in net assets resulting from capital share transactions					(185,898,080	)					(129,086,409	)
Total increase (decrease) in net assets					(1,151,091,754	)					470,114,264
Net assets
Beginning of period					5,477,046,384						5,006,932,120
End of period				$	4,325,954,630					$	5,477,046,384
Accumulated net investment loss				$	(5,503,812	)				$	(2,789,149	)

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

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

14 Wells Fargo Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS A				2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.28			$14.55			$12.57			$10.21			$9.89			$7.75
Net investment loss		(0.01	)		(0.03	)		(0.05	)		(0.02	)		(0.03	)1		(0.01	)
Net realized and unrealized gains (losses) on investments		(1.89	)		1.97			2.03			2.38			0.60			2.15
Total from investment operations		(1.90	)		1.94			1.98			2.36			0.57			2.14
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.00	)2
Net realized gains		(1.05	)		(0.21	)		0.00			0.00			(0.25	)		0.00
Total distributions to shareholders		(1.05	)		(0.21	)		0.00			0.00			(0.25	)		(0.00	)2
Net asset value, end of period		$13.33			$16.28			$14.55			$12.57			$10.21			$9.89
Total return3		(12.12	)%		13.46	%		15.75	%		23.11	%		6.08	%		27.55	%
Ratios to average net assets (annualized)
Gross expenses		1.12	%		1.16	%		1.17	%		1.19	%		1.23	%		1.24	%
Net expenses		1.11	%		1.12	%		1.12	%		1.12	%		1.12	%		1.12	%
Net investment loss		(0.21	)%		(0.18	)%		(0.36	)%		(0.15	)%		(0.30	)%		(0.13	)%
Supplemental data
Portfolio turnover rate		23	%		44	%		37	%		32	%		51	%		65	%
Net assets, end of period (000s omitted)		$2,038,328			$2,280,107			$1,908,455			$1,515,862			$932,106			$620,262

¹  Calculated based upon average shares outstanding

²  Amount is less than $0.005.

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

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

Financial highlights Wells Fargo Premier Large Company Growth Fund 15

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS B				2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.30			$12.90			$11.23			$9.19			$8.99			$7.10
Net investment loss		(0.06	)1		(0.13	)1		(0.13	)1		(0.09	)1		(0.09	)1		(0.07	)1
Net realized and unrealized gains (losses) on investments		(1.64	)		1.74			1.80			2.13			0.54			1.96
Total from investment operations		(1.70	)		1.61			1.67			2.04			0.45			1.89
Distributions to shareholders from
Net realized gains		(1.05	)		(0.21	)		0.00			0.00			(0.25	)		0.00
Net asset value, end of period		$11.55			$14.30			$12.90			$11.23			$9.19			$8.99
Total return2		(12.41	)%		12.61	%		14.87	%		22.20	%		5.22	%		26.62	%
Ratios to average net assets (annualized)
Gross expenses		1.87	%		1.91	%		1.91	%		1.94	%		1.97	%		2.00	%
Net expenses		1.86	%		1.87	%		1.87	%		1.87	%		1.87	%		1.87	%
Net investment loss		(0.94	)%		(0.92	)%		(1.09	)%		(0.87	)%		(1.04	)%		(0.85	)%
Supplemental data
Portfolio turnover rate		23	%		44	%		37	%		32	%		51	%		65	%
Net assets, end of period (000s omitted)		$1,252			$2,170			$4,001			$5,637			$6,962			$10,244

¹  Calculated based upon average shares outstanding

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

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

16 Wells Fargo Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS C				2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.27			$12.87			$11.20			$9.17			$8.97			$7.08
Net investment loss		(0.06	)1		(0.13	)1		(0.14	)1		(0.09	)1		(0.10	)1		(0.08	)1
Net realized and unrealized gains (losses) on investments		(1.64	)		1.74			1.81			2.12			0.55			1.97
Total from investment operations		(1.70	)		1.61			1.67			2.03			0.45			1.89
Distributions to shareholders from
Net realized gains		(1.05	)		(0.21	)		0.00			0.00			(0.25	)		0.00
Net asset value, end of period		$11.52			$14.27			$12.87			$11.20			$9.17			$8.97
Total return2		(12.44	)%		12.65	%		14.91	%		22.14	%		5.24	%		26.69	%
Ratios to average net assets (annualized)
Gross expenses		1.87	%		1.91	%		1.92	%		1.94	%		1.98	%		1.99	%
Net expenses		1.86	%		1.87	%		1.87	%		1.87	%		1.87	%		1.87	%
Net investment loss		(0.96	)%		(0.93	)%		(1.11	)%		(0.91	)%		(1.07	)%		(0.90	)%
Supplemental data
Portfolio turnover rate		23	%		44	%		37	%		32	%		51	%		65	%
Net assets, end of period (000s omitted)		$321,255			$388,290			$374,136			$279,203			$129,980			$35,783

