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

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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: August 31

Registrant is making a filing for 10 of its series:

Wells Fargo Adjustable Rate Government Fund, Wells Fargo Conservative Income Fund, Wells Fargo Core Plus Bond Fund, Wells Fargo Government Securities Fund, Wells Fargo High Income Fund, Wells Fargo High Yield Bond Fund, , Wells Fargo Short Duration Government Bond Fund, Wells Fargo Short-Term Bond Fund, Wells Fargo Short-Term High Yield Bond Fund, and Wells Fargo Ultra Short-Term Income Fund.

Date of reporting period: February 29, 2016

ITEM 1.

REPORT TO STOCKHOLDERS

Semi-Annual Report

February 29, 2016

Wells Fargo Adjustable Rate Government Fund

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Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Summary portfolio of investments*			7

Financial statements
Statement of assets and liabilities			9
Statement of operations			10
Statement of changes in net assets			11
Financial highlights			12

Notes to financial statements			17

Other information			21

List of abbreviations			24

A complete schedule of portfolio holdings as of the report date may be obtained, free of charge, by accessing the following website: https://www.wellsfargofunds.com/assets/edocs/regulatory/holdings/adjustable-rate-government-semi.pdf or by calling Wells Fargo Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSRS, is also available on the SEC’s website at sec.gov.

The views expressed and any forward-looking statements are as of February 29, 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 Adjustable Rate Government Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

All eyes were on the U.S. Federal Reserve (Fed) to see when it would begin normalizing monetary policy; it voted to begin increasing the federal funds rate in December 2015.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Adjustable Rate Government Fund for the six-month period that ended February 29, 2016. The period was marked by low interest rates, sustained weakness in commodity prices, and moderate U.S. economic growth. In the markets, all eyes were on the U.S. Federal Reserve (Fed) to see when it would begin normalizing monetary policy; it voted to begin increasing the federal funds rate in December 2015. During the six-month reporting period, the Barclays U.S. 1–3 Year Government/Credit Bond Index returned 0.55%.¹

Major central banks continued to provide stimulus.

In the U.S., monetary conditions remained accommodative even as the Fed began normalizing monetary policy. The Fed raised the target federal funds rate to between 0.25% and 0.50%, stating that its decision “recognizes the considerable progress that has been made toward restoring jobs, raising incomes, and easing economic hardships.” However, the Fed does not have preset paths for interest-rate hikes; rather, it depends on the economic environment. As the Fed begins to normalize monetary policy, it “expects economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.”

Meanwhile, the European Central Bank (ECB) held its key rate at a historical low of 0.05%. In addition to its targeted longer-term refinancing operations that are designed to increase bank lending, the ECB expanded its quantitative easing program to include the buying of eurozone government bonds. It lowered the overnight deposit rate to -0.30% from -0.20% in December. In Japan, the Bank of Japan (BOJ) maintained an aggressive monetary program aimed at combating deflation. The BOJ set a negative deposit rate at the end of January 2016, its latest effort to encourage banks to lend rather than hold deposits.

Global economic growth was below trend, and oil prices plummeted.

Developed countries experienced subtrend growth and subdued inflation, with commodity prices trending even lower over the course of the reporting period. In the U.S., however, economic growth advanced, the unemployment rate ticked lower to 4.9% as of February 2016, and inflation remained below the Fed’s longer-run objective of a 2% pace. The period also was marked by dramatically lower oil prices, which fell to less than $34 per barrel at the end of February 2016.

The U.S. yield curve flattened.

Short-term U.S. Treasury yields rose in line with changes to the federal funds rates, and longer-term yields declined amid strong demand. During the reporting period, 6-month Treasury bills rose 0.22% to end February 2016 at a yield of 0.49%. However, 2-year Treasury securities rose only 0.04% to finish with a yield of 0.78%. Meanwhile, the benchmark 10-year Treasury note yield declined by 0.47%, to end February with a yield of 1.74%. Not only did Treasuries benefit from their perceived safe-haven status, but longer-term U.S. Treasury yields remained attractive to investors because they offered higher yields than comparable-maturity European and Japanese government bonds.

The Barclays U.S. 1–3 Year Government/Credit Bond Index is the one- to three-year component of the Barclays U.S. Government/Credit Bond Index that includes securities in the Government and Credit Indexes. The Government Index includes Treasuries (that is, public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (that is, publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government).The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Adjustable Rate Government Fund			3

Since the end of the financial crisis, structural changes in the fixed-income markets have reduced trading liquidity (the degree to which assets can be bought or sold without affecting the price). New regulations and capital requirements have caused traditional liquidity suppliers (banks and broker/dealers) to be more risk-averse and hold less inventory. Meanwhile, corporate-debt issuance has spiked as companies finance themselves at record-low yields, bond mutual funds hold larger amounts of this new debt supply, trading volumes are lower, and large-size trades are more difficult to execute. However, fixed-income markets appear to have functioned well over the past year with sufficient liquidity and muted volatility.

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

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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

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

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


4		Wells Fargo Adjustable Rate Government Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®

Michal Stanczyk

Average annual total returns (%) as of February 29, 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 (ESAAX)	6-30-2000		(2.33	)		0.34			1.83		(0.30	)		0.75			2.04		0.79		0.74
Class B (ESABX)*	6-30-2000		(2.52	)		0.13			1.74		(1.03	)		0.13			1.74		1.54		1.49
Class C (ESACX)	6-30-2000		(2.05	)		(0.02	)		1.28		(1.05	)		(0.02	)		1.28		1.54		1.49
Administrator Class (ESADX)	7-30-2010		–			–			–		(0.16	)		0.89			2.19		0.73		0.60
Institutional Class (EKIZX)	10-1-1991		–			–			–		(0.01	)		1.00			2.31		0.46		0.46
Barclays 6-Month Treasury Bill Index⁴	–		–			–			–		0.33			0.22			1.54		–		–

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 2.00%. For Class B shares, the maximum contingent deferred sales charge is 1.50%. 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.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Adjustable Rate Government Fund			5


Ten largest holdings (%) as of February 29, 2016⁵
FNMA Series 2003-W18 Class 2A, 3.52%, 6-25-2043			1.13
FNMA, 2.70%, 2-1-2036			0.96
FHLMC Series T-67 Class 1A1C, 2.96%, 3-25-2036			0.93
FNMA, 2.94%, 11-1-2035			0.90
FNMA Series 2002-66 Class A3, 3.30%, 4-25-2042			0.88
FHLMC, 2.02%, 7-1-2034			0.87
FNMA Series 2004-W15 Class 3A, 2.82%, 6-25-2044			0.77
FHLMC, 2.65%, 9-1-2030			0.77
FNMA Series 2006-W1 Class 3A, 2.37%, 10-25-2045			0.73
FNMA, 2.47%, 12-1-2040			0.72

Portfolio allocation as of February 29, 2016⁶

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 12, 2010, is based on the performance of the Fund’s predecessor, Evergreen Adjustable Rate Fund.

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

The manager has contractually committed through December 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴	The Barclays 6-Month Treasury Bill Index tracks the performance and attributes of recently issued 6-month U.S. Treasury bills. The index follows Barclays’ monthly rebalancing conventions. 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 Adjustable Rate Government 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 September 1, 2015 to February 29, 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 9-1-2015		Ending account value 2-29-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	995.22	$	3.71		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.42	$	3.76		0.74	%
Class B
Actual	$	1,000.00	$	991.50	$	7.46		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.56		1.49	%
Class C
Actual	$	1,000.00	$	991.51	$	7.46		1.49	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.65	$	7.56		1.49	%
Administrator Class
Actual	$	1,000.00	$	995.91	$	3.01		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.12	$	3.05		0.60	%
Institutional Class
Actual	$	1,000.00	$	996.65	$	2.26		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.87	$	2.29		0.45	%

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).


Summary portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Adjustable Rate Government Fund			7

The Summary portfolio of investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category.


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets

Agency Securities: 94.73%
FHLMC		0.48-8.50	%		9-1-2016 to 5-25-2043	$	291,832,744	$	306,106,625		25.07	%
FHLMC ±		2.02			7-1-2034		10,112,620		10,638,291		0.87
FHLMC ±		2.46			6-1-2037		7,139,933		7,560,879		0.62
FHLMC ±		2.49			6-1-2037		6,790,863		7,159,569		0.59
FHLMC ±		2.52			9-1-2035		6,437,800		6,784,113		0.56
FHLMC ±		2.53			2-1-2035		5,039,443		5,305,945		0.43
FHLMC ±		2.54			1-1-2038		7,050,145		7,446,411		0.61
FHLMC ±		2.54			9-1-2034		5,068,177		5,327,374		0.44
FHLMC ±		2.55			4-1-2038		6,562,663		6,917,679		0.57
FHLMC ±		2.59			4-1-2035		4,829,206		5,089,913		0.42
FHLMC ±		2.65			9-1-2030		8,894,049		9,415,754		0.77
FHLMC ±		2.68			12-1-2034		4,944,193		5,228,509		0.43
FHLMC ±		2.86			8-1-2030		5,113,816		5,424,142		0.44
FHLMC Series T-62 Class 1A1 ±		1.49			10-25-2044		5,404,484		5,390,082		0.44
FHLMC Series T-63 Class 1A1 ±		1.49			2-25-2045		4,838,748		5,092,102		0.42
FHLMC Series T-67 Class 1A1C ±		2.96			3-25-2036		10,649,173		11,341,773		0.93
FHLMC Series T-67 Class 2A1C ±		2.94			3-25-2036		6,594,578		6,886,062		0.56
FNMA		0.68-11.00			6-1-2016 to 12-1-2046		467,358,396		493,406,250		40.28
FNMA ±		2.16			10-1-2035		7,947,956		8,313,236		0.68
FNMA ±		2.18			12-1-2035		5,287,070		5,514,507		0.45
FNMA ±		2.25			5-1-2033		4,647,184		4,950,116		0.41
FNMA ±		2.43			5-1-2038		4,655,977		4,911,735		0.40
FNMA ±		2.44			1-1-2037		7,925,516		8,399,068		0.69
FNMA ±		2.44			8-1-2039		4,626,832		4,894,900		0.40
FNMA ±		2.44			9-1-2032		6,440,574		6,783,956		0.56
FNMA ±		2.46			9-1-2039		6,751,895		7,121,660		0.58
FNMA ±		2.47			12-1-2040		8,304,037		8,745,435		0.72
FNMA ±		2.47			7-1-2039		4,792,024		5,054,553		0.41
FNMA ±		2.49			1-1-2035		5,564,316		5,858,155		0.48
FNMA ±		2.49			12-1-2040		5,066,686		5,331,993		0.44
FNMA ±		2.50			7-1-2038		6,320,382		6,656,219		0.54
FNMA ±		2.50			7-1-2036		4,658,072		4,901,067		0.40
FNMA ±		2.50			12-1-2040		5,633,489		5,937,465		0.49
FNMA ±		2.50			9-1-2035		6,932,939		7,288,868		0.60
FNMA ±		2.51			2-1-2036		5,105,788		5,359,588		0.44
FNMA ±		2.52			12-1-2044		5,438,812		5,725,302		0.47
FNMA ±		2.52			5-1-2036		4,745,571		4,996,281		0.41
FNMA ±		2.55			12-1-2035		4,842,215		5,099,147		0.42
FNMA ±		2.57			1-1-2038		6,272,048		6,615,535		0.54
FNMA ±		2.58			2-1-2038		5,851,670		6,159,987		0.50
FNMA ±		2.68			12-1-2035		6,389,537		6,771,209		0.55
FNMA ±		2.70			2-1-2036		11,080,092		11,703,008		0.96
FNMA ±		2.71			3-1-2037		4,973,559		5,264,462		0.43
FNMA ±		2.76			4-1-2036		4,804,802		5,142,528		0.42
FNMA ±		2.94			11-1-2035		10,294,542		10,955,764		0.90
FNMA Series 2001-T12 Class A4 ±		3.62			8-25-2041		6,622,011		6,812,267		0.56

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


8		Wells Fargo Adjustable Rate Government Fund		Summary portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets

Agency Securities (continued)
FNMA Series 2002-66 Class A3 ±		3.30	%		4-25-2042	$	10,206,191	$	10,755,884		0.88	%
FNMA Series 2003-W18 Class 2A ±		3.52			6-25-2043		12,913,349		13,764,982		1.13
FNMA Series 2004-W12 Class 2A ±		3.60			6-25-2044		6,549,346		6,914,278		0.57
FNMA Series 2004-W15 Class 3A ±		2.82			6-25-2044		8,612,638		9,443,549		0.77
FNMA Series 2006-W1 Class 3A ±		2.37			10-25-2045		8,557,598		8,959,296		0.73
GNMA		0.92-9.00			5-15-2016 to 9-20-2062		7,868,271		8,065,766		0.65
GNMA ±		2.13			8-20-2062		6,998,351		7,295,191		0.60
Other securities									1,255,175		0.10

Total Agency Securities (Cost $1,146,392,596)									1,158,243,605		94.73


Non-Agency Mortgage-Backed Securities: 0.19%
National Credit Union Administration Guaranteed Notes Program Series 2010-C1 Class A2		2.90			10-29-2020		2,257,779		2,259,505		0.19


Total Non-Agency Mortgage-Backed Securities (Cost $2,273,889)									2,259,505		0.19

	Yield					Shares
Short-Term Investments: 4.43%

Investment Companies: 4.43%
Wells Fargo Government Money Market Fund, Select Class (l)(u)		0.22					54,175,984		54,175,984		4.43


Total Short-Term Investments (Cost $54,175,984)									54,175,984		4.43


Total investments in securities (Cost $1,202,842,469) *									1,214,679,094		99.35
Other assets and liabilities, net									7,970,047		0.65

Total net assets								$	1,222,649,141		100.00	%

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

(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 $1,203,546,914 and unrealized gains (losses) consists of:


Gross unrealized gains	$	15,462,632
Gross unrealized losses		(4,330,452	)

Net unrealized gains	$	11,132,180

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


Statement of assets and liabilities—February 29, 2016 (unaudited)		Wells Fargo Adjustable Rate Government Fund			9




Assets
Investments
In unaffiliated securities, at value (cost $1,148,666,485)	$	1,160,503,110
In affiliated securities, at value (cost $54,175,984)		54,175,984

Total investments, at value (cost $1,202,842,469)		1,214,679,094
Cash		479,933
Principal paydown receivable		5,780,016
Receivable for Fund shares sold		1,247,872
Receivable for interest		3,084,117
Prepaid expenses and other assets		54,005

Total assets		1,225,325,037


Liabilities
Dividends payable		195,539
Payable for investments purchased		105,764
Payable for Fund shares redeemed		1,611,409
Management fee payable		315,853
Distribution fees payable		66,143
Administration fees payable		97,711
Accrued expenses and other liabilities		283,477

Total liabilities		2,675,896

Total net assets	$	1,222,649,141


NET ASSETS CONSIST OF
Paid-in capital	$	1,251,050,163
Overdistributed net investment income		(1,951,239	)
Accumulated net realized losses on investments		(38,286,408	)
Net unrealized gains on investments		11,836,625

Total net assets	$	1,222,649,141


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	191,907,516
Shares outstanding – Class A¹		21,281,245
Net asset value per share – Class A		$9.02
Maximum offering price per share – Class A²		$9.20
Net assets – Class B	$	210,967
Shares outstanding – Class B¹		23,393
Net asset value per share – Class B		$9.02
Net assets – Class C	$	110,149,484
Shares outstanding – Class C¹		12,214,459
Net asset value per share – Class C		$9.02
Net assets – Administrator Class	$	70,521,490
Shares outstanding – Administrator Class¹		7,820,305
Net asset value per share – Administrator Class		$9.02
Net assets – Institutional Class	$	849,859,684
Shares outstanding – Institutional Class¹		94,226,990
Net asset value per share – Institutional Class		$9.02

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/98 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.


10		Wells Fargo Adjustable Rate Government Fund		Statement of operations—six months ended February 29, 2016 (unaudited)




Investment income
Interest	$	8,193,489
Income from affiliated securities		11,533

Total investment income		8,205,022


Expenses
Management fee		2,189,461
Administration fees
Class A		165,131
Class B		220
Class C		91,673
Administrator Class		32,586
Institutional Class		353,763
Shareholder servicing fees
Class A		258,017
Class B		344
Class C		143,238
Administrator Class		81,465
Distribution fees
Class B		1,032
Class C		429,715
Custody and accounting fees		47,807
Professional fees		33,038
Registration fees		49,009
Shareholder report expenses		15,668
Trustees’ fees and expenses		15,070
Other fees and expenses		5,993

Total expenses		3,913,230
Less: Fee waivers and/or expense reimbursements		(105,223	)

Net expenses		3,808,007

Net investment income		4,397,015


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(4,841	)
Net change in unrealized gains (losses) on investments		(9,445,618	)

Net realized and unrealized gains (losses) on investments		(9,450,459	)

Net decrease in net assets resulting from operations	$	(5,053,444	)

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


Statement of changes in net assets		Wells Fargo Adjustable Rate Government Fund			11


	Six months ended February 29, 2016 (unaudited)						Year ended August 31, 2015

Operations
Net investment income				$	4,397,015					$	9,340,944
Net realized losses on investments					(4,841	)					(861,688	)
Net change in unrealized gains (losses) on investments					(9,445,618	)					(4,459,863	)

Net increase (decrease) in net assets resulting from operations					(5,053,444	)					4,019,393


Distributions to shareholders from
Net investment income
Class A					(837,192	)					(1,404,414	)
Class B					(87	)					(319	)
Class C					(35,436	)					(36,268	)
Administrator Class					(308,973	)					(629,900	)
Institutional Class					(4,861,018	)					(7,185,378	)
Tax basis return of capital
Class A					0						(415,038	)
Class B					0						(94	)
Class C					0						(10,718	)
Administrator Class					0						(186,151	)
Institutional Class					0						(2,123,451	)

Total distributions to shareholders					(6,042,706	)					(11,991,731	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		1,060,090			9,612,387			4,112,767			37,551,166
Class B		0			0			4,653			42,472
Class C		200,558			1,816,249			248,392			2,269,918
Administrator Class		1,668,305			15,112,106			3,453,369			31,554,369
Institutional Class		12,963,965			117,595,718			67,145,587			613,368,221

					144,136,460						684,786,146

Reinvestment of distributions
Class A		78,684			712,301			170,092			1,552,037
Class B		9			82			39			359
Class C		2,908			26,338			3,834			34,986
Administrator Class		33,067			299,314			79,070			721,555
Institutional Class		411,854			3,729,199			751,073			6,854,023

					4,767,234						9,162,960

Payment for shares redeemed
Class A		(3,585,237	)		(32,482,236	)		(8,062,085	)		(73,611,767	)
Class B		(22,226	)		(201,800	)		(89,311	)		(816,162	)
Class C		(1,304,003	)		(11,818,771	)		(3,168,935	)		(28,936,430	)
Administrator Class		(1,141,187	)		(10,355,882	)		(9,860,896	)		(90,104,047	)
Institutional Class		(18,792,727	)		(170,234,014	)		(60,499,655	)		(552,540,872	)

					(225,092,703	)					(746,009,278	)

Net decrease in net assets resulting from capital share transactions					(76,189,009	)					(52,060,172	)

Total decrease in net assets					(87,285,159	)					(60,032,510	)


Net assets
Beginning of period					1,309,934,300						1,369,966,810

End of period				$	1,222,649,141					$	1,309,934,300

Overdistributed net investment income				$	(1,951,239	)				$	(305,548	)

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


12		Wells Fargo Adjustable Rate Government Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS A	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.10			$9.15			$9.14			$9.19			$9.12			$9.12
Net investment income		0.02			0.05			0.06			0.06			0.09			0.14
Net realized and unrealized gains (losses) on investments		(0.06	)		(0.03	)		0.02			(0.04	)		0.08			0.04

Total from investment operations		(0.04	)		0.02			0.08			0.02			0.17			0.18
Distributions to shareholders from
Net investment income		(0.04	)		(0.05	)		(0.06	)		(0.07	)		(0.09	)		(0.13	)¹
Tax basis return of capital		0.00			(0.02	)		(0.01	)		(0.00	)²		(0.01	)		(0.05	)¹

Total distributions to shareholders		(0.04	)		(0.07	)		(0.07	)		(0.07	)		(0.10	)		(0.18	)
Net asset value, end of period		$9.02			$9.10			$9.15			$9.14			$9.19			$9.12
Total return³		(0.48	)%		0.24	%		0.90	%		0.23	%		1.84	%		2.04	%
Ratios to average net assets (annualized)
Gross expenses		0.78	%		0.79	%		0.80	%		0.84	%		0.86	%		0.88	%
Net expenses		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Net investment income		0.55	%		0.58	%		0.64	%		0.71	%		1.01	%		1.50	%
Supplemental data
Portfolio turnover rate		4	%		10	%		18	%		10	%		9	%		18	%
Net assets, end of period (000s omitted)		$191,908			$215,830			$251,686			$281,028			$309,827			$328,427

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 Adjustable Rate Government Fund			13

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS B	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.10			$9.15			$9.14			$9.19			$9.12			$9.12
Net investment income (loss)		(0.01	)¹		(0.01	)¹		(0.01	)¹		(0.00	)^1,2		0.03	¹		0.07	¹
Net realized and unrealized gains (losses) on investments		(0.07	)		(0.03	)		0.02			(0.05	)		0.07			0.05

Total from investment operations		(0.08	)		(0.04	)		0.01			(0.05	)		0.10			0.12
Distributions to shareholders from
Net investment income		(0.00	)²		(0.01	)		(0.00	)²		(0.00	)²		(0.03	)		(0.07	)¹
Tax basis return of capital		0.00			(0.00	)²		(0.00	)²		(0.00	)²		(0.00	)²		(0.05	)¹

Total distributions to shareholders		(0.00	)²		(0.01	)		(0.00	)²		(0.00	)²		(0.03	)		(0.12	)
Net asset value, end of period		$9.02			$9.10			$9.15			$9.14			$9.19			$9.12
Total return³		(0.85	)%		(0.49	)%		0.15	%		(0.52	)%		1.08	%		1.28	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.51	%		1.55	%		1.60	%		1.61	%		1.63	%
Net expenses		1.49	%		1.47	%		1.49	%		1.49	%		1.49	%		1.49	%
Net investment income (loss)		(0.16	)%		(0.14	)%		(0.11	)%		(0.03	)%		0.27	%		0.81	%
Supplemental data
Portfolio turnover rate		4	%		10	%		18	%		10	%		9	%		18	%
Net assets, end of period (000s omitted)		$211			$415			$1,192			$2,886			$6,660			$14,911

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 Adjustable Rate Government Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS C	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.10			$9.15			$9.14			$9.19			$9.12			$9.12
Net investment income (loss)		(0.01	)¹		(0.01	)¹		(0.01	)¹		(0.00	)^1,2		0.02	¹		0.06
Net realized and unrealized gains (losses) on investments		(0.07	)		(0.04	)		0.02			(0.05	)		0.08			0.06

Total from investment operations		(0.08	)		(0.05	)		0.01			(0.05	)		0.10			0.12
Distributions to shareholders from
Net investment income		(0.00	)²		(0.00	)²		(0.00	)²		(0.00	)²		(0.03	)		(0.07	)¹
Tax basis return of capital		0.00			(0.00	)²		(0.00	)²		(0.00	)²		(0.00	)²		(0.05	)¹

Total distributions to shareholders		(0.00	)²		(0.00	)²		(0.00	)²		(0.00	)²		(0.03	)		(0.12	)
Net asset value, end of period		$9.02			$9.10			$9.15			$9.14			$9.19			$9.12
Total return³		(0.85	)%		(0.51	)%		0.15	%		(0.52	)%		1.08	%		1.28	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.54	%		1.55	%		1.59	%		1.61	%		1.63	%
Net expenses		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%		1.49	%
Net investment income (loss)		(0.20	)%		(0.16	)%		(0.11	)%		(0.04	)%		0.26	%		0.74	%
Supplemental data
Portfolio turnover rate		4	%		10	%		18	%		10	%		9	%		18	%
Net assets, end of period (000s omitted)		$110,149			$121,117			$148,523			$190,110			$248,392			$296,645

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 Adjustable Rate Government Fund			15

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.10			$9.15			$9.14			$9.19			$9.12			$9.12
Net investment income		0.03			0.06			0.07			0.08			0.11			0.14	¹
Net realized and unrealized gains (losses) on investments		(0.07	)		(0.03	)		0.03			(0.05	)		0.07			0.06

Total from investment operations		(0.04	)		0.03			0.10			0.03			0.18			0.20
Distributions to shareholders from
Net investment income		(0.04	)		(0.06	)		(0.07	)		(0.08	)		(0.10	)		(0.15	)¹
Tax basis return of capital		0.00			(0.02	)		(0.02	)		(0.00	)²		(0.01	)		(0.05	)¹

Total distributions to shareholders		(0.04	)		(0.08	)		(0.09	)		(0.08	)		(0.11	)		(0.20	)
Net asset value, end of period		$9.02			$9.10			$9.15			$9.14			$9.19			$9.12
Total return³		(0.41	)%		0.38	%		1.05	%		0.37	%		1.98	%		2.18	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.72	%		0.73	%		0.77	%		0.79	%		0.78	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		0.70	%		0.72	%		0.78	%		0.85	%		1.14	%		1.49	%
Supplemental data
Portfolio turnover rate		4	%		10	%		18	%		10	%		9	%		18	%
Net assets, end of period (000s omitted)		$70,521			$66,037			$124,345			$102,284			$112,319			$34,946

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.


16		Wells Fargo Adjustable Rate Government Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.10			$9.15			$9.14			$9.19			$9.12			$9.12
Net investment income		0.04			0.08			0.08			0.09	¹		0.12	¹		0.15
Net realized and unrealized gains (losses) on investments		(0.07	)		(0.03	)		0.03			(0.04	)		0.07			0.06

Total from investment operations		(0.03	)		0.05			0.11			0.05			0.19			0.21
Distributions to shareholders from
Net investment income		(0.05	)		(0.08	)		(0.08	)		(0.10	)		(0.11	)		(0.16	)¹
Tax basis return of capital		0.00			(0.02	)		(0.02	)		(0.00	)²		(0.01	)		(0.05	)¹

Total distributions to shareholders		(0.05	)		(0.10	)		(0.10	)		(0.10	)		(0.12	)		(0.21	)
Net asset value, end of period		$9.02			$9.10			$9.15			$9.14			$9.19			$9.12
Total return³		(0.34	)%		0.52	%		1.19	%		0.50	%		2.09	%		2.30	%
Ratios to average net assets (annualized)
Gross expenses		0.45	%		0.46	%		0.47	%		0.51	%		0.53	%		0.55	%
Net expenses		0.45	%		0.46	%		0.46	%		0.47	%		0.49	%		0.49	%
Net investment income		0.84	%		0.87	%		0.93	%		0.98	%		1.25	%		1.72	%
Supplemental data
Portfolio turnover rate		4	%		10	%		18	%		10	%		9	%		18	%
Net assets, end of period (000s omitted)		$849,860			$906,536			$844,221			$906,698			$686,587			$597,521

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 Adjustable Rate Government Fund			17

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 Adjustable Rate Government Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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

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

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.

Futures contracts

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

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


18		Wells Fargo Adjustable Rate Government Fund		Notes to financial statements (unaudited)

Security transactions and income recognition

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

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

Distributions to shareholders

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

Federal and other taxes

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

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

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of August 31 2015, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:


				No expiration
2016	2017	2018	2019	Short-term	Long-term
$10,766,785	$24,262,054	$1,705,150	$66,443	$169,319	$57,466

As of August 31, 2015, the Fund had current year deferred post-October capital losses consisting of $489,409 in short-term losses 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:

Level 1 – quoted prices in active markets for identical securities

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

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


Notes to financial statements (unaudited)		Wells Fargo Adjustable Rate Government Fund			19

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 February 29, 2016:


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

Agency securities	$	0	$	1,158,243,605	$	0	$	1,158,243,605

Non-agency mortgage-backed securities		0		2,259,505		0		2,259,505

Short-term investments
Investment companies		54,175,984		0		0		54,175,984
Total assets	$	54,175,984	$	1,160,503,110	$	0	$	1,214,679,094

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At February 29, 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 & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.35% and declining to 0.255% as the average daily net assets of the Fund increase. For the six months ended February 29, 2016, the management fee was equivalent to an annual rate of 0.34% 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. Wells Capital Management Incorporated, 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 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees

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


	Class level administration fee
Class A, Class B, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through December 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.74% for Class A shares, 1.49% for Class B shares, 1.49%


20		Wells Fargo Adjustable Rate Government Fund		Notes to financial statements (unaudited)

for Class C shares, 0.60% for Administrator Class shares, and 0.46% 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 charges 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 February 29, 2016, Funds Distributor received $1,412 from the sale of Class A shares and $261 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, 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 February 29, 2016 were $104,774,709 and $49,978,364, 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 each 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. For the six months ended February 29, 2016, the Fund paid $547 in commitment fees.

For the six months ended February 29, 2016, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION

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


Other information (unaudited)		Wells Fargo Adjustable Rate Government Fund			21

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.


22		Wells Fargo Adjustable Rate Government 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 Adjustable Rate Government Fund			23


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.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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


24		Wells Fargo Adjustable Rate Government Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

For more information

More information about Wells Fargo 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

241405 04-16

SA215/SAR215 2-16

Semi-Annual Report

February 29, 2016

Wells Fargo Conservative Income Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

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

Notes to financial statements			18

Other information			22

List of abbreviations			25

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Conservative Income Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

All eyes were on the U.S. Federal Reserve (Fed) to see when it would begin normalizing monetary policy; it voted to begin increasing the federal funds rate in December 2015.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Conservative Income Fund for the six-month period that ended February 29, 2016. The period was marked by low interest rates, sustained weakness in commodity prices, and moderate U.S. economic growth. In the markets, all eyes were on the U.S. Federal Reserve (Fed) to see when it would begin normalizing monetary policy; it voted to begin increasing the federal funds rate in December 2015. During the six-month reporting period, the Barclays U.S. 1–3 Year Government/Credit Bond Index returned 0.55%.¹

Major central banks continued to provide stimulus.

Global economic growth was below trend, and oil prices plummeted.

The U.S. yield curve flattened.

The Barclays U.S. 1–3 Year Government/Credit Bond Index is the one- to three-year component of the Barclays U.S. Government/Credit Bond Index that includes securities in the Government and Credit Indexes. The Government Index includes Treasuries (that is, public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (that is, publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Conservative Income Fund			3

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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

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


4		Wells Fargo Conservative Income Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Andrew Greenberg, CFA^®

Anthony Melville, CFA^®

Jeffrey L. Weaver, CFA^®

Average annual total returns (%) as of February 29, 2016

Expense ratios¹ (%)

Inception date

1 year

Since inception

Gross

Net²

Institutional Class (WCIIX)

5-31-2013

0.41

0.44

0.38

0.27

Barclays 6-9 Month Treasury Bill Index³

–

0.19

0.14

–

Based on inception date of Institutional Class.

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. 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.

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

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Conservative Income Fund			5


Ten largest holdings (%) as of February 29, 2016⁴
University of California Series Y-1, 0.93%, 7-1-2041			1.69
Bank of America Corporation, 1.25%, 2-14-2017			1.39
Chase Issuance Trust Series 2014-A1 Class A1, 1.15%, 1-15-2019			1.32
Province of Ontario, 1.00%, 7-22-2016			1.32
Morgan Stanley, 2.00%, 2-1-2019			1.23
Svenska Handelsbanken AB, 1.06%, 9-23-2016			1.22
ABN Amro Bank NV, 1.42%, 10-28-2016			1.21
Volvo Financial Equipment LLC Series 2016-1A Class A2, 1.44%, 10-15-2018			1.14
Jackson National Life Global Funding Company, 0.87%, 7-29-2016			1.09
North Carolina Eastern Municipal Power Agency, 1.09%, 7-1-2016			1.08


Portfolio allocation as of February 29, 2016⁵

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

The manager has contractually committed through December 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amount shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

The Barclays 6–9 Month Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury bills that have a remaining maturity of less than nine months and more than six, are rated investment-grade, and have $250 million or more of outstanding face value. 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 Conservative Income Fund		Fund expenses (unaudited)

As a shareholder of the Fund, you incur ongoing costs 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 September 1, 2015 to February 29, 2016.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 9-1-2015		Ending account value 2-29-2016		Expenses paid during the period¹		Net annualized expense ratio
Institutional Class
Actual	$	1,000.00	$	1,001.76	$	1.36		0.27	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.78	$	1.37		0.27	%

¹	Expenses paid is equal to the annualized expense ratio 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—February 29, 2016 (unaudited)		Wells Fargo Conservative Income Fund			7


Security name	Interest rate			Maturity date		Principal		Value

Asset-Backed Securities: 23.80%
Ally Auto Receivables Trust Series 2014-3 Class A2		0.81	%		9-15-2017	$	386,359	$	386,202
Ally Auto Receivables Trust Series 2015-2 Class A2A		0.98			3-15-2018		3,000,000		2,998,425
Ally Auto Receivables Trust Series 2016-1 Class A2A		1.20			8-15-2018		2,025,000		2,025,496
Ally Auto Receivables Trust Series 2016-2 Class A2 %%		1.25			10-15-2018		1,000,000		999,969
Americredit Automobile Receivables Trust Series 2016-2 Class A2A		1.52			6-10-2019		3,000,000		3,001,662
Bank of the West Auto Trust Series 2014-1 Class A2 144A		0.69			7-17-2017		524,312		524,136
BMW Vehicle Lease Trust Series 2015-2 Class A2A		1.07			1-22-2018		4,695,000		4,690,690
BMW Vehicle Lease Trust Series 2016-1 Class A2B ±		0.93			1-22-2018		3,000,000		3,000,074
California Republic Auto Receivables Trust Series 2014-3 Class A3		1.09			11-15-2018		1,405,533		1,403,264
CarMax Auto Owner Trust Series 2014-2 Class A3		0.98			1-15-2019		4,512,475		4,504,404
CarMax Auto Owner Trust Series 2014-4 Class A2A		0.67			2-15-2018		1,091,504		1,090,788
CarMax Auto Owner Trust Series 2015-2 Class A2A		0.82			6-15-2018		389,303		389,014
Chase Issuance Trust Series 2014-A1 Class A1		1.15			1-15-2019		7,000,000		7,013,930
Citibank Credit Card Issuance Trust Series 2013-A3 Class A3		1.11			7-23-2018		4,220,000		4,223,793
Citibank Credit Card Issuance Trust Series 2013-A6 Class A6		1.32			9-7-2018		2,211,000		2,215,645
Citibank Credit Card Issuance Trust Series 2014-A4 Class A4		1.23			4-24-2019		1,555,000		1,558,109
Dell Equipment Finance Trust Series 2015-1 Class A2 144A		1.01			7-24-2017		1,768,931		1,766,166
Fifth Third Auto Trust Series 2014-1 Class A3		0.68			4-16-2018		1,037,299		1,035,987
Ford Credit Auto Lease Trust Series 2014-A Class A3		0.68			4-15-2017		243,251		243,180
Ford Credit Auto Lease Trust Series 2015-A Class A2A		0.79			12-15-2017		1,650,418		1,648,628
Ford Credit Auto Lease Trust Series 2015-A Class A2A		0.81			1-15-2018		526,161		525,820
Ford Credit Auto Lease Trust Series 2016-A Class A2A		1.12			12-15-2018		2,350,000		2,350,316
GM Financial Automobile Leasing Trust Series 2014-2A Class A3 144A		1.22			1-22-2018		2,500,000		2,500,156
GM Financial Automobile Leasing Trust Series 2015-2 Class A2A		1.18			4-20-2018		913,482		913,074
Golden Credit Card Trust Series 2012-2A Class A1 144A		1.77			1-15-2019		4,000,000		4,016,770
Golden Credit Card Trust Series 2015-1A Class A 144A±		0.87			2-15-2020		3,090,000		3,081,888
Harley-Davidson Motorcycle Trust Series 2014-1 Class A3		1.10			9-15-2019		2,600,000		2,595,810
Honda Auto Receivables Owner Trust Series 2015-3 Class A2		0.92			11-20-2017		4,000,000		3,999,686
Honda Auto Receivables Owner Trust Series 2015-4 Class A2		0.82			7-23-2018		1,000,000		998,093
Hyundai Auto Lease Securitization Trust Series 2015-A Class A2 144A		1.00			10-16-2017		777,109		777,107
Hyundai Auto Lease Securitization Trust Series 2016-A Class A2B 144A±		0.98			7-16-2018		4,000,000		4,000,664
Hyundai Auto Receivables Trust Series 2015-C Class A2A		0.99			11-15-2018		2,500,000		2,498,343
John Deere Owner Trust Series 2015-A Class A2A		0.87			2-15-2018		1,514,854		1,513,745
Leaf II Receivables Funding LLC Series 2015-1 Class A2 144A		1.13			3-15-2017		3,500,000		3,493,867
M&T Bank Auto Receivables Trust Series 2013-1A Class A3 144A		1.06			11-15-2017		252,022		252,014
Mercedes-Benz Auto Lease Trust Series 2015-A Class A3		1.10			8-15-2017		4,500,000		4,501,096
Mercedes-Benz Auto Lease Trust Series 2015-B Class A2A		1.00			1-16-2018		1,500,000		1,497,513
Mercedes-Benz Auto Receivables Series 2015-1 Class A2A		0.82			6-15-2018		1,500,000		1,497,919
MMAF Equipment Finance LLC Series 2014-AA Class A2 144A		0.52			4-10-2017		500,645		500,084
MMAF Equipment Finance LLC Series 2015-AA Class A2 144A		0.96			9-18-2017		2,063,056		2,060,654
Nissan Auto Lease Trust Series 2015-B Class A2A		1.18			12-15-2017		1,000,000		1,000,234
Nissan Auto Receivables Owner Trust Series 2015-C Class A2A		0.87			11-15-2018		2,000,000		1,997,838
Nissan Auto Receivables Owner Trust Series 2016-A Class A2B ±		0.78			2-15-2019		4,000,000		4,000,467
Oscar US Funding Trust Series 2015-1A Class A2A 144A		1.30			2-15-2018		3,997,644		3,986,471
Porsche Innovative Lease Owner Trust Series 2015-1 Class A2 144A		0.79			11-21-2017		707,255		706,137
Smart Trust Series 2015-1US Class A2A		0.99			8-14-2017		1,159,342		1,157,351
SunTrust Auto Receivables Trust Series 2015-1A Class A2 144A		0.99			6-15-2018		1,711,832		1,711,385
Toyota Auto Receivables Owner Trust Series 2014-B Class A3		0.76			3-15-2018		2,827,357		2,824,000
Toyota Auto Receivables Owner Trust Series 2015-C Class A2A		0.92			2-15-2018		3,700,000		3,698,551
Toyota Auto Receivables Owner Trust Series 2016-A Class A2B ±%%		0.75			7-16-2018		1,000,000		1,000,000
Volkswagen Auto Lease Trust Series 2014-A Class A3		0.80			4-20-2017		2,561,939		2,556,512