¹  Calculated based upon average shares outstanding

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

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

Financial highlights Wells Fargo Premier Large Company Growth Fund 17

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS R4				2015			2014			20131
Net asset value, beginning of period		$16.56			$14.75			$12.70			$10.81
Net investment income (loss)		0.01	3		0.02			(0.01	)		0.00	2
Net realized and unrealized gains (losses) on investments		(1.92	)		2.00			2.06			1.89
Total from investment operations		(1.91	)		2.02			2.05			1.89
Distributions to shareholders from
Net realized gains		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$13.60			$16.56			$14.75			$12.70
Total return4		(11.97	)%		13.82	%		16.14	%		17.48	%
Ratios to average net assets (annualized)
Gross expenses		0.84	%		0.83	%		0.84	%		0.85	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)		0.09	%		0.13	%		(0.11	)%		0.06	%
Supplemental data
Portfolio turnover rate		23	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$2,003			$2,129			$765			$131

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

²  Amount is less than $0.005.

³  Calculated based upon average shares outstanding

⁴  Returns for periods of less than one year are not annualized.

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

18 Wells Fargo Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
CLASS R6				2015			2014			20131
Net asset value, beginning of period		$16.62			$14.77			$12.71			$10.81
Net investment income		0.02	3		0.05			0.01			0.00	2
Net realized and unrealized gains (losses) on investments		(1.93	)		2.01			2.05			1.90
Total from investment operations		(1.91	)		2.06			2.06			1.90
Distributions to shareholders from
Net realized gains		(1.05	)		(0.21	)		0.00			0.00
Net asset value, end of period		$13.66			$16.62			$14.77			$12.71
Total return4		(11.93	)%		14.00	%		16.29	%		17.58	%
Ratios to average net assets (annualized)
Gross expenses		0.69	%		0.68	%		0.69	%		0.71	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		0.24	%		0.29	%		0.09	%		0.05	%
Supplemental data
Portfolio turnover rate		23	%		44	%		37	%		32	%
Net assets, end of period (000s omitted)		$168,209			$166,768			$163,871			$4,629

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

²  Amount is less than $0.005.

³  Calculated based upon average shares outstanding

⁴  Returns for periods of less than one year are not annualized.

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

Financial highlights Wells Fargo Premier Large Company Growth Fund 19

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
ADMINISTRATOR CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.41			$14.63			$12.62			$10.24			$9.90			$7.75
Net investment income (loss)		(0.00	)1,2		(0.00	)1		(0.02	)		(0.00	)1		(0.02	)		0.00	1
Net realized and unrealized gains (losses) on investments		(1.91	)		1.99			2.03			2.38			0.61			2.16
Total from investment operations		(1.91	)		1.99			2.01			2.38			0.59			2.16
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.01	)
Net realized gains		(1.05	)		(0.21	)		0.00			0.00			(0.25	)		0.00
Total distributions to shareholders		(1.05	)		(0.21	)		0.00			0.00			(0.25	)		(0.01	)
Net asset value, end of period		$13.45			$16.41			$14.63			$12.62			$10.24			$9.90
Total return3		(12.09	)%		13.73	%		15.93	%		23.24	%		6.28	%		27.75	%
Ratios to average net assets (annualized)
Gross expenses		1.03	%		1.00	%		1.00	%		1.04	%		1.07	%		1.08	%
Net expenses		0.96	%		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)		(0.03	)%		(0.01	)%		(0.19	)%		(0.01	)%		(0.16	)%		0.01	%
Supplemental data
Portfolio turnover rate		23	%		44	%		37	%		32	%		51	%		65	%
Net assets, end of period (000s omitted)		$579,521			$1,129,970			$1,325,864			$640,494			$251,759			$54,335

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

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

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

20 Wells Fargo Premier Large Company Growth Fund Financial highlights

(For a share outstanding throughout each period)

	Six months ended January 31, 2016 (unaudited)			Year ended July 31
INSTITUTIONAL CLASS				2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.61			$14.77			$12.71			$10.28			$9.91			$7.75
Net investment income		0.02	2		0.03			0.01	2		(0.00	)1		0.00	1,2		0.02	2
Net realized and unrealized gains (losses) on investments		(1.93	)		2.02			2.05			2.43			0.62			2.15
Total from investment operations		(1.91	)		2.05			2.06			2.43			0.62			2.17
Distributions to shareholders from
Net investment income		0.00			0.00			0.00			0.00			0.00			(0.01	)
Net realized gains		(1.05	)		(0.21	)		0.00			0.00			(0.25	)		0.00
Total distributions to shareholders		(1.05	)		(0.21	)		0.00			0.00			(0.25	)		(0.01	)
Net asset value, end of period		$13.65			$16.61			$14.77			$12.71			$10.28			$9.91
Total return3		(11.94	)%		14.01	%		16.21	%		23.64	%		6.48	%		28.03	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.74	%		0.74	%		0.76	%		0.79	%		0.81	%
Net expenses		0.70	%		0.70	%		0.70	%		0.71	%		0.75	%		0.75	%
Net investment income		0.20	%		0.23	%		0.07	%		0.16	%		0.04	%		0.22	%
Supplemental data
Portfolio turnover rate		23	%		44	%		37	%		32	%		51	%		65	%
Net assets, end of period (000s omitted)		$1,215,387			$1,313,281			$1,031,979			$1,328,994			$223,616			$30,493