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


8		Wells Fargo Conservative Income Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Asset-Backed Securities (continued)
Volkswagen Auto Lease Trust Series 2015-A Class A2A		0.87	%		6-20-2017	$	621,621	$	619,262
Volvo Financial Equipment LLC Series 2016-1A Class A2 144A		1.44			10-15-2018		6,090,000		6,088,415
World Omni Automobile Lease Securitization Trust Series 2015-A Class A2A		1.06			5-15-2018		2,900,000		2,894,605
World Omni Automobile Receivables Trust Series 2014-A Class A3		0.94			4-15-2019		3,483,388		3,479,606
World Omni Automobile Receivables Trust Series 2015-A Class A2A		0.79			7-16-2018		543,458		543,208

Total Asset-Backed Securities (Cost $126,607,183)									126,558,223


Corporate Bonds and Notes: 29.42%

Consumer Discretionary: 1.22%

Media: 0.75%
NBCUniversal Enterprise Incorporated 144A±		1.16			4-15-2016		4,000,000		4,001,604


Specialty Retail: 0.47%
Lowe’s Companies Incorporated		2.13			4-15-2016		2,500,000		2,502,663


Energy: 1.73%

Oil, Gas & Consumable Fuels: 1.73%
Chevron Corporation ±		0.79			11-15-2017		5,320,000		5,254,766
Exxon Mobil Corporation ±%%		1.00			2-28-2018		3,920,000		3,920,000

									9,174,766


Financials: 23.91%

Banks: 8.51%
Bank of America Corporation		1.25			2-14-2017		7,400,000		7,393,969
Branch Banking & Trust Company ±		0.82			9-13-2016		1,050,000		1,048,417
Branch Banking & Trust Company		1.05			12-1-2016		1,000,000		999,878
Branch Banking & Trust Company		1.45			10-3-2016		3,300,000		3,309,540
Branch Banking & Trust Company		5.63			9-15-2016		250,000		255,398
Branch Banking & Trust Corporation		3.95			4-29-2016		1,884,000		1,893,345
Credit Suisse New York ±		1.30			4-27-2018		2,500,000		2,489,645
Credit Suisse New York ±		1.31			1-29-2018		1,750,000		1,739,140
HSBC USA Incorporated ±		0.89			6-23-2017		4,695,000		4,671,323
HSBC USA Incorporated ±		1.39			8-7-2018		2,000,000		1,979,414
JPMorgan Chase & Company ±		1.14			2-15-2017		4,000,000		3,995,584
MUFG Union Bank NA ±		1.35			9-26-2016		1,625,000		1,626,880
MUFG Union Bank NA		1.50			9-26-2016		1,005,000		1,007,080
PNC Bank NA ±		0.83			6-1-2018		500,000		497,130
PNC Bank NA ±		0.92			8-1-2017		1,650,000		1,642,489
PNC Bank NA		1.13			1-27-2017		3,945,000		3,943,063
PNC Bank NA		1.30			10-3-2016		2,000,000		2,002,990
U.S. Bank NA ±		1.20			1-29-2018		4,750,000		4,751,672

									45,246,957


Capital Markets: 2.32%
Bank of New York Mellon Corporation		2.30			7-28-2016		1,750,000		1,761,347
Bank of New York Mellon Corporation		2.40			1-17-2017		3,000,000		3,031,722
Goldman Sachs Group Incorporated ±		1.04			3-22-2016		1,000,000		1,000,121
Morgan Stanley ±		2.00			2-1-2019		6,500,000		6,535,698

									12,328,888

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Conservative Income Fund			9


Security name	Interest rate			Maturity date		Principal		Value

Consumer Finance: 6.08%
American Express Credit Corporation		1.30	%		7-29-2016	$	1,750,000	$	1,753,180
American Honda Finance Corporation ±		0.54			9-2-2016		1,150,000		1,149,829
American Honda Finance Corporation ±		1.02			9-20-2017		4,880,000		4,882,806
Caterpillar Financial Services Corporation ±		0.56			3-3-2017		5,000,000		4,996,910
Daimler Finance North America LLC 144A		1.45			8-1-2016		4,050,000		4,050,721
Harley-Davidson Financial Services Incorporated 144A		3.88			3-15-2016		3,400,000		3,403,604
John Deere Capital Corporation		2.00			1-13-2017		2,918,000		2,945,809
John Deere Capital Corporation		2.25			6-7-2016		1,350,000		1,355,712
Nissan Motor Acceptance Corporation 144A		1.00			3-15-2016		1,845,000		1,845,306
Toyota Motor Credit Corporation		1.75			5-22-2017		1,752,000		1,764,360
Toyota Motor Credit Corporation		2.00			9-15-2016		2,985,000		3,002,295
Volkswagen Group of America Finance LLC 144A±		1.09			5-22-2018		1,250,000		1,188,218

									32,338,750


Diversified Financial Services: 2.27%
AIG Global Funding 144A		1.65			12-15-2017		4,000,000		3,990,264
Murray Street Investment Trust I		4.65			3-9-2017		3,000,000		3,069,339
NYSE Holdings LLC		2.00			10-5-2017		5,000,000		5,035,345

									12,094,948


Insurance: 4.73%
Jackson National Life Global Funding Company 144A±		0.87			7-29-2016		5,800,000		5,799,142
Jackson National Life Global Funding Company 144A±		1.20			10-13-2017		2,000,000		1,998,056
MassMutual Global Funding II 144A		3.13			4-14-2016		950,000		952,599
Metropolitan Life Global Funding I 144A		1.30			4-10-2017		5,000,000		5,000,660
New York Life Global Funding 144A		1.13			3-1-2017		2,748,000		2,752,542
Pricoa Global Funding 1 144A		1.15			11-25-2016		650,000		649,750
Pricoa Global Funding 1 144A		1.35			8-18-2017		1,575,000		1,566,953
Principal Life Global Funding II 144A±		0.94			12-1-2017		2,000,000		1,999,272
Principal Life Global Funding II 144A		1.13			2-24-2017		4,000,000		3,997,836
Principal Life Global Funding II 144A		1.20			5-19-2017		460,000		459,483

									25,176,293


Health Care: 0.86%

Health Care Providers & Services: 0.64%
Novant Health Incorporated		5.35			11-1-2016		3,300,000		3,392,374


Pharmaceuticals: 0.22%
Bayer US Finance LLC 144A±		0.87			10-7-2016		1,200,000		1,199,480


Information Technology: 0.38%

Communications Equipment: 0.38%
Cisco Systems Incorporated ±		0.82			6-15-2018		2,000,000		1,997,470


Utilities: 1.32%

Electric Utilities: 1.32%
Commonwealth Edison Company		1.95			9-1-2016		4,000,000		4,011,864
Duke Energy Carolinas LLC		1.75			12-15-2016		3,000,000		3,009,258

									7,021,122


Total Corporate Bonds and Notes (Cost $156,664,145)									156,475,315

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


10		Wells Fargo Conservative Income Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Municipal Obligations: 8.11%

California: 4.38%
California Earthquake Authority (Miscellaneous Revenue)		1.19	%		7-1-2016	$	1,750,000	$	1,752,730
California Industry Public Facilities Authority Series A (Tax Revenue, AGM Insured)		1.76			1-1-2017		2,500,000		2,512,975
Los Angeles CA Municipal Improvement Corporation Series A (Miscellaneous Revenue)		1.26			11-1-2016		3,770,000		3,779,387
Oakland-Alameda County CA Coliseum Authority Series A (Miscellaneous Revenue)		1.25			2-1-2017		2,250,000		2,251,868
Orange County CA Pension Obligation Series A (Miscellaneous Revenue)		0.94			11-1-2016		4,000,000		4,001,320
University of California Series Y-1 (Education Revenue) ±		0.93			7-1-2041		8,985,000		8,983,023

									23,281,303


Kentucky: 0.94%
Kentucky Municipal Power Agency Series B002 (Miscellaneous Revenue, AGC Insured, Morgan Stanley Bank LIQ) 144A±		0.77			9-1-2037		5,000,000		5,000,000


Minnesota: 0.21%
Saint Paul MN Housing & RDA HealthPartners Obligated Group Series B (Health Revenue)		1.04			7-1-2016		1,100,000		1,100,781


New Jersey: 0.17%
New Jersey EDA School Facilities Construction Series QQ (Miscellaneous Revenue)		1.10			6-15-2016		900,000		899,865


New York: 1.33%
Nassau County NY Series A (GO Revenue)		1.20			12-15-2016		4,000,000		3,999,800
Nassau County NY Series C (GO Revenue)		1.13			12-15-2016		1,400,000		1,399,482
New York NY Housing Development Corporation Series B1 (Housing Revenue)		0.75			5-1-2016		1,700,000		1,700,646

									7,099,928


North Carolina: 1.08%
North Carolina Eastern Municipal Power Agency (Utilities Revenue)		1.09			7-1-2016		5,750,000		5,760,408


Total Municipal Obligations (Cost $43,104,910)									43,142,285


Non-Agency Mortgage-Backed Securities: 0.91%
Bank of America Commercial Mortgage Trust Series 2007-1 Class A4		5.45			1-15-2049		1,138,914		1,163,951
CCG Receivables Trust Class 2014-1 Class A2 144A		1.06			11-15-2021		987,309		983,800
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX Class A1A		5.44			1-15-2049		1,029,907		1,054,688
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6 Class A2		2.21			5-15-2045		1,635,107		1,641,725

Total Non-Agency Mortgage-Backed Securities (Cost $4,871,942)									4,844,164


Yankee Corporate Bonds and Notes: 18.87%

Consumer Staples: 1.65%

Food & Staples Retailing: 0.83%
Wesfarmers Limited 144A		2.98			5-18-2016		4,410,000		4,424,275


Tobacco: 0.82%
BAT International Finance plc 144A±		1.02			6-15-2018		4,400,000		4,375,782


Energy: 2.14%

Oil, Gas & Consumable Fuels: 2.14%
BP Capital Markets plc ±		0.97			2-10-2017		1,250,000		1,240,126
BP Capital Markets plc		3.20			3-11-2016		1,701,000		1,701,799

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Conservative Income Fund			11


Security name	Interest rate			Maturity date		Principal		Value

Oil, Gas & Consumable Fuels (continued)
CNPC General Capital Limited 144A±		1.52	%		5-14-2017	$	1,000,000	$	998,057
Schlumberger Investment SA 144A		1.25			8-1-2017		4,000,000		3,931,884
Schlumberger Investment SA 144A		1.95			9-14-2016		3,500,000		3,497,627

									11,369,493


Financials: 13.95%

Banks: 11.52%
ABN Amro Bank NV 144A±		1.42			10-28-2016		6,400,000		6,409,728
ANZ New Zealand International Limited of London 144A		1.40			4-27-2017		1,500,000		1,497,461
Australia & New Zealand Banking Group Limited 144A±		1.06			1-16-2018		1,500,000		1,488,818
Banco Santander Chile 144A±		1.52			4-11-2017		1,250,000		1,243,750
Bank of Montreal		1.30			7-15-2016		3,000,000		3,005,850
Bank of Tokyo-Mitsubishi UFJ Limited 144A±		1.52			9-14-2018		1,250,000		1,253,911
Banque Federative du Credit Mutuel SA 144A±		1.47			1-20-2017		1,000,000		1,002,700
BPCE SA		1.70			4-25-2016		4,195,000		4,200,118
Export-Import Bank of Korea ±		1.37			1-14-2017		1,400,000		1,402,976
Export-Import Bank of Korea		4.00			1-11-2017		1,000,000		1,022,083
Export-Import Bank of Korea 144A		5.38			10-4-2016		1,000,000		1,024,717
HSBC Bank plc 144A		3.10			5-24-2016		1,600,000		1,608,090
Industrial & Commercial Bank of China Limited ±		1.81			11-13-2017		1,500,000		1,503,825
Kookmin Bank 144A±		1.50			1-27-2017		2,000,000		2,000,884
Kookmin Bank 144A±		1.87			10-11-2016		500,000		501,810
Lloyds Bank plc ±		1.40			8-17-2018		3,500,000		3,481,688
Lloyds Bank plc ±		1.62			1-22-2019		3,500,000		3,509,786
Macquarie Bank Limited 144A±		1.38			3-24-2017		1,000,000		998,192
Macquarie Bank Limited 144A		2.00			8-15-2016		1,500,000		1,506,062
National Australia Bank Limited 144A±		1.26			7-23-2018		1,750,000		1,743,417
National Australia Bank Limited		1.30			7-25-2016		1,000,000		1,001,504
Nordea Bank AB 144A		0.88			5-13-2016		2,930,000		2,931,061
Nordea Bank AB 144A±		1.37			9-17-2018		2,200,000		2,194,819
Sumitomo Mitsui Banking Corporation ±		1.20			1-16-2018		2,250,000		2,231,980
Sumitomo Mitsui Trust Bank Limited 144A±		1.31			9-16-2016		750,000		749,848
Suncorp-Metway Limited 144A		1.70			3-28-2017		1,625,000		1,620,310
Svensk Exportkredit AB		2.13			7-13-2016		2,589,000		2,601,202
Svenska Handelsbanken AB ±		1.06			9-23-2016		6,500,000		6,506,305
Svenska Handelsbanken AB		2.88			4-4-2017		1,000,000		1,016,740

									61,259,635


Diversified Financial Services: 2.43%
Abbey National Treasury Services plc ±		1.01			3-13-2017		500,000		498,620
Abbey National Treasury Services plc		4.00			4-27-2016		1,300,000		1,306,279
GE Capital International Funding Company 144A		0.96			4-15-2016		3,417,000		3,417,622
La Caisse Centrale Desjardins du Quebec 144A±		1.28			1-29-2018		3,760,000		3,747,551
UBS AG Stamford Connecticut ±		0.97			6-1-2017		1,000,000		997,906
UBS AG Stamford Connecticut ±		1.30			3-26-2018		2,000,000		1,995,068
UBS AG Stamford Connecticut		1.38			6-1-2017		1,000,000		997,478

									12,960,524

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


12		Wells Fargo Conservative Income Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Telecommunication Services: 1.13%

Wireless Telecommunication Services: 1.13%
America Movil SAB de CV ±		1.50	%		9-12-2016	$	2,500,000	$	2,500,270
America Movil SAB de CV		2.38			9-8-2016		3,470,000		3,485,067

									5,985,337


Total Yankee Corporate Bonds and Notes (Cost $100,614,357)									100,375,046


Yankee Government Bonds: 1.32%
Province of Ontario		1.00			7-22-2016		7,000,000		7,001,462


Total Yankee Government Bonds (Cost $7,003,809)									7,001,462


Short-Term Investments: 18.74%

Certificates of Deposit: 1.31%
Bank of Tokyo-Mitsubishi LLC ##		0.70			7-15-2016		2,000,000		2,000,012
Toronto-Dominion Bank		0.90			11-3-2016		5,000,000		4,969,310

									6,969,322


Commercial Paper: 16.66%
Angelsea Funding LLC 144A(p)(z)		0.35			3-1-2016		3,500,000		3,499,966
Bedford Row Funding Corporation (p)(z)		0.43			4-5-2016		4,400,000		4,398,126
Cedar Springs Capital Company 144A(p)(z)		0.57			5-19-2016		12,000,000		11,984,800
China International Marine Containers Hong Kong Limited (z)		0.32			3-3-2016		6,000,000		5,999,838
Collateralized Commercial Paper Company LLC (z)		0.43			3-22-2016		1,000,000		999,737
DBS Bank Limited 144A(z)		0.36			3-22-2016		400,000		399,912
Institutional Secured Funding LLC 144A(p)(z)		0.43			3-17-2016		2,000,000		1,999,594
Institutional Secured Funding LLC 144A(p)(z)		0.43			3-21-2016		7,000,000		6,998,244
LMA Americas LLC 144A(p)(z)		0.53			5-5-2016		3,000,000		2,997,096
Mountcliff Funding LLC 144A(p)(z)		0.41			3-1-2016		2,000,000		1,999,977
Ontario Teachers Finance Trust 144A(z)		0.42			3-14-2016		7,000,000		6,998,868
Reckitt Benckiser Treasury Services plc 144A(z)		0.58			7-5-2016		10,500,000		10,478,664
San Diego Gas & Electric Company 144A(z)		0.96			11-21-2016		2,000,000		1,985,900
Sinopec Century Bright Capital Investment Limited 144A(z)		0.29			3-3-2016		11,000,000		10,999,730
Starbird Funding Corporation 144A(p)(z)		0.42			3-8-2016		10,000,000		9,999,064
Toyota Motor Credit Corporation (z)		0.64			7-15-2016		6,875,000		6,858,413

									88,597,929


	Yield					Shares
Investment Companies: 0.77%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)##		0.43					4,117,024		4,117,024


Total Short-Term Investments (Cost $99,673,774)									99,684,275


Total investments in securities (Cost $538,540,120) *	101.17	%		538,080,770
Other assets and liabilities, net	(1.17	)		(6,233,298	)

Total net assets	100.00	%	$	531,847,472

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Conservative Income Fund			13

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

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

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

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

(p)	Asset-backed commercial paper

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

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

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

*	Cost for federal income tax purposes is $538,541,599 and unrealized gains (losses) consists of:


Gross unrealized gains	$	148,900
Gross unrealized losses		(609,729	)

Net unrealized losses	$	(460,829	)

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


14		Wells Fargo Conservative Income Fund		Statement of assets and liabilities—February 29, 2016 (unaudited)




Assets
Investments
In unaffiliated securities, at value (cost $534,423,096)	$	533,963,746
In affiliated securities, at value (cost $4,117,024)		4,117,024

Total investments, at value (cost $538,540,120)		538,080,770
Cash		987
Receivable for interest		1,163,704
Prepaid expenses and other assets		17,425

Total assets		539,262,886


Liabilities
Dividends payable		65,202
Payable for investments purchased		5,919,969
Payable for Fund shares redeemed		1,305,091
Management fee payable		67,464
Administration fee payable		33,784
Accrued expenses and other liabilities		23,904

Total liabilities		7,415,414

Total net assets	$	531,847,472


NET ASSETS CONSIST OF
Paid-in capital	$	532,532,139
Overdistributed net investment income		(5,874	)
Accumulated net realized losses on investments		(219,443	)
Net unrealized losses on investments		(459,350	)

Total net assets	$	531,847,472


COMPUTATION OF NET ASSET VALUE PER SHARE
Net assets – Institutional Class	$	531,847,472
Shares outstanding – Institutional Class¹		53,258,399
Net asset value per share – Institutional Class		$9.99

¹	The Fund has an unlimited number of authorized shares.

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


Statement of operations—six months ended February 29, 2016 (unaudited)		Wells Fargo Conservative Income Fund			15




Investment income
Interest (net of foreign interest withholding taxes of $43)	$	1,777,218
Income from affiliated securities		3,041

Total investment income		1,780,259


Expenses
Management fee		534,998
Administration fee
Institutional Class		171,199
Custody and accounting fees		14,004
Professional fees		20,197
Registration fees		32,092
Shareholder report expenses		1,088
Trustees’ fees and expenses		8,015
Other fees and expenses		2,852

Total expenses		784,445
Less: Fee waivers and/or expense reimbursements		(206,647	)

Net expenses		577,798

Net investment income		1,202,461


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized losses on:
Unaffiliated securities		(126,247	)
Futures transactions		(3,906	)

Net realized losses on investments		(130,153	)


Net change in unrealized gains (losses) on:
Unaffiliated securities		(297,016	)
Futures transactions		(24,295	)

Net change in unrealized gains (losses) on investments		(321,311	)

Net realized and unrealized gains (losses) on investments		(451,464	)

Net increase in net assets resulting from operations	$	750,997

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


16		Wells Fargo Conservative Income Fund		Statement of changes in net assets


	Six months ended February 29, 2016 (unaudited)						Year ended August 31, 2015

Operations
Net investment income				$	1,202,461					$	1,136,787
Net realized losses on investments					(130,153	)					(92,206	)
Net change in unrealized gains (losses) on investments					(321,311	)					(308,388	)

Net increase in net assets resulting from operations					750,997						736,193


Distributions to shareholders from
Net investment income – Institutional Class					(1,214,801	)					(1,128,996	)
Net realized gains – Institutional Class					0						(9,602	)

Total distributions to shareholders					(1,214,801	)					(1,138,598	)


Capital share transactions		Shares						Shares
Proceeds from shares sold – Institutional Class		30,071,551			300,393,780			27,133,297			271,477,199
Reinvestment of distributions – Institutional Class		87,032			869,280			73,619			736,530
Payment for shares redeemed – Institutional Class		(10,567,409	)		(105,560,277	)		(7,856,856	)		(78,621,317	)

Net increase in net assets resulting from capital share transactions					195,702,783						193,592,412

Total increase in net assets					195,238,979						193,190,007


Net assets
Beginning of period					336,608,493						143,418,486

End of period				$	531,847,472					$	336,608,493

Undistributed (overdistributed) net investment income				$	(5,874	)				$	6,466

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


Financial highlights		Wells Fargo Conservative Income Fund			17

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013¹
Net asset value, beginning of period		$10.00			$10.02			$9.99			$10.00
Net investment income		0.03			0.05			0.04			0.01
Net realized and unrealized gains (losses) on investments		(0.01	)		(0.02	)		0.03			(0.01	)

Total from investment operations		0.02			0.03			0.07			0.00
Distributions to shareholders from
Net investment income		(0.03	)		(0.05	)		(0.04	)		(0.01	)
Net realized gains		0.00			(0.00	)²		(0.00	)²		0.00

Total distributions to shareholders		(0.03	)		(0.05	)		(0.04	)		(0.01	)
Net asset value, end of period		$9.99			$10.00			$10.02			$9.99
Total return³		0.18	%		0.28	%		0.74	%		0.01	%
Ratios to average net assets (annualized)
Gross expenses		0.37	%		0.38	%		0.43	%		0.74	%
Net expenses		0.27	%		0.27	%		0.27	%		0.27	%
Net investment income		0.56	%		0.48	%		0.44	%		0.44	%
Supplemental data
Portfolio turnover rate		120	%		80	%		55	%		10	%
Net assets, end of period (000s omitted)		$531,847			$336,608			$143,418			$49,983

¹	For the period from May 31, 2013 (commencement of class operations) to August 31, 2013

²	Amount is less than $0.005.

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

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


18		Wells Fargo Conservative Income 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 Conservative Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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

When-issued transactions

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

Futures contracts


Notes to financial statements (unaudited)		Wells Fargo Conservative Income Fund			19

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.

Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Federal and other taxes

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

As of August 31, 2015, the Fund had capital loss carryforwards which consist of $24,859 in short-term capital losses and $38,521 in long-term capital losses.

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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


20		Wells Fargo Conservative Income 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 February 29, 2016:


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

Asset-backed securities	$	0	$	126,558,223	$	0	$	126,558,223

Corporate bonds and notes		0		156,475,315		0		156,475,315

Municipal obligations		0		43,142,285		0		43,142,285

Non-agency mortgage-backed securities		0		4,844,164		0		4,844,164

Yankee corporate bonds and notes		0		100,375,046		0		100,375,046

Yankee government bonds		0		7,001,462		0		7,001,462

Short-term investments
Certificates of deposit		0		6,969,322		0		6,969,322
Commercial paper		0		88,597,929		0		88,597,929
Investment companies		4,117,024		0		0		4,117,024
Total assets	$	4,117,024	$	533,963,746	$	0	$	538,080,770

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.25% and declining to 0.18% as the average daily net assets of the Fund increase. For the six months ended February 29, 2016, the management fee was equivalent to an annual rate of 0.25% 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. Wells Capital Management Incorporated, 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 0.10% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fee

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 of 0.08% which is calculated based on its average daily net assets.


Notes to financial statements (unaudited)		Wells Fargo Conservative Income Fund			21

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 February 29, 2016 were $734,561,944 and $507,449,865 respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended February 29, 2016, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

As of February 29, 2016, the Fund did not have any open futures contract. The Fund had an average notional amount of $2,070,390 in short futures contracts during the six months ended February 29, 2016.

The realized losses and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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. For the six months ended February 29, 2016, the Fund paid $420 in commitment fees.

For the six months ended February 29, 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.


22		Wells Fargo Conservative Income Fund		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Conservative Income Fund			23

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief 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 Conservative Income 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.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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


List of abbreviations		Wells Fargo Conservative Income 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

This page is intentionally left blank.

LOGO

For more information

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

Wells Fargo Funds

P.O. Box 8266

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

241406 04-16

SA265/SAR265 2-16

Semi-Annual Report

February 29, 2016

Wells Fargo Government Securities Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Summary 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			24

List of abbreviations			27

A complete schedule of portfolio holdings as of the report date may be obtained, free of charge, by accessing the following website: https://www.wellsfargofunds.com/assets/edocs/regulatory/holdings/government-securities-semi.pdf or by calling Wells Fargo Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSRS, is also available on the SEC’s website at sec.gov.

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Government Securities Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

All eyes were on the U.S. Federal Reserve (Fed) to see when it would begin normalizing monetary policy; it voted to begin increasing the federal funds rate in December 2015.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Government Securities Fund for the six-month period that ended February 29, 2016. The period was marked by low interest rates, sustained weakness in commodity prices, and moderate U.S. economic growth. In the markets, all eyes were on the U.S. Federal Reserve (Fed) to see when it would begin normalizing monetary policy; it voted to begin increasing the federal funds rate in December 2015. During the six-month reporting period, the Barclays U.S. 1–3 Year Government/Credit Bond Index returned 0.55%.¹

Major central banks continued to provide stimulus.

Global economic growth was below trend, and oil prices plummeted.

The U.S. yield curve flattened.

The Barclays U.S. 1–3 Year Government/Credit Bond Index is the one- to three-year component of the Barclays U.S. Government/Credit Bond Index that includes securities in the Government and Credit Indexes. The Government Index includes Treasuries (that is, public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (that is, publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Government Securities Fund			3

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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

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


4		Wells Fargo Government Securities Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks current income.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Ashok Bhatia, CFA^®

Christopher Y. Kauffman, CFA^®

Jay N. Mueller, CFA^®

Average annual total returns (%) as of February 29, 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 (SGVDX)	8-31-1999		(2.76	)		1.93		3.65		1.83		2.88		4.13		0.87		0.85
Class B (WGSBX)*	7-18-2008		(3.93	)		1.74		3.57		1.07		2.11		3.57		1.62		1.60
Class C (WGSCX)	12-26-2002		0.07			2.11		3.34		1.07		2.11		3.34		1.62		1.60
Administrator Class (WGSDX)	4-08-2005		–			–		–		2.04		3.10		4.34		0.81		0.64
Institutional Class (SGVIX)	8-31-1999		–			–		–		2.20		3.26		4.54		0.54		0.48
Barclays U.S. Aggregate ex Credit Index⁴	–		–			–		–		2.67		3.31		4.51		–		–
Barclays Intermediate Government Index⁵	–		–			–		–		2.56		2.44		3.92		–		–

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 4.50%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Administrator Class and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Government Securities Fund			5


Ten largest holdings (%) as of February 29, 2016⁶
U.S. Treasury Note, 1.50%, 5-31-2020			9.12
U.S. Treasury Note, 0.88%, 11-30-2016			7.49
U.S. Treasury Note, 2.00%, 2-15-2023			6.77
FHLB, 0.00%, 3-14-2016			5.79
FNMA, 4.00%, 3-14-2046			4.99
U.S. Treasury Note, 0.25%, 5-15-2016			4.74
U.S. Treasury Bond, 0.88%, 8-15-2045			4.70
FNMA, 4.50%, 3-14-2046			4.58
GNMA, 3.50%, 3-22-2046			3.12
FNMA, 3.00%, 12-1-2045			2.70

Portfolio allocation as of February 29, 2016⁷

Effective June 20, 2008, the Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 19, 2008, includes Advisor Class expenses. Historical performance shown for Class B shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to reflect the higher expenses applicable to Class B shares.

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

The manager has contractually committed through December 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴	The Barclays U.S. Aggregate ex Credit Index is composed of the Barclays U.S. Government Index and the Barclays U.S. Mortgage-Backed Securities Index and it includes Treasury issues, agency issues, and mortgage-backed securities. You cannot invest directly in an index.

⁵	The Barclays Intermediate Government Index is an unmanaged index composed of U.S. government securities with maturities in the one to 10-year range, including securities issued by the U.S. Treasury and U.S. government agencies. 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 Government Securities 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 September 1, 2015 to February 29, 2016.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 9-1-2015		Ending account value 2-29-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,021.47	$	4.32		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.86	$	4.32		0.85	%
Class B
Actual	$	1,000.00	$	1,018.58	$	8.12		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.09	$	8.11		1.60	%
Class C
Actual	$	1,000.00	$	1,017.67	$	8.11		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.09	$	8.11		1.60	%
Administrator Class
Actual	$	1,000.00	$	1,023.44	$	3.26		0.64	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.92	$	3.25		0.64	%
Institutional Class
Actual	$	1,000.00	$	1,023.36	$	2.44		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).


Summary portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Government Securities Fund			7


Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets

Agency Securities: 68.07%
FHLB ¤		0.00	%		3-14-2016	$	72,000,000	$	71,992,728		5.79	%
FHLB		5.63			3-14-2036		6,150,000		8,436,109		0.68
FHLMC		3.50			8-1-2045		9,266,480		9,700,390		0.78
FHLMC		3.50			11-1-2045		15,701,919		16,437,174		1.32
FHLMC		3.50			12-1-2045		10,905,294		11,415,943		0.92
FHLMC		4.00			6-1-2044		9,810,980		10,464,738		0.84
FHLMC		4.50			9-1-2044		6,576,444		7,173,939		0.58
FHLMC		5.50			7-1-2035		5,626,294		6,329,279		0.51
FHLMC		6.00			5-25-2043		6,047,665		6,933,392		0.56
FHLMC		0.48-10.50			6-1-2016 to 12-1-2045		103,743,841		63,317,931		5.09
FNMA		1.00			2-26-2019		12,400,000		12,384,723		1.00
FNMA		2.50			3-17-2031		18,190,000		18,653,277		1.50
FNMA		2.63			9-6-2024		16,000,000		16,886,480		1.36
FNMA		3.00			3-17-2031		18,235,000		19,016,399		1.53
FNMA		3.00			11-1-2045		14,778,388		15,170,116		1.22
FNMA		3.00			12-1-2045		32,778,590		33,647,445		2.70
FNMA		3.50			12-1-2020		5,740,259		6,069,382		0.49
FNMA		3.50			10-1-2021		6,181,769		6,536,206		0.53
FNMA		3.50			2-1-2045		23,558,035		24,704,552		1.99
FNMA		3.50			4-1-2045		15,791,839		16,559,850		1.33
FNMA		3.50			12-1-2045		14,237,111		14,931,255		1.20
FNMA		4.00			3-14-2046		58,150,000		62,054,668		4.99
FNMA		4.50			1-1-2026		6,550,674		6,794,457		0.55
FNMA		4.50			3-14-2046		52,457,000		56,998,449		4.58
FNMA		5.00			8-1-2040		18,010,833		20,049,255		1.61
FNMA		5.50			8-1-2033		5,633,978		6,324,016		0.51
FNMA		6.00			3-14-2046		15,585,000		17,762,641		1.43
FNMA		6.63			11-15-2030		4,150,000		6,185,824		0.50
FNMA Series 2002-T19 Class A1		6.50			7-25-2042		5,529,165		6,450,786		0.52
FNMA		0.00-11.00			3-1-2016 to 8-25-2047		143,227,201		148,493,813		11.89
GNMA		3.00			7-20-2045		23,828,393		24,714,599		1.99
GNMA		3.50			3-22-2046		36,705,000		38,758,186		3.12
GNMA		4.00			3-22-2046		13,155,000		14,049,131		1.13
GNMA		5.00			7-20-2040		5,778,083		6,409,715		0.52
GNMA Series 2006-68 Class D ±		5.31			12-16-2037		9,761,979		10,449,797		0.84
GNMA		0.01-10.00			7-15-2016 to 5-20-2062		59,006,104		12,831,153		1.01
Other securities									11,979,565		0.96

Total Agency Securities (Cost $825,089,335)									847,067,363		68.07


Asset-Backed Securities: 0.99%
Ally Auto Receivables Trust Series 2015-1 Class A3		1.21			12-20-2017		12,370,000		12,366,507		0.99


Total Asset-Backed Securities (Cost $12,372,183)									12,366,507		0.99

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


8		Wells Fargo Government Securities Fund		Summary portfolio of investments—February 29, 2016 (unaudited)


Security name								Value		Percent of net assets

Corporate Bonds and Notes: 0.75%

Utilities: 0.75%

Electric Utilities: 0.75%
Other securities								$	9,276,360		0.75	%


Total Corporate Bonds and Notes (Cost $9,274,571)									9,276,360		0.75


	Interest rate			Maturity date		Principal

Municipal Obligations: 0.60%

Texas: 0.60%
San Antonio TX Retama Development Corporation (Miscellaneous Revenue)		10.00	%		12-15-2020	$	5,405,000		7,506,086		0.60


Total Municipal Obligations (Cost $6,474,288)									7,506,086		0.60


Non-Agency Mortgage-Backed Securities: 6.01%
Citigroup Commercial Mortgage Trust Series 2006-C4 Class A3 ±		5.91			3-15-2049		1,432,187		1,430,732		0.11
Citigroup Commercial Mortgage Trust Series 2006-C5 Class A4		5.43			10-15-2049		11,034,403		11,144,690		0.90
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5		3.14			2-10-2048		6,130,000		6,150,872		0.49
JPMBB Commercial Mortgage Securities Series 2015-C28 Class A4		3.23			10-15-2048		6,200,000		6,235,191		0.50
JPMBB Commercial Mortgage Securities Series 2015-C33 Class A4		3.77			12-15-2048		7,430,000		7,771,680		0.62
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23 Class A4		3.72			7-15-2050		8,500,000		8,897,476		0.71
Morgan Stanley Bank of America Merrill Lynch Trust		3.53-3.64			10-15-2048		8,820,000		9,131,866		0.74
Other securities									24,025,001		1.94

Total Non-Agency Mortgage-Backed Securities (Cost $74,664,683)									74,787,508		6.01


U.S. Treasury Securities: 36.98%
TIPS		0.13			4-15-2020		24,748,185		24,965,053		2.01
U.S. Treasury Bond		2.88			8-15-2045		55,590,000		58,541,051		4.70
U.S. Treasury Bond		3.00			5-15-2045		17,355,000		18,738,662		1.51
U.S. Treasury Bond		7.25			8-15-2022		4,685,000		6,359,157		0.51
U.S. Treasury Note ##		0.88			11-30-2016		93,000,000		93,163,494		7.49
U.S. Treasury Note		0.25			5-15-2016		59,000,000		58,986,194		4.74
U.S. Treasury Note ##		1.50			5-31-2020		111,995,000		113,499,989		9.12
U.S. Treasury Note		2.00			2-15-2023		81,655,000		84,311,972		6.77
U.S. Treasury Note		1.38-1.63			2-28-2019 to 7-31-2020		1,590,000		1,618,268		0.13

Total U.S. Treasury Securities (Cost $455,389,507)									460,183,840		36.98

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


Summary portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Government Securities Fund			9


Security name	Interest rate			Maturity date			Principal		Value			Percent of net assets

Yankee Corporate Bonds and Notes: 0.52%

Financials: 0.52%

Banks: 0.52%
Royal Bank of Canada Incorporated		2.00	%		10-1-2018		$	6,370,000	$	6,446,822			0.52	%


Total Yankee Corporate Bonds and Notes (Cost $6,367,437)										6,446,822			0.52


Yankee Government Bonds: 0.90%
Hashemite Kingdom of Jordan		2.58			6-30-2022			10,630,000		11,149,148			0.90


Total Yankee Government Bonds (Cost $10,630,000)										11,149,148			0.90
						��

	Yield						Shares
Short-Term Investments: 2.65%

Investment Companies: 2.47%
Wells Fargo Government Money Market Fund, Select Class (l)(u)##		0.22						30,737,487		30,737,487			2.47


							Principal
U.S. Treasury Securities: 0.18%
U.S. Treasury Bill (z)#		0.22			3-17-2016		$	2,225,000		2,224,789			0.18


Total Short-Term Investments (Cost $32,962,260)										32,962,276			2.65


Total investments in securities (Cost $1,433,224,264) *										1,461,745,910			117.47
Other assets and liabilities, net										(217,360,028	)		(17.47	)

Total net assets									$	1,244,385,882			100.00	%

¤	The security is issued in zero coupon form with no periodic interest payments.

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

(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.

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

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

*	Cost for federal income tax purposes is $1,433,357,492 and unrealized gains (losses) consists of:


Gross unrealized gains	$	31,505,658
Gross unrealized losses		(3,117,240	)

Net unrealized gains	$	28,388,418

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


10		Wells Fargo Government Securities Fund		Statement of assets and liabilities—February 29, 2016 (unaudited)




Assets
Investments
In unaffiliated securities, at value (cost $1,402,486,777)	$	1,431,008,423
In affiliated securities, at value (cost $30,737,487)		30,737,487

Total investments, at value (cost $1,433,224,264)		1,461,745,910
Cash		15,481
Receivable for investments sold		23,974,836
Principal paydown receivable		517,316
Receivable for Fund shares sold		1,847,458
Receivable for interest		4,177,385
Receivable for daily variation margin on open futures contracts		1,578
Prepaid expenses and other assets		50,894

Total assets		1,492,330,858


Liabilities
Dividends payable		51,676
Payable for investments purchased		246,315,750
Payable for Fund shares redeemed		788,714
Payable for daily variation margin on open futures contracts		13,312
Management fee payable		363,341
Distribution fees payable		15,997
Administration fees payable		116,635
Accrued expenses and other liabilities		279,551

Total liabilities		247,944,976

Total net assets	$	1,244,385,882


NET ASSETS CONSIST OF
Paid-in capital	$	1,217,814,010
Overdistributed net investment income		(13,263,766	)
Accumulated net realized gains on investments		11,237,326
Net unrealized gains on investments		28,598,312

Total net assets	$	1,244,385,882


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	508,357,891
Shares outstanding – Class A¹		44,743,438
Net asset value per share – Class A		$11.36
Maximum offering price per share – Class A²		$11.90
Net assets – Class B	$	325,800
Shares outstanding – Class B¹		28,681
Net asset value per share – Class B		$11.36
Net assets – Class C	$	26,723,286
Shares outstanding – Class C¹		2,352,386
Net asset value per share – Class C		$11.36
Net assets – Administrator Class	$	223,206,041
Shares outstanding – Administrator Class¹		19,652,009
Net asset value per share – Administrator Class		$11.36
Net assets – Institutional Class	$	485,772,864
Shares outstanding – Institutional Class¹		42,793,371
Net asset value per share – Institutional Class		$11.35

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/95.50 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 February 29, 2016 (unaudited)		Wells Fargo Government Securities Fund			11




Investment income
Interest	$	9,485,332
Income from affiliated securities		16,552

Total investment income		9,501,884


Expenses
Management fee		2,655,497
Administration fees
Class A		338,930
Class B		346
Class C		20,996
Administrator Class		108,325
Institutional Class		191,445
Investor Class		84,461	¹
Shareholder servicing fees
Class A		527,718
Class B		541
Class C		32,806
Administrator Class		269,182
Investor Class		111,134	¹
Distribution fees
Class B		1,623
Class C		98,418
Custody and accounting fees		41,073
Professional fees		38,616
Registration fees		53,377
Shareholder report expenses		33,237
Trustees’ fees and expenses		11,672
Other fees and expenses		4,526

Total expenses		4,623,923
Less: Fee waivers and/or expense reimbursements		(376,793	)

Net expenses		4,247,130

Net investment income		5,254,754


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		18,089,143
Futures transactions		(3,251,202	)
TBA sale commitments		7,109

Net realized gains on investments		14,845,050


Net change in unrealized gains (losses) on:
Unaffiliated securities		6,175,451
Futures transactions		1,724,624
TBA sale commitments		(4,062	)

Net change in unrealized gains (losses) on investments		7,896,013

Net realized and unrealized gains (losses) on investments		22,741,063

Net increase in net assets resulting from operations	$	27,995,817

¹	For the period from September 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 Government Securities Fund		Statement of changes in net assets


	Six months ended February 29, 2016 (unaudited)						Year ended August 31, 2015

Operations
Net investment income				$	5,254,754					$	9,771,968
Net realized gains on investments					14,845,050						23,160,151
Net change in unrealized gains (losses) on investments					7,896,013						(8,403,930	)

Net increase in net assets resulting from operations					27,995,817						24,528,189


Distributions to shareholders from
Net investment income
Class A					(1,678,675	)					(1,703,954	)
Class B					(117	)					(832	)
Class C					(6,682	)					(28,250	)
Administrator Class					(1,094,033	)					(2,081,044	)
Institutional Class					(2,799,883	)					(6,227,671	)
Investor Class					(357,823	)¹					(2,626,026	)
Net realized gains
Class A					(2,466,149	)					0
Class B					(1,682	)					0
Class C					(126,823	)					0
Administrator Class					(1,082,005	)					0
Institutional Class					(2,329,746	)					0

Total distributions to shareholders					(11,943,618	)					(12,667,777	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		29,210,997			329,710,132			8,954,742			101,054,999
Class B		2,334			26,330			1,366			15,353
Class C		210,245			2,369,046			215,398			2,419,561
Administrator Class		3,717,150			41,874,844			8,056,276			90,448,540
Institutional Class		7,004,765			78,741,003			10,133,981			113,615,861
Investor Class		600,036	¹		6,759,663	¹		4,347,873			48,789,291

					459,481,018						356,343,605

Reinvestment of distributions
Class A		348,380			3,906,897			132,277			1,487,481
Class B		149			1,673			55			612
Class C		4,572			51,181			971			10,885
Administrator Class		191,218			2,145,828			178,706			2,007,738
Institutional Class		429,910			4,821,756			527,852			5,927,967
Investor Class		17,945	¹		202,596	¹		227,765			2,561,820

					11,129,931						11,996,503

Payment for shares redeemed
Class A		(5,548,931	)		(62,448,430	)		(3,992,999	)		(44,888,826	)
Class B		(21,649	)		(242,857	)		(57,706	)		(648,068	)
Class C		(268,261	)		(3,015,514	)		(682,542	)		(7,665,778	)
Administrator Class		(3,558,992	)		(40,025,193	)		(7,982,527	)		(89,380,947	)
Institutional Class		(6,480,033	)		(72,950,709	)		(17,526,446	)		(196,591,403	)
Investor Class		(27,120,176	)¹		(306,372,686	)¹		(8,619,296	)		(96,975,184	)

					(485,055,389	)					(436,150,206	)

Net decrease in net assets resulting from capital share transactions					(14,444,440	)					(67,810,098	)

Total increase (decrease) in net assets					1,607,759						(55,949,686	)


Net assets
Beginning of period					1,242,778,123						1,298,727,809

End of period				$	1,244,385,882					$	1,242,778,123

Overdistributed net investment income				$	(13,263,766	)				$	(12,581,307	)

¹	For the period from September 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 Government Securities Fund			13

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS A	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$11.22			$11.11			$10.77			$11.48			$11.23			$11.16
Net investment income		0.04	¹		0.07	¹		0.05			0.07			0.15			0.25
Net realized and unrealized gains (losses) on investments		0.19			0.13			0.40			(0.42	)		0.33			0.16

Total from investment operations		0.23			0.20			0.45			(0.35	)		0.48			0.41
Distributions to shareholders from
Net investment income		(0.04	)		(0.09	)		(0.11	)		(0.09	)		(0.17	)		(0.34	)
Net realized gains		(0.05	)		0.00			0.00			(0.27	)		(0.06	)		0.00

Total distributions to shareholders		(0.09	)		(0.09	)		(0.11	)		(0.36	)		(0.23	)		(0.34	)
Net asset value, end of period		$11.36			$11.22			$11.11			$10.77			$11.48			$11.23
Total return²		2.15	%		1.84	%		4.19	%		(3.22	)%		4.35	%		3.75	%
Ratios to average net assets (annualized)
Gross expenses		0.87	%		0.87	%		0.88	%		0.85	%		0.86	%		0.85	%
Net expenses		0.85	%		0.85	%		0.86	%		0.85	%		0.86	%		0.85	%
Net investment income		0.72	%		0.59	%		0.56	%		0.67	%		1.35	%		2.31	%
Supplemental data
Portfolio turnover rate		195	%		349	%		349	%		341	%		327	%		268	%
Net assets, end of period (000s omitted)		$508,358			$232,545			$173,772			$202,955			$258,329			$270,253

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 Government Securities Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS B	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$11.21			$11.11			$10.77			$11.48			$11.23			$11.16
Net investment income (loss)		(0.01	)¹		(0.01	)¹		(0.02	)¹		(0.03	)		0.08	¹		0.15
Net realized and unrealized gains (losses) on investments		0.21			0.12			0.39			(0.41	)		0.31			0.17

Total from investment operations		0.20			0.11			0.37			(0.44	)		0.39			0.32
Distributions to shareholders from
Net investment income		(0.00	)²		(0.01	)		(0.03	)		(0.00	)²		(0.08	)		(0.25	)
Net realized gains		(0.05	)		0.00			0.00			(0.27	)		(0.06	)		0.00

Total distributions to shareholders		(0.05	)		(0.01	)		(0.03	)		(0.27	)		(0.14	)		(0.25	)
Net asset value, end of period		$11.36			$11.21			$11.11			$10.77			$11.48			$11.23
Total return³		1.86	%		0.99	%		3.42	%		(3.94	)%		3.57	%		2.98	%
Ratios to average net assets (annualized)
Gross expenses		1.62	%		1.62	%		1.61	%		1.60	%		1.61	%		1.60	%
Net expenses		1.60	%		1.60	%		1.60	%		1.60	%		1.61	%		1.60	%
Net investment income (loss)		(0.12	)%		(0.10	)%		(0.18	)%		(0.08	)%		0.68	%		1.55	%
Supplemental data
Portfolio turnover rate		195	%		349	%		349	%		341	%		327	%		268	%
Net assets, end of period (000s omitted)		$326			$537			$1,157			$2,266			$4,727			$7,083

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 Government Securities Fund			15

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS C	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$11.21			$11.11			$10.77			$11.48			$11.23			$11.16
Net investment income (loss)		(0.00	)^1,2		(0.01	)¹		(0.02	)¹		(0.02	)		0.07			0.17
Net realized and unrealized gains (losses) on investments		0.20			0.12			0.39			(0.42	)		0.32			0.15

Total from investment operations		0.20			0.11			0.37			(0.44	)		0.39			0.32
Distributions to shareholders from
Net investment income		(0.00	)²		(0.01	)		(0.03	)		(0.00	)²		(0.08	)		(0.25	)
Net realized gains		(0.05	)		0.00			0.00			(0.27	)		(0.06	)		0.00

Total distributions to shareholders		(0.05	)		(0.01	)		(0.03	)		(0.27	)		(0.14	)		(0.25	)
Net asset value, end of period		$11.36			$11.21			$11.11			$10.77			$11.48			$11.23
Total return³		1.77	%		1.08	%		3.42	%		(3.94	)%		3.57	%		2.98	%
Ratios to average net assets (annualized)
Gross expenses		1.62	%		1.62	%		1.63	%		1.60	%		1.61	%		1.60	%
Net expenses		1.60	%		1.60	%		1.61	%		1.60	%		1.61	%		1.60	%
Net investment income (loss)		(0.06	)%		(0.13	)%		(0.20	)%		(0.08	)%		0.55	%		1.56	%
Supplemental data
Portfolio turnover rate		195	%		349	%		349	%		341	%		327	%		268	%
Net assets, end of period (000s omitted)		$26,723			$26,981			$31,908			$44,647			$75,244			$58,576

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.


16		Wells Fargo Government Securities Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$11.21			$11.11			$10.76			$11.48			$11.23			$11.16
Net investment income		0.05			0.10			0.06			0.09			0.17	¹		0.27	¹
Net realized and unrealized gains (losses) on investments		0.21			0.12			0.42			(0.43	)		0.33			0.16

Total from investment operations		0.26			0.22			0.48			(0.34	)		0.50			0.43
Distributions to shareholders from
Net investment income		(0.06	)		(0.12	)		(0.13	)		(0.11	)		(0.19	)		(0.36	)
Net realized gains		(0.05	)		0.00			0.00			(0.27	)		(0.06	)		0.00

Total distributions to shareholders		(0.11	)		(0.12	)		(0.13	)		(0.38	)		(0.25	)		(0.36	)
Net asset value, end of period		$11.36			$11.21			$11.11			$10.76			$11.48			$11.23
Total return²		2.34	%		1.97	%		4.51	%		(3.10	)%		4.57	%		3.97	%
Ratios to average net assets (annualized)
Gross expenses		0.81	%		0.80	%		0.81	%		0.79	%		0.79	%		0.74	%
Net expenses		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%
Net investment income		0.91	%		0.82	%		0.79	%		0.88	%		1.49	%		2.50	%
Supplemental data
Portfolio turnover rate		195	%		349	%		349	%		341	%		327	%		268	%
Net assets, end of period (000s omitted)		$223,206			$216,428			$211,589			$339,446			$436,578			$276,334

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 Government Securities Fund			17

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$11.21			$11.10			$10.76			$11.47			$11.22			$11.15
Net investment income		0.06			0.11	¹		0.10			0.11			0.19	¹		0.30
Net realized and unrealized gains (losses) on investments		0.20			0.14			0.39			(0.42	)		0.33			0.15

Total from investment operations		0.26			0.25			0.49			(0.31	)		0.52			0.45
Distributions to shareholders from
Net investment income		(0.07	)		(0.14	)		(0.15	)		(0.13	)		(0.21	)		(0.38	)
Net realized gains		(0.05	)		0.00			0.00			(0.27	)		(0.06	)		0.00

Total distributions to shareholders		(0.12	)		(0.14	)		(0.15	)		(0.40	)		(0.27	)		(0.38	)
Net asset value, end of period		$11.35			$11.21			$11.10			$10.76			$11.47			$11.22
Total return²		2.34	%		2.22	%		4.59	%		(2.86	)%		4.74	%		4.14	%
Ratios to average net assets (annualized)
Gross expenses		0.54	%		0.54	%		0.55	%		0.52	%		0.53	%		0.52	%
Net expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		1.06	%		0.99	%		0.94	%		1.05	%		1.71	%		2.71	%
Supplemental data
Portfolio turnover rate		195	%		349	%		349	%		341	%		327	%		268	%
Net assets, end of period (000s omitted)		$485,773			$468,859			$540,684			$565,573			$778,919			$718,411

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 Government Securities 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 Government Securities 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

Securities valuation

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

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

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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

When-issued transactions

Futures contracts


Notes to financial statements (unaudited)		Wells Fargo Government Securities Fund			19

TBA sale commitments

The Fund may enter into To Be Announced (“TBA”) sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities or offsetting TBA purchase commitments, which are deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Securities valuation”. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

Inflation-indexed bonds and TIPS

The Fund may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

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.

Distributions to shareholders

Federal and other taxes


20		Wells Fargo Government Securities Fund		Notes to financial statements (unaudited)

As of August 31, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $1,568,458 expiring in 2017.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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 February 29, 2016:


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

Agency securities	$	0	$	842,698,708	$	4,368,655	$	847,067,363

Asset-backed securities		0		12,366,507		0		12,366,507

Corporate bonds and notes		0		9,276,360		0		9,276,360

Municipal obligations		0		7,506,086		0		7,506,086

Non-agency mortgage-backed securities		0		74,787,508		0		74,787,508

U.S. Treasury securities		460,183,840		0		0		460,183,840

Yankee corporate bonds and notes		0		6,446,822		0		6,446,822

Yankee government bonds		0		11,149,148		0		11,149,148

Short-term investments
Investment companies		30,737,487		0		0		30,737,487
U.S. Treasury securities		2,224,789		0		0		2,224,789
		493,146,116		964,231,139		4,368,655		1,461,745,910

Futures contracts		1,578		0		0		1,578
Total assets	$	493,147,694	$	964,231,139	$	4,368,655	$	1,461,747,488
Liabilities

Futures contracts	$	13,312	$	0	$	0	$	13,312
Total liabilities	$	13,312	$	0	$	0	$	13,312


Notes to financial statements (unaudited)		Wells Fargo Government Securities Fund			21

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

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the applicable subadviser, providing fund-level administrative services in connection with the Fund’s operations, and providing any other fund-level administrative services reasonably necessary for the operation of the Fund. As compensation for its services under the investment management agreement, Funds Management is entitled to receive an annual management fee starting at 0.45% and declining to 0.33% as the average daily net assets of the Fund increase. For the six months ended February 29, 2016, the management fee was equivalent to an annual rate of 0.43% of the Fund’s average daily net assets.

Administration fees


	Class-level administration fee
Class A, Class B, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.19

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 December 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.85% for Class A shares, 1.60% for Class B shares, 1.60% for Class C shares, 0.64% 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 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 February 29, 2016, Funds Distributor received $4,966 from the sale of Class A shares and $1,000 and $533 in contingent deferred sales charges from redemptions of Class A and Class C shares, respectively.


22		Wells Fargo Government Securities Fund		Notes to financial statements (unaudited)

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 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 short-term securities, for the six months ended February 29, 2016 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$2,797,800,983	$83,308,784	$2,929,891,052	$82,585,813

6. DERIVATIVE TRANSACTIONS

During the six months ended February 29, 2016, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At February 29, 2016, the Fund had long and short futures contracts outstanding as follows:


Expiration date	Counterparty	Contracts		Type		Contract value at February 29, 2016		Unrealized gains (losses)
6-21-2016	JPMorgan		36 Short		10-Year U.S. Treasury Notes	$	4,698,563	$	(839	)
6-21-2016	JPMorgan		8 Short		U.S. Treasury Bonds		1,316,250		(1,818	)
6-30-2016	JPMorgan		200 Short		2-Year U.S. Treasury Notes		43,709,375		77,745
6-30-2016	JPMorgan		115 Long		5-Year U.S. Treasury Notes		13,913,203		1,578

The Fund had an average notional amount of $129,777,065 and $26,162,715 in long futures contracts and short futures contracts, respectively, during the six months ended February 29, 2016.

On February 29, 2016, the cumulative unrealized gains on futures contracts in the amount of $76,666 are reflected in net unrealized gains on investments on the Statement of Assets and Liabilities. The receivable and payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized losses and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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

Derivative type

Counterparty

Gross amounts

of assets in the
Statement of

Assets and

Liabilities

Amounts
subject to
netting
agreements

Collateral
received

Net amount
of assets

Futures – variation margin

JPMorgan

$1,578

(1,578

)


Notes to financial statements (unaudited)		Wells Fargo Government Securities Fund			23

Derivative type

Counterparty

Gross amounts

of liabilities in the
Statement of

Assets and

Liabilities

Amounts
subject to
netting
agreements

Collateral
pledged¹

Net amount
of liabilities

Futures – variation margin

JPMorgan

$13,312

(1,578

)

(11,734

)

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

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. For the six months ended February 29, 2016, the Fund paid $521 in commitment fees.

For the six months ended February 29, 2016, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION


24		Wells Fargo Government Securities Fund		Other information (unaudited)

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


Other information (unaudited)		Wells Fargo Government Securities Fund			25

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief 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 Government Securities 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.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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


List of abbreviations		Wells Fargo Government Securities 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.

LOGO

For more information

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

Wells Fargo Funds

P.O. Box 8266

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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

241407 04-16

SA216/SAR216 2-16

Semi-Annual Report

February 29, 2016

Wells Fargo High Income Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

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

Notes to financial statements			22

Other information			27

List of abbreviations			30

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo High Income Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

U.S. economic growth continued at a moderate pace during the six-month period.

The dramatic and persistent decline in the oil price pressured several energy firms, leading to layoffs and debt defaults.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo High Income Fund for the six-month period that ended February 29, 2016. The period was marked by substantial volatility for high-yield bond markets, driven in part by continued weakness in energy- and commodity-related bonds. However, investment-grade bonds continued to benefit from low interest rates—despite a December rate hike by the U.S. Federal Reserve (Fed)—and a generally benign credit cycle.

The Fed’s rate hike supported the view of a sluggish but resilient U.S. economy.

U.S. economic growth continued at a moderate pace during the six-month period. The unemployment rate continued to slowly improve, easing from 5.1% in September 2015 to 4.9% in February 2016. Reported gross domestic product growth increased at an annual rate of 1.4% in the fourth quarter of 2015, according to the third estimate from the Bureau of Economic Analysis. In addition, the core personal consumption expenditures deflator, the Fed’s favorite measure of inflation, remained below the Fed’s longer-term objective of 2%.

The combination of moderate economic growth and low inflation allowed the Federal Open Market Committee (FOMC) to raise its key rate in December 2015 by 0.25%, to a range between 0.25% and 0.50%. In its accompanying statement, the FOMC said it “currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will continue to expand at a moderate pace and labor market indicators will continue to strengthen.”

Low interest rates supported investment-grade bonds, but falling commodity prices affected high-yield bonds.

Despite the FOMC’s December rate hike, interest rates remained low on an absolute basis. Moreover, the FOMC’s guidance led investors to believe that the path of future rate increases would be gradual. The combination of low interest rates and a resilient economy tended to support the investment-grade bond market. For example, the Barclays Corporate Bond Index¹ posted a 1.33% return for the six-month period.

By contrast, the high-yield bond market showed weakness. The Barclays U.S. Corporate High Yield Bond Index² posted a 5.61% loss for the six-month period. A major negative factor was the number of energy companies with outstanding high-yield debt. These firms were able to sell oil at a price approximating $100 per barrel in 2008; in early 2016, the West Texas Intermediate oil benchmark consistently traded at less than $40 per barrel. The dramatic and persistent decline in the oil price pressured several energy firms, leading to layoffs and debt defaults. A similar decline in the prices of industrial commodities weighed on the high-yield metals and mining industry.

Liquidity-related concerns also pressured the high-yield bond market, especially in the fourth quarter of 2015. Notably, a high-yield bond mutual fund had to lock investors out of redeeming shares and close the fund. While that fund’s aggressive

¹	The Barclays Corporate Bond Index is an unmanaged market-value-weighted index of investment-grade corporate fixed-rate debt issues with maturities of one year or more. You cannot invest directly in an index.

²	The Barclays U.S. Corporate High Yield Bond Index is an unmanaged, U.S. dollar–denominated, nonconvertible, non-investment-grade debt index. The index consists of domestic corporate bonds rated Ba and below with a minimum outstanding amount of $150 million. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo High Income Fund			3

(and illiquid) investments led to its eventual issues, that event put pressure on certain securities, especially the lower-quality securities that the fund in question preferred. The effect of the fund’s closure was heightened by the fact that December tends to be a low activity month, magnifying inflows and outflows.

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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Funds


4		Wells Fargo High Income Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks total return, consisting of a high level of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kevin J. Maas, CFA^®

Thomas M. Price, CFA^®

Michael J. Schueller, CFA^®

Average annual total returns (%) as of February 29, 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 (SHBAX)	2-29-2000		(11.15	)		1.97		4.50		(6.96	)		2.91		4.99		1.02		0.94
Class B (WFNBX)*	7-18-2008		(12.66	)		1.77		4.44		(7.66	)		2.14		4.44		1.77		1.69
Class C (WFNCX)	7-18-2008		(8.66	)		2.15		4.21		(7.66	)		2.15		4.21		1.77		1.69
Administrator Class (WFNDX)	7-30-2010		–			–		–		(6.75	)		3.04		5.12		0.96		0.84
Institutional Class (SHYYX)	7-31-2001		–			–		–		(6.62	)		3.32		5.42		0.69		0.54
Barclays U.S. Corporate High Yield Bond Index⁴	–		–			–		–		(8.30	)		4.09		6.61		–		–

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment- grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. 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 High Income Fund			5


Ten largest holdings (%) as of February 29, 2016⁵
Sprint Corporation, 7.88%, 9-15-2023			1.48
Tenet Healthcare Corporation, 6.75%, 6-15-2023			1.30
HCA Incorporated, 4.75%, 5-1-2023			1.17
American Axle Manufacturing Incorporated, 6.63%, 10-15-2022			1.16
Sappi Papier Holding GmbH, 6.63%, 4-15-2021			1.16
SBA Communications Corporation, 3.25%, 3-24-2021			1.11
Royal Bank of Scotland Group plc, 5.13%, 5-28-2024			1.10
Community Health Systems Incorporated, 8.00%, 11-15-2019			1.08
AerCap Ireland Capital Limited, 5.00%, 10-1-2021			1.03
Kindred Healthcare Incorporated, 8.75%, 1-15-2023			1.03

Credit quality as of February 29, 2016⁶

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

The manager has contractually committed through December 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at 0.93% for Class A, 1.68 for Class B, 1.68% for Class C, 0.83% for Administrator Class, and 0.53% 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 Barclays U.S. Corporate High Yield Bond Index is an unmanaged, U.S. dollar-denominated, nonconvertible, non-investment-grade debt index. The index consists of domestic corporate bonds rated Ba and below with a minimum outstanding amount of $150 million. 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

The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.


6		Wells Fargo High Income Fund		Fund expenses (unaudited)

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 September 1, 2015 to February 29, 2016.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 9-1-2015		Ending account value 2-29-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	959.51	$	4.48		0.91	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.62		0.91	%
Class B
Actual	$	1,000.00	$	955.93	$	8.16		1.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.79	$	8.42		1.66	%
Class C
Actual	$	1,000.00	$	955.94	$	8.16		1.66	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.79	$	8.42		1.66	%
Administrator Class
Actual	$	1,000.00	$	960.72	$	3.94		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%
Institutional Class
Actual	$	1,000.00	$	960.59	$	2.51		0.51	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.57	$	2.59		0.51	%

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—February 29, 2016 (unaudited)		Wells Fargo High Income Fund			7


Security name	Interest rate			Maturity date		Principal			Value

Corporate Bonds and Notes: 70.57%

Consumer Discretionary: 18.61%

Auto Components: 2.89%								��
American Axle Manufacturing Incorporated «		6.63	%		10-15-2022	$	4,000,000		$	4,050,000
Goodyear Tire & Rubber Company		5.13			11-15-2023		3,000,000			3,082,500
ZF North America Capital Incorporated 144A		4.50			4-29-2022		3,000,000			2,958,750

										10,091,250


Diversified Consumer Services: 0.83%
Ashtead Capital Incorporated 144A		5.63			10-1-2024		2,935,000			2,890,975


Hotels, Restaurants & Leisure: 1.83%
MGM Resorts International Company		6.63			12-15-2021		2,000,000			2,125,000
MGM Resorts International Company		8.63			2-1-2019		1,000,000			1,132,500
Tunica Biloxi Gaming Authority (i)		1.00			11-15-2016		6,260,000			3,130,000

										6,387,500


Household Durables: 3.49%
Beazer Homes USA Company		7.25			2-1-2023		2,000,000			1,419,644
Calatlantic Group Incorporated		5.88			11-15-2024		2,400,000			2,514,000
KB Home		7.50			9-15-2022		3,000,000			2,842,500
Lennar Corporation		4.75			5-30-2025		2,500,000			2,418,750
PulteGroup Incorporated %%		5.50			3-1-2026		2,995,000			3,024,950

										12,219,844


Media: 7.37%
CCO Holdings LLC		6.50			4-30-2021		1,500,000			1,559,063
CCO Holdings LLC		6.63			1-31-2022		2,000,000			2,100,000
CCOH Safari LLC 144A		5.75			2-15-2026		3,000,000			3,007,890
Cequel Communications Holdings I LLC 144A		5.13			12-15-2021		2,000,000			1,835,000
Clear Channel Communications Incorporated		10.00			1-15-2018		1,500,000			480,000
Clear Channel Communications Incorporated (PIK at 14.00%) ¥		14.00			2-1-2021		2,102,020			504,485
Clear Channel Worldwide Holdings Incorporated		6.50			11-15-2022		3,000,000			2,722,500
DISH DBS Corporation		5.88			7-15-2022		3,000,000			2,872,500
iHeartCommunications Incorporated		9.00			3-1-2021		2,000,000			1,362,500
Neptune Finco Corporation 144A		10.88			10-15-2025		2,000,000			2,160,000
Sinclair Television Group Incorporated 144A		5.63			8-1-2024		3,000,000			2,992,500
Sirius XM Radio Incorporated 144A		5.75			8-1-2021		2,000,000			2,075,000
Sirius XM Radio Incorporated 144A		6.00			7-15-2024		2,000,000			2,100,000

										25,771,438


Multiline Retail: 1.28%
JC Penney Corporation Incorporated «		8.13			10-1-2019		2,000,000			2,025,000
Neiman Marcus Group Limited 144A«		8.00			10-15-2021		3,500,000			2,467,150

										4,492,150


Specialty Retail: 0.92%
Outerwall Incorporated		5.88			6-15-2021		1,000,000			720,000
Sally Holdings LLC / Sally Capital Incorporated		5.63			12-1-2025		2,400,000			2,496,000

										3,216,000

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


8		Wells Fargo High Income Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Consumer Staples: 3.81%

Food Products: 3.21%
Dean Foods Company 144A		6.50	%		3-15-2023	$	2,000,000	$	2,104,380
JBS USA LLC/JBS USA Finance Incorporated 144A		5.88			7-15-2024		3,500,000		3,097,500
Post Holdings Incorporated 144A		6.75			12-1-2021		3,000,000		3,180,000
TreeHouse Foods Incorporated		4.88			3-15-2022		2,730,000		2,831,829

									11,213,709


Household Products: 0.60%
Spectrum Brands Incorporated		5.75			7-15-2025		2,000,000		2,107,500


Energy: 5.25%

Energy Equipment & Services: 0.35%
SESI LLC		7.13			12-15-2021		2,000,000		1,227,500


Oil, Gas & Consumable Fuels: 4.90%
Carrizo Oil & Gas Incorporated		6.25			4-15-2023		2,000,000		1,420,000
Concho Resources Incorporated		5.50			4-1-2023		2,000,000		1,870,000
Crestwood Midstream Partners LP		6.13			3-1-2022		2,500,000		1,800,000
Newfield Exploration Company		5.38			1-1-2026		2,065,000		1,796,550
Sabine Pass Liquefaction LLC		5.63			2-1-2021		3,500,000		3,340,313
Targa Resources Partners Incorporated		6.88			2-1-2021		2,000,000		1,740,000
Tesoro Logistics LP Corporation		6.13			10-15-2021		3,500,000		3,220,000
WPX Energy Incorporated		5.25			1-15-2017		2,000,000		1,960,000

									17,146,863


Financials: 7.25%

Banks: 2.21%
Bank of America Corporation ±		6.10			12-29-2049		3,000,000		2,910,000
CIT Group Incorporated		5.25			3-15-2018		2,000,000		2,060,000
Citigroup Incorporated ±		6.13			12-29-2049		2,800,000		2,758,000

									7,728,000


Capital Markets: 1.66%
Goldman Sachs Group Incorporated ±		5.38			12-29-2049		3,000,000		2,857,500
Morgan Stanley ±		5.55			12-29-2049		3,000,000		2,943,741

									5,801,241


Consumer Finance: 1.84%
Ally Financial Incorporated		4.13			2-13-2022		2,000,000		1,945,000
Navient Corporation		5.88			10-25-2024		3,000,000		2,430,000
SLM Corporation		5.50			1-25-2023		2,500,000		2,075,000

									6,450,000


Diversified Financial Services: 0.88%
Argos Merger Incorporated 144A		7.13			3-15-2023		3,000,000		3,067,500

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo High Income Fund			9


Security name	Interest rate			Maturity date		Principal		Value

Insurance: 0.66%
Genworth Holdings Incorporated		4.80	%		2-15-2024	$	4,000,000	$	2,300,000


Health Care: 10.09%

Health Care Equipment & Supplies: 0.49%
DJO Finco Incorporated 144A		8.13			6-15-2021		1,000,000		837,500
Universal Hospital Services Incorporated		7.63			8-15-2020		1,000,000		867,500

									1,705,000


Health Care Providers & Services: 7.58%
Community Health Systems Incorporated		8.00			11-15-2019		4,000,000		3,780,000
DaVita HealthCare Partners Incorporated		5.00			5-1-2025		2,000,000		1,995,000
Hanger Orthopedic Group		9.13			11-15-2018		2,900,000		2,320,000
HCA Incorporated		4.75			5-1-2023		4,000,000		4,090,000
HealthSouth Corporation		5.75			11-1-2024		3,000,000		3,030,000
Kindred Healthcare Incorporated		8.75			1-15-2023		4,000,000		3,590,000
Select Medical Corporation		6.38			6-1-2021		3,500,000		3,150,000
Tenet Healthcare Corporation		6.75			6-15-2023		5,000,000		4,550,000

									26,505,000


Pharmaceuticals: 2.02%
Alphabet Holding Company Incorporated (PIK at 8.50%) ¥		7.75			11-1-2017		3,500,000		3,508,750
Endo Finance LLC 144A		6.00			7-15-2023		3,500,000		3,570,000

									7,078,750


Industrials: 9.07%

Aerospace & Defense: 1.30%
DigitalGlobe Incorporated 144A		5.25			2-1-2021		3,000,000		2,610,000
TransDigm Group Incorporated		6.50			7-15-2024		2,000,000		1,950,000

									4,560,000


Airlines: 0.80%
United Continental Holdings Incorporated		6.00			12-1-2020		2,700,000		2,801,250


Building Products: 0.88%
USG Corporation 144A		5.50			3-1-2025		3,000,000		3,067,500


Commercial Services & Supplies: 0.56%
Casella Waste Systems Incorporated		7.75			2-15-2019		2,000,000		1,965,000


Diversified Consumer Services: 0.70%
ADT Corporation «		6.25			10-15-2021		2,500,000		2,437,500


Diversified Telecommunication Services: 0.77%
West Corporation 144A		5.38			7-15-2022		3,000,000		2,685,000


Machinery: 2.19%
Manitowoc Company Incorporated «		8.50			11-1-2020		3,000,000		3,127,500
Navistar International Corporation		8.25			11-1-2021		4,000,000		2,420,000
Terex Corporation		6.00			5-15-2021		2,250,000		2,126,250

									7,673,750

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


10		Wells Fargo High Income Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Road & Rail: 1.03%
The Hertz Corporation «		5.88	%		10-15-2020	$	2,750,000	$	2,667,500
The Hertz Corporation «		6.25			10-15-2022		1,000,000		951,250

									3,618,750


Trading Companies & Distributors: 0.84%
United Rentals North America Incorporated		5.75			11-15-2024		3,000,000		2,924,400


Information Technology: 2.46%

Communications Equipment: 0.28%
CommScope Technologies Finance LLC 144A		6.00			6-15-2025		1,000,000		990,000


Internet Software & Services: 0.12%
Infor Software Parent LLC 144A		6.50			5-15-2022		500,000		433,750


IT Services: 1.45%
First Data Corporation 144A		5.00			1-15-2024		3,000,000		3,046,890
Neustar Incorporated		4.50			1-15-2023		2,500,000		2,018,750

									5,065,640


Semiconductors & Semiconductor Equipment: 0.61%
Microsemi Corporation 144A		9.13			4-15-2023		2,000,000		2,115,000


Materials: 3.56%

Chemicals: 0.49%
GCP Applied Technologies Corporation 144A		9.50			2-1-2023		1,000,000		1,070,000
Tronox Finance LLC		6.38			8-15-2020		1,000,000		627,500

									1,697,500


Containers & Packaging: 1.87%
Crown Americas Capital Corporation IV		4.50			1-15-2023		2,000,000		2,040,000
Owens-Brockway Glass Container Incorporated 144A«		5.88			8-15-2023		2,000,000		2,060,000
Reynolds Group Holdings		8.25			2-15-2021		2,500,000		2,456,250

									6,556,250


Metals & Mining: 1.20%
AK Steel Corporation		7.63			5-15-2020		1,000,000		605,000
AK Steel Corporation		8.38			4-1-2022		2,840,000		1,476,800
Steel Dynamics Incorporated		5.50			10-1-2024		2,250,000		2,109,375

									4,191,175


Telecommunication Services: 7.16%

Diversified Telecommunication Services: 3.24%
CenturyLink Incorporated		5.63			4-1-2020		3,000,000		3,037,500
Cincinnati Bell Incorporated		8.38			10-15-2020		3,000,000		2,962,500
Frontier Communications Corporation		6.25			9-15-2021		2,615,000		2,317,544
Frontier Communications Corporation 144A		11.00			9-15-2025		3,000,000		3,003,750

									11,321,294

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo High Income Fund			11


Security name	Interest rate			Maturity date		Principal		Value

Wireless Telecommunication Services: 3.92%
Sprint Capital Corporation		6.90	%		5-1-2019	$	3,000,000	$	2,557,500
Sprint Corporation		7.88			9-15-2023		7,000,000		5,166,070
T-Mobile USA Incorporated		6.25			4-1-2021		3,000,000		3,142,500
T-Mobile USA Incorporated		6.50			1-15-2026		2,000,000		2,026,740
Windstream Services LLC		7.75			10-1-2021		1,000,000		806,875

									13,699,685


Utilities: 3.31%

Independent Power & Renewable Electricity Producers: 3.31%
Calpine Corporation		5.38			1-15-2023		1,500,000		1,398,750
Dynergy Incorporated		5.88			6-1-2023		3,000,000		2,295,000
NRG Energy Incorporated		6.63			3-15-2023		3,500,000		2,957,500
TerraForm Power Operating LLC 144A		5.88			2-1-2023		3,000,000		2,250,000
The AES Corporation		5.50			3-15-2024		2,910,000		2,677,200

									11,578,450


Total Corporate Bonds and Notes (Cost $273,288,826)									246,782,114


Loans: 5.37%

Consumer Discretionary: 1.54%

Hotels, Restaurants & Leisure: 0.98%
Aramark Corporation ±		3.25			9-7-2019		3,431,429		3,415,129


Multiline Retail: 0.56%
Michaels Stores Incorporated ±		3.75			1-28-2020		1,994,872		1,968,380


Financials: 0.85%

Diversified Financial Services: 0.85%
Delos Finance SARL ±		3.50			3-6-2021		3,000,000		2,975,010


Industrials: 0.98%

Commercial Services & Supplies: 0.98%
ServiceMaster Company ±		4.25			7-1-2021		3,456,250		3,424,556


Information Technology: 0.90%

Internet Software & Services: 0.90%
Zayo Group LLC ±		3.75			5-6-2021		3,185,357		3,138,915


Telecommunication Services: 1.10%

Wireless Telecommunication Services: 1.10%
SBA Communications Corporation ±		3.25			3-24-2021		3,940,000		3,866,952


Total Loans (Cost $18,975,831)									18,788,942

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


12		Wells Fargo High Income Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Municipal Obligations: 0.78%

Florida: 0.78%
Florida Development Financial Corporation Renaissance Charter School Project Series B (Education Revenue)		7.50	%		6-15-2018	$	845,000	$	850,315
Florida Development Financial Corporation Renaissance Charter School Project Series B (Education Revenue)		8.00			12-15-2018		1,825,000		1,870,771

Total Municipal Obligations (Cost $2,670,000)									2,721,086


Yankee Corporate Bonds and Notes: 12.35%

Consumer Discretionary: 3.28%

Automobiles: 0.81%
Fiat Chrysler Automobiles NV		5.25			4-15-2023		3,000,000		2,835,000


Hotels, Restaurants & Leisure: 0.77%
International Game Technology 144A		6.50			2-15-2025		3,000,000		2,677,500


Media: 1.70%
Altice Luxembourg SA 144A		7.75			5-15-2022		2,000,000		1,935,000
Numericable - Societe Francaise du Radiotelephone 144A		6.25			5-15-2024		2,000,000		1,950,000
Quebecor Media Incorporated		5.75			1-15-2023		2,000,000		2,075,000

									5,960,000


Financials: 2.89%

Banks: 1.09%
Royal Bank of Scotland Group plc		5.13			5-28-2024		4,000,000		3,831,328


Diversified Financial Services: 1.80%
AerCap Ireland Capital Limited		5.00			10-1-2021		3,500,000		3,591,875
Schaeffler Finance BV 144A		4.75			5-15-2023		1,670,000		1,632,425
Schaeffler Holding Finance BV 144A		6.75			11-15-2022		1,000,000		1,060,000

									6,284,300


Health Care: 0.84%

Pharmaceuticals: 0.84%
Mallinckrodt International Finance SA		3.50			4-15-2018		3,000,000		2,940,000


Information Technology: 0.75%

Semiconductors & Semiconductor Equipment: 0.75%
NXP Funding LLC 144A		5.75			2-15-2021		2,500,000		2,600,000


Materials: 3.00%

Chemicals: 0.84%
Ineos Group Holdings plc 144A«		5.88			2-15-2019		3,000,000		2,955,000


Containers & Packaging: 0.74%
Ardagh Holdings USA Incorporated 144A		6.75			1-31-2021		2,750,000		2,581,563


Metals & Mining: 0.26%
ArcelorMittal SA «		7.25			2-25-2022		1,000,000		900,000

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo High Income Fund			13


Security name	Interest rate			Maturity date		Principal		Value

Paper & Forest Products: 1.16%
Sappi Papier Holding GmbH 144A		6.63	%		4-15-2021	$	4,000,000	$	4,050,000


Telecommunication Services: 1.59%

Diversified Telecommunication Services: 1.59%
Intelsat Luxembourg SA		7.75			6-1-2021		5,000,000		1,500,000
Virgin Media Finance plc 144A		5.75			1-15-2025		2,000,000		1,990,000
Virgin Media Finance plc 144A		6.38			4-15-2023		2,000,000		2,080,000

									5,570,000


Total Yankee Corporate Bonds and Notes (Cost $47,532,231)									43,184,691


	Yield					Shares
Short-Term Investments: 13.02%

Investment Companies: 13.02%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.41					19,121,687		19,121,687
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)##		0.43					26,422,567		26,422,567

Total Short-Term Investments (Cost $45,544,254)									45,544,254


Total investments in securities (Cost $388,011,142) *	102.09	%		357,021,087
Other assets and liabilities, net	(2.09	)		(7,317,627	)

Total net assets	100.00	%	$	349,703,460

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

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

(i)	Illiquid security

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

¥	A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

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

(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.