¹  Amount is less than $0.005.

²  Calculated based upon average shares outstanding

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

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

Notes to financial statements (unaudited) Wells Fargo Premier Large Company Growth Fund 21

1. ORGANIZATION

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

Effective at the close of business on October 23, 2015, Investor Class shares became Class A shares in a tax-free conversion. Shareholders of Investor Class received Class A shares at a value equal to the value of their Investor Class shares immediately prior to the conversion. Investor Class shares are no longer offered by the Fund.

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 principal exchange or market that day, the prior day’s price will be deemed “stale” and a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

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

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

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

Security loans

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

22 Wells Fargo Premier Large Company Growth Fund Notes to financial statements (unaudited)

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

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

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

As of July 31, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $24,607,476 with $6,388,000 expiring in 2016 and $18,219,476 expiring in 2017.

As of July 31, 2015, the Fund had a qualified late-year ordinary loss of $2,767,595 which was recognized on the first day of the current fiscal year.

Class allocations

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

3. FAIR VALUATION MEASUREMENTS

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

Notes to financial statements (unaudited) Wells Fargo Premier Large Company Growth Fund 23

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 January 31, 2016:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Common stocks
Consumer discretionary	$	1,043,571,926	$	0	$	0	$	1,043,571,926
Consumer staples		228,221,517		0		0		228,221,517
Energy		41,520,440		0		0		41,520,440
Financials		86,934,172		0		0		86,934,172
Health care		768,924,024		0		0		768,924,024
Industrials		335,737,710		0		0		335,737,710
Information technology		1,633,230,150		0		0		1,633,230,150
Materials		100,846,211		0		0		100,846,211
Short-term investments
Investment companies		62,671,289		0		0		62,671,289
Investments measured at net asset value*								142,620,425
Total assets	$	4,301,657,439	$	0	$	0	$	4,444,277,864

* Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $142,620,425 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At January 31, 2016, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo, is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.70% and declining to 0.505% as the average daily net assets of the Fund increase. For the six months ended January 31, 2016, 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 is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.275% as the average daily net assets of the Fund increase.

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

Administration fees

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

	Class-level administration fee
Class A, Class B, Class C		0.21	%
Class R4		0.08
Class R6		0.03
Administrator Class, Institutional Class		0.13
Investor Class		0.32

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through November 30, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.11% for Class A shares, 1.86% for Class B shares, 1.86% for Class C shares, 0.80% for Class R4 shares, 0.65% for Class R6 shares, 1.00% for Administrator Class shares, and 0.70% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Prior to December 1, 2015, the Fund’s expenses were capped at 0.95% for Administration 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 six months ended January 31, 2016, Funds Distributor received $40,469 from the sale of Class A shares and $4,967 in contingent deferred sales charges from redemptions of Class C.

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended January 31, 2016 were $1,154,862,240 and $1,683,955,817, respectively.

6. BANK BORROWINGS

The Trust (excluding the money market funds and certain other 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

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

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 six months ended January 31, 2016, the Fund paid $8,569 in commitment fees.

For the six months ended January 31, 2016, there were no borrowings by the Fund under the agreement.

7. CONCENTRATION RISK

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

8. INDEMNIFICATION

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

26 Wells Fargo Premier Large Company Growth Fund Other information (unaudited)

PROXY VOTING INFORMATION

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

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Premier Large Company Growth Fund 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 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	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief financial officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead 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
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

28 Wells Fargo Premier Large Company Growth Fund Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	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

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012; 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.
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.

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 wellsfargofunds.com.

List of abbreviations Wells Fargo Premier Large Company Growth Fund 29

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  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 Funds is available free upon request. To obtain literature, please write, email, visit the Fund’s website, or call:

Wells Fargo Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: fundservice@wellsfargo.com

Website: wellsfargofunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2016 Wells Fargo Funds Management, LLC. All rights reserved.

240802 03-16 SA212/SAR212 01-16

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for each series of Wells Fargo Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date:	March 24, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Funds Trust
By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date:	March 24, 2016
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	March 24, 2016