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

*	Cost for federal income tax purposes is $388,026,333 and unrealized gains (losses) consists of:


Gross unrealized gains	$	3,519,330
Gross unrealized losses		(34,524,576	)

Net unrealized losses	$	(31,005,246	)

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


14		Wells Fargo High Income Fund		Statement of assets and liabilities—February 29, 2016 (unaudited)




Assets
Investments
In unaffiliated securities (including $18,697,810 of securities loaned), at value (cost $342,466,888)	$	311,476,833
In affiliated securities, at value (cost $45,544,254)		45,544,254

Total investments, at value (cost $388,011,142)		357,021,087
Receivable for investments sold		4,292,396
Receivable for Fund shares sold		6,420,873
Receivable for interest		5,505,967
Receivable for securities lending income		18,321
Prepaid expenses and other assets		40,509

Total assets		373,299,153


Liabilities
Dividends payable		301,160
Payable for investments purchased		2,995,000
Payable for Fund shares redeemed		910,265
Payable upon receipt of securities loaned		19,121,687
Management fee payable		110,918
Distribution fees payable		9,258
Administration fees payable		35,010
Accrued expenses and other liabilities		112,395

Total liabilities		23,595,693

Total net assets	$	349,703,460


NET ASSETS CONSIST OF
Paid-in capital	$	419,786,714
Overdistributed net investment income		(46,842	)
Accumulated net realized losses on investments		(39,046,357	)
Net unrealized losses on investments		(30,990,055	)

Total net assets	$	349,703,460


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	201,777,485
Shares outstanding – Class A¹		32,698,997
Net asset value per share – Class A		$6.17
Maximum offering price per share – Class A²		$6.46
Net assets – Class B	$	105,058
Shares outstanding – Class B¹		17,032
Net asset value per share – Class B		$6.17
Net assets – Class C	$	15,716,766
Shares outstanding – Class C¹		2,547,411
Net asset value per share – Class C		$6.17
Net assets – Administrator Class	$	22,886,656
Shares outstanding – Administrator Class¹		3,667,819
Net asset value per share – Administrator Class		$6.24
Net assets – Institutional Class	$	109,217,495
Shares outstanding – Institutional Class¹		17,534,634
Net asset value per share – Institutional Class		$6.23

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/95.50 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 February 29, 2016 (unaudited)		Wells Fargo High Income Fund			15




Investment income
Interest	$	11,950,768
Securities lending income, net		91,762
Income from affiliated securities		31,530

Total investment income		12,074,060


Expenses
Management fee		1,031,977
Administration fees
Class A		128,750
Class B		107
Class C		13,645
Administrator Class		11,573
Institutional Class		47,838
Investor Class		51,677	¹
Shareholder servicing fees
Class A		201,172
Class B		168
Class C		21,321
Administrator Class		24,544
Investor Class		67,354	¹
Distribution fees
Class B		504
Class C		63,961
Custody and accounting fees		14,831
Professional fees		27,462
Registration fees		48,261
Shareholder report expenses		32,057
Trustees’ fees and expenses		6,678
Other fees and expenses		6,667

Total expenses		1,800,547
Less: Fee waivers and/or expense reimbursements		(274,586	)

Net expenses		1,525,961

Net investment income		10,548,099


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(19,711,405	)
Futures transactions		123,413

Net realized losses on investments		(19,587,992	)


Net change in unrealized gains (losses) on:
Unaffiliated securities		(7,656,801	)
Futures transactions		(203,316	)

Net change in unrealized gains (losses) on investments		(7,860,117	)

Net realized and unrealized gains (losses) on investments		(27,448,109	)

Net decrease in net assets resulting from operations	$	(16,900,010	)

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

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


16		Wells Fargo High Income Fund		Statement of changes in net assets


	Six months ended February 29, 2016 (unaudited)						Year ended August 31, 2015

Operations
Net investment income				$	10,548,099					$	26,817,796
Net realized losses on investments					(19,587,992	)					(19,552,677	)
Net change in unrealized gains (losses) on investments					(7,860,117	)					(33,634,917	)

Net decrease in net assets resulting from operations					(16,900,010	)					(26,369,798	)


Distributions to shareholders from
Net investment income
Class A					(4,501,854	)					(3,438,812	)
Class B					(3,186	)					(13,181	)
Class C					(407,825	)					(964,110	)
Administrator Class					(651,476	)					(4,275,963	)
Institutional Class					(3,543,272	)					(6,767,866	)
Investor Class					(1,441,654	)¹					(11,357,864	)
Net realized gains
Class A					0						(969,256	)
Class B					0						(4,641	)
Class C					0						(329,907	)
Administrator Class					0						(1,216,589	)
Institutional Class					0						(1,577,413	)
Investor Class					0	¹					(3,110,108	)

Total distributions to shareholders					(10,549,267	)					(34,025,710	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		31,470,955			205,583,576			2,385,439			16,516,128
Class B		1,609			10,505			215			1,490
Class C		81,051			514,528			142,066			992,784
Administrator Class		758,814			4,778,420			2,599,187			18,252,362
Institutional Class		8,656,194			57,386,828			9,831,357			68,763,262
Investor Class		2,546,874	¹		16,678,998	¹		11,226,065			78,579,771

					284,952,855						183,105,797

Reinvestment of distributions
Class A		654,455			4,096,662			617,709			4,276,903
Class B		387			2,450			2,193			15,217
Class C		61,252			386,053			178,104			1,232,399
Administrator Class		100,079			638,356			778,068			5,443,239
Institutional Class		326,485			2,077,066			454,543			3,178,002
Investor Class		109,514	¹		701,984	¹		1,849,895			12,873,589

					7,902,571						27,019,349

Payment for shares redeemed
Class A		(7,872,929	)		(49,687,425	)		(5,407,997	)		(37,617,999	)
Class B		(14,362	)		(92,366	)		(44,840	)		(316,746	)
Class C		(462,701	)		(2,912,610	)		(1,200,156	)		(8,371,010	)
Administrator Class		(7,792,200	)		(51,918,694	)		(6,146,825	)		(43,257,396	)
Institutional Class		(5,260,313	)		(33,415,585	)		(12,944,454	)		(89,504,800	)
Investor Class		(30,470,510	)¹		(200,533,610	)¹		(24,564,932	)		(172,729,048	)

					(338,560,290	)					(351,796,999	)

Net decrease in net assets resulting from capital share transactions					(45,704,864	)					(141,671,853	)

Total decrease in net assets					(73,154,141	)					(202,067,361	)


Net assets
Beginning of period					422,857,601						624,924,962

End of period				$	349,703,460					$	422,857,601

Overdistributed net investment income				$	(46,842	)				$	(45,674	)

¹	For the period from September 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 High Income Fund			17

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS A	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$6.61			$7.42			$7.50			$7.63			$7.17			$7.14
Net investment income		0.17	¹		0.35	¹		0.39	¹		0.43			0.46			0.50
Net realized and unrealized gains (losses) on investments		(0.44	)		(0.71	)		0.23			(0.10	)		0.47			0.03

Total from investment operations		(0.27	)		(0.36	)		0.62			0.33			0.93			0.53
Distributions to shareholders from
Net investment income		(0.17	)		(0.35	)		(0.39	)		(0.42	)		(0.47	)		(0.50	)
Net realized gains		0.00			(0.10	)		(0.31	)		(0.04	)		0.00			0.00

Total distributions to shareholders		(0.17	)		(0.45	)		(0.70	)		(0.46	)		(0.47	)		(0.50	)
Net asset value, end of period		$6.17			$6.61			$7.42			$7.50			$7.63			$7.17
Total return²		(4.05	)%		(5.00	)%		8.60	%		4.42	%		13.30	%		7.41	%
Ratios to average net assets (annualized)
Gross expenses		1.03	%		1.01	%		1.01	%		0.99	%		1.00	%		1.01	%
Net expenses		0.91	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income		5.59	%		5.01	%		5.22	%		5.52	%		6.30	%		6.77	%
Supplemental data
Portfolio turnover rate		15	%		51	%		46	%		60	%		22	%		78	%
Net assets, end of period (000s omitted)		$201,777			$55,873			$80,478			$99,410			$123,727			$102,361

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.


18		Wells Fargo High Income Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS B	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$6.61			$7.42			$7.50			$7.63			$7.17			$7.13
Net investment income		0.15	¹		0.30	¹		0.34	¹		0.37	¹		0.41	¹		0.45
Net realized and unrealized gains (losses) on investments		(0.44	)		(0.71	)		0.22			(0.09	)		0.46			0.04

Total from investment operations		(0.29	)		(0.41	)		0.56			0.28			0.87			0.49
Distributions to shareholders from
Net investment income		(0.15	)		(0.30	)		(0.33	)		(0.37	)		(0.41	)		(0.45	)
Net realized gains		0.00			(0.10	)		(0.31	)		(0.04	)		0.00			0.00

Total distributions to shareholders		(0.15	)		(0.40	)		(0.64	)		(0.41	)		(0.41	)		(0.45	)
Net asset value, end of period		$6.17			$6.61			$7.42			$7.50			$7.63			$7.17
Total return²		(4.41	)%		(5.71	)%		7.79	%		3.64	%		12.46	%		6.76	%
Ratios to average net assets (annualized)
Gross expenses		1.78	%		1.76	%		1.76	%		1.74	%		1.75	%		1.76	%
Net expenses		1.66	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Net investment income		4.74	%		4.27	%		4.51	%		4.77	%		5.59	%		6.04	%
Supplemental data
Portfolio turnover rate		15	%		51	%		46	%		60	%		22	%		78	%
Net assets, end of period (000s omitted)		$105			$194			$533			$1,047			$1,470			$2,452

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 High Income Fund			19

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS C	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$6.61			$7.42			$7.50			$7.63			$7.17			$7.14
Net investment income		0.15	¹		0.30	¹		0.32			0.37			0.41			0.45
Net realized and unrealized gains (losses) on investments		(0.44	)		(0.71	)		0.24			(0.09	)		0.46			0.03

Total from investment operations		(0.29	)		(0.41	)		0.56			0.28			0.87			0.48
Distributions to shareholders from
Net investment income		(0.15	)		(0.30	)		(0.33	)		(0.37	)		(0.41	)		(0.45	)
Net realized gains		0.00			(0.10	)		(0.31	)		(0.04	)		0.00			0.00

Total distributions to shareholders		(0.15	)		(0.40	)		(0.64	)		(0.41	)		(0.41	)		(0.45	)
Net asset value, end of period		$6.17			$6.61			$7.42			$7.50			$7.63			$7.17
Total return²		(4.41	)%		(5.71	)%		7.80	%		3.65	%		12.47	%		6.62	%
Ratios to average net assets (annualized)
Gross expenses		1.78	%		1.76	%		1.76	%		1.74	%		1.75	%		1.76	%
Net expenses		1.66	%		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%
Net investment income		4.78	%		4.27	%		4.48	%		4.76	%		5.56	%		6.01	%
Supplemental data
Portfolio turnover rate		15	%		51	%		46	%		60	%		22	%		78	%
Net assets, end of period (000s omitted)		$15,717			$18,968			$27,791			$31,534			$32,089			$30,645

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.


20		Wells Fargo High Income Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$6.68			$7.49			$7.58			$7.70			$7.24			$7.20
Net investment income		0.18			0.36			0.40			0.44			0.48			0.51
Net realized and unrealized gains (losses) on investments		(0.44	)		(0.71	)		0.22			(0.08	)		0.46			0.04

Total from investment operations		(0.26	)		(0.35	)		0.62			0.36			0.94			0.55
Distributions to shareholders from
Net investment income		(0.18	)		(0.36	)		(0.40	)		(0.44	)		(0.48	)		(0.51	)
Net realized gains		0.00			(0.10	)		(0.31	)		(0.04	)		0.00			0.00

Total distributions to shareholders		(0.18	)		(0.46	)		(0.71	)		(0.48	)		(0.48	)		(0.51	)
Net asset value, end of period		$6.24			$6.68			$7.49			$7.58			$7.70			$7.24
Total return¹		(3.93	)%		(4.81	)%		8.53	%		4.68	%		13.36	%		7.66	%
Ratios to average net assets (annualized)
Gross expenses		0.93	%		0.92	%		0.94	%		0.91	%		0.90	%		0.92	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.79	%
Net investment income		5.63	%		5.12	%		5.31	%		5.57	%		6.37	%		6.73	%
Supplemental data
Portfolio turnover rate		15	%		51	%		46	%		60	%		22	%		78	%
Net assets, end of period (000s omitted)		$22,887			$70,841			$100,159			$64,626			$33,395			$14,654

¹	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 High Income Fund			21

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$6.68			$7.49			$7.57			$7.70			$7.24			$7.20
Net investment income		0.19			0.38			0.43			0.46			0.50			0.54
Net realized and unrealized gains (losses) on investments		(0.45	)		(0.71	)		0.22			(0.09	)		0.46			0.04

Total from investment operations		(0.26	)		(0.33	)		0.65			0.37			0.96			0.58
Distributions to shareholders from
Net investment income		(0.19	)		(0.38	)		(0.42	)		(0.46	)		(0.50	)		(0.54	)
Net realized gains		0.00			(0.10	)		(0.31	)		(0.04	)		0.00			0.00

Total distributions to shareholders		(0.19	)		(0.48	)		(0.73	)		(0.50	)		(0.50	)		(0.54	)
Net asset value, end of period		$6.23			$6.68			$7.49			$7.57			$7.70			$7.24
Total return¹		(3.94	)%		(4.52	)%		9.01	%		4.85	%		13.69	%		7.98	%
Ratios to average net assets (annualized)
Gross expenses		0.70	%		0.68	%		0.68	%		0.66	%		0.67	%		0.68	%
Net expenses		0.51	%		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		5.93	%		5.41	%		5.65	%		5.92	%		6.69	%		7.15	%
Supplemental data
Portfolio turnover rate		15	%		51	%		46	%		60	%		22	%		78	%
Net assets, end of period (000s omitted)		$109,217			$92,216			$123,288			$217,648			$302,894			$238,490

¹	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 High Income 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 High Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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.

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 High Income Fund			23

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.

When-issued transactions

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

Futures contracts

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.

Distributions to shareholders


24		Wells Fargo High Income Fund		Notes to financial statements (unaudited)

Federal and other taxes

As of August 31, 2015, the Fund had capital loss carryforwards which consist of $112,566 in short-term capital losses and $3,953,475 in long-term capital losses.

As of August 31, 2015, the Fund had current year deferred post-October capital losses consisting of $5,971,737 in short-term losses and $9,202,081 in long-term losses which was recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2016:


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

Corporate bonds and notes	$	0	$	246,782,114	$	0	$	246,782,114

Loans		0		18,788,942		0		18,788,942

Municipal obligations		0		2,721,086		0		2,721,086

Yankee corporate bonds and notes		0		43,184,691		0		43,184,691

Short-term investments
Investment companies		26,422,567		0		0		26,422,567
Investments measured at net asset value*								19,121,687
Total assets	$	26,422,567	$	311,476,833	$	0	$	357,021,087

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $19,121,687 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.


Notes to financial statements (unaudited)		Wells Fargo High Income Fund			25

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 0.55% and declining to 0.43% as the average daily net assets of the Fund increase. For the six months ended February 29, 2016, the management fee was equivalent to an annual rate of 0.55% of the Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.35% and declining to 0.20% as the average daily net assets of the Fund increase.

Administration fees


	Class-level administration fee
Class A, Class B, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.19

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 December 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.93% for Class A shares, 1.68% for Class B shares, 1.68% for Class C shares, 0.83% for Administrator Class shares, and 0.53% 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 January 1, 2016, the Fund’s expenses were capped at 0.90% for Class A shares, 1.65% for Class B shares, 1.65% for Class C shares, 0.80% for Administrator Class shares, and 0.50% for Institutional Class shares.

Distribution fees


26		Wells Fargo High Income Fund		Notes to financial statements (unaudited)

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 29, 2016 were $54,209,500 and $105,093,888, respectively.

6. DERIVATIVE TRANSACTIONS

During the six months ended February 29, 2016, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

As of February 29, 2016, the Fund did not have any open futures contracts. The Fund had an average notional amount of $8,274,285 in short futures contracts during the six months ended February 29, 2016.

The realized gains and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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. For the six months ended February 29, 2016, the Fund paid $869 in commitment fees.

For the six months ended February 29, 2016, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

9. REORGANIZATION

At a regular meeting of the Board of Trustees held on February 17-18, 2016, the Trustees of the Fund approved a Plan of Reorganization (the “Plan”). Under the Plan, Wells Fargo High Yield Bond Fund will acquire the assets and assume the liabilities of the Fund in exchange for shares of Wells Fargo High Yield Bond Fund.

A Special Meeting of Shareholders of the Fund will be held on June 28, 2016 to consider and vote on the Plan. On or about May 2, 2016, materials for this meeting will be mailed to shareholders of record on April 15, 2016.


Other information (unaudited)		Wells Fargo High Income Fund			27

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


28		Wells Fargo High Income Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief 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 High Income Fund			29


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	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.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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


30		Wells Fargo High Income Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

More information about Wells Fargo 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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

241408 04-16

SA217/SAR217 2-16

Semi-Annual Report

February 29, 2016

Wells Fargo High Yield Bond Fund

LOGO

Reduce clutter. Save trees.

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			21

Other information			27

List of abbreviations			30

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo High Yield Bond Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

U.S. economic growth continued at a moderate pace during the six-month period.

The dramatic and persistent decline in the oil price pressured several energy firms, leading to layoffs and debt defaults.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo High Yield Bond Fund for the six-month period that ended February 29, 2016. The period was marked by substantial volatility for high-yield bond markets, driven in part by continued weakness in energy- and commodity-related bonds. However, investment-grade bonds continued to benefit from low interest rates—despite a December rate hike by the U.S. Federal Reserve (Fed)—and a generally benign credit cycle.

The Fed’s rate hike supported the view of a sluggish but resilient U.S. economy.

Low interest rates supported investment-grade bonds, but falling commodity prices affected high-yield bonds.

¹	The Barclays Corporate Bond Index is an unmanaged market-value-weighted index of investment-grade corporate fixed-rate debt issues with maturities of one year or more. You cannot invest directly in an index.

The Barclays U.S. Corporate High Yield Bond Index is an unmanaged, U.S. dollar–denominated, nonconvertible, non-investment-grade debt index. The index consists of domestic and corporate bonds rated Ba and below with a minimum outstanding amount of $150 million. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo High Yield Bond Fund			3

certain securities, especially the lower-quality securities that the fund in question preferred. The effect of the fund’s closure was heightened by the fact that December tends to be a low activity month, magnifying inflows and outflows.

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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Funds


4		Wells Fargo High Yield Bond Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks total return, consisting of a high level of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio manager

Margaret D. Patel

Average annual total returns (%) as of February 29, 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 (EKHAX)	1-20-1998		(8.11	)		3.34		5.41		(3.67	)		4.30		5.90		1.04		1.03
Class B (EKHBX)*	9-11-1935		(9.02	)		3.19		5.36		(4.39	)		3.52		5.36		1.79		1.78
Class C (EKHCX)	1-21-1998		(5.39	)		3.52		5.12		(4.39	)		3.52		5.12		1.79		1.78
Administrator Class (EKHYX)	4-14-1998		–			–		–		(3.14	)		4.60		6.19		0.98		0.80
Institutional Class (EKHIX)	10-31-2014		–			–		–		(3.65	)		4.56		6.17		0.71		0.70
BofA Merrill Lynch U.S. High Yield Master II Constrained Index⁴	–		–			–		–		(8.51	)		3.89		6.47		–		–

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. The use of derivatives may reduce returns and/or increase volatility. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below investment-grade bond investments, such as credit risk (for example, risk of issuer default), below investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. 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 High Yield Bond Fund			5


Ten largest holdings as of February 29, 2016⁵
CommScope Incorporated, 5.50%, 6-15-2024			3.75
Huntington Ingalls Industries Incorporated, 5.00%, 11-15-2025			3.74
Clean Harbors Incorporated, 5.13%, 6-1-2021			2.78
Tronox Finance LLC, 6.38%, 8-15-2020			2.74
Olin Corporation, 5.50%, 8-15-2022			2.73
Rayonier Advanced Materials Products Incorporated, 5.50%, 6-1-2024			2.64
Constellation Brands Incorporated, 4.75%, 11-15-2024			2.59
HCA Incorporated, 5.38%, 2-1-2025			2.35
Penske Auto Group Incorporated, 5.75%, 10-1-2022			2.19
Quintiles Transnational Corporation, 4.88%, 5-15-2023			2.16

Credit quality as of February 29, 2016⁶

Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Administrator Class shares, and is not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class would be higher. Historical performance shown for all classes of the Fund prior to July 12, 2010 is based on the performance of the Fund’s predecessor, Evergreen High Income Fund.

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

The manager has contractually committed through December 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴

The BofA Merrill Lynch U.S. High Yield Master II Constrained Index is a market value-weighted index of all domestic and yankee high-yield bonds, including deferred interest bonds and payment-in kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB–/Baa3, but are not in default. The BofA Merrill Lynch U.S. High Yield Master II Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. 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


6		Wells Fargo High Yield Bond 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 September 1, 2015 to February 29, 2016.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 9-1-2015		Ending account value 2-29-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	989.09	$	5.15		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.96	$	5.23		1.03	%
Class B
Actual	$	1,000.00	$	985.40	$	8.88		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.19	$	9.02		1.78	%
Class C
Actual	$	1,000.00	$	985.42	$	8.88		1.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,016.19	$	9.02		1.78	%
Administrator Class
Actual	$	1,000.00	$	993.42	$	4.01		0.80	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.11	$	4.06		0.80	%
Institutional Class
Actual	$	1,000.00	$	987.57	$	3.50		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—February 29, 2016 (unaudited)		Wells Fargo High Yield Bond Fund			7


Security name	Shares		Value


Common Stocks: 8.62%

Consumer Discretionary: 0.84%

Auto Components: 0.17%
Gentex Corporation		30,000	$	436,800


Household Durables: 0.67%
Harman International Industries Incorporated		6,000		460,080
Jarden Corporation †		10,000		528,800
Leggett & Platt Incorporated		15,000		669,900

				1,658,780


Consumer Staples: 0.87%

Food Products: 0.43%
ConAgra Foods Incorporated		25,000		1,051,500


Personal Products: 0.44%
The Estee Lauder Companies Incorporated Class A		12,000		1,095,960


Energy: 0.44%

Oil, Gas & Consumable Fuels: 0.44%
Columbia Pipeline Group Incorporated		45,000		816,750
EQT Corporation		5,000		278,700

				1,095,450


Financials: 0.39%

Real Estate Management & Development: 0.20%
CBRE Group Incorporated Class A †		20,000		508,200


REITs: 0.19%
Saul Centers Incorporated		9,629		471,628


Health Care: 1.31%

Biotechnology: 0.08%
Baxalta Incorporated		5,000		192,600


Health Care Equipment & Supplies: 0.85%
C.R. Bard Incorporated		4,000		769,520
Medtronic plc		15,000		1,160,850
West Pharmaceutical Services Incorporated		3,000		186,060

				2,116,430


Life Sciences Tools & Services: 0.38%
Quintiles Transnational Holdings Incorporated †		15,000		940,650


Industrials: 0.99%

Aerospace & Defense: 0.46%
Huntington Ingalls Industries Incorporated		5,000		655,300
Raytheon Company		4,000		495,400

				1,150,700

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


8		Wells Fargo High Yield Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name						Shares		Value


Machinery: 0.53%
John Bean Technologies Corporation							25,000	$	1,315,000


Information Technology: 0.26%

Electronic Equipment, Instruments & Components: 0.06%
FEI Company							2,000		162,480


Internet Software & Services: 0.20%
Akamai Technologies Incorporated †							9,000		485,730


Utilities: 3.52%

Electric Utilities: 0.23%
NextEra Energy Incorporated							5,000		564,100


Gas Utilities: 0.42%
Atmos Energy Corporation							15,000		1,041,150


Multi-Utilities: 2.87%
CMS Energy Corporation							30,000		1,186,800
Dominion Resources Incorporated							20,000		1,398,400
DTE Energy Company							25,000		2,103,000
NiSource Incorporated							10,000		214,800
Sempra Energy							23,000		2,219,730

									7,122,730


Total Common Stocks (Cost $21,418,906)									21,409,888


	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 80.97%

Consumer Discretionary: 10.70%

Auto Components: 3.70%
American Axle Manufacturing Incorporated «		6.63	%		10-15-2022	$	2,250,000		2,278,125
Dana Holding Corporation		5.50			12-15-2024		2,000,000		1,862,500
Lear Corporation		4.75			1-15-2023		5,000,000		5,050,000

									9,190,625


Hotels, Restaurants & Leisure: 1.26%
Speedway Motorsports Incorporated		5.13			2-1-2023		3,115,000		3,130,575


Household Durables: 0.33%
Jarden Corporation 144A		5.00			11-15-2023		800,000		828,000


Media: 1.43%
DISH DBS Corporation		5.00			3-15-2023		4,000,000		3,540,000


Specialty Retail: 3.98%
Group 1 Automotive Incorporated		5.00			6-1-2022		5,000,000		4,675,000
Penske Auto Group Incorporated		5.75			10-1-2022		5,200,000		5,200,000

									9,875,000

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo High Yield Bond Fund			9


Security name	Interest rate			Maturity date		Principal		Value


Consumer Staples: 2.52%

Beverages: 2.52%
Constellation Brands Incorporated		4.75	%		11-15-2024	$	5,876,000	$	6,155,110
Constellation Brands Incorporated		4.75			12-1-2025		100,000		104,500

									6,259,610


Energy: 2.31%

Energy Equipment & Services: 1.36%
Bristow Group Incorporated		6.25			10-15-2022		5,990,000		3,384,350


Oil, Gas & Consumable Fuels: 0.95%
ONEOK Incorporated		7.50			9-1-2023		1,000,000		865,000
ONEOK Incorporated		4.25			2-1-2022		2,000,000		1,485,000

									2,350,000


Financials: 6.59%

REITs: 6.59%
Crown Castle International Corporation		4.88			4-15-2022		3,000,000		3,135,000
Crown Castle International Corporation		5.25			1-15-2023		4,000,000		4,235,000
Iron Mountain Incorporated		5.75			8-15-2024		5,000,000		5,006,250
Sabra Health Care Incorporated		5.38			6-1-2023		4,000,000		3,982,000

									16,358,250


Health Care: 13.69%

Health Care Equipment & Supplies: 0.39%
Halyard Health Incorporated		6.25			10-15-2022		1,000,000		975,000


Health Care Providers & Services: 9.46%
DaVita HealthCare Partners Incorporated		5.13			7-15-2024		2,000,000		2,035,000
DaVita HealthCare Partners Incorporated		5.75			8-15-2022		4,265,000		4,488,913
Fresenius Medical Care Holdings Incorporated 144A		5.88			1-31-2022		4,529,000		4,947,933
HCA Incorporated		5.38			2-1-2025		5,500,000		5,603,125
HealthSouth Corporation		5.13			3-15-2023		5,000,000		4,925,000
HealthSouth Corporation 144A		5.75			9-15-2025		1,500,000		1,488,750

									23,488,721


Life Sciences Tools & Services: 2.07%
Quintiles Transnational Corporation 144A		4.88			5-15-2023		5,000,000		5,137,500


Pharmaceuticals: 1.77%
AMAG Pharmaceuticals Incorporated 144A		7.88			9-1-2023		1,500,000		1,305,000
Horizon Pharma plc «144A		6.63			5-1-2023		3,500,000		3,080,000

									4,385,000


Industrials: 13.83%

Aerospace & Defense: 7.94%
Huntington Ingalls Industries Incorporated 144A		5.00			11-15-2025		8,500,000		8,909,020
Moog Incorporated 144A		5.25			12-1-2022		5,000,000		4,900,000

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


10		Wells Fargo High Yield Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Aerospace & Defense (continued)
Orbital ATK Incorporated		5.25	%		10-1-2021	$	3,675,000	$	3,743,906
Orbital ATK Incorporated 144A		5.50			10-1-2023		2,100,000		2,168,250

									19,721,176


Commercial Services & Supplies: 4.34%
Berry Plastics Corporation «144A		6.00			10-15-2022		4,000,000		4,160,000
Clean Harbors Incorporated		5.13			6-1-2021		6,663,000		6,604,699

									10,764,699


Machinery: 1.55%
Oshkosh Corporation		5.38			3-1-2025		3,900,000		3,851,250


Information Technology: 11.83%

Communications Equipment: 3.59%
CommScope Incorporated 144A		5.50			6-15-2024		9,200,000		8,924,000


Electronic Equipment, Instruments & Components: 2.32%
Anixter International Incorporated		5.13			10-1-2021		1,000,000		978,750
Belden Incorporated 144A		5.25			7-15-2024		485,000		441,350
Belden Incorporated 144A		5.50			9-1-2022		4,500,000		4,342,500

									5,762,600


IT Services: 2.07%
Neustar Incorporated «		4.50			1-15-2023		6,350,000		5,127,625


Semiconductors & Semiconductor Equipment: 3.85%
Micron Technology Incorporated 144A		5.25			8-1-2023		2,000,000		1,710,000
Micron Technology Incorporated		5.50			2-1-2025		4,900,000		4,140,500
Microsemi Corporation 144A		9.13			4-15-2023		3,500,000		3,701,250

									9,551,750


Materials: 17.77%

Chemicals: 12.07%
A. Schulman Incorporated 144A		6.88			6-1-2023		4,200,000		3,990,000
Celanese U.S. Holdings LLC		4.63			11-15-2022		4,729,000		4,681,710
Huntsman International LLC «		4.88			11-15-2020		1,000,000		942,500
Olin Corporation		5.50			8-15-2022		6,750,000		6,496,875
Rayonier Advanced Materials Products Incorporated 144A		5.50			6-1-2024		7,775,000		6,278,313
Scotts Miracle-Gro Company 144A		6.00			10-15-2023		1,000,000		1,040,000
Tronox Finance LLC		6.38			8-15-2020		10,400,000		6,526,000

									29,955,398


Containers & Packaging: 3.70%
Ball Corporation		4.00			11-15-2023		1,500,000		1,462,500
Ball Corporation		5.00			3-15-2022		4,000,000		4,165,000
Berry Plastics Corporation		5.13			7-15-2023		2,000,000		2,000,000
Sealed Air Corporation 144A		5.25			4-1-2023		1,500,000		1,563,750

									9,191,250

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo High Yield Bond Fund			11


Security name	Interest rate			Maturity date		Principal		Value


Metals & Mining: 0.16%
Commercial Metals Company		4.88	%		5-15-2023	$	150,000	$	129,000
Steel Dynamics Incorporated		5.50			10-1-2024		300,000		281,250

									410,250


Paper & Forest Products: 1.84%
P.H. Glatfelter Company		5.38			10-15-2020		4,630,000		4,560,550


Utilities: 1.73%

Electric Utilities: 1.73%
DPL Incorporated		7.25			10-15-2021		4,375,000		4,298,438


Total Corporate Bonds and Notes (Cost $214,242,344)									201,021,617


Yankee Corporate Bonds and Notes: 6.25%

Health Care: 1.90%

Pharmaceuticals: 1.90%
Mallinckrodt plc 144A		5.50			4-15-2025		5,000,000		4,712,500


Industrials: 2.44%

Electrical Equipment: 2.44%
Sensata Technologies BV 144A		4.88			10-15-2023		3,000,000		2,962,500
Sensata Technologies BV 144A		5.63			11-1-2024		3,000,000		3,090,000

									6,052,500


Information Technology: 1.91%

Technology Hardware, Storage & Peripherals: 1.91%
Seagate HDD (Cayman)		4.75			6-1-2023		4,140,000		3,345,741
Seagate HDD (Cayman) 144A		4.88			6-1-2027		2,000,000		1,407,353

									4,753,094


Total Yankee Corporate Bonds and Notes (Cost $16,797,934)									15,518,094


	Yield					Shares
Short-Term Investments: 6.24%

Investment Companies: 6.24%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.41					6,518,816		6,518,816
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.43					8,958,923		8,958,923

Total Short-Term Investments (Cost $15,477,739)									15,477,739


Total investments in securities (Cost $267,936,923) *	102.08	%		253,427,338
Other assets and liabilities, net	(2.08	)		(5,163,903	)

Total net assets	100.00	%	$	248,263,435

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


12		Wells Fargo High Yield Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)

†	Non-income-earning security

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

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

(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 $267,893,788 and unrealized gains (losses) consists of:


Gross unrealized gains	$	3,267,504
Gross unrealized losses		(17,733,954	)

Net unrealized losses	$	(14,466,450	)

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


Statement of assets and liabilities—February 29, 2016 (unaudited)		Wells Fargo High Yield Bond Fund			13




Assets
Investments
In unaffiliated securities (including $6,379,384 of securities loaned), at value (cost $252,459,184)	$	237,949,599
In affiliated securities, at value (cost $15,477,739)		15,477,739

Total investments, at value (cost $267,936,923)		253,427,338
Cash		1,459,208
Foreign currency, at value (cost $45)		38
Receivable for investments sold		900,300
Receivable for Fund shares sold		996,302
Receivable for dividends and interest		3,326,268
Receivable for securities lending income		5,172
Prepaid expenses and other assets		143,791

Total assets		260,258,417


Liabilities
Dividends payable		76,323
Payable for investments purchased		4,603,207
Payable for Fund shares redeemed		489,331
Payable upon receipt of securities loaned		6,518,816
Management fee payable		96,747
Distribution fees payable		32,175
Administration fees payable		29,081
Accrued expenses and other liabilities		149,302

Total liabilities		11,994,982

Total net assets	$	248,263,435


NET ASSETS CONSIST OF
Paid-in capital	$	319,955,636
Overdistributed net investment income		(119,927	)
Accumulated net realized losses on investments		(57,062,682	)
Net unrealized losses on investments		(14,509,592	)

Total net assets	$	248,263,435


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	167,754,968
Shares outstanding – Class A¹		54,799,651
Net asset value per share – Class A		$3.06
Maximum offering price per share – Class A²		$3.20
Net assets – Class B	$	1,179,620
Shares outstanding – Class B¹		385,167
Net asset value per share – Class B		$3.06
Net assets – Class C	$	53,861,589
Shares outstanding – Class C¹		17,591,413
Net asset value per share – Class C		$3.06
Net assets – Administrator Class	$	17,490,576
Shares outstanding – Administrator Class¹		5,704,842
Net asset value per share – Administrator Class		$3.07
Net assets – Institutional Class	$	7,976,682
Shares outstanding – Institutional Class¹		2,604,765
Net asset value per share – Institutional Class		$3.06

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/95.50 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 High Yield Bond Fund		Statement of operations—six months ended February 29, 2016 (unaudited)




Investment income
Interest	$	6,296,404
Dividends		203,169
Securities lending income, net		22,529
Income from affiliated securities		5,800

Total investment income		6,527,902


Expenses
Management fee		678,844
Administration fees
Class A		134,977
Class B		1,136
Class C		45,040
Administrator Class		6,542
Institutional Class		2,931
Shareholder servicing fees
Class A		210,901
Class B		1,775
Class C		70,374
Administrator Class		16,354
Distribution fees
Class B		5,325
Class C		211,123
Custody and accounting fees		10,927
Professional fees		31,121
Registration fees		41,141
Shareholder report expenses		24,666
Trustees’ fees and expenses		7,385
Other fees and expenses		5,535

Total expenses		1,506,097
Less: Fee waivers and/or expense reimbursements		(45,499	)

Net expenses		1,460,598

Net investment income		5,067,304


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(2,880,626	)
Net change in unrealized gains (losses) on investments		(5,171,613	)

Net realized and unrealized gains (losses) on investments		(8,052,239	)

Net decrease in net assets resulting from operations	$	(2,984,935	)

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


Statement of changes in net assets		Wells Fargo High Yield Bond Fund			15


	Six months ended February 29, 2016 (unaudited)						Year ended August 31, 2015

Operations
Net investment income				$	5,067,304					$	11,161,399
Net realized gains (losses) on investments					(2,880,626	)					2,411,089
Net change in unrealized gains (losses) on investments					(5,171,613	)					(19,579,630	)

Net decrease in net assets resulting from operations					(2,984,935	)					(6,007,142	)


Distributions to shareholders from
Net investment income
Class A					(3,592,703	)					(8,019,970	)
Class B					(24,807	)					(93,822	)
Class C					(987,830	)					(2,197,041	)
Administrator Class					(293,945	)					(796,962	)
Institutional Class					(168,019	)					(52,204	)¹

Total distributions to shareholders					(5,067,304	)					(11,159,999	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		2,684,753			8,219,177			11,660,936			38,274,681
Class B		53			164			52,608			173,419
Class C		387,762			1,190,325			780,954			2,557,227
Administrator Class		2,059,598			6,280,965			1,586,653			5,225,031
Institutional Class		3,157,089			9,841,492			1,709,640	¹		5,538,268	¹

					25,532,123						51,768,626

Reinvestment of distributions
Class A		1,045,334			3,214,612			2,163,645			7,069,289
Class B		7,508			23,097			25,351			82,962
Class C		298,029			916,504			619,791			2,025,306
Administrator Class		88,783			273,721			223,657			732,250
Institutional Class		42,737			131,264			6,536	¹		20,901	¹

					4,559,198						9,930,708

Payment for shares redeemed
Class A		(5,708,150	)		(17,581,563	)		(19,652,201	)		(64,201,730	)
Class B		(213,632	)		(662,826	)		(670,606	)		(2,199,762	)
Class C		(2,323,660	)		(7,146,144	)		(3,849,430	)		(12,539,667	)
Administrator Class		(593,861	)		(1,829,621	)		(3,665,523	)		(11,914,124	)
Institutional Class		(2,126,236	)		(6,510,402	)		(185,001	)¹		(603,958	)¹

					(33,730,556	)					(91,459,241	)

Net decrease in net assets resulting from capital share transactions					(3,639,235	)					(29,759,907	)

Total decrease in net assets					(11,691,474	)					(46,927,048	)


Net assets
Beginning of period					259,954,909						306,881,957

End of period				$	248,263,435					$	259,954,909

Overdistributed net investment income				$	(119,927	)				$	(119,927	)

¹	For the period from October 31, 2014 (commencement of class operations) to August 31, 2015

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


16		Wells Fargo High Yield Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS A	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$3.16			$3.35			$3.15			$3.18			$3.03			$3.05
Net investment income		0.07			0.13			0.14			0.15			0.20			0.21
Net realized and unrealized gains (losses) on investments		(0.10	)		(0.19	)		0.20			(0.03	)		0.15			(0.02	)

Total from investment operations		(0.03	)		(0.06	)		0.34			0.12			0.35			0.19
Distributions to shareholders from
Net investment income		(0.07	)		(0.13	)		(0.14	)		(0.15	)		(0.20	)		(0.21	)
Net asset value, end of period		$3.06			$3.16			$3.35			$3.15			$3.18			$3.03
Total return¹		(1.09	)%		(1.79	)%		11.02	%		3.78	%		12.00	%		6.07	%
Ratios to average net assets (annualized)
Gross expenses		1.06	%		1.04	%		1.03	%		1.04	%		1.02	%		1.02	%
Net expenses		1.03	%		1.03	%		1.03	%		1.03	%		1.02	%		1.02	%
Net investment income		4.26	%		4.04	%		4.35	%		4.65	%		6.52	%		6.60	%
Supplemental data
Portfolio turnover rate		17	%		55	%		40	%		95	%		37	%		70	%
Net assets, end of period (000s omitted)		$167,755			$179,357			$210,005			$225,743			$261,938			$240,653

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 High Yield Bond Fund			17

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS B	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$3.16			$3.36			$3.15			$3.18			$3.03			$3.05
Net investment income		0.05	¹		0.11	¹		0.12			0.13			0.18	¹		0.18	¹
Net realized and unrealized gains (losses) on investments		(0.10	)		(0.20	)		0.21			(0.03	)		0.15			(0.02	)

Total from investment operations		(0.05	)		(0.09	)		0.33			0.10			0.33			0.16
Distributions to shareholders from
Net investment income		(0.05	)		(0.11	)		(0.12	)		(0.13	)		(0.18	)		(0.18	)
Net asset value, end of period		$3.06			$3.16			$3.36			$3.15			$3.18			$3.03
Total return²		(1.46	)%		(2.81	)%		10.53	%		3.01	%		11.17	%		5.28	%
Ratios to average net assets (annualized)
Gross expenses		1.81	%		1.79	%		1.78	%		1.78	%		1.77	%		1.78	%
Net expenses		1.78	%		1.78	%		1.78	%		1.78	%		1.77	%		1.77	%
Net investment income		3.49	%		3.30	%		3.63	%		3.93	%		5.80	%		5.85	%
Supplemental data
Portfolio turnover rate		17	%		55	%		40	%		95	%		37	%		70	%
Net assets, end of period (000s omitted)		$1,180			$1,868			$3,972			$6,667			$13,247			$21,656

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.


18		Wells Fargo High Yield Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS C	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$3.16			$3.35			$3.15			$3.18			$3.03			$3.05
Net investment income		0.05			0.11			0.12			0.13			0.18			0.18
Net realized and unrealized gains (losses) on investments		(0.10	)		(0.19	)		0.20			(0.03	)		0.15			(0.02	)

Total from investment operations		(0.05	)		(0.08	)		0.32			0.10			0.33			0.16
Distributions to shareholders from
Net investment income		(0.05	)		(0.11	)		(0.12	)		(0.13	)		(0.18	)		(0.18	)
Net asset value, end of period		$3.06			$3.16			$3.35			$3.15			$3.18			$3.03
Total return¹		(1.46	)%		(2.52	)%		10.20	%		3.01	%		11.17	%		5.28	%
Ratios to average net assets (annualized)
Gross expenses		1.81	%		1.79	%		1.78	%		1.79	%		1.77	%		1.77	%
Net expenses		1.78	%		1.78	%		1.78	%		1.78	%		1.77	%		1.77	%
Net investment income		3.51	%		3.29	%		3.60	%		3.90	%		5.78	%		5.85	%
Supplemental data
Portfolio turnover rate		17	%		55	%		40	%		95	%		37	%		70	%
Net assets, end of period (000s omitted)		$53,862			$60,753			$72,728			$83,548			$99,633			$95,999

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 High Yield Bond Fund			19

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$3.16			$3.36			$3.15			$3.18			$3.03			$3.05
Net investment income		0.07	¹		0.14			0.15			0.16			0.21			0.22
Net realized and unrealized gains (losses) on investments		(0.09	)		(0.20	)		0.21			(0.03	)		0.15			(0.03	)

Total from investment operations		(0.02	)		(0.06	)		0.36			0.13			0.36			0.19
Distributions to shareholders from
Net investment income		(0.07	)		(0.14	)		(0.15	)		(0.16	)		(0.21	)		(0.21	)
Net asset value, end of period		$3.07			$3.16			$3.36			$3.15			$3.18			$3.03
Total return²		(0.66	)%		(1.86	)%		11.61	%		4.02	%		12.25	%		6.30	%
Ratios to average net assets (annualized)
Gross expenses		1.00	%		0.98	%		0.96	%		0.96	%		0.95	%		0.95	%
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Net investment income		4.49	%		4.27	%		4.57	%		4.91	%		6.73	%		6.79	%
Supplemental data
Portfolio turnover rate		17	%		55	%		40	%		95	%		37	%		70	%
Net assets, end of period (000s omitted)		$17,491			$13,129			$20,177			$21,376			$37,469			$26,234

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 High Yield Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31, 2015¹
INSTITUTIONAL CLASS	Six months ended February 29, 2016 (unaudited)			Year ended August 31, 2015¹
Net asset value, beginning of period		$3.17			$3.33
Net investment income		0.07			0.12
Net realized and unrealized gains (losses) on investments		(0.11	)		(0.16	)

Total from investment operations		(0.04	)		(0.04	)
Distributions to shareholders from
Net investment income		(0.07	)		(0.12	)
Net asset value, end of period		$3.06			$3.17
Total return²		(1.24	)%		(1.31	)%
Ratios to average net assets (annualized)
Gross expenses		0.73	%		0.71	%
Net expenses		0.70	%		0.70	%
Net investment income		4.58	%		4.33	%
Supplemental data
Portfolio turnover rate		17	%		55	%
Net assets, end of period (000s omitted)		$7,977			$4,847

¹	For the period from October 31, 2014 (commencement of class operations) to August 31, 2015

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 High Yield Bond 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 High Yield Bond Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

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

Foreign currency translation

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


22		Wells Fargo High Yield Bond Fund		Notes to financial statements (unaudited)

Security loans

When-issued transactions

Futures contracts

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


Notes to financial statements (unaudited)		Wells Fargo High Yield Bond Fund			23

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

As of August 31, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $53,607,343 with $16,356,651 expiring in 2016; and $37,250,692 expiring in 2017.

As of August 31, 2015, the Fund had current year deferred post-October capital losses consisting of $651,306 in short-term losses which was recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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


24		Wells Fargo High Yield Bond 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 February 29, 2016:


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

Common stocks
Consumer Discretionary	$	2,095,580	$	0	$	0	$	2,095,580
Consumer staples		2,147,460		0		0		2,147,460
Energy		1,095,450		0		0		1,095,450
Financials		979,828		0		0		979,828
Health care		3,249,680		0		0		3,249,680
Industrials		2,465,700		0		0		2,465,700
Information technology		648,210		0		0		648,210
Utilities		8,727,980		0		0		8,727,980

Corporate bonds and notes		0		201,021,617		0		201,021,617

Yankee corporate bonds and notes		0		15,518,094		0		15,518,094

Short-term investments
Investment companies		8,958,923		0		0		8,958,923

Investments measured at net asset value*								6,518,816
Total assets	$	30,368,811	$	216,539,711	$	0	$	253,427,338

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 $6,518,816 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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


Notes to financial statements (unaudited)		Wells Fargo High Yield Bond Fund			25

Administration fees


	Class-level administration fee
Class A, Class B, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08

Funds Management has contractually waived and/or reimbursed management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through December 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 1.03% for Class A shares, 1.78% for Class B shares, 1.78% for Class C shares, 0.80% 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

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 29, 2016 were $50,170,023 and $40,265,741, 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. For the six months ended February 29, 2016, the Fund paid $536 in commitment fees.

For the six months ended February 29, 2016, there were no borrowings by the Fund under the agreement.


26		Wells Fargo High Yield Bond Fund		Notes to financial statements (unaudited)

7. INDEMNIFICATION


Other information (unaudited)		Wells Fargo High Yield Bond Fund			27

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


28		Wells Fargo High Yield Bond Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief 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 High Yield Bond Fund			29


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	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.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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


30		Wells Fargo High Yield Bond Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

More information about Wells Fargo 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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

241409 04-16

SA218/SAR218 2-16

Semi-Annual Report

February 29, 2016

Wells Fargo Core Plus Bond Fund

(formerly, Wells Fargo Income Plus Fund)

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			19
Statement of operations			20
Statement of changes in net assets			21
Financial highlights			22

Notes to financial statements			27

Other information			37

List of abbreviations			40

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Core Plus Bond Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

U.S. economic growth continued at a moderate pace during the six-month period.

The dramatic and persistent decline in the oil price pressured several energy firms, leading to layoffs and debt defaults.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Core Plus Bond Fund for the six-month period that ended February 29, 2016. Effective February 1, 2016, the Fund changed its name from Wells Fargo Income Plus Fund to Wells Fargo Core Plus Bond Fund. The period was marked by substantial volatility for high-yield bond markets, driven in part by continued weakness in energy- and commodity-related bonds. However, investment-grade bonds continued to benefit from low interest rates—despite a December rate hike by the U.S. Federal Reserve (Fed)—and a generally benign credit cycle.

The Fed’s rate hike supported the view of a sluggish but resilient U.S. economy.

Low interest rates supported investment-grade bonds, but falling commodity prices affected high-yield bonds.

¹	The Barclays Corporate Bond Index is an unmanaged market-value-weighted index of investment-grade corporate fixed-rate debt issues with maturities of one year or more. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Core Plus Bond Fund			3

certain securities especially the lower-quality securities that the fund in question preferred. The effect of the fund’s closure was heightened by the fact that December tends to be a low activity month, magnifying inflows and outflows.

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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Funds


4		Wells Fargo Core Plus Bond Fund		Performance highlights (unaudited)

Investment objective

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

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Ashok Bhatia, CFA^®

Christopher Y. Kauffman, CFA^®

Thomas M. Price, CFA^®

Janet S. Rilling, CFA^®, CPA

Noah M. Wise, CFA^®

Average annual total returns (%) as of February 29, 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 (STYAX)	7-13-1998		(4.81	)		2.76		4.71		(0.36	)		3.71		5.19		0.94		0.87
Class B (STYBX)*	7-13-1998		(6.09	)		2.57		4.63		(1.09	)		2.93		4.63		1.69		1.62
Class C (WFIPX)	7-13-1998		(2.10	)		2.94		4.40		(1.10	)		2.94		4.40		1.69		1.62
Administrator Class (WIPDX)	7-30-2010		–			–		–		(0.25	)		3.85		5.26		0.88		0.75
Institutional Class (WIPIX)	7-18-2008		–			–		–		(0.10	)		4.03		5.43		0.61		0.61
Barclays U.S. Aggregate Bond Index⁴	–		–			–		–		1.50			3.60		4.70		–		–
Barclays U.S. Universal Bond Index⁵	–		–			–		–		0.94			3.72		4.81		–		–

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, high-yield securities risk, and mortgage and asset-backed securities risk. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Core Plus Bond Fund			5


Ten largest holdings (%) as of February 29, 2016⁶
GNMA, 3.50%, 3-22-2046			3.01
FNMA, 3.50%, 8-1-2045			2.44
FNMA, 4.00%, 3-14-2046			1.83
FNMA, 3.00%, 12-1-2045			1.83
U.S. Treasury Note, 1.63%, 7-31-2020			1.79
GNMA, 3.00%, 7-20-2045			1.49
U.S. Treasury Bond, 2.88%, 5-15-2043			1.39
FHLMC, 3.50%, 12-1-2045			1.37
FHLMC, 4.00%, 6-1-2044			1.36
FNMA, 2.50%, 3-17-2031			1.21

Portfolio allocation as of February 29, 2016⁷

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

Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.03% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses.

The manager has contractually committed through December 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at 0.84% for Class A, 1.59% for Class B, 1.59% for Class C, 0.72% for Administrator Class, and 0.58% 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 Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar–denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS. Effective January 1, 2016, the Fund has changed its benchmark to the Barclays U.S. Aggregate Bond Fund to better align its benchmark with that of its intermediate-term taxable bond fund peers. You cannot invest directly in an index.

⁵

The Barclays U.S. Universal Bond Index is an unmanaged market value-weighted performance benchmark for the U.S. dollar-denominated bond market, which includes investment-grade, high yield, and emerging market debt securities with maturities of one year or more. 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 Core Plus Bond 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 September 1, 2015 to February 29, 2016.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 9-1-2015		Ending account value 2-29-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,009.26	$	4.24		0.84	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.91	$	4.27		0.84	%
Class B
Actual	$	1,000.00	$	1,005.15	$	8.01		1.59	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.14	$	8.06		1.59	%
Class C
Actual	$	1,000.00	$	1,005.69	$	8.02		1.59	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.14	$	8.06		1.59	%
Administrator Class
Actual	$	1,000.00	$	1,009.87	$	3.64		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%
Institutional Class
Actual	$	1,000.00	$	1,010.58	$	2.93		0.58	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.22	$	2.95		0.58	%

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—February 29, 2016 (unaudited)		Wells Fargo Core Plus Bond Fund			7


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 26.22%
FHLMC ±		2.19	%		1-1-2036	$	60,720	$	62,599
FHLMC		3.50			12-1-2045		5,373,119		5,624,719
FHLMC		3.50			12-1-2045		2,074,043		2,171,162
FHLMC		4.00			6-1-2044		5,213,245		5,560,631
FHLMC		5.00			6-1-2036		507,135		562,948
FHLMC		5.00			8-1-2040		527,212		583,242
FHLMC		5.50			10-1-2017		113,428		115,632
FHLMC		5.50			8-1-2038		109,595		122,670
FHLMC		5.50			12-1-2038		945,051		1,058,202
FHLMC		5.50			6-1-2040		1,392,887		1,549,733
FHLMC		7.50			5-1-2038		3,839		3,986
FHLMC		8.00			2-1-2030		361		439
FHLMC Series 2013-K28 Class B ±144A		3.49			6-25-2046		1,970,000		1,963,469
FHLMC Series 2013-K30 Class B ±144A		3.56			6-25-2045		2,515,000		2,512,592
FHLMC Series 2013-K32 Class B ±144A		3.54			10-25-2046		1,875,000		1,812,916
FHLMC Series 2015-SC01 Class 1A		3.50			5-25-2045		1,953,928		2,011,813
FHLMC Series 2640 Class G		4.50			7-15-2018		435,440		446,886
FHLMC Series 3774 Class AB		3.50			12-15-2020		335,098		348,975
FHLMC Series K020 Class X1 ±(c)		1.45			5-25-2022		14,129,019		1,047,696
FHLMC Series T-42 Class A5		7.50			2-25-2042		2,104,772		2,523,619
FHLMC Series T-57 Class 2A1 ±		3.35			7-25-2043		62,190		66,962
FHLMC Series T-59 Class 2A1 ±		3.04			10-25-2043		315,770		336,108
FNMA %%		2.50			3-17-2031		4,855,000		4,978,651
FNMA ±		2.51			8-1-2036		109,605		116,564
FNMA ±		2.54			8-1-2036		1,802,260		1,900,542
FNMA ±		2.56			1-1-2036		204,756		215,653
FNMA ±		2.61			9-1-2036		45,423		48,084
FNMA		3.00			11-1-2045		2,983,478		3,062,560
FNMA		3.00			12-1-2045		7,289,649		7,482,874
FNMA		3.27			7-1-2022		1,271,955		1,363,153
FNMA		3.50			10-1-2043		1,445,355		1,517,299
FNMA		3.50			4-1-2045		489,886		513,711
FNMA		3.50			8-1-2045		9,547,058		10,011,827
FNMA		3.95			9-1-2021		426,400		468,934
FNMA		4.00			9-1-2024		202,823		211,524
FNMA %%		4.00			3-14-2046		7,040,000		7,512,723
FNMA		4.26			4-1-2021		2,799,156		3,105,847
FNMA		5.00			1-1-2024		201,247		216,568
FNMA		5.00			2-1-2036		50,503		56,050
FNMA		5.00			6-1-2040		182,602		203,486
FNMA		5.00			8-1-2040		3,224,222		3,589,132
FNMA		5.50			11-1-2023		102,750		112,176
FNMA		5.50			8-1-2034		175,223		198,725
FNMA		5.50			2-1-2035		52,940		59,933
FNMA		5.50			8-1-2038		223,361		250,718
FNMA		5.50			8-1-2038		670,915		759,010
FNMA		6.00			10-1-2037		955,946		1,091,376
FNMA		6.00			11-1-2037		62,428		71,094
FNMA		6.50			7-1-2036		40,392		47,832
FNMA		6.50			7-1-2036		18,442		22,303

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


8		Wells Fargo Core Plus Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		6.50	%		11-1-2036	$	9,558	$	10,963
FNMA		7.00			12-1-2022		293,287		315,921
FNMA		7.00			7-1-2036		27,330		32,189
FNMA		7.00			11-1-2037		15,526		17,495
FNMA		7.50			5-1-2038		2,029		2,061
FNMA Series 2002-T12 Class A3		7.50			5-25-2042		8,562		10,640
FNMA Series 2003-W08 Class 4A ±		3.31			11-25-2042		225,058		238,339
FNMA Series 2003-W14 Class 2A ±		2.45			6-25-2045		171,198		182,665
FNMA Series 2003-W14 Class 2A ±		3.70			1-25-2043		397,870		404,128
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		1,791,342		2,152,647
FNMA Series 2004-W15 Class 1A3		7.00			8-25-2044		998,118		1,159,833
GNMA		3.00			7-20-2045		5,873,298		6,091,733
GNMA %%		3.50			3-22-2046		11,685,000		12,338,630
GNMA %%		4.00			3-22-2046		3,140,000		3,353,422
GNMA		5.00			7-20-2040		1,282,811		1,423,041
GNMA		7.50			12-15-2029		769		877
GNMA Series 2008-22 Class XM ±(c)		0.77			2-16-2050		2,309,838		73,831

Total Agency Securities (Cost $103,864,431)									107,483,763


Asset-Backed Securities: 4.42%
American Airlines Series 2015-1 Class B Pass-Through Trust		3.70			11-1-2024		1,884,586		1,771,887
CarMax Auto Owner Trust Series 2015-3 Class A3		1.63			5-15-2020		1,960,000		1,969,881
Citibank Credit Card Issuance Trust Series 2014-A6 Class A6		2.15			7-15-2021		2,650,000		2,705,627
CNH Equipment Trust Series 2015-A Class A3		1.30			4-15-2020		2,620,000		2,617,382
CVS Pass-Through Trust First Lien		6.04			12-10-2028		1,169,385		1,308,168
Discover Card Execution Note Trust Series 2014 Class A4		2.12			12-15-2021		1,015,000		1,035,655
GMF Floorplan Owner Revolving Trust Series 2015-1 Class A1 144A		1.65			5-15-2020		1,600,000		1,596,420
Hyundai Auto Receivables Trust Series 2015-A Class A4		1.37			7-15-2020		1,205,000		1,205,044
Nissan Auto Lease Trust Series 2015-B Class A4		1.70			4-15-2021		2,600,000		2,607,275
Volkswagen Auto Lease Trust Series 2015-A Class A2A		0.87			6-20-2017		1,292,971		1,288,065

Total Asset-Backed Securities (Cost $18,020,135)									18,105,404


Corporate Bonds and Notes: 40.17%

Consumer Discretionary: 9.00%

Auto Components: 0.75%
American Axle Manufacturing Incorporated «		6.63			10-15-2022		1,175,000		1,189,688
Delphi Corporation		5.00			2-15-2023		1,855,000		1,901,375

									3,091,063


Automobiles: 0.72%
Ford Motor Company		7.45			7-16-2031		1,465,000		1,795,066
General Motors Company		6.75			4-1-2046		1,120,000		1,171,003

									2,966,069


Diversified Consumer Services: 0.33%
Ashtead Capital Incorporated 144A		5.63			10-1-2024		795,000		783,075
Service Corporation International		8.00			11-15-2021		500,000		582,500

									1,365,575

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Core Plus Bond Fund			9


Security name	Interest rate			Maturity date		Principal		Value

Hotels, Restaurants & Leisure: 1.12%
Agua Caliente Band of Cahuilla Indians 144A		6.44	%		10-1-2016	$	154,000	$	152,010
International Game Technology plc 144A		4.13			2-15-2020		1,000,000		1,079,713
McDonald’s Corporation		2.10			12-7-2018		2,115,000		2,142,313
MGM Resorts International «		6.00			3-15-2023		1,200,000		1,230,000

									4,604,036


Household Durables: 0.85%
KB Home		7.50			9-15-2022		950,000		900,125
Lennar Corporation		4.75			11-15-2022		1,130,000		1,115,875
PulteGroup Incorporated %%		5.50			3-1-2026		665,000		671,650
Toll Brothers Finance Corporation		4.38			4-15-2023		810,000		781,650

									3,469,300


Internet & Catalog Retail: 0.22%
Amazon.com Incorporated		4.95			12-5-2044		815,000		901,505


Media: 4.40%
CCO Safari II LLC 144A		6.48			10-23-2045		655,000		688,017
CCOH Safari LLC 144A		5.75			2-15-2026		1,560,000		1,564,103
Cequel Communications Holdings I LLC 144A		5.13			12-15-2021		850,000		779,875
Clear Channel Worldwide Holdings Incorporated		6.50			11-15-2022		700,000		673,750
Comcast Corporation		3.15			3-1-2026		1,685,000		1,724,931
DISH DBS Corporation		5.13			5-1-2020		965,000		955,350
Gannett Company Incorporated 144A		5.50			9-15-2024		1,405,000		1,440,125
Interpublic Group Company		4.20			4-15-2024		1,810,000		1,807,987
Neptune Finco Corporation 144A		10.88			10-15-2025		750,000		810,000
Omnicom Group Incorporated		6.25			7-15-2019		1,820,000		2,042,098
Sinclair Television Group Incorporated 144A		5.63			8-1-2024		960,000		957,600
Sirius XM Radio Incorporated 144A		6.00			7-15-2024		1,320,000		1,386,000
Thompson Reuters Corporation		1.30			2-23-2017		2,218,000		2,210,417
Thompson Reuters Corporation		5.85			4-15-2040		945,000		975,009

									18,015,262


Multiline Retail: 0.37%
Dollar Tree Incorporated 144A		5.75			3-1-2023		1,420,000		1,510,525


Specialty Retail: 0.16%
Sally Holdings LLC / Sally Capital Incorporated		5.63			12-1-2025		610,000		634,400


Textiles, Apparel & Luxury Goods: 0.08%
Levi Strauss & Company		5.00			5-1-2025		325,000		325,033


Consumer Staples: 0.95%

Beverages: 0.49%
Anheuser-Busch InBev Worldwide Incorporated		3.65			2-1-2026		1,955,000		2,016,369


Food & Staples Retailing: 0.46%
Whole Foods Market Incorporated 144A		5.20			12-3-2025		1,875,000		1,887,938

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


10		Wells Fargo Core Plus Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Energy: 3.76%

Energy Equipment & Services: 0.37%
Halliburton Company		5.00	%		11-15-2045	$	1,730,000	$	1,533,157


Oil, Gas & Consumable Fuels: 3.39%
Concho Resources Incorporated		5.50			4-1-2023		820,000		766,700
Continental Resources Incorporated		4.50			4-15-2023		1,105,000		795,580
Energy Transfer Equity LP		7.50			10-15-2020		1,200,000		1,098,000
Energy Transfer Partners LP		6.13			12-15-2045		1,330,000		1,093,932
Kinder Morgan Energy Partners LP		5.55			6-1-2045		1,100,000		913,383
Magellan Midstream Partners LP		5.00			3-1-2026		1,320,000		1,346,987
Marathon Oil Corporation		5.90			3-15-2018		1,770,000		1,606,801
Marathon Petroleum Corporation		4.75			9-15-2044		630,000		408,780
Newfield Exploration Company		5.38			1-1-2026		280,000		243,600
Newfield Exploration Company		5.63			7-1-2024		325,000		295,750
Occidental Petroleum Corporation		4.63			6-15-2045		1,000,000		959,470
Sabine Pass Liquefaction LLC		5.63			4-15-2023		1,300,000		1,199,250
TC Pipelines LP		4.38			3-13-2025		1,595,000		1,382,393
Tesoro Logistics LP Corporation		6.13			10-15-2021		980,000		901,600
Williams Partners LP		4.88			3-15-2024		1,105,000		882,550

									13,894,776


Financials: 12.79%

Banks: 2.47%
Bank of America Corporation		3.95			4-21-2025		1,170,000		1,132,814
Bank of America Corporation ±		6.10			12-29-2049		1,290,000		1,251,300
CIT Group Incorporated		5.38			5-15-2020		1,090,000		1,125,425
Citigroup Incorporated ±		6.13			12-29-2049		1,470,000		1,447,950
Fifth Third Bank		2.15			8-20-2018		1,885,000		1,892,943
Huntington National Bank		2.20			11-6-2018		1,985,000		1,976,738
JPMorgan Chase & Company ±		5.15			12-29-2049		1,370,000		1,281,388

									10,108,558


Capital Markets: 2.51%
Blackstone Holdings Finance Company LLC 144A		5.88			3-15-2021		1,110,000		1,264,393
Goldman Sachs Group Incorporated		3.75			5-22-2025		1,370,000		1,387,535
Goldman Sachs Group Incorporated		5.15			5-22-2045		1,100,000		1,049,008
Goldman Sachs Group Incorporated ±		5.38			12-29-2049		1,530,000		1,457,325
Legg Mason Incorporated		5.63			1-15-2044		815,000		783,638
Morgan Stanley		3.95			4-23-2027		1,660,000		1,603,689
Morgan Stanley		4.35			9-8-2026		1,260,000		1,255,288
Morgan Stanley ±		5.55			12-29-2049		1,525,000		1,496,402

									10,297,278


Consumer Finance: 0.94%
Ally Financial Incorporated		5.13			9-30-2024		1,080,000		1,088,100
ERAC USA Finance LLC 144A		4.50			2-15-2045		1,695,000		1,575,669
Navient Corporation		8.00			3-25-2020		1,225,000		1,209,688

									3,873,457

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Core Plus Bond Fund			11


Security name	Interest rate			Maturity date		Principal		Value

Diversified Financial Services: 1.08%
Argos Merger Incorporated 144A		7.13	%		3-15-2023	$	1,090,000	$	1,114,525
JBS USA LLC / JBS USA Finance Incorporated 144A		5.75			6-15-2025		1,310,000		1,126,600
McGraw Hill Financial Incorporated		4.00			6-15-2025		2,165,000		2,196,737

									4,437,862


Insurance: 4.52%
ACE INA Holdings Incorporated		4.35			11-3-2045		880,000		923,039
Endurance Specialty Holdings Limited		7.00			7-15-2034		1,330,000		1,540,518
Genworth Holdings Incorporated		4.80			2-15-2024		390,000		224,250
Genworth Holdings Incorporated		7.63			9-24-2021		330,000		216,975
National Life Insurance Company of Vermont 144A		10.50			9-15-2039		1,315,000		1,953,622
Platinum Underwriters Finance Incorporated Series B		7.50			6-1-2017		1,730,000		1,838,288
Progressive Corporation ±		6.70			6-15-2067		2,050,000		1,951,600
Protective Life Corporation		8.45			10-15-2039		1,855,000		2,459,502
Prudential Financial Incorporated ±		8.88			6-15-2068		1,645,000		1,798,643
RenaissanceRe Finance Incorporated		3.70			4-1-2025		1,105,000		1,101,494
Transatlantic Holdings Incorporated		8.00			11-30-2039		1,100,000		1,460,086
Unum Group		3.88			11-5-2025		1,200,000		1,138,097
ZFS Finance (USA) Trust II ±144A		6.45			12-15-2065		1,920,000		1,916,160

									18,522,274


Real Estate Management & Development: 0.23%
CBRE Services Incorporated		5.00			3-15-2023		940,000		943,159


REITs: 1.04%
American Tower Corporation		4.40			2-15-2026		1,120,000		1,142,990
Digital Delta Holdings LLC 144A		4.75			10-1-2025		1,530,000		1,548,573
VEREIT Operating Partner LP		4.60			2-6-2024		1,650,000		1,567,500

									4,259,063


Health Care: 3.03%

Biotechnology: 0.73%
Gilead Sciences Incorporated		3.65			3-1-2026		2,860,000		2,994,592


Health Care Equipment & Supplies: 0.42%
Medtronic Incorporated		4.63			3-15-2045		1,595,000		1,699,586


Health Care Providers & Services: 1.60%
DaVita HealthCare Partners Incorporated		5.00			5-1-2025		1,620,000		1,615,950
Express Scripts Holding Company		4.50			2-25-2026		850,000		855,688
HCA Incorporated		5.38			2-1-2025		1,500,000		1,528,125
HealthSouth Corporation		5.75			11-1-2024		980,000		989,800
Select Medical Corporation		6.38			6-1-2021		900,000		810,000
Tenet Healthcare Corporation		6.75			6-15-2023		850,000		773,500

									6,573,063


Pharmaceuticals: 0.28%
Endo Finance LLC 144A		6.00			7-15-2023		1,120,000		1,142,400

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


12		Wells Fargo Core Plus Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Industrials: 2.56%

Aerospace & Defense: 0.14%
DigitalGlobe Incorporated 144A		5.25	%		2-1-2021	$	635,000	$	552,450


Airlines: 0.53%
American Airlines Group Incorporated 144A		4.63			3-1-2020		1,225,000		1,180,594
United Continental Holdings Incorporated		6.00			12-1-2020		955,000		990,813

									2,171,407


Commercial Services & Supplies: 0.29%
ADT Corporation		3.50			7-15-2022		1,400,000		1,172,500


Professional Services: 0.49%
Verisk Analytics Incorporated		5.80			5-1-2021		1,810,000		2,025,631


Road & Rail: 0.28%
The Hertz Corporation «		6.25			10-15-2022		1,200,000		1,141,500


Trading Companies & Distributors: 0.68%
International Lease Finance Corporation		8.25			12-15-2020		1,190,000		1,375,938
United Rentals North America Incorporated		5.75			11-15-2024		1,460,000		1,423,208

									2,799,146


Transportation Infrastructure: 0.15%
Burlington North Santa Fe LLC		4.70			9-1-2045		585,000		620,115


Information Technology: 1.37%

Communications Equipment: 0.19%
CommScope Technologies Finance LLC 144A		6.00			6-15-2025		800,000		792,000


Electronic Equipment, Instruments & Components: 0.58%
Arrow Electronics Incorporated		4.00			4-1-2025		730,000		726,614
Corning Incorporated		7.25			8-15-2036		1,417,000		1,628,790

									2,355,404


IT Services: 0.50%
Fidelity National Information Services Incorporated		4.50			10-15-2022		1,990,000		2,061,340


Software: 0.10%
Activision Blizzard Incorporated 144A		5.63			9-15-2021		370,000		388,963


Materials: 2.33%

Chemicals: 1.50%
Ashland Incorporated		4.75			8-15-2022		1,470,000		1,451,625
CF Industries Incorporated		6.88			5-1-2018		1,880,000		2,027,913
RPM International Incorporated		5.25			6-1-2045		1,100,000		1,083,609
W.R. Grace & Company 144A		5.63			10-1-2024		1,520,000		1,584,600

									6,147,747


Containers & Packaging: 0.33%
Crown Americas Capital Corporation IV		4.50			1-15-2023		1,310,000		1,336,200

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Core Plus Bond Fund			13


Security name	Interest rate			Maturity date		Principal		Value

Metals & Mining: 0.50%
Alcoa Incorporated		5.13	%		10-1-2024	$	650,000	$	587,438
Steel Dynamics Incorporated		6.38			8-15-2022		1,465,000		1,465,000

									2,052,438


Telecommunication Services: 2.70%

Diversified Telecommunication Services: 1.35%
AT&T Incorporated		5.65			2-15-2047		1,050,000		1,088,046
CenturyLink Incorporated		5.63			4-1-2020		1,375,000		1,392,188
Frontier Communications Corporation		6.25			9-15-2021		575,000		509,594
Verizon Communications Incorporated		6.55			9-15-2043		2,105,000		2,552,552

									5,542,380


Wireless Telecommunication Services: 1.35%
Crown Castle Towers LLC 144A		3.22			5-15-2042		2,600,000		2,603,900
SBA Tower Trust 144A		3.72			4-15-2048		1,820,000		1,811,286
T-Mobile USA Incorporated		6.63			4-1-2023		1,075,000		1,123,375

									5,538,561


Utilities: 1.68%

Electric Utilities: 0.30%
Southern Power Company		1.85			12-1-2017		1,250,000		1,250,234


Independent Power & Renewable Electricity Producers: 0.89%
Calpine Corporation 144A		5.88			1-15-2024		1,275,000		1,297,313
Harper Lake Solar Funding Corporation 144A		7.65			12-31-2018		864,518		907,744
TerraForm Power Operating LLC 144A		5.88			2-1-2023		690,000		517,500
The AES Corporation		5.50			3-15-2024		1,010,000		929,200

									3,651,757


Multi-Utilities: 0.49%
CenterPoint Energy Incorporated		6.50			5-1-2018		1,845,000		1,996,314


Total Corporate Bonds and Notes (Cost $166,167,930)									164,662,387


Foreign Corporate Bonds and Notes @: 2.93%

Consumer Discretionary: 0.27%

Hotels, Restaurants & Leisure: 0.27%
McDonald’s Corporation (EUR)		1.13			5-26-2022		1,000,000		1,106,490


Consumer Staples: 0.80%

Food & Staples Retailing: 0.25%
Walgreens Boots Alliance Incorporated (EUR)		2.13			11-20-2026		1,000,000		1,026,287


Food Products: 0.27%
Kraft Heinz Foods Company (EUR)		2.00			6-30-2023		1,000,000		1,117,614


Tobacco: 0.28%
Imperial Tobacco Finance Company (EUR)		2.25			2-26-2021		1,000,000		1,153,970

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


14		Wells Fargo Core Plus Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Financials: 1.31%

Banks: 0.53%
ABN AMRO Bank NV (EUR)		7.13	%		7-6-2022		800,000	$	1,076,146
The Bank Tokyo-Mitsubishi UFJ Limited (EUR)		0.88			3-11-2022		1,000,000		1,079,433

									2,155,579


Diversified Financial Services: 0.50%
Tesco Corporate Treasury Services plc (EUR)		1.38			7-1-2019		1,000,000		1,054,572
Virgin Media Finance plc (EUR)		4.50			1-15-2025		1,000,000		995,383

									2,049,955


REITs: 0.28%
Prologis LP (EUR)		3.00			6-2-2026		1,000,000		1,144,256


Health Care: 0.28%

Life Sciences Tools & Services: 0.28%
Thermo Fisher Scientific Incorporated (EUR)		2.15			7-21-2022		1,000,000		1,139,026


Materials: 0.27%

Containers & Packaging: 0.27%
Ball Corporation (EUR)		4.38			12-15-2023		1,000,000		1,115,047


Total Foreign Corporate Bonds and Notes (Cost $12,293,549)									12,008,224


Foreign Government Bonds @: 1.72%
Indonesia Government (IDR)		7.88			4-15-2019		27,000,000,000		2,014,682
Letra Tesouro Nacional (BRL) ¤		0.00			1-1-2019		600,000		1,003,622
Mexico Bonos de Desarrollo (MXN)		6.50			6-10-2021		70,500,000		4,053,474

Total Foreign Government Bonds (Cost $7,002,907)									7,071,778


Municipal Obligations: 3.99%

California: 0.88%
California Build America Bonds Stem Cell Research and Cures Series A (GO Revenue)		4.99			4-1-2039	$	1,305,000		1,366,387
San Jose CA Series B (Airport Revenue, AGM Insured)		6.60			3-1-2041		2,000,000		2,253,480

									3,619,867


Illinois: 0.91%
Chicago IL Series B (GO Revenue)		6.31			1-1-2044		675,000		608,837
Chicago IL Series B (GO Revenue)		7.38			1-1-2033		1,125,000		1,141,560
Cook County IL Series B (GO Revenue, Build America Mutual Assurance Company Insured)		6.36			11-15-2033		1,745,000		1,998,793

									3,749,190


Michigan: 0.54%
Michigan Finance Authority Local Government Loan Program Project Series E (Miscellaneous Revenue)		7.19			11-1-2022		1,915,000		2,205,257


New Jersey: 0.95%
New Jersey EDA Series B (Miscellaneous Revenue, AGM Insured) ¤		0.00			2-15-2019		4,250,000		3,896,740

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Core Plus Bond Fund			15


Security name	Interest rate			Maturity date		Principal		Value

Texas: 0.47%
North Texas Tollway Authority Build America Bonds Sub Lien Series B-2 (Transportation Revenue)		8.91	%		2-1-2030	$	1,595,000	$	1,931,003


Washington: 0.24%
Metropolitan Washington DC Airports Authority Dulles Toll Road Revenue Build America Bonds (Transportation Revenue)		7.46			10-1-2046		695,000		972,242


Total Municipal Obligations (Cost $15,534,218)									16,374,299


Non-Agency Mortgage-Backed Securities: 6.33%
Banc of America Commercial Mortgage Securities Incorporated Series 2007-1 Class AMFX ±		5.48			1-15-2049		2,935,000		2,970,080
CFCRE Commercial Mortgage Trust Series 2016-C3 Class A3		3.87			1-10-2048		1,135,000		1,203,422
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5		3.14			2-10-2048		2,315,000		2,322,882
Commercial Mortgage Trust Pass-Through Certificate Series 2014-CR20 Class 4		3.59			11-10-2047		3,033,000		3,154,279
Commercial Mortgage Trust Pass-Through Certificate Series 2014-LC17 Class A5		3.92			10-10-2047		1,270,000		1,351,859
Credit Suisse First Boston Commercial Mortgage Trust Series 1998-C2 Class AX ±(c)		0.41			11-15-2030		234,539		473
Financial Asset Securitization Incorporated Series 1997-NAM2 Class B2 (s)		7.88			7-25-2027		45,624		42,303
GAHR Commercial Mortgage Trust Series 2015-NRF Class AFX 144A		3.23			12-15-2019		1,600,000		1,638,229
JPMBB Commercial Mortgage Securities Series 2015-C33 Class A4		3.77			12-15-2048		2,610,000		2,730,025
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB18 Class AMFL ±		0.59			6-12-2047		1,355,000		1,306,771
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX Class AM ±		5.46			1-15-2049		1,980,000		1,986,560
Mach One Trust Commercial Mortgage Backed Series 2004-1 Class X ±144A(c)(i)		0.58			5-28-2040		291,686		2,917
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23 Class A4		3.72			7-15-2050		3,000,000		3,140,286
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25 Class A5		3.64			10-15-2048		1,585,000		1,646,410
Morgan Stanley Capital I Series 2004-RR2 Class X ±144A(c)		0.29			10-28-2033		114,245		400
Morgan Stanley Capital I Series 2008-T29 Class A4 ±		6.27			1-11-2043		2,290,125		2,437,037

Total Non-Agency Mortgage-Backed Securities (Cost $26,114,951)									25,933,933


U.S. Treasury Securities: 7.85%
TIPS		0.63			1-15-2026		2,488,875		2,564,676
U.S. Treasury Bond ##		2.75			11-15-2042		3,280,000		3,394,288
U.S. Treasury Bond ##		2.88			5-15-2043		5,370,000		5,682,131
U.S. Treasury Bond		2.88			8-15-2045		1,025,000		1,079,413
U.S. Treasury Bond		3.00			11-15-2045		2,435,000		2,631,607
U.S. Treasury Bond ##		4.50			2-15-2036		3,435,000		4,727,419
U.S. Treasury Note ##		0.38			3-15-2016		2,250,000		2,250,108
U.S. Treasury Note ##		1.63			7-31-2020		7,205,000		7,337,277
U.S. Treasury Note ##		1.63			2-15-2026		2,550,000		2,523,903

Total U.S. Treasury Securities (Cost $29,936,795)									32,190,822


Yankee Corporate Bonds and Notes: 10.98%

Consumer Discretionary: 1.67%

Automobiles: 0.23%
Fiat Chrysler Automobiles		5.25			4-15-2023		980,000		926,100


Media: 1.44%
Altice SA 144A		7.75			5-15-2022		850,000		822,375
British Sky Broadcasting Group plc 144A		3.75			9-16-2024		1,775,000		1,754,948
British Sky Broadcasting Group plc 144A		9.50			11-15-2018		625,000		735,948

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


16		Wells Fargo Core Plus Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Media (continued)
Myriad International Holdings BV 144A		6.38	%		7-28-2017	$	1,445,000	$	1,506,644
Numericable - SFR 144A		6.25			5-15-2024		1,115,000		1,087,125

									5,907,040


Consumer Staples: 0.30%

Food & Staples Retailing: 0.30%
Delhaize Group SA		5.70			10-1-2040		1,155,000		1,219,690


Energy: 0.08%

Energy Equipment & Services: 0.08%
Ensco plc		5.20			3-15-2025		650,000		331,500


Financials: 6.29%

Banks: 3.61%
BBVA Bancomer SA 144A		4.50			3-10-2016		1,720,000		1,720,000
BPCE SA 144A		5.15			7-21-2024		1,725,000		1,695,841
HBOS plc 144A		6.75			5-21-2018		2,215,000		2,381,812
Intesa Sanpaolo SpA 144A		5.71			1-15-2026		1,065,000		1,014,753
Nordea Bank AB ±144A		5.50			12-31-2049		1,800,000		1,655,437
Rabobank Nederland NV		4.38			8-4-2025		1,160,000		1,166,570
Royal Bank of Scotland Group plc		5.13			5-28-2024		1,295,000		1,240,392
Santander Issuances SA		5.18			11-19-2025		2,130,000		1,986,677
Santander UK Group Holdings plc 144A		4.75			9-15-2025		2,065,000		1,947,419

									14,808,901


Capital Markets: 0.63%
Macquarie Group Limited 144A		6.00			1-14-2020		2,365,000		2,574,139


Diversified Financial Services: 0.89%
AerCap Ireland Capital Limited		4.63			7-1-2022		230,000		230,575
Banco Nacional de Comercio Exterior SNC 144A		4.38			10-14-2025		2,350,000		2,326,500
Schaeffler Finance BV 144A		4.75			5-15-2023		1,120,000		1,094,800

									3,651,875


Insurance: 0.76%
Allied World Assurance Company Holdings Limited		4.35			10-29-2025		2,250,000		2,265,806
Axis Specialty Finance plc		2.65			4-1-2019		840,000		844,300

									3,110,106


Real Estate Management & Development: 0.40%
Brookfield Asset Management Incorporated		5.80			4-25-2017		1,595,000		1,647,691


Health Care: 0.48%

Pharmaceuticals: 0.48%
Actavis Funding SCS		4.75			3-15-2045		1,010,000		1,030,431
Mallinckrodt plc 144A		4.88			4-15-2020		960,000		950,400

									1,980,831

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Core Plus Bond Fund			17


Security name	Interest rate			Maturity date		Principal		Value

Information Technology: 0.22%

Technology Hardware, Storage & Peripherals: 0.22%
Seagate HDD Cayman		5.75	%		12-1-2034	$	1,530,000	$	907,054


Materials: 0.99%

Chemicals: 0.61%
Agrium Incorporated		4.13			3-15-2035		1,665,000		1,312,283
Ineos Group Holdings plc 144A		5.88			2-15-2019		1,200,000		1,182,000

									2,494,283


Containers & Packaging: 0.18%
Ardagh Holdings USA Incorporated 144A		6.75			1-31-2021		800,000		751,000


Metals & Mining: 0.20%
ArcelorMittal SA		6.13			6-1-2018		805,000		796,950


Telecommunication Services: 0.22%

Wireless Telecommunication Services: 0.22%
Globo Communicacoes Participacoes SA 144A		4.88			4-11-2022		1,025,000		922,500


Utilities: 0.73%

Electric Utilities: 0.73%
Western Power Distributions Holdings Limited 144A		7.38			12-15-2028		2,265,000		2,989,614


Total Yankee Corporate Bonds and Notes (Cost $45,350,846)									45,019,274


	Yield					Shares
Short-Term Investments: 2.04%

Investment Companies: 1.81%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.41					3,461,538		3,461,538
Wells Fargo Cash Investment Money Market Fund, Select Class ##(l)(u)		0.43					3,950,259		3,950,259

									7,411,797


						Principal
U.S. Treasury Securities: 0.23%
U.S. Treasury Bill (z)#		0.21			3-17-2016	$	950,000		949,910


Total Short-Term Investments (Cost $8,361,701)									8,361,707


Total investments in securities (Cost $432,647,463) *	106.65	%		437,211,591
Other assets and liabilities, net	(6.65	)		(27,250,872	)

Total net assets	100.00	%	$	409,960,719

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


18		Wells Fargo Core Plus Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)

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

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

(c)	Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

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

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

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

¤	The security is issued in zero coupon form with no periodic interest payments.

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

(i)	Illiquid security

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

(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.

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

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

*	Cost for federal income tax purposes is $432,772,035 and unrealized gains (losses) consists of:


Gross unrealized gains	$	12,375,165
Gross unrealized losses		(7,935,609	)

Net unrealized gains	$	4,439,556

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


Statement of assets and liabilities—February 29, 2016 (unaudited)		Wells Fargo Core Plus Bond Fund			19




Assets
Investments
In unaffiliated securities (including $3,387,043 of securities loaned), at value (cost $425,235,666)	$	429,799,794
In affiliated securities, at value (cost $7,411,797)		7,411,797

Total investments, at value (cost $432,647,463)		437,211,591
Cash on deposit with broker		175,951
Foreign currency, at value (cost $46,516)		46,581
Receivable for investments sold		4,434,921
Principal paydown receivable		6,091
Receivable for Fund shares sold		158,575
Receivable for interest		4,100,188
Receivable for daily variation margin on open futures contracts		822
Receivable for securities lending income		1,547
Unrealized gains on credit default swap transactions		54,194
Premiums paid on credit default swap transactions		125,851
Prepaid expenses and other assets		201,215

Total assets		446,517,527


Liabilities
Payable for investments purchased		28,847,041
Payable for Fund shares redeemed		3,609,859
Unrealized losses on credit default swap transactions		79,795
Premiums received on credit default swap transactions		138,758
Payable for credit default swap payments		13,079
Unrealized losses on forward foreign currency contracts		53,812
Payable upon receipt of securities loaned		3,461,538
Payable for daily variation margin on open futures contracts		38,025
Management fee payable		120,679
Distribution fees payable		12,010
Administration fees payable		46,561
Accrued expenses and other liabilities		135,651

Total liabilities		36,556,808

Total net assets	$	409,960,719


NET ASSETS CONSIST OF
Paid-in capital	$	419,434,893
Undistributed net investment income		497,662
Accumulated net realized losses on investments		(14,456,636	)
Net unrealized gains on investments		4,484,800

Total net assets	$	409,960,719


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	263,695,337
Shares outstanding – Class A¹		21,846,482
Net asset value per share – Class A		$12.07
Maximum offering price per share – Class A²		$12.64
Net assets – Class B	$	210,227
Shares outstanding – Class B¹		17,363
Net asset value per share – Class B		$12.11
Net assets – Class C	$	20,008,746
Shares outstanding – Class C¹		1,658,271
Net asset value per share – Class C		$12.07
Net assets – Administrator Class	$	64,531,305
Shares outstanding – Administrator Class¹		5,354,712
Net asset value per share – Administrator Class		$12.05
Net assets – Institutional Class	$	61,515,104
Shares outstanding – Institutional Class¹		5,091,827
Net asset value per share – Institutional Class		$12.08

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/95.50 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.


20		Wells Fargo Core Plus Bond Fund		Statement of operations—six months ended February 29, 2016 (unaudited)




Investment income
Interest (net of foreign interest withholding taxes of $12,358)	$	7,640,085
Income from affiliated securities		67,840
Securities lending income, net		4,761

Total investment income		7,712,686


Expenses
Management fee		1,060,230
Administration fees
Class A		218,880
Class B		251
Class C		15,959
Administrator Class		35,938
Institutional Class		23,058
Investor Class		45,980	¹
Shareholder servicing fees
Class A		341,617
Class B		393
Class C		24,935
Administrator Class		89,615
Investor Class		57,849	¹
Distribution fees
Class B		1,178
Class C		74,806
Custody and accounting fees		19,715
Professional fees		31,582
Registration fees		45,757
Shareholder report expenses		38,941
Trustees’ fees and expenses		7,851
Other fees and expenses		4,690

Total expenses		2,139,225
Less: Fee waivers and/or expense reimbursements		(197,395	)

Net expenses		1,941,830

Net investment income		5,770,856


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized gains (losses) on:
Unaffiliated securities		(1,287,587	)
Futures transactions		(493,685	)
Forward foreign currency contract transactions		(44,986	)
Credit default swap transactions		9,975

Net realized losses on investments		(1,816,283	)


Net change in unrealized gains (losses) on:
Unaffiliated securities		(57,507	)
Futures transactions		367,507
Forward foreign currency contract transactions		(53,812	)
Credit default swap transactions		(25,601	)

Net change in unrealized gains (losses) on investments		230,587

Net realized and unrealized gains (losses) on investments		(1,585,696	)

Net increase in net assets resulting from operations	$	4,185,160

¹	For the period from September 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 Core Plus Bond Fund			21


	Six months ended February 29, 2016 (unaudited)						Year ended August 31, 2015

Operations
Net investment income				$	5,770,856					$	9,069,346
Net realized gains (losses) on investments					(1,816,283	)					8,121,321
Net change in unrealized gains (losses) on investments					230,587						(11,648,577	)

Net increase in net assets resulting from operations					4,185,160						5,542,090


Distributions to shareholders from
Net investment income
Class A					(3,123,143	)					(3,199,153	)
Class B					(2,291	)					(5,109	)
Class C					(161,556	)					(204,128	)
Administrator Class					(857,052	)					(1,758,958	)
Institutional Class					(757,200	)					(1,097,205	)
Investor Class					(536,302	)¹					(2,779,423	)
Net realized gains
Class A					(1,047,115	)					(280,520	)
Class B					(1,106	)					(1,076	)
Class C					(66,831	)					(36,727	)
Administrator Class					(236,966	)					(161,370	)
Institutional Class					(207,160	)					(105,379	)
Investor Class					0	¹					(272,008	)

Total distributions to shareholders					(6,996,722	)					(9,901,056	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		14,769,517			180,415,657			11,032,995			135,376,151
Class B		10			125			3,027			37,063
Class C		168,057			2,029,557			178,733			2,193,314
Administrator Class		662,629			7,997,167			3,503,950			43,239,853
Institutional Class		934,487			11,327,299			2,939,036			35,874,535
Investor Class		127,407	¹		1,552,462	¹		1,859,847			22,905,250

					203,322,267						239,626,166

Reinvestment of distributions
Class A		321,926			3,885,342			261,460			3,206,823
Class B		267			3,233			467			5,740
Class C		13,677			165,105			14,426			176,818
Administrator Class		90,226			1,088,131			156,012			1,910,601
Institutional Class		74,431			899,439			91,910			1,128,770
Investor Class		40,974	¹		500,143	¹		231,754			2,842,217

					6,541,393						9,270,969

Payment for shares redeemed
Class A		(11,671,049	)		(141,356,687	)		(3,464,196	)		(42,471,695	)
Class B		(14,870	)		(179,707	)		(32,941	)		(404,956	)
Class C		(202,136	)		(2,446,349	)		(494,066	)		(6,052,812	)
Administrator Class		(2,444,435	)		(29,572,676	)		(4,935,292	)		(60,666,579	)
Institutional Class		(394,422	)		(4,772,059	)		(1,202,777	)		(14,829,017	)
Investor Class		(13,460,098	)¹		(164,538,871	)¹		(2,576,230	)		(31,581,304	)

					(342,866,349	)					(156,006,363	)

Net increase (decrease) in net assets resulting from capital share transactions					(133,002,689	)					92,890,772

Total increase (decrease) in net assets					(135,814,251	)					88,531,806


Net assets
Beginning of period					545,774,970						457,243,164

End of period				$	409,960,719					$	545,774,970

Undistributed net investment income				$	497,662					$	164,350

¹	For the period from September 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.


22		Wells Fargo Core Plus Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS A	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.14			$12.24			$11.66			$12.57			$12.04			$12.00
Net investment income		0.15			0.21	¹		0.26			0.25			0.30			0.37	¹
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.08	)		0.57			(0.51	)		0.55			0.18

Total from investment operations		0.11			0.13			0.83			(0.26	)		0.85			0.55
Distributions to shareholders from
Net investment income		(0.14	)		(0.21	)		(0.25	)		(0.25	)		(0.29	)		(0.42	)
Net realized gains		(0.04	)		(0.02	)		0.00			(0.40	)		(0.03	)		(0.09	)

Total distributions to shareholders		(0.18	)		(0.23	)		(0.25	)		(0.65	)		(0.32	)		(0.51	)
Net asset value, end of period		$12.07			$12.14			$12.24			$11.66			$12.57			$12.04
Total return²		0.93	%		1.04	%		7.16	%		(2.25	)%		7.19	%		4.76	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.91	%		0.93	%		0.91	%		0.89	%		0.88	%
Net expenses		0.84	%		0.84	%		0.85	%		0.87	%		0.88	%		0.88	%
Net investment income		2.48	%		1.69	%		2.10	%		2.00	%		2.42	%		3.17	%
Supplemental data
Portfolio turnover rate		160	%		322	%		267	%		256	%		256	%		215	%
Net assets, end of period (000s omitted)		$263,695			$223,755			$129,646			$146,836			$172,577			$163,499

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 Core Plus Bond Fund			23

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS B	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.18			$12.26			$11.68			$12.59			$12.05			$12.01
Net investment income		0.10	¹		0.12	¹		0.16	¹		0.15	¹		0.21	¹		0.29	¹
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.07	)		0.57			(0.51	)		0.56			0.17

Total from investment operations		0.06			0.05			0.73			(0.36	)		0.77			0.46
Distributions to shareholders from
Net investment income		(0.09	)		(0.11	)		(0.15	)		(0.15	)		(0.20	)		(0.33	)
Net realized gains		(0.04	)		(0.02	)		0.00			(0.40	)		(0.03	)		(0.09	)

Total distributions to shareholders		(0.13	)		(0.13	)		(0.15	)		(0.55	)		(0.23	)		(0.42	)
Net asset value, end of period		$12.11			$12.18			$12.26			$11.68			$12.59			$12.05
Total return²		0.51	%		0.39	%		6.30	%		(3.00	)%		6.45	%		3.97	%
Ratios to average net assets (annualized)
Gross expenses		1.67	%		1.66	%		1.68	%		1.66	%		1.63	%		1.63	%
Net expenses		1.59	%		1.59	%		1.60	%		1.62	%		1.62	%		1.63	%
Net investment income		1.65	%		0.95	%		1.35	%		1.24	%		1.71	%		2.40	%
Supplemental data
Portfolio turnover rate		160	%		322	%		267	%		256	%		256	%		215	%
Net assets, end of period (000s omitted)		$210			$389			$753			$1,597			$2,823			$4,054

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.


24		Wells Fargo Core Plus Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS C	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.14			$12.23			$11.65			$12.56			$12.03			$12.00
Net investment income		0.10			0.12	¹		0.16			0.15			0.21			0.29	¹
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.08	)		0.58			(0.51	)		0.55			0.16

Total from investment operations		0.07			0.04			0.74			(0.36	)		0.76			0.45
Distributions to shareholders from
Net investment income		(0.10	)		(0.11	)		(0.16	)		(0.15	)		(0.20	)		(0.33	)
Net realized gains		(0.04	)		(0.02	)		0.00			(0.40	)		(0.03	)		(0.09	)

Total distributions to shareholders		(0.14	)		(0.13	)		(0.16	)		(0.55	)		(0.23	)		(0.42	)
Net asset value, end of period		$12.07			$12.14			$12.23			$11.65			$12.56			$12.03
Total return²		0.57	%		0.35	%		6.35	%		(3.00	)%		6.40	%		3.92	%
Ratios to average net assets (annualized)
Gross expenses		1.67	%		1.66	%		1.68	%		1.66	%		1.64	%		1.63	%
Net expenses		1.59	%		1.59	%		1.60	%		1.62	%		1.63	%		1.63	%
Net investment income		1.72	%		0.95	%		1.35	%		1.24	%		1.65	%		2.41	%
Supplemental data
Portfolio turnover rate		160	%		322	%		267	%		256	%		256	%		215	%
Net assets, end of period (000s omitted)		$20.009			$20,381			$24,212			$29,692			$41,259			$30,364

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 Core Plus Bond Fund			25

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.12			$12.22			$11.64			$12.55			$12.02			$12.00
Net investment income		0.15			0.22			0.27	¹		0.26	¹		0.33			0.39	¹
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.08	)		0.57			(0.51	)		0.54			0.16

Total from investment operations		0.12			0.14			0.84			(0.25	)		0.87			0.55
Distributions to shareholders from
Net investment income		(0.15	)		(0.22	)		(0.26	)		(0.26	)		(0.31	)		(0.44	)
Net realized gains		(0.04	)		(0.02	)		0.00			(0.40	)		(0.03	)		(0.09	)

Total distributions to shareholders		(0.19	)		(0.24	)		(0.26	)		(0.66	)		(0.34	)		(0.53	)
Net asset value, end of period		$12.05			$12.12			$12.22			$11.64			$12.55			$12.02
Total return²		0.99	%		1.15	%		7.31	%		(2.11	)%		7.37	%		4.82	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.85	%		0.87	%		0.85	%		0.83	%		0.82	%
Net expenses		0.72	%		0.72	%		0.72	%		0.72	%		0.73	%		0.75	%
Net investment income		2.56	%		1.82	%		2.24	%		2.14	%		2.53	%		3.29	%
Supplemental data
Portfolio turnover rate		160	%		322	%		267	%		256	%		256	%		215	%
Net assets, end of period (000s omitted)		$64,531			$85,431			$101,653			$105,094			$162,067			$90,063

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.


26		Wells Fargo Core Plus Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$12.15			$12.24			$11.67			$12.57			$12.03			$12.00
Net investment income		0.16			0.24	¹		0.28			0.27	¹		0.34			0.41	¹
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.07	)		0.57			(0.49	)		0.56			0.17

Total from investment operations		0.13			0.17			0.85			(0.22	)		0.90			0.58
Distributions to shareholders from
Net investment income		(0.16	)		(0.24	)		(0.28	)		(0.28	)		(0.33	)		(0.46	)
Net realized gains		(0.04	)		(0.02	)		0.00			(0.40	)		(0.03	)		(0.09	)

Total distributions to shareholders		(0.20	)		(0.26	)		(0.28	)		(0.68	)		(0.36	)		(0.55	)
Net asset value, end of period		$12.08			$12.15			$12.24			$11.67			$12.57			$12.03
Total return²		1.06	%		1.37	%		7.36	%		(1.89	)%		7.62	%		5.04	%
Ratios to average net assets (annualized)
Gross expenses		0.59	%		0.58	%		0.60	%		0.56	%		0.56	%		0.55	%
Net expenses		0.58	%		0.58	%		0.58	%		0.56	%		0.56	%		0.55	%
Net investment income		2.75	%		1.95	%		2.38	%		2.26	%		2.74	%		3.53	%
Supplemental data
Portfolio turnover rate		160	%		322	%		267	%		256	%		256	%		215	%
Net assets, end of period (000s omitted)		$61,515			$54,419			$32,438			$31,221			$161,191			$161,276

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 Core Plus Bond Fund			27

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 Core Plus Bond Fund (formerly, Wells Fargo Income Plus Fund) (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

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

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

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


28		Wells Fargo Core Plus Bond Fund		Notes to financial statements (unaudited)

Foreign currency translation

Forward foreign currency contracts

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

Security loans

When-issued transactions


Notes to financial statements (unaudited)		Wells Fargo Core Plus Bond Fund			29

Futures contracts

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

Credit default swaps

The Fund is subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into credit default swap contracts for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or for investment gains. Credit default swaps involve an exchange of a stream of payments for protection against the loss in value of an underlying security or index. Under the terms of the swap, one party acts as a guarantor (referred to as the seller of protection) and receives a periodic stream of payments, provided that there is no credit event, from another party (referred to as the buyer of protection) that is a fixed percentage applied to a notional principal amount over the term of the swap. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. A credit event includes bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium, and restructuring. The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates. The maximum potential amount of future payments (undiscounted) that the Fund as the seller of protection could be required to make under the credit default swap contract would be an amount equal to the notional amount of the swap contract. The Fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund’s exposure to the counterparty.

If the Fund is the seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of protection the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index. If the Fund is the buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will receive from the seller of protection the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index.

Any premiums paid or received on the transactions are recorded as an asset or liability on the Statement of Assets and Liabilities and amortized. The value of the swap contract is marked-to-market daily based on quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Periodic payments made or received are recorded as realized gains or losses. In addition, payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.

Certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

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.


30		Wells Fargo Core Plus Bond Fund		Notes to financial statements (unaudited)

Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

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

Federal and other taxes

As of August 31, 2015, the Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $12,603,110 with $6,301,555 expiring in 2016 and $6,301,555 expiring in 2017.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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 Core Plus Bond Fund			31

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2016:


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

Agency securities	$	0	$	107,483,763	$	0	$	107,483,763

Asset-backed securities		0		18,105,404		0		18,105,404

Corporate bonds and notes		0		164,662,387		0		164,662,387

Foreign corporate bonds and notes		0		12,008,224		0		12,008,224

Foreign government bonds		0		7,071,778		0		7,071,778

Municipal obligations		0		16,374,299		0		16,374,299

Non-agency mortgage-backed securities		0		25,933,933		0		25,933,933

U.S. Treasury securities		32,190,822		0		0		32,190,822

Yankee corporate bonds and notes		0		45,019,274		0		45,019,274

Short-term investments
Investment companies		3,950,259		0		0		3,950,259
U.S. Treasury securities		949,910		0		0		949,910

Investments measured at net asset value*								3,461,538
		37,090,991		396,659,062		0		437,211,591

Credit default swap contracts		0		180,045		0		180,045

Futures contracts		822		0		0		822
Total assets	$	37,091,813	$	396,839,107	$	0	$	437,392,458
Liabilities

Credit default swap contracts	$	0	$	218,553	$	0	$	218,553

Forward foreign currency contracts		0		53,812		0		53,812

Futures contracts		38,025		0		0		38,025
Total liabilities	$	38,025	$	272,365	$	0	$	310,390

Investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities. The Fund’s investment in Securities Lending Cash Investments, LLC valued at $3,461,538 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments.

Forward foreign currency contracts are reported at their unrealized losses at measurement date, which represents the change in the contract’s value from trade date. Futures contracts are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. Swap contracts consists of unrealized gains (losses) and premiums paid or received on swap contracts, which represents the change in the contract’s value from trade date. All other assets and liabilities are reported at their market value at measurement date.

4. TRANSACTIONS WITH AFFILIATES

Management fee


32		Wells Fargo Core Plus Bond Fund		Notes to financial statements (unaudited)

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 0.45% and declining to 0.33% as the average daily net assets of the Fund increase. For the six months ended February 29, 2016, the management fee was equivalent to an annual rate of 0.45% 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 0.20% and declining to 0.10% as the average daily net assets of the Fund increase.

Administration fees


	Class-level administration fee
Class A, Class B, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.19

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 December 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.84% for Class A shares, 1.59% for Class B shares, 1.59% for Class C shares, 0.72% for Administrator Class shares, and 0.58% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended February 29, 2016, Funds Distributor received $1,225 from the sale of Class A shares and $1,576 in contingent deferred sales charges from redemptions of Class B shares.

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 29, 2016 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$573,176,336	$180,662,944	$686,259,618	$135,008,214


Notes to financial statements (unaudited)		Wells Fargo Core Plus Bond Fund			33

6. DERIVATIVE TRANSACTIONS

During the six months ended February 29, 2016, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio

At February 29, 2016, the Fund had short futures contracts outstanding as follows:


Expiration date	Counterparty	Contracts	Type	Contract value at February 29, 2016		Unrealized gains (losses)
6-8-2016	JPMorgan	21 Short	Euro FX Futures	$	3,745,415	$	153
6-8-2016	JPMorgan	41 Short	Euro FX Futures		5,870,052		384
6-21-2016	JPMorgan	20 Short	U.S. Treasury Bonds		3,290,625		16,528
6-21-2016	JPMorgan	30 Short	10-Year U.S. Treasury Notes		3,915,469		1,980
6-30-2016	JPMorgan	50 Short	5-Year U.S. Treasury Notes		6,049,219		(5,939	)
12-20-2017	JPMorgan	25 Short	GBP Sterling Futures		4,322,566		(12,661	)

The Fund had an average notional amount of $43,841,244 and $16,804,754 in long and short futures contracts, respectively, during the six months ended February 29, 2016.

During the six months ended February 29, 2016, the Fund entered into forward foreign currency contracts for economic hedging purposes.

At February 29, 2016, the Fund had forward foreign currency contracts outstanding as follows:

Forward foreign currency contracts to buy:


Exchange date	Counterparty	Contracts to receive			U.S. value at February 29, 2016		In exchange for U.S. $		Unrealized losses
3-31-2016	Citibank		1,000,000	GBP	$	1,392,004	$	1,432,613	$	(40,609	)
3-31-2016	Citibank		4,000,000	PLN		1,001,078		1,014,281		(13,203	)

The Fund had average contract amounts of $994,997 and $1,780,906 in forward foreign currency contracts to buy and forward foreign currency contracts to sell, respectively, during the six months ended February 29, 2016.

The Fund enters into credit default swap contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Fund’s total return. At February 29, 2016, the Fund had the following credit default swap contracts outstanding:

Credit default swaps on an index – Buy protection

Expiration

Counterparty

Reference index

Notional

amount

Fixed
payments
made

Value

Premiums

received

Unrealized

gains

12-20-2020

CitiGroup

Markit iTraxx Europe

Crossover Index

1,000,000

1.00

(87,850

)

(132,450

)

44,600

Credit default swaps on an index – Sell protection


Expiration	Counterparty	Reference index	Notional amount		Fixed payments received			Value		Premiums paid/ (received)			Unrealized gains (losses)
12-20-2020	CitiGroup	Markit iTraxx Europe Crossover Index	$	1,000,000		5.00	%	$	46,056	$	125,851		$	(79,795	)
12-20-2020	CitiGroup	Markit CDX North America Investment Grade Index		1,000,000		1.00			3,286		(6,308	)		9,594

The Fund had an average notional balance of $181,319 during the six months ended February 29, 2016.

The Fund’s credit default swap transactions may contain provisions for early termination in the event the net assets of the Fund declines below specific levels identified by the counterparty. If these levels are triggered, the counterparty may terminate the transaction and seek payment or request full collateralization of the derivative transactions in net liability


34		Wells Fargo Core Plus Bond Fund		Notes to financial statements (unaudited)

positions. On February 29, 2016, the aggregate fair value of credit defaults swap transactions with net asset contingent features that were in a liability position amounted to $79,795. As of February 29, 2016, the Fund had $175,951 on deposit at broker for outstanding credit default swaps.

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

The fair value of derivative instruments as of February 29, 2016 was as follows for the Fund:

Asset derivatives

Liability derivatives

Statement of Assets and
Liabilities location

Fair value

Statement of Assets and
Liabilities location

Fair value

Interest rate risk

Receivable for daily variation margin on open futures contracts

822

Payable for daily variation margin on open futures contracts

38,025

Forward currency risk

Unrealized gains on forward foreign currency contracts

Unrealized losses on forward foreign currency contracts

53,812

Credit contracts

Value of credit default swap contracts

180,045

Value of credit default swap contracts

218,553

***

180,867

310,390

*	Only the current day’s variation margin as of February 29, 2016 is reported separately on the Statement of Assets and Liabilities.

**	The value of swap contracts consists of unrealized gains and premiums paid on swap contracts.

***	The value of swap contracts consists of unrealized losses and premiums received on swap contracts.

The effect of derivative instruments on the Statement of Operations for the six months ended February 29, 2016 was as follows for the Fund:


	Amount of realized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Credit default swaps			Total
Interest rate risk	$	(493,685	)	$	0		$	0		$	(493,685	)
Forward currency risk		0			(44,986	)		0			(44,986	)
Credit contracts		0			0			9,975			9,975
	$	(493,685	)	$	(44,986	)	$	9,975		$	(528,696	)

	Change in unrealized gains (losses) on derivatives
	Futures contracts			Forward foreign currency contracts			Credit default swaps			Total
Interest rate risk	$	367,507		$	0		$	0		$	367,507
Forward currency risk		0			(53,812	)		0			(53,812	)
Credit contracts		0			0			(25,601	)		(25,601	)
	$	367,507		$	(53,812	)	$	(25,601	)	$	288,094

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


Notes to financial statements (unaudited)		Wells Fargo Core Plus Bond Fund			35

transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:


Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral received		Net amount of assets
Futures – variation margin	JPMorgan	$	822		$	(822	)	$	0	$	0
Credit default swaps	CitiGroup		180,045	*		(180,045	)		0		0

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


Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities			Amounts subject to netting agreements			Collateral pledged¹			Net amount of liabilities
Futures – variation margin	JPMorgan	$	38,025		$	(822	)	$	(37,203	)	$	0
Credit default swaps	CitiGroup		218,553	*		(180,045	)		(38,508	)		0
Forward foreign currency contracts	Citibank		53,812	**		0			0			53,812

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

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

**	Amount represents net unrealized losses.

7. BANK BORROWINGS

The 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. For the six months ended February 29, 2016, the Fund paid $650 in commitment fees.

For the six months ended February 29, 2016, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION

9. SUBSEQUENT DISTRIBUTIONS

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	$	0.02722
Class B		0.01940
Class C		0.02011
Administrator Class		0.02850
Institutional Class		0.02985


36		Wells Fargo Core Plus Bond Fund		Notes to financial statements (unaudited)

On April 25, 2016, the Fund declared distributions from net investment income to shareholders of record on April 22, 2016. The per share amounts payable on April 26, 2016 were as follows:


	Net investment income
Class A	$	0.03176
Class B		0.02236
Class C		0.02393
Administrator Class		0.03269
Institutional Class		0.03421

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the Fund’s tax year-end.


Other information (unaudited)		Wells Fargo Core Plus Bond Fund			37

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


38		Wells Fargo Core Plus Bond Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief 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 Core Plus Bond Fund			39


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.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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


40		Wells Fargo Core Plus Bond Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

For more information

More information about Wells Fargo 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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

241410 04-16

SA219/SAR219 2-16

Semi-Annual Report

February 29, 2016

Wells Fargo

Short Duration Government Bond Fund

LOGO

Reduce clutter. Save trees.

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			21

Other information			25

List of abbreviations			28

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Short Duration Government Bond Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

All eyes were on the U.S. Federal Reserve (Fed) to see when it would begin normalizing monetary policy; it voted to begin increasing the federal funds rate in December 2015.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short Duration Government Bond Fund for the six-month period that ended February 29, 2016. The period was marked by low interest rates, sustained weakness in commodity prices, and moderate U.S. economic growth. In the markets, all eyes were on the U.S. Federal Reserve (Fed) to see when it would begin normalizing monetary policy; it voted to begin increasing the federal funds rate in December 2015. During the six-month reporting period, the Barclays U.S. 1–3 Year Government/Credit Bond Index returned 0.55%.¹

Major central banks continued to provide stimulus.

Global economic growth was below trend, and oil prices plummeted.

The U.S. yield curve flattened.

The Barclays U.S. 1–3 Year Government/Credit Bond Index is the one- to three-year component of the Barclays U.S. Government/Credit Bond Index that includes securities in the Government and Credit Indexes. The Government Index includes Treasuries (that is, public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (that is, publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Short Duration Government Bond Fund			3

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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

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

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


4		Wells Fargo Short Duration Government Bond Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks to provide current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Troy Ludgood

Thomas O’Connor, CFA^®

Average annual total returns (%) as of February 29, 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 (MSDAX)	3-11-1996		(1.46	)		0.56		2.64		0.55			0.97		2.85		0.78		0.78
Class B (MSDBX)*	5-31-2002		(3.20	)		0.37		2.54		(0.20	)		0.37		2.54		1.53		1.53
Class C (MSDCX)	5-31-2002		(1.20	)		0.23		2.08		(0.20	)		0.23		2.08		1.53		1.53
Class R6 (MSDRX)	11-30-2012		–			–		–		0.96			1.42		3.29		0.40		0.37
Administrator Class (MNSGX)	12-18-1992		–			–		–		0.73			1.19		3.08		0.72		0.60
Institutional Class (WSGIX)	4-8-2005		–			–		–		0.91			1.37		3.26		0.45		0.42
Barclays 1-3 Year Government Index⁴	–		–			–		–		0.99			0.86		2.55		–		–

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

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

For Class A shares, the maximum front-end sales charge is 2.00%. For Class B shares, the maximum contingent deferred sales charge is 3.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including a contingent deferred sales charge assumes the sales charge for the corresponding time period. Class R6, Administrator Class, and Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. Securities issued by U.S. government agencies or government sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to mortgage- and asset-backed securities risk. The U.S. government guarantee applies to certain underlying securities and not to shares of the Fund. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.


Performance highlights (unaudited)		Wells Fargo Short Duration Government Bond Fund			5


Ten largest holdings (%) as of February 29, 2016⁵
U.S. Treasury Note, 0.75%, 2-15-2019			9.02
U.S. Treasury Note, 1.00%, 9-15-2018			5.89
FHLMC, 4.50%, 8-1-2020			5.10
U.S. Treasury Note, 1.13%, 1-15-2019			3.83
U.S. Treasury Note, 0.75%, 1-31-2018			2.93
U.S. Treasury Note, 0.63%, 9-30-2017			2.43
U.S. Treasury Note, 1.00%, 12-31-2017			2.09
U.S. Treasury Note, 0.88%, 11-30-2017			1.82
FNMA Series 2015-53 Class MA, 2.50%, 6-25-2045			1.80
Commercial Mortgage Trust Series 2012-LC4 Class A3, 3.07%, 12-10-2044			1.38

Portfolio allocation as of February 29, 2016⁶

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

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

The manager has contractually committed through December 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Fund’s returns would have been lower.

⁴

The Barclays 1–3 Year Government Index is composed of all publicly issued, nonconvertible domestic debt of the U.S. government and its agencies. The index also includes corporate debt guaranteed by the U.S. government. Only notes and bonds with a minimum maturity of one year up to a maximum maturity of 2.9 years are included. 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 Short Duration Government Bond 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 September 1, 2015 to February 29, 2016.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 9-1-2015		Ending account value 2-29-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,004.21	$	3.93		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.22	$	3.96		0.78	%
Class B
Actual	$	1,000.00	$	1,001.48	$	7.70		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.44	$	7.76		1.53	%
Class C
Actual	$	1,000.00	$	1,001.49	$	7.70		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.44	$	7.76		1.53	%
Class R6
Actual	$	1,000.00	$	1,006.27	$	1.87		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.28	$	1.88		0.37	%
Administrator Class
Actual	$	1,000.00	$	1,006.11	$	3.03		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.12	$	3.05		0.60	%
Institutional Class
Actual	$	1,000.00	$	1,007.02	$	2.12		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.03	$	2.14		0.42	%

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—February 29, 2016 (unaudited)		Wells Fargo Short Duration Government Bond Fund			7


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 44.63%
FHLMC ±		2.30	%		3-1-2043	$	7,107,684	$	7,300,463
FHLMC ±		2.32			8-1-2044		7,453,364		7,638,727
FHLMC ±		2.86			7-1-2044		6,278,742		6,501,925
FHLMC ±		2.90			7-1-2044		5,500,247		5,695,703
FHLMC ±		2.94			5-1-2044		1,301,717		1,347,407
FHLMC ±		3.04			12-1-2043		4,263,657		4,421,274
FHLMC ±		3.11			8-1-2041		3,818,022		4,024,022
FHLMC ±		3.14			7-1-2042		2,537,674		2,638,181
FHLMC		3.50			2-1-2031		1,393,000		1,489,693
FHLMC		3.50			2-1-2031		3,872,000		4,140,760
FHLMC		4.00			6-1-2025		2,445,667		2,590,830
FHLMC		4.00			2-1-2026		3,392,367		3,611,638
FHLMC ##		4.00			9-1-2030		409,187		438,783
FHLMC		4.00			6-1-2031		3,125,695		3,368,741
FHLMC		4.00			4-1-2032		1,250,896		1,347,571
FHLMC		4.50			8-1-2018		3,024,715		3,137,520
FHLMC		4.50			10-1-2018		1,610,386		1,675,648
FHLMC		4.50			8-1-2020		51,949,375		53,879,691
FHLMC		4.50			4-1-2031		2,340,967		2,560,856
FHLMC		5.50			5-1-2041		529,395		604,049
FHLMC		5.50			5-1-2041		247,119		280,280
FHLMC		6.00			5-15-2039		2,975,474		3,421,546
FHLMC		7.00			3-25-2044		1,857,468		2,223,214
FHLMC Series 2744 Class JH		5.00			2-15-2034		2,342,002		2,599,452
FHLMC Series 3537 Class MA		4.50			6-15-2038		3,203,238		3,473,822
FHLMC Series 3574 Class D		5.00			9-15-2039		1,499,771		1,666,026
FHLMC Series 4227 Class AB		3.50			10-15-2037		6,507,081		6,801,997
FHLMC Series 4382 Class AB		3.00			7-15-2040		6,424,785		6,577,661
FNMA ±		2.15			6-1-2043		4,630,097		4,748,799
FNMA ±		2.18			9-1-2043		10,894,708		11,159,887
FNMA ±		2.28			5-1-2042		3,637,497		3,758,261
FNMA ±		2.31			8-1-2043		5,089,446		5,214,902
FNMA ±		2.32			5-1-2042		5,405,298		5,583,599
FNMA ±		2.33			10-1-2043		2,721,442		2,787,641
FNMA ±		2.49			10-1-2043		3,983,040		4,092,726
FNMA ±		2.62			4-1-2045		7,168,013		7,373,344
FNMA ±		2.65			11-1-2044		6,911,301		7,132,740
FNMA ±		2.72			2-1-2046		2,994,809		3,085,702
FNMA ±		2.73			11-1-2044		4,261,979		4,402,331
FNMA ±		2.75			5-1-2044		3,442,605		3,554,619
FNMA ±		2.77			9-1-2045		7,660,235		7,903,320
FNMA ±		2.78			2-1-2045		5,602,560		5,791,083
FNMA (a)%%		2.94			3-1-2046		3,032,000		3,109,516
FNMA ±%%		2.95			3-1-2046		4,536,000		4,702,905
FNMA ±		3.23			12-1-2043		1,745,199		1,830,429
FNMA ±		3.47			3-1-2041		935,777		982,702
FNMA		3.50			12-1-2029		2,322,204		2,456,329
FNMA		3.50			2-1-2030		2,550,059		2,723,696
FNMA		3.50			5-1-2030		2,810,518		2,989,490
FNMA		3.50			6-1-2030		8,200,897		8,723,884

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


8		Wells Fargo Short Duration Government Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		��	Value

Agency Securities (continued)
FNMA		3.50	%		8-1-2030	$	4,864,013		$	5,174,519
FNMA		3.50			3-1-2031		7,241,517			7,753,338
FNMA		3.50			3-1-2031		4,501,976			4,791,424
FNMA %%		3.50			3-1-2031		5,914,348			6,287,691
FNMA ±		3.54			12-1-2041		4,073,105			4,324,797
FNMA		4.00			3-1-2026		2,697,273			2,881,824
FNMA		4.00			3-1-2026		4,570,550			4,882,734
FNMA		4.00			5-1-2026		848,081			910,000
FNMA		4.00			9-1-2030		528,929			568,601
FNMA		4.00			4-1-2032		1,172,027			1,269,880
FNMA		4.00			8-1-2032		1,250,277			1,351,577
FNMA		4.00			3-1-2033		6,222,270			6,695,997
FNMA		4.50			1-1-2020		10,114,794			10,533,679
FNMA		4.50			1-1-2020		7,844,449			8,169,842
FNMA		4.50			1-1-2020		12,544,063			13,044,966
FNMA		4.50			1-1-2020		10,903,027			11,334,812
FNMA		4.50			5-1-2020		13,996,417			14,572,000
FNMA		4.50			10-1-2020		3,829,722			3,989,274
FNMA		4.50			6-1-2025		1,980,781			2,141,415
FNMA		4.50			2-1-2026		548,229			592,190
FNMA		4.50			10-1-2026		6,557,706			7,062,970
FNMA		5.00			2-1-2023		3,374,732			3,522,344
FNMA		5.00			5-1-2023		688,809			739,451
FNMA		5.00			8-1-2030		929,933			1,028,884
FNMA		5.50			6-1-2040		84,138			96,590
FNMA		5.50			7-1-2040		219,536			250,332
FNMA		5.50			5-1-2041		168,622			193,776
FNMA		5.50			7-1-2041		182,405			209,491
FNMA		5.50			8-1-2041		1,693,811			1,931,157
FNMA		6.00			3-25-2035		639,508			667,748
FNMA Series 2001-W03 Class A ±		6.78			9-25-2041		501,820			571,900
FNMA Series 2002-90 Class A1		6.50			6-25-2042		23,306			27,373
FNMA Series 2003-63 Class GB		4.00			7-25-2033		3,203,159			3,430,450
FNMA Series 2003-W1 Class 2A ±		6.36			12-25-2042		257,785			304,115
FNMA Series 2009-101 Class MJ		3.00			12-25-2039		7,168,150			7,414,899
FNMA Series 2010-71 Class HJ		5.50			7-25-2040		1,229,846			1,408,678
FNMA Series 2010-98 Class EA		4.00			9-25-2030		1,961,238			2,120,251
FNMA Series 2011-46 Class BA		4.00			4-25-2037		6,778,427			7,007,651
FNMA Series 2011-M2 Class A1		2.02			4-25-2021		2,146,338			2,161,419
FNMA Series 2012-28 Class PT		4.00			3-25-2042		947,239			1,016,785
FNMA Series 2012-65 Class HJ		5.00			7-25-2040		7,228,538			7,967,053
FNMA Series 2013-103 Class H		4.50			3-25-2038		5,513,255			6,009,796
FNMA Series 2015-53 Class MA		2.50			6-25-2045		18,440,269			18,954,966
FNMA Series 2015-69 Class MC		2.50			9-25-2045		10,190,180			10,436,573
FNMA Series 2015-M10 Class FA ±		0.67			3-25-2019		6,075,089			6,049,152
FNMA Series 2015-M4 Class FA ±		0.42			9-25-2018		10,579,199			10,537,749
FNMA Series 2015-M8 Class FA ±		0.59			11-25-2018		6,223,883			6,170,455
GNMA Series 2001-53 Class PB		6.50			11-20-2031		3,041,672			3,083,798

Total Agency Securities (Cost $471,911,662)										471,211,751

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Short Duration Government Bond Fund			9


Security name	Interest rate			Maturity date		Principal		Value

Asset-Backed Securities: 13.19%
American Express Credit Account Master Trust Series 2014-3 Class A		1.49	%		4-15-2020	$	7,685,000	$	7,725,943
California Republic Auto Receivables Trust Series 2014-2 Class A4		1.57			12-16-2019		3,579,000		3,570,035
California Republic Auto Receivables Trust Series 2014-3 Class A4		1.79			3-16-2020		3,179,000		3,184,664
California Republic Auto Receivables Trust Series 2015-1 Class A4		1.82			9-15-2020		3,620,000		3,618,608
California Republic Auto Receivables Trust Series 2015-4 Class A3 144A		2.04			1-15-2020		4,163,000		4,193,515
Capital Auto Receivables Asset Trust Series 2014-2 Class A4		1.62			10-22-2018		3,186,000		3,187,266
Capital Auto Receivables Asset Trust Series 2014-3 Class A4		1.83			4-22-2019		3,144,000		3,158,215
Capital Auto Receivables Asset Trust Series 2015-1 Class A4		1.86			10-21-2019		2,433,000		2,438,020
Capital Auto Receivables Asset Trust Series 2015-2 Class A3		1.73			9-20-2019		2,230,000		2,231,135
Capital Auto Receivables Asset Trust Series 2015-3 Class A3		1.94			1-21-2020		8,044,000		8,088,235
Capital Auto Receivables Asset Trust Series 2015-4 Class A2		1.62			3-20-2019		6,309,000		6,313,705
Ford Credit Auto Owner Trust Series 2014-2 Class A 144A		2.31			4-15-2026		4,692,000		4,740,001
Ford Credit Floorplan Master Owner Trust Series 2016-1 Class A2 ±		1.33			2-15-2021		8,099,000		8,105,917
Navient Student Loan Trust Series 2014-CTA Class A 144A±		1.13			9-16-2024		9,851,346		9,700,593
Navient Student Loan Trust Series 2015-CA Class A 144A±		1.93			1-16-2035		13,677,734		13,677,838
Navient Student Loan Trust Series 2016-AA Class A1 144A±		1.66			12-15-2025		3,755,000		3,754,511
Nelnet Student Loan Trust Series 2004-4 Class A5 ±		0.78			1-25-2037		3,614,063		3,436,556
Nelnet Student Loan Trust Series 2006-1 Class A5 ±		0.73			8-23-2027		2,658,000		2,583,326
SLC Student Loan Trust Series 2005-2 Class A3 ±		0.62			3-15-2027		8,607,000		8,397,185
SLC Student Loan Trust Series 2007-2 Class A2 ±		1.02			5-15-2028		779,352		766,214
SLC Student Loan Trust Series 2010-1 Class A ±		1.50			11-25-2042		2,358,177		2,327,545
SLM Student Loan Trust Series 2005-6 Class A5 ±		1.82			7-27-2026		1,995,295		1,991,862
SLM Student Loan Trust Series 2005-6 Class A5A ±		0.73			7-27-2026		1,561,995		1,533,910
SLM Student Loan Trust Series 2010-1 Class A ±		0.84			3-25-2025		3,612,549		3,469,324
SLM Student Loan Trust Series 2010-A Class 1A 144A±		3.43			5-16-2044		2,274,720		2,326,964
SLM Student Loan Trust Series 2010-A Class 2A 144A±		3.68			5-16-2044		4,025,011		4,129,927
SLM Student Loan Trust Series 2011-C Class A2A 144A±		3.68			10-17-2044		1,830,668		1,906,131
SLM Student Loan Trust Series 2012-B Class A2 144A		3.48			10-15-2030		2,873,343		2,929,300
SLM Student Loan Trust Series 2014-A Class A2B 144A±		1.58			1-15-2026		3,805,000		3,767,241
SMB Private Education Loan Trust Series 2015-A Class A1 144A±		1.03			7-17-2023		7,936,166		7,895,861
SMB Private Education Loan Trust Series 2015-C Class A1 144A±		1.33			7-15-2022		4,144,537		4,142,504

Total Asset-Backed Securities (Cost $140,057,420)									139,292,051


Corporate Bonds and Notes: 1.07%

Energy: 1.07%

Oil, Gas & Consumable Fuels: 1.07%
Exxon Mobil Corporation %%		1.71			3-1-2019		11,290,000		11,290,000


Total Corporate Bonds and Notes (Cost $11,290,000)									11,290,000


Non-Agency Mortgage-Backed Securities: 4.56%
Commercial Mortgage Trust Series 2012-LC4 Class A2		2.26			12-10-2044		3,859,214		3,871,369
Commercial Mortgage Trust Series 2012-LC4 Class A3		3.07			12-10-2044		14,264,000		14,614,981
Commercial Mortgage Trust Series 2013-CR6 Class A1		0.72			3-10-2046		1,893,123		1,875,100
DBUBS Mortgage Trust Series 2011-LC2A Class A1 144A		3.53			7-10-2044		679,143		704,627
GS Mortgage Securities Trust Series 2010-C1 Class A1 144A		3.68			8-10-2043		1,100,012		1,139,945
GS Mortgage Securities Trust Series 2010-C2 Class A1 144A		3.85			12-10-2043		1,122,119		1,161,221
GS Mortgage Securities Trust Series 2012-GCJ7 Class AAB		2.94			5-10-2045		2,579,000		2,653,502

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


10		Wells Fargo Short Duration Government Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Non-Agency Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-C1 Class A2 144A		4.61	%		6-15-2043	$	2,478,000	$	2,552,109
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2010-C2 Class A2 144A		3.62			11-15-2043		2,259,000		2,309,431
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2011-C3 Class A2 144A		3.67			2-15-2046		1,329,431		1,343,774
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2011-C5 Class A2		3.15			8-15-2046		723,846		727,549
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2012-CBX Class A3		3.14			6-15-2045		3,674,597		3,733,196
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-C18 Class A1		1.25			2-15-2047		1,445,427		1,434,670
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-CNTR Class A1 144A		3.30			8-5-2032		1,371,195		1,405,865
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-LC9 Class A2		1.68			12-15-2047		3,876,000		3,874,951
Morgan Stanley Capital I Trust Series 2011-C2 Class A3 144A		4.21			6-15-2044		705,000		742,937
Morgan Stanley Dean Witter Capital I Series 2011-C3 Class A2		3.22			7-15-2049		4,011,369		4,021,348

Total Non-Agency Mortgage-Backed Securities (Cost $49,232,220)									48,166,575


U.S. Treasury Securities: 36.06%
U.S. Treasury Note		0.50			4-30-2017		14,392,000		14,352,652
U.S. Treasury Note		0.63			5-31-2017		6,618,000		6,607,663
U.S. Treasury Note		0.63			6-30-2017		11,595,000		11,575,520
U.S. Treasury Note		0.63			9-30-2017		25,736,000		25,671,660
U.S. Treasury Note		0.63			11-30-2017		7,544,000		7,521,013
U.S. Treasury Note		0.75			10-31-2017		12,814,000		12,804,992
U.S. Treasury Note		0.75			1-31-2018		31,004,000		30,977,368
U.S. Treasury Note		0.75			2-28-2018		7,136,000		7,129,870
U.S. Treasury Note		0.75			2-15-2019		95,716,000		95,271,112
U.S. Treasury Note		0.88			7-15-2017		9,173,000		9,186,613
U.S. Treasury Note		0.88			11-30-2017		19,201,000		19,228,745
U.S. Treasury Note		0.88			1-15-2018		11,788,000		11,802,275
U.S. Treasury Note		1.00			12-31-2017		22,017,000		22,096,129
U.S. Treasury Note		1.00			9-15-2018		61,969,000		62,198,967
U.S. Treasury Note		1.13			1-15-2019		40,213,000		40,465,900
U.S. Treasury Note		1.25			12-15-2018		3,816,000		3,853,714

Total U.S. Treasury Securities (Cost $379,852,390)									380,744,193


	Yield					Shares
Short-Term Investments: 2.04%

Investment Companies: 2.04%
Wells Fargo Government Money Market Fund, Select Class (l)(u)##		0.22					21,544,078		21,544,078


Total Short-Term Investments (Cost $21,544,078)									21,544,078


Total investments in securities (Cost $1,073,887,770) *	101.55	%		1,072,248,648
Other assets and liabilities, net	(1.55	)		(16,366,988	)

Total net assets	100.00	%	$	1,055,881,660

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Short Duration Government Bond Fund			11

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

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

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

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

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

(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 $1,074,190,104 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,430,691
Gross unrealized losses		(4,372,147	)

Net unrealized losses	$	(1,941,456	)

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


12		Wells Fargo Short Duration Government Bond Fund		Statement of assets and liabilities—February 29, 2016 (unaudited)




Assets
Investments
In unaffiliated securities, at value (cost $1,052,343,692)	$	1,050,704,570
In affiliated securities, at value (cost $21,544,078)		21,544,078

Total investments, at value (cost $1,073,887,770)		1,072,248,648
Cash		103,502
Receivable for investments sold		86,895,370
Principal paydown receivable		298,688
Receivable for Fund shares sold		1,779,059
Receivable for interest		2,299,973
Prepaid expenses and other assets		24,597

Total assets		1,163,649,837


Liabilities
Dividends payable		101,316
Payable for investments purchased		106,611,405
Payable for Fund shares redeemed		594,670
Management fee payable		251,192
Distribution fees payable		17,535
Administration fees payable		65,352
Accrued expenses and other liabilities		126,707

Total liabilities		107,768,177

Total net assets	$	1,055,881,660


NET ASSETS CONSIST OF
Paid-in capital	$	1,102,961,044
Overdistributed net investment income		(3,453,870	)
Accumulated net realized losses on investments		(41,986,392	)
Net unrealized losses on investments		(1,639,122	)

Total net assets	$	1,055,881,660


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	62,651,820
Shares outstanding – Class A¹		6,270,942
Net asset value per share – Class A		$9.99
Maximum offering price per share – Class A²		$10.19
Net assets – Class B	$	80,481
Shares outstanding – Class B¹		8,050
Net asset value per share – Class B		$10.00
Net assets – Class C	$	30,149,858
Shares outstanding – Class C¹		3,012,977
Net asset value per share – Class C		$10.01
Net assets – Class R6	$	211,862,935
Shares outstanding – Class R6¹		21,138,028
Net asset value per share – Class R6		$10.02
Net assets – Administrator Class	$	134,082,350
Shares outstanding – Administrator Class¹		13,398,771
Net asset value per share – Administrator Class		$10.01
Net assets – Institutional Class	$	617,054,216
Shares outstanding – Institutional Class¹		61,673,949
Net asset value per share – Institutional Class		$10.01

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/98 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 February 29, 2016 (unaudited)		Wells Fargo Short Duration Government Bond Fund			13




Investment income
Interest	$	7,486,078
Income from affiliated securities		10,504

Total investment income		7,496,582


Expenses
Management fee		1,804,485
Administration fees
Class A		48,962
Class B		65
Class C		23,552
Class R6		33,096
Administrator Class		70,604
Institutional Class		232,551
Shareholder servicing fees
Class A		76,503
Class B		102
Class C		36,800
Administrator Class		176,511
Distribution fees
Class B		306
Class C		110,400
Custody and accounting fees		34,303
Professional fees		25,111
Registration fees		33,524
Shareholder report expenses		22,481
Trustees’ fees and expenses		11,453
Other fees and expenses		7,259

Total expenses		2,748,068
Less: Fee waivers and/or expense reimbursements		(230,842	)

Net expenses		2,517,226

Net investment income		4,979,356


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(66,622	)
Net change in unrealized gains (losses) on investments		1,405,529

Net realized and unrealized gains (losses) on investments		1,338,907

Net increase in net assets resulting from operations	$	6,318,263

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


14		Wells Fargo Short Duration Government Bond Fund		Statement of changes in net assets


	Six months ended February 29, 2016 (unaudited)						Year ended August 31, 2015

Operations
Net investment income				$	4,979,356					$	10,197,919
Net realized gains (losses) on investments					(66,622	)					3,936,012
Net change in unrealized gains (losses) on investments					1,405,529						(4,300,460	)

Net increase in net assets resulting from operations					6,318,263						9,833,471


Distributions to shareholders from
Net investment income
Class A					(443,597	)					(994,941	)
Class B					(285	)					(619	)
Class C					(103,229	)					(143,212	)
Class R6					(2,047,660	)					(1,252,381	)
Administrator Class					(1,147,036	)					(2,366,248	)
Institutional Class					(5,259,533	)					(12,686,313	)

Total distributions to shareholders					(9,001,340	)					(17,443,714	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		878,345			8,776,429			893,467			8,994,855
Class B		342			3,435			4,666			47,051
Class C		372,412			3,725,259			250,331			2,525,080
Class R6		573,042			5,749,631			20,670,721			208,583,613
Administrator Class		839,279			8,402,219			3,720,185			37,515,205
Institutional Class		12,012,385			120,184,224			23,657,641			238,649,165

					146,841,197						496,314,969

Reinvestment of distributions
Class A		38,887			388,618			90,064			907,044
Class B		27			270			54			540
Class C		9,286			92,933			12,948			130,546
Class R6		204,284			2,047,660			124,189			1,252,381
Administrator Class		111,685			1,117,686			223,156			2,250,925
Institutional Class		479,283			4,796,117			1,154,458			11,642,358

					8,443,284						16,183,794

Payment for shares redeemed
Class A		(885,906	)		(8,849,665	)		(5,356,128	)		(53,879,586	)
Class B		(2,241	)		(22,440	)		(17,358	)		(175,084	)
Class C		(549,264	)		(5,503,379	)		(1,481,247	)		(14,946,317	)
Class R6		(2,713,927	)		(27,214,234	)		(2,510,257	)		(25,335,737	)
Administrator Class		(3,167,506	)		(31,748,182	)		(7,286,511	)		(73,464,583	)
Institutional Class		(9,418,884	)		(94,278,337	)		(55,650,292	)		(560,857,859	)

					(167,616,237	)					(728,659,166	)

Net decrease in net assets resulting from capital share transactions					(12,331,756	)					(216,160,403	)

Total decrease in net assets					(15,014,833	)					(223,770,646	)


Net assets
Beginning of period					1,070,896,493						1,294,667,139

End of period				$	1,055,881,660					$	1,070,896,493

Undistributed (overdistributed) net investment income				$	(3,453,870	)				$	606,284

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


Financial highlights		Wells Fargo Short Duration Government Bond Fund			15

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS A	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.02			$10.08			$10.09			$10.35			$10.36			$10.47
Net investment income		0.03			0.04			0.03			0.08	¹		0.10			0.16
Net realized and unrealized gains (losses) on investments		0.01			0.02			0.07			(0.14	)		0.09			0.07

Total from investment operations		0.04			0.06			0.10			(0.06	)		0.19			0.23
Distributions to shareholders from
Net investment income		(0.07	)		(0.12	)		(0.11	)		(0.20	)		(0.20	)		(0.25	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.09	)

Total distributions to shareholders		(0.07	)		(0.12	)		(0.11	)		(0.20	)		(0.20	)		(0.34	)
Net asset value, end of period		$9.99			$10.02			$10.08			$10.09			$10.35			$10.36
Total return²		0.42	%		0.55	%		1.03	%		(0.63	)%		1.86	%		2.17	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.78	%		0.80	%		0.82	%		0.86	%		0.87	%
Net expenses		0.78	%		0.78	%		0.78	%		0.79	%		0.83	%		0.83	%
Net investment income		0.67	%		0.55	%		0.38	%		0.80	%		0.98	%		1.60	%
Supplemental data
Portfolio turnover rate		116	%		500	%		408	%		324	%		399	%		485	%
Net assets, end of period (000s omitted)		$62,652			$62,504			$107,005			$126,316			$167,266			$162,719

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 Short Duration Government Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS B	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.02			$10.09			$10.10			$10.36			$10.36			$10.48
Net investment income (loss)		(0.00	)^1,2		(0.02	)¹		(0.04	)¹		0.01	¹		0.03	¹		0.09
Net realized and unrealized gains (losses) on investments		0.01			(0.01	)		0.07			(0.15	)		0.10			0.05

Total from investment operations		0.01			(0.03	)		0.03			(0.14	)		0.13			0.14
Distributions to shareholders from
Net investment income		(0.03	)		(0.04	)		(0.04	)		(0.12	)		(0.13	)		(0.17	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.09	)

Total distributions to shareholders		(0.03	)		(0.04	)		(0.04	)		(0.12	)		(0.13	)		(0.26	)
Net asset value, end of period		$10.00			$10.02			$10.09			$10.10			$10.36			$10.36
Total return³		0.15	%		(0.30	)%		0.28	%		(1.37	)%		1.22	%		1.32	%
Ratios to average net assets (annualized)
Gross expenses		1.53	%		1.53	%		1.56	%		1.58	%		1.60	%		1.62	%
Net expenses		1.53	%		1.53	%		1.53	%		1.54	%		1.57	%		1.58	%
Net investment income (loss)		(0.09	)%		(0.19	)%		(0.37	)%		0.06	%		0.25	%		0.85	%
Supplemental data
Portfolio turnover rate		116	%		500	%		408	%		324	%		399	%		485	%
Net assets, end of period (000s omitted)		$80			$99			$228			$856			$1,115			$1,543

¹	Calculated based upon average shares outstanding

²	Amount is less than $0.005.

³	Total return calculations do not include any sales charges. 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 Short Duration Government Bond Fund			17

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS C	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.03			$10.10			$10.11			$10.37			$10.37			$10.48
Net investment income (loss)		(0.00	)²		(0.03	)		(0.05	)		0.01	¹		0.03			0.08
Net realized and unrealized gains (losses) on investments		0.01			0.00	²		0.08			(0.15	)		0.09			0.07

Total from investment operations		0.01			(0.03	)		0.03			(0.14	)		0.12			0.15
Distributions to shareholders from
Net investment income		(0.03	)		(0.04	)		(0.04	)		(0.12	)		(0.12	)		(0.17	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.09	)

Total distributions to shareholders		(0.03	)		(0.04	)		(0.04	)		(0.12	)		(0.12	)		(0.26	)
Net asset value, end of period		$10.01			$10.03			$10.10			$10.11			$10.37			$10.37
Total return³		0.15	%		(0.30	)%		0.28	%		(1.37	)%		1.20	%		1.41	%
Ratios to average net assets (annualized)
Gross expenses		1.54	%		1.53	%		1.55	%		1.57	%		1.61	%		1.62	%
Net expenses		1.53	%		1.53	%		1.53	%		1.54	%		1.58	%		1.58	%
Net investment income (loss)		(0.08	)%		(0.20	)%		(0.37	)%		0.05	%		0.23	%		0.85	%
Supplemental data
Portfolio turnover rate		116	%		500	%		408	%		324	%		399	%		485	%
Net assets, end of period (000s omitted)		$30,150			$31,910			$44,423			$63,126			$78,385			$69,077

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.


18		Wells Fargo Short Duration Government Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS R6	Six months ended February 29, 2016 (unaudited)			2015			2014			2013¹
Net asset value, beginning of period		$10.05			$10.11			$10.13			$10.33
Net investment income		0.05			0.09	²		0.08	²		0.13	²
Net realized and unrealized gains (losses) on investments		0.01			0.01			0.05			(0.15	)

Total from investment operations		0.06			0.10			0.13			(0.02	)
Distributions to shareholders from
Net investment income		(0.09	)		(0.16	)		(0.15	)		(0.18	)
Net asset value, end of period		$10.02			$10.05			$10.11			$10.13
Total return³		0.63	%		0.96	%		1.35	%		(0.17	)%
Ratios to average net assets (annualized)
Gross expenses		0.40	%		0.40	%		0.41	%		0.43	%
Net expenses		0.37	%		0.37	%		0.37	%		0.37	%
Net investment income		1.08	%		0.88	%		0.76	%		0.81	%
Supplemental data
Portfolio turnover rate		116	%		500	%		408	%		324	%
Net assets, end of period (000s omitted)		$211,863			$231,878			$48,446			$2,983

¹	For the period from November 30, 2012 (commencement of class operations) to August 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 Short Duration Government Bond Fund			19

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.03			$10.10			$10.11			$10.36			$10.37			$10.48
Net investment income		0.04			0.06			0.06	¹		0.10	¹		0.13			0.17
Net realized and unrealized gains (losses) on investments		0.02			0.00	²		0.06			(0.13	)		0.09			0.08

Total from investment operations		0.06			0.06			0.12			(0.03	)		0.22			0.25
Distributions to shareholders from
Net investment income		(0.08	)		(0.13	)		(0.13	)		(0.22	)		(0.23	)		(0.27	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.09	)

Total distributions to shareholders		(0.08	)		(0.13	)		(0.13	)		(0.22	)		(0.23	)		(0.36	)
Net asset value, end of period		$10.01			$10.03			$10.10			$10.11			$10.36			$10.37
Total return³		0.61	%		0.63	%		1.21	%		(0.34	)%		2.10	%		2.41	%
Ratios to average net assets (annualized)
Gross expenses		0.72	%		0.72	%		0.74	%		0.76	%		0.80	%		0.80	%
Net expenses		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Net investment income		0.85	%		0.73	%		0.56	%		0.99	%		1.20	%		1.84	%
Supplemental data
Portfolio turnover rate		116	%		500	%		408	%		324	%		399	%		485	%
Net assets, end of period (000s omitted)		$134,082			$156,669			$191,469			$234,808			$285,637			$247,357

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 Short Duration Government Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.03			$10.10			$10.10			$10.36			$10.37			$10.48
Net investment income		0.05			0.09	¹		0.07			0.12			0.15			0.21
Net realized and unrealized gains (losses) on investments		0.02			(0.01	)		0.08			(0.15	)		0.09			0.06

Total from investment operations		0.07			0.08			0.15			(0.03	)		0.24			0.27
Distributions to shareholders from
Net investment income		(0.09	)		(0.15	)		(0.15	)		(0.23	)		(0.25	)		(0.29	)
Net realized gains		0.00			0.00			0.00			0.00			0.00			(0.09	)

Total distributions to shareholders		(0.09	)		(0.15	)		(0.15	)		(0.23	)		(0.25	)		(0.38	)
Net asset value, end of period		$10.01			$10.03			$10.10			$10.10			$10.36			$10.37
Total return²		0.70	%		0.81	%		1.50	%		(0.26	)%		2.28	%		2.59	%
Ratios to average net assets (annualized)
Gross expenses		0.46	%		0.45	%		0.47	%		0.49	%		0.53	%		0.54	%
Net expenses		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%		0.42	%
Net investment income		1.03	%		0.92	%		0.74	%		1.16	%		1.39	%		1.97	%
Supplemental data
Portfolio turnover rate		116	%		500	%		408	%		324	%		399	%		485	%
Net assets, end of period (000s omitted)		$617,054			$587,835			$903,096			$1,051,693			$1,157,125			$862,174

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 Short Duration Government Bond 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 Short Duration Government Bond Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

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

When-issued transactions

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.


22		Wells Fargo Short Duration Government Bond Fund		Notes to financial statements (unaudited)

Distributions to shareholders

Federal and other taxes

As of August 31, 2015, the Fund had capital loss carryforwards which consist of $24,698,768 in short-term capital losses and $13,704,689 in long-term capital losses.

As of August 31, 2015, the Fund had current year deferred post-October capital losses consisting of $2,886,253 in short-term losses and $472,095 in long-term losses which was recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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


Notes to financial statements (unaudited)		Wells Fargo Short Duration Government Bond Fund			23

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2016:


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

Agency securities	$	0	$	471,211,751	$	0	$	471,211,751

Asset-backed securities		0		139,292,051		0		139,292,051

Corporate bonds and notes		0		11,290,000		0		11,290,000

Non-agency mortgage-backed securities		0		48,166,575		0		48,166,575

U.S. Treasury securities		380,744,193		0		0		380,744,193

Short-term investments
Investment companies		21,544,078		0		0		21,544,078
Total assets	$	402,288,271	$	669,960,377	$	0	$	1,072,248,648

4. TRANSACTIONS WITH AFFILIATES

Management fee

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fees


	Class-level administration fee
Class A, Class B, Class C		0.16	%
Class R6		0.03
Administrator Class		0.10
Institutional Class		0.08


24		Wells Fargo Short Duration Government Bond Fund		Notes to financial statements (unaudited)

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 December 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.78% for Class A shares, 1.53 % for Class B shares, 1.53% for Class C shares, 0.37% for Class R6 shares, 0.60% for Administrator Class shares, and 0.42% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fees

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class B and Class C shares. For the six months ended February 29, 2016, Funds Distributor received $279 from the sale of Class A shares and $100 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, 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 short-term securities, for the six months ended February 29, 2016 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$1,105,265,578	$187,082,714	$943,703,230	$261,170,528

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. For the six months ended February 29, 2016, the Fund paid $1,321 in commitment fees.

For the six months ended February 29, 2016, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION


Other information (unaudited)		Wells Fargo Short Duration Government Bond Fund			25

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


26		Wells Fargo Short Duration Government Bond Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief 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 Short Duration Government Bond 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.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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


28		Wells Fargo Short Duration Government Bond Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

For more information

More information about Wells Fargo 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.

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

241411 04-16

SA220/SAR220 2-16

Semi-Annual Report

February 29, 2016

Wells Fargo Short-Term Bond Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			18
Statement of operations			19
Statement of changes in net assets			20
Financial highlights			21

Notes to financial statements			24

Other information			30

List of abbreviations			33

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Short-Term Bond Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

All eyes were on the U.S. Federal Reserve (Fed) to see when it would begin normalizing monetary policy; it voted to begin increasing the federal funds rate in December 2015.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short-Term Bond Fund for the six-month period that ended February 29, 2016. The period was marked by low interest rates, sustained weakness in commodity prices, and moderate U.S. economic growth. In the markets, all eyes were on the U.S. Federal Reserve (Fed) to see when it would begin normalizing monetary policy; it voted to begin increasing the federal funds rate in December 2015. During the six-month reporting period, the Barclays U.S. 1–3 Year Government/Credit Bond Index returned 0.55%.¹

Major central banks continued to provide stimulus.

Global economic growth was below trend, and oil prices plummeted.

The U.S. yield curve flattened.

The Barclays U.S. 1–3 Year Government/Credit Bond Index is the one- to three-year component of the Barclays U.S. Government/Credit Bond Index that includes securities in the Government and Credit Indexes. The Government Index includes Treasuries (that is, public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (that is, publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Short-Term Bond Fund			3

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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

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


4		Wells Fargo Short-Term Bond Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®

Jay N. Mueller, CFA^®

Noah Wise, CFA^®

Average annual total returns (%) as of February 29, 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 (SSTVX)	8-31-1999		(1.56	)		0.95		2.68		0.44			1.36		2.89		0.81		0.73
Class C (WFSHX)	3-31-2008		(1.31	)		0.60		2.11		(0.31	)		0.60		2.11		1.56		1.48
Institutional Class (SSHIX)	8-31-1999		–			–		–		0.81			1.69		3.22		0.48		0.48
Barclays U.S. 1-3 Year Government/Credit Bond Index⁴	–		–			–		–		0.91			1.07		2.77		–		–

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 2.00%. 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. Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, high-yield securities risk, and mortgage- and asset-backed 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 Short-Term Bond Fund			5


Ten largest holdings (%) as of February 29, 2016⁵
Mercedes-Benz Auto Receivables Series 2015-1 Class A2A, 0.82%, 6-15-2018			1.47
Verizon Communications Incorporated, 1.35%, 6-9-2017			1.27
DIRECTV Holdings LLC, 2.40%, 3-15-2017			1.09
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-INN Class A, 1.35%, 6-15-2029			0.97
Ally Auto Receivables Trust Series 2015-2 Class A2A, 0.98%, 3-15-2018			0.94
Credit Suisse Mortgage Trust Series 2007-C3 Class A4, 5.70%, 6-15-2039			0.93
BMW Vehicle Lease Trust Series 2015-2 Class A2A, 1.07%, 1-22-2018			0.92
World Omni Automobile Lease Trust Series 2015-A Class A2A, 1.06%, 5-15-2018			0.90
Nissan Auto Lease Trust Series 2015-B Class A2A, 1.18%, 12-15-2017			0.87
CNH Equipment Trust Series 2015-C Class A2A, 1.10%, 12-17-2018			0.87

Portfolio allocation as of February 29, 2016⁶

The manager has contractually committed through December 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at 0.72% for Class A, 1.47% for Class C, 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 Barclays U.S. 1-3 Year Government/Credit Bond Index is the one- to three-year component of the Barclays U.S. Government/Credit Bond Index that includes securities in the Government and Credit Indexes. The Government Index includes Treasuries (that is, public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (that is, publicly issued debt of U.S. government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. government). The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. 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 Short-Term Bond Fund		Fund expenses (unaudited)

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 September 1, 2015 to February 29, 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.


	Beginning account value 9-1-2015		Ending account value 2-29-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,001.58	$	3.62		0.72	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.52	$	3.66		0.72	%
Class C
Actual	$	1,000.00	$	997.86	$	7.38		1.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.75	$	7.46		1.47	%
Institutional Class
Actual	$	1,000.00	$	1,003.96	$	2.37		0.47	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.77	$	2.39		0.47	%

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—February 29, 2016 (unaudited)		Wells Fargo Short-Term Bond Fund			7


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 11.20%
FDIC Series 2010-R1 Class A 144A		2.18	%		5-25-2050	$	2,268,217	$	2,283,624
FDIC Series 2013-R1 Class A 144A		1.15			3-25-2033		1,341,021		1,315,951
FHLMC ±		2.50			4-1-2032		46,342		48,859
FHLMC ±		2.57			4-1-2038		543,806		571,971
FHLMC ±		2.65			7-1-2029		3,536		3,687
FHLMC ±		2.66			9-1-2031		6,737		6,864
FHLMC ±		2.93			5-1-2026		86,663		90,587
FHLMC		3.00			2-15-2024		812,207		829,857
FHLMC		3.50			6-15-2038		950,875		981,919
FHLMC		4.50			5-15-2018		106,186		109,271
FHLMC		5.00			10-15-2032		152,626		154,186
FHLMC		6.00			10-1-2021		396,480		431,170
FHLMC		8.50			9-1-2017		17,933		18,035
FHLMC		9.00			8-1-2018		20,347		20,892
FHLMC		9.00			6-1-2019		28,424		29,933
FHLMC		9.00			10-1-2019		112,338		120,791
FHLMC		9.50			12-1-2022		57,532		61,209
FHLMC		10.50			11-1-2017		312		325
FHLMC		10.50			8-1-2018		31,045		31,733
FHLMC		10.50			2-1-2019		780		847
FHLMC		10.50			4-1-2019		333		352
FHLMC		10.50			5-1-2019		327		355
FHLMC		10.50			6-1-2019		1,845		2,002
FHLMC		10.50			7-1-2019		793		850
FHLMC Series 2597 Series AE		5.50			4-15-2033		203,242		223,901
FHLMC Series 2631 Class LC		4.50			6-15-2018		237,507		244,446
FHLMC Series 2642 Class AR		4.50			7-15-2023		338,632		363,526
FHLMC Series 2656 Class BG		5.00			10-15-2032		861,366		885,955
FHLMC Series 2958 Class QD		4.50			4-15-2020		875,398		900,159
FHLMC Series 3266 Class D		5.00			1-15-2022		959,830		997,734
FHLMC Series 3609 Class LA		4.00			12-15-2024		374,674		386,052
FHLMC Series 3656 Class BH		3.00			12-15-2019		362,743		363,173
FHLMC Series 3778 Class BM		3.50			8-15-2028		347,944		355,131
FHLMC Series 3794 Class LK		3.00			2-15-2024		1,177,268		1,191,064
FHLMC Series 3855 Class HL		3.50			2-15-2026		320,524		332,185
FHLMC Series 3920 Class AB		3.00			9-15-2025		925,266		950,029
FHLMC Series T-42 Class A6		9.50			2-25-2042		449,599		560,552
FHLMC Series T-57 Class 2A1 ±		3.35			7-25-2043		45,088		48,547
FHLMC Series T-59 Class 2A1 ±		3.04			10-25-2043		1,241,738		1,321,715
FNMA ±		1.59			8-1-2034		652,426		663,964
FNMA ±		2.51			11-1-2031		57,113		59,821
FNMA ±		2.54			8-1-2036		2,703,390		2,850,813
FNMA ±		2.57			9-1-2040		1,892,843		1,985,318
FNMA ±		2.69			10-1-2036		3,202,138		3,367,697
FNMA ±		2.70			7-1-2036		1,999,224		2,129,409
FNMA		2.73			10-1-2017		2,967,672		3,025,626
FNMA		2.93			12-1-2017		2,310,920		2,369,563
FNMA		3.29			12-1-2017		2,158,272		2,202,721
FNMA		3.34			9-1-2017		1,378,310		1,415,986
FNMA		3.69			6-1-2017		3,297,619		3,364,814
FNMA		3.74			5-1-2018		2,214,009		2,312,957

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


8		Wells Fargo Short-Term Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		4.00	%		6-25-2026	$	1,096,958	$	1,172,144
FNMA		4.00			8-25-2037		921,920		944,095
FNMA		5.38			1-1-2018		846,248		868,262
FNMA		5.50			8-25-2034		1,623,529		1,693,721
FNMA		6.00			4-1-2021		398,754		417,849
FNMA		6.00			3-1-2033		745,541		864,736
FNMA		6.28			11-1-2018		275,839		280,769
FNMA		6.50			8-1-2031		403,178		482,599
FNMA		7.60			8-1-2018		193,453		193,339
FNMA		8.00			4-1-2017		31,813		32,516
FNMA		8.00			9-1-2019		21,892		22,109
FNMA		8.00			9-1-2023		4,427		4,701
FNMA		8.33			7-15-2020		19,061		20,772
FNMA		8.50			7-1-2018		18,329		18,506
FNMA		8.50			2-1-2023		20,160		20,372	��
FNMA		9.00			2-15-2020		863		961
FNMA		9.00			11-1-2024		82,698		92,644
FNMA		11.00			10-15-2020		6,390		6,531
FNMA Grantor Trust Series 2002-T12 Class A4		9.50			5-25-2042		718,250		905,694
FNMA Series 1989-29 Class Z		10.00			6-25-2019		62,355		68,123
FNMA Series 1989-63 Class Z		9.40			10-25-2019		23,189		24,840
FNMA Series 2002-T1 Class A4		9.50			11-25-2031		60,759		74,534
FNMA Series 2003-15 Class CB		5.00			3-25-2018		471,482		483,990
FNMA Series 2003-41 Class PE		5.50			5-25-2023		910,045		979,294
FNMA Series 2003-W11 Class A1 ±		3.60			6-25-2033		16,363		17,128
FNMA Series 2003-W6 Class 6A ±		3.28			8-25-2042		1,133,559		1,242,100
FNMA Series 2003-W6 Class PT4 ±		8.70			10-25-2042		97,938		122,118
FNMA Series 2004-32 Class AY		4.00			5-25-2019		231,890		238,745
FNMA Series 2004-90 Class XY		4.00			9-25-2034		651,653		657,710
FNMA Series 2008-53 Class CA		5.00			7-25-2023		681,367		713,097
FNMA Series 2009-M01 Class A2		4.29			7-25-2019		1,310,831		1,408,840
FNMA Series 2011-133 Class A		3.50			6-25-2029		1,299,418		1,344,405
FNMA Series 2011-17 Class ED		3.50			7-25-2025		299,469		308,867
FNMA Series 2011-39 Class CA		3.00			5-25-2024		348,833		355,575
FNMA Series 2011-66 Class BE		3.00			3-25-2025		667,577		679,784
FNMA Series 2011-71 Class DJ		3.00			3-25-2025		1,318,028		1,341,387
FNMA Series G95-2 Class IO ±(c)		10.00			5-25-2020		64,733		4,209
GNMA		4.00			8-16-2023		411,963		426,806
GNMA		4.50			4-20-2035		426,089		449,679
GNMA		8.00			12-15-2023		27,336		31,694
GNMA		9.00			11-15-2017		8,300		8,528
GNMA		9.00			11-15-2024		17,723		19,803
GNMA		10.00			2-20-2018		2,088		2,115
GNMA Series 2008-36 Class AN		4.25			10-16-2022		248,026		250,119
GNMA Series 2008-36 Class NA		4.25			10-16-2022		521,965		526,451
GNMA Series 2010-6 Class EA		4.00			9-16-2023		429,912		440,927
GNMA Series 2010-89 Class DG		3.00			12-20-2035		259,846		260,480
GNMA Series 2011-82 Class HT		2.00			7-16-2036		188,373		189,338
GNMA Series 2012-19 Class A		1.83			3-16-2039		3,570,467		3,588,926

Total Agency Securities (Cost $65,658,778)									66,290,060

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Short-Term Bond Fund			9


Security name	Interest rate			Maturity date		Principal		Value

Asset-Backed Securities: 12.47%
Ally Auto Receivables Trust Series 2015-1 Class A2		0.92	%		2-15-2018	$	4,000,000	$	3,995,828
Ally Auto Receivables Trust Series 2015-1 Class A3		1.21			12-20-2017		2,065,000		2,064,417
Ally Auto Receivables Trust Series 2015-2 Class A2A		0.98			3-15-2018		4,800,000		4,797,480
ASG Resecuritization Trust Series 2009-4 Class A60 144A		6.00			6-28-2037		23,038		22,939
BMW Vehicle Lease Trust Series 2015-2 Class A2A		1.07			1-22-2018		4,700,000		4,695,686
CarMax Auto Owner Trust Series 2015-3 Class A2A		1.10			11-15-2018		2,998,751		2,998,375
Citibank Credit Card Issuance Trust Series 2013-A6 Class A6		1.32			9-7-2018		4,200,000		4,208,823
Ford Credit Auto Lease Trust Series 2014-B Class A2A		0.51			3-15-2017		312,889		312,735
Ford Credit Auto Lease Trust Series 2015-B Class A2A		1.04			5-15-2018		4,000,000		3,991,940
GM Financial Automobile Leasing Trust Series 2015-2 Class A2A		1.18			4-20-2018		3,699,602		3,697,950
GMF Floorplan Owner Revolving Trust Series 2015-1 Class A1 144A		1.65			5-15-2020		2,050,000		2,045,413
Home Equity Asset Trust Series 2003-6 Class M1 ±		1.49			2-25-2034		1,316,378		1,233,312
Honda Auto Receivables Owner Trust Series 2013-4 Class A3		0.69			9-18-2017		896,432		895,658
Honda Auto Receivables Owner Trust Series 2014-3 Class A2		0.48			12-15-2016		150,059		150,032
Honda Auto Receivables Owner Trust Series 2015-3 Class A2		0.92			11-20-2017		3,280,000		3,279,743
Hyundai Auto Lease Securitization Trust Series 2015-B Class A2A 144A		0.95			12-15-2017		3,280,760		3,277,609
Hyundai Auto Receivables Trust Series 2013-B Class A3		0.71			9-15-2017		556,491		556,353
Hyundai Auto Receivables Trust Series 2015-C Class A2A		0.99			11-15-2018		2,250,000		2,248,509
Leaf II Receivables Funding LLC Series 2015-1 Class A2 144A		1.13			3-15-2017		1,400,000		1,397,547
Mercedes-Benz Auto Receivables Series 2015-1 Class A2A		0.82			6-15-2018		7,500,000		7,489,595
Nissan Auto Lease Trust Series 2014-B Class A2A		0.73			4-17-2017		2,379,019		2,376,681
Nissan Auto Lease Trust Series 2015-B Class A2A		1.18			12-15-2017		4,400,000		4,401,028
Porsche Innovative Lease Owner Trust Series 2015-1 Class A2 144A		0.79			11-21-2017		990,156		988,591
Toyota Auto Receivables Owner Trust Series 2016 AA2 %%		1.03			7-16-2018		2,250,000		2,249,820
US Airway Series 2010-1 Class B Pass-Through Trust		8.50			10-22-2018		971,622		1,008,058
Volkswagen Auto Lease Trust Series 2014-A Class A3		0.80			4-20-2017		994,140		992,034
Volkswagen Auto Lease Trust Series 2015-A Class A2A		0.87			6-20-2017		2,188,105		2,179,801
Volvo Financial Equipment LLC Series 2016-1A Class A2 144A		1.44			10-15-2018		1,650,000		1,649,571
World Omni Automobile Lease Trust Series 2015-A Class A2A		1.06			5-15-2018		4,600,000		4,591,442

Total Asset-Backed Securities (Cost $73,988,454)									73,796,970


Corporate Bonds and Notes: 38.76%

Consumer Discretionary: 2.27%

Media: 2.27%
CCO Safari II LLC 144A		3.58			7-23-2020		3,000,000		3,007,470
DIRECTV Holdings LLC		2.40			3-15-2017		5,495,000		5,549,021
Interpublic Group		2.25			11-15-2017		1,900,000		1,866,119
Time Warner Cable Incorporated		6.75			7-1-2018		2,755,000		3,002,110

									13,424,720


Consumer Staples: 1.87%

Beverages: 0.69%
Anheuser Busch Companies Incorporated		2.65			2-1-2021		3,000,000		3,053,373
Constellation Brands Incorporated		7.25			9-1-2016		1,000,000		1,028,400

									4,081,773

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


10		Wells Fargo Short-Term Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Food Products: 1.18%
J.M. Smucker Company		1.75	%		3-15-2018	$	3,000,000	$	2,990,445
Kraft Heinz Foods Company 144A		2.00			7-2-2018		2,000,000		1,996,540
Tyson Foods Incorporated		6.60			4-1-2016		1,995,000		2,003,423

									6,990,408


Energy: 4.35%

Energy Equipment & Services: 0.53%
Spectra Energy Capital Company		6.20			4-15-2018		3,000,000		3,131,076


Oil, Gas & Consumable Fuels: 3.82%
Anadarko Petroleum Corporation		5.95			9-15-2016		3,000,000		3,017,214
Boardwalk Pipelines LLC		5.88			11-15-2016		1,000,000		999,797
BP AMI Leasing Incorporated 144A		5.52			5-8-2019		825,000		912,697
DCP Midstream Operating Company		2.50			12-1-2017		3,000,000		2,738,214
Energy Transfer Partners LP		2.50			6-15-2018		2,000,000		1,836,310
Enterprise Products Operating LLC		5.25			1-31-2020		2,010,000		2,084,392
Exxon Mobil Corporation		1.71			3-1-2019		3,000,000		3,000,000
Kinder Morgan Incorporated		3.05			12-1-2019		3,500,000		3,231,025
ONEOK Partners LP		3.20			9-15-2018		2,033,000		1,845,244
Pioneer Natural Resources Company		5.88			7-15-2016		2,940,000		2,951,204

									22,616,097


Financials: 17.87%

Banks: 2.73%
Australia and New Zealand Banking Group Limited 144A		2.40			11-23-2016		3,000,000		3,027,048
Bank of America Corporation		6.50			8-1-2016		3,000,000		3,065,205
PNC Bank NA		1.50			2-23-2018		3,000,000		2,991,861
Santander Bank		8.75			5-30-2018		1,500,000		1,689,951
Santander Holdings USA		4.63			4-19-2016		2,000,000		2,007,164
Union Bank NA		5.95			5-11-2016		3,325,000		3,356,361

									16,137,590


Capital Markets: 2.14%
Bear Stearns Companies LLC		5.55			1-22-2017		3,875,000		4,004,630
Goldman Sachs Group Incorporated		6.15			4-1-2018		2,965,000		3,195,802
Lazard Group LLC		6.85			6-15-2017		538,000		565,653
Morgan Stanley		1.88			1-5-2018		2,045,000		2,039,906
Morgan Stanley		2.20			12-7-2018		2,000,000		1,997,494
Morgan Stanley		2.45			2-1-2019		840,000		843,439

									12,646,924


Consumer Finance: 5.38%
Ally Financial Incorporated		3.25			11-5-2018		2,930,000		2,878,725
Aviation Capital Group 144A		3.88			9-27-2016		935,000		936,169
Daimler Finance NA LLC 144A		1.65			3-2-2018		3,000,000		2,970,345
Discover Financial Services Company		6.45			6-12-2017		3,000,000		3,146,100
Ford Motor Credit Company LLC		2.94			1-8-2019		1,335,000		1,337,892
Ford Motor Credit Company LLC		5.00			5-15-2018		3,000,000		3,138,456

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Short-Term Bond Fund			11


Security name	Interest rate			Maturity date		Principal		Value

Consumer Finance (continued)
General Motors Financial Company		3.15	%		1-15-2020	$	3,000,000	$	2,931,477
Harley-Davidson Financial Services Incorporated 144A		2.70			3-15-2017		3,000,000		3,037,965
Hyundai Capital America Company 144A		2.40			10-30-2018		3,000,000		3,008,673
Paccar Financial Corp Sr Unsecured		1.65			2-25-2019		3,000,000		3,003,846
Toll Brothers Finance Corporation		8.91			10-15-2017		2,710,000		2,981,000
Toyota Motor Credit Corporation		1.70			2-19-2019		2,500,000		2,505,695

									31,876,343


Diversified Financial Services: 2.26%
McGraw Hill Financial Incorporated		2.50			8-15-2018		550,000		552,780
McGraw Hill Financial Incorporated		5.90			11-15-2017		3,500,000		3,698,317
Moody’s Corporation		2.75			7-15-2019		3,000,000		3,057,606
Murray Street Investment Trust I		4.65			3-9-2017		4,000,000		4,092,452
Raymond James Financial Incorporated		4.25			4-15-2016		2,000,000		2,006,716

									13,407,871


Insurance: 3.88%
AXIS Specialty Finance LLC		5.88			6-1-2020		1,794,000		1,956,377
Ironshore Holding Incorporated 144A		8.50			5-15-2020		2,235,000		2,599,242
Lincoln National Corporation		8.75			7-1-2019		2,426,000		2,898,201
Platinum Underwriters Finance Incorporated Series B		7.50			6-1-2017		3,070,000		3,262,164
Provident Companies Incorporated		7.00			7-15-2018		2,525,000		2,774,278
Reinsurance Group of America		5.63			3-15-2017		3,000,000		3,108,177
Reliance Standard Life Insurance 144A		2.15			10-15-2018		1,390,000		1,377,386
Reliance Standard Life Insurance 144A		2.38			5-4-2020		2,000,000		1,974,348
Symetra Financial Corporation 144A		6.13			4-1-2016		3,000,000		3,011,568

									22,961,741


REITs: 1.48%
American Tower Corporation		4.50			1-15-2018		2,700,000		2,809,836
Realty Income Corporation		2.00			1-31-2018		3,000,000		3,000,126
VEREIT Operating Partnership LP		2.00			2-6-2017		2,995,000		2,939,593

									8,749,555


Health Care: 1.75%

Biotechnology: 0.60%
Biogen Idec Incorporated		6.88			3-1-2018		3,262,000		3,568,931


Health Care Providers & Services: 0.64%
UnitedHealth Group Incorporated		1.45			7-17-2017		1,375,000		1,377,177
Unitedhealth Group Incorporated		1.70			2-15-2019		1,000,000		1,000,786
UnitedHealth Group Incorporated		1.90			7-16-2018		1,375,000		1,387,845

									3,765,808


Life Sciences Tools & Services: 0.51%
Thermo Fisher Scientific		2.15			12-14-2018		3,000,000		3,001,338

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


12		Wells Fargo Short-Term Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Industrials: 2.40%

Aerospace & Defense: 0.53%
L-3 Communications Corporation		5.20	%		10-15-2019	$	3,000,000	$	3,158,157


Airlines: 0.42%
Delta Air Lines Incorporated		4.75			11-7-2021		2,346,712		2,481,648


Building Products: 0.03%
Owens Corning Incorporated		6.50			12-1-2016		148,000		151,595


Commercial Services & Supplies: 0.37%
Boardwalk Pipelines LLC		5.20			6-1-2018		2,179,000		2,174,217


Machinery: 0.86%
CNH Capital LLC		3.25			2-1-2017		1,760,000		1,767,709
SPX Flow Incorporated		6.88			9-1-2017		3,250,000		3,339,375

									5,107,084


Transportation Infrastructure: 0.19%
TTX Company 144A		2.25			2-1-2019		1,095,000		1,104,522


Information Technology: 3.09%

Communications Equipment: 0.68%
Cisco Systems Incorporated		1.60			2-28-2019		4,000,000		4,025,972


Semiconductors & Semiconductor Equipment: 0.58%
KLA-Tencor Corporation		2.38			11-1-2017		1,365,000		1,369,892
KLA-Tencor Corporation		3.38			11-1-2019		2,000,000		2,030,756

									3,400,648


Software: 0.68%
CA Incorporated		3.60			8-1-2020		2,000,000		2,055,208
Fidelity National Information Services Incorporated		2.00			4-15-2018		2,000,000		1,986,220

									4,041,428


Technology Hardware, Storage & Peripherals: 1.15%
Apple Incorporated		1.70			2-22-2019		4,000,000		4,035,248
HP Enterprise Company 144A		2.45			10-5-2017		2,785,000		2,781,031

									6,816,279


Materials: 1.05%

Construction Materials: 0.55%
Martin Marietta Material ±		1.70			6-30-2017		3,310,000		3,271,230


Metals & Mining: 0.50%
Glencore Funding LLC 144A		1.70			5-27-2016		3,000,000		2,970,000

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Short-Term Bond Fund			13


Security name	Interest rate			Maturity date		Principal		Value

Telecommunication Services: 2.22%

Diversified Telecommunication Services: 2.22%
AT&T Incorporated		2.45	%		6-30-2020	$	1,000,000	$	996,061
Clearwire Communications LLC 144A		14.75			12-1-2016		2,710,000		2,933,575
Crown Castle Towers LLC 144A		5.50			1-15-2037		2,695,000		2,723,303
Verizon Communications Incorporated		1.35			6-9-2017		6,479,000		6,475,637

									13,128,576


Utilities: 1.89%

Electric Utilities: 1.66%
Dayton Power & Light Company		1.88			9-15-2016		4,000,000		4,004,844
Monongahela Power Company 144A		5.70			3-15-2017		3,000,000		3,110,064
NextEra Energy Capital Holdings Incorporated		2.06			9-1-2017		2,725,000		2,735,976

									9,850,884


Multi-Utilities: 0.23%
Black Hills Corporation		2.50			1-11-2019		1,355,000		1,363,943


Total Corporate Bonds and Notes (Cost $230,647,960)									229,406,358


Municipal Obligations: 4.38%

California: 0.81%
Los Angeles CA Municipal Improvement Refunding Bond Convention Center Series A (Miscellaneous Revenue)		2.34			11-1-2018		1,380,000		1,407,062
San Bernardino County CA Financing Authority (Miscellaneous Revenue, National Insured) ¤		0.00			8-1-2017		3,500,000		3,417,400

									4,824,462


Florida: 0.24%
Village Center Community Development District (Water & Sewer Revenue) 144A		1.60			10-1-2016		1,445,000		1,445,607


Illinois: 0.83%
Chicago IL (Tax Revenue)		6.30			12-1-2021		1,590,000		1,725,834
Illinois Finance Authority (GO Revenue)		5.37			3-1-2017		3,070,000		3,177,327

									4,903,161


Michigan: 0.34%
Michigan Finance Authority Series D5 (Water & Sewer Revenue)		2.85			7-1-2019		2,000,000		1,994,900


New Jersey: 1.03%
New Jersey EDA Series B (Miscellaneous Revenue, AGM Insured) ¤		0.00			2-15-2018		3,000,000		2,864,760
New Jersey EDA Series B (Lease Revenue, AGM Insured) ¤		0.00			2-15-2019		3,500,000		3,209,080

									6,073,840


Oregon: 0.54%
Portland OR Taxable Pension (GO Revenue) ±(m)(n)		0.57			6-1-2019		3,350,000		3,207,625


Tennessee: 0.59%
Baptist Memorial Health Care Corporation (Health Revenue)		1.10			3-17-2016		3,500,000		3,499,965


Total Municipal Obligations (Cost $25,750,875)									25,949,560

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


14		Wells Fargo Short-Term Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Non-Agency Mortgage-Backed Securities: 10.97%
Bank of America Mortgage Securities Series 2002-K Class 3A1 ±		3.00	%		10-20-2032	$	19,240	$	19,187
Bear Stearns Commercial Mortgage Securities Series 2006-T24 Class AM ±		5.57			10-12-2041		2,700,000		2,737,262
CCG Receivables Trust Series 2015-1 Class A2 144A		1.46			11-14-2018		2,000,000		1,998,480
CNH Equipment Trust Series 2015-C Class A2A		1.10			12-17-2018		4,400,000		4,397,359
Commercial Mortgage Trust Series 2014-BBG Class A 144A±		1.23			3-15-2029		2,100,000		2,036,704
ContiMortgage Home Equity Trust Series 1996-2 ±(i)		0.00			7-15-2027		759,813		12,837
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±		2.30			6-19-2031		131,647		118,154
Credit Suisse Mortgage Capital Certificates Series 2006-C5 Class A3		5.31			12-15-2039		1,059,774		1,068,166
Credit Suisse Mortgage Trust Series 2007-C3 Class A4 ±		5.70			6-15-2039		4,599,064		4,713,047
Drexel Burnham Lambert CMO Trust Series T Class 4		8.45			9-20-2019		25,761		26,720
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 ±		1.55			9-25-2033		489,765		466,147
Equity Mortgage Trust Series 2014-INNS Class A 144A±		1.28			5-8-2031		3,059,884		2,983,357
Golden National Mortgage Asset-Backed Certificates Series 1998-GN1 Class M2 (i)(s)		8.02			2-25-2027		34,322		34,273
Greenwich Capital Commercial Funding Corporation Series 2007-GG9 Class A4		5.44			3-10-2039		4,046,113		4,132,413
GS Mortgage Securities Trust Series 2014-GSFL Class A 144A±		1.43			7-15-2031		2,459,841		2,456,986
GSMPS Mortgage Loan Trust Series 1998-1 Class A 144A±		8.00			9-19-2027		265,397		266,098
GSMPS Mortgage Loan Trust Series 2006-RP2 Class 1AF1 144A±		0.84			4-25-2036		1,046,961		858,396
John Deere Owner Trust Series 2016-A Class A2 %%		1.15			10-15-2018		2,800,000		2,799,916
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-CB16 Class A4		5.55			5-12-2045		708,003		711,660
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2007-CB18 Class A4		5.44			6-12-2047		2,526,984		2,578,200
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2007-CB18 Class AMFL ±		0.59			6-12-2047		2,110,000		2,034,898
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-INN Class A 144A±		1.35			6-15-2029		5,000,000		4,924,313
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-PHH Class A 144A±		1.63			8-15-2027		3,000,000		2,964,847
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-CSMO Class A 144A±		1.68			1-15-2032		3,300,000		3,256,323
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-FL7 Class A 144A±		1.68			5-15-2028		2,403,797		2,365,961
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2007-LDPX Class AM ±		5.46			1-15-2049		3,300,000		3,310,933
Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C6 Class A4 ±		5.86			7-15-2040		2,731,148		2,791,223
Macquarie Equipment Funding Trust Series 2014-A Class A2 144A		0.80			11-21-2016		708,861		708,694
Master Mortgages Trust Series 2002-3 Class 4A1 ±		2.63			10-25-2032		7,035		6,957
Morgan Stanley Capital I Series 2007-IQ Class A4		5.81			12-12-2049		2,294,649		2,390,538
National Credit Union Administration Guaranteed Notes Program Series 2010-C1 Class A2		2.90			10-29-2020		903,112		903,802
National Credit Union Administration Guaranteed Notes Program Series 2010-C1 Class APT		2.65			10-29-2020		1,477,443		1,479,159
Nomura Asset Acceptance Corporation Series 2005-AR1 Class 1A1 ±		2.61			2-25-2035		175,941		174,793
SBA Tower Trust Series 2014-1A Class C 144A		2.90			10-15-2044		3,000,000		3,009,233
Structured Mortgage Asset Residential Trust Series 1992-5B Class BO (i)¤		0.00			6-25-2023		6,235		6,090
Wilshire Funding Corporation Series 1996-3 Class M2 ±		7.13			8-25-2032		81,560		79,931
Wilshire Funding Corporation Series 1996-3 Class M3 ±		7.13			8-25-2032		86,727		83,638
Wilshire Funding Corporation Series 1998-2 Class M1 ±		2.00			12-28-2037		27,628		27,036

Total Non-Agency Mortgage-Backed Securities (Cost $65,844,207)									64,933,731

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Short-Term Bond Fund			15


Security name	Dividend yield					Shares		Value

Preferred Stocks: 0.26%

Financials: 0.26%

Banks: 0.26%
Huntington Bancshares (a)(i)±		3.95	%				80,000	$	1,511,357


Total Preferred Stocks (Cost $1,958,484)									1,511,357


	Interest rate			Maturity date		Principal

Yankee Corporate Bonds and Notes: 13.59%

Consumer Discretionary: 0.51%

Media: 0.51%
British Sky Broadcasting Group plc 144A		6.10			2-15-2018	$	2,838,000		3,044,317


Consumer Staples: 1.07%

Food & Staples Retailing: 1.07%
Delhaize Group SA		6.50			6-15-2017		2,730,000		2,874,390
Tesco plc 144A		2.70			1-5-2017		3,470,000		3,468,657

									6,343,047


Energy: 1.42%

Oil, Gas & Consumable Fuels: 1.42%
Korea National Oil Corporation 144A		2.75			1-23-2019		3,000,000		3,059,628
TransCanada PipeLines Limited		1.63			11-9-2017		2,210,000		2,171,058
Transocean Incorporated		5.80			12-15-2016		3,235,000		3,202,650

									8,433,336


Financials: 8.55%

Banks: 4.36%
Abbey National Treasury Services plc		2.38			3-16-2020		3,000,000		2,969,967
Bank of Tokyo Mitsubishi 144A		2.75			9-14-2020		1,000,000		1,014,217
Banque Federative du Credit Mutuel SA 144A		1.70			1-20-2017		2,850,000		2,853,383
BPCE SA		1.61			7-25-2017		3,000,000		2,993,610
Experian Finance plc 144A		2.38			6-15-2017		3,800,000		3,804,997
HBOS plc 144A		6.75			5-21-2018		2,000,000		2,150,620
ING Bank NV 144A		1.80			3-16-2018		3,000,000		2,994,819
Lloyds Bank plc		2.00			8-17-2018		1,000,000		996,498
Macquarie Bank Limited 144A		2.85			7-29-2020		3,000,000		3,010,170
Swedbank Hypotek 144A		2.13			8-31-2016		3,000,000		3,016,722

									25,805,003


Diversified Financial Services: 1.76%
AerCap Ireland Capital Limited		2.75			5-15-2017		3,470,000		3,439,638
Credit Suisse New York		6.00			2-15-2018		1,500,000		1,588,049
Shell International Finance BV		2.13			5-11-2020		3,000,000		2,921,601
Volkswagen International Finance NV 144A		2.13			11-20-2018		2,530,000		2,448,496

									10,397,784

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


16		Wells Fargo Short-Term Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Insurance: 1.02%
Allied World Assurance Company		7.50	%		8-1-2016	$	3,000,000	$	3,072,732
QBE Insurance Group Limited 144A		2.40			5-1-2018		2,985,000		2,987,898

									6,060,630


Real Estate Management & Development: 1.41%
Brookfield Asset Management Incorporated		5.80			4-25-2017		2,195,000		2,267,512
Deutsche Annington Finance BV 144A		3.20			10-2-2017		4,000,000		4,044,256
Korea Land & Housing Corporation 144A		1.88			8-2-2017		2,000,000		2,005,141

									8,316,909


Health Care: 1.01%

Pharmaceuticals: 1.01%
Actavis Funding SCS		2.35			3-12-2018		3,000,000		3,018,123
Perrigo Company plc		1.30			11-8-2016		3,000,000		2,982,609

									6,000,732


Information Technology: 0.51%

Semiconductors & Semiconductor Equipment: 0.51%
TSMC Global Limited 144A		1.63			4-3-2018		3,035,000		2,996,504


Utilities: 0.52%

Multi-Utilities: 0.52%
Korea Western Power Company 144A		3.13			5-10-2017		3,000,000		3,050,970


Total Yankee Corporate Bonds and Notes (Cost $80,700,850)									80,449,232


	Yield					Shares
Short-Term Investments: 9.25%

Investment Companies: 9.14%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)##		0.43					54,089,984		54,089,984


						Principal
U.S. Treasury Securities: 0.11%
U.S. Treasury Bill #		0.20			3-17-2016	$	625,000		624,941


Total Short-Term Investments (Cost $54,714,920)									54,714,925


Total investments in securities (Cost $599,264,528) *	100.88	%		597,052,193
Other assets and liabilities, net	(0.88	)		(5,201,703	)

Total net assets	100.00	%	$	591,850,490

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Short-Term Bond Fund			17

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

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

(c)	Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

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

¤	The security is issued in zero coupon form with no periodic interest payments.

(m)	The security is an auction-rate security which has an interest rate that resets at predetermined short-term intervals through a Dutch auction. The rate shown is the rate in effect at period end.

(n)	The auction to set the interest rate on the security failed at period end due to insufficient investor interest. A failed auction does not itself cause a default.

(i)	Illiquid security

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

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

(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.

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

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

*	Cost for federal income tax purposes is $599,264,528 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,071,185
Gross unrealized losses		(4,283,520	)

Net unrealized losses	$	(2,212,335	)

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


18		Wells Fargo Short-Term Bond Fund		Statement of assets and liabilities—February 29, 2016 (unaudited)




Assets
Investments
In unaffiliated securities, at value (cost $545,174,544)	$	542,962,209
In affiliated securities, at value (cost $54,089,984)		54,089,984

Total investments, at value (cost $599,264,528)		597,052,193
Cash		22,378
Receivable for investments sold		86
Principal paydown receivable		494,730
Receivable for Fund shares sold		429,502
Receivable for interest		3,674,791
Receivable for daily variation margin on open futures contracts		14,764
Prepaid expenses and other assets		32,596

Total assets		601,721,040


Liabilities
Dividends payable		186,894
Payable for investments purchased		8,945,668
Payable for Fund shares redeemed		417,312
Payable for daily variation margin on open futures contracts		12,289
Management fee payable		143,532
Distribution fee payable		8,014
Administration fees payable		55,574
Accrued expenses and other liabilities		101,267

Total liabilities		9,870,550

Total net assets	$	591,850,490


NET ASSETS CONSIST OF
Paid-in capital	$	595,508,185
Undistributed net investment income		41,084
Accumulated net realized losses on investments		(1,398,145	)
Net unrealized losses on investments		(2,300,634	)

Total net assets	$	591,850,490


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	276,078,832
Shares outstanding – Class A¹		31,723,525
Net asset value per share – Class A		$8.70
Maximum offering price per share – Class A²		$8.88
Net assets – Class C	$	13,715,597
Shares outstanding – Class C¹		1,577,979
Net asset value per share – Class C		$8.69
Net assets – Institutional Class	$	302,056,061
Shares outstanding – Institutional Class¹		34,696,300
Net asset value per share – Institutional Class		$8.71

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/98 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 February 29, 2016 (unaudited)		Wells Fargo Short-Term Bond Fund			19




Investment income
Interest	$	5,532,571
Dividends		30,046
Securities lending income, net		6,556

Total investment income		5,569,173


Expenses
Management fee		1,022,442
Administration fees
Class A		170,567
Class C		9,751
Institutional Class		115,496
Investor Class		66,610	¹
Shareholder servicing fees
Class A		266,511
Class C		15,236
Investor Class		87,644	¹
Distribution fee
Class C		45,709
Custody and accounting fees		22,392
Professional fees		25,165
Registration fees		39,408
Shareholder report expenses		23,278
Trustees’ fees and expenses		8,170
Other fees and expenses		10,997

Total expenses		1,929,376
Less: Fee waivers and/or expense reimbursements		(131,412	)

Net expenses		1,797,964

Net investment income		3,771,209


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized losses on:
Unaffiliated securities		(1,716,398	)
Futures transactions		(80,632	)

Net realized losses on investments		(1,797,030	)


Net change in unrealized gains (losses) on:
Unaffiliated securities		(806,980	)
Futures transactions		335,956

Net change in unrealized gains (losses) on investments		(471,024	)

Net realized and unrealized gains (losses) on investments		(2,268,054	)

Net increase in net assets resulting from operations	$	1,503,155

¹	For the period from September 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.


20		Wells Fargo Short-Term Bond Fund		Statement of changes in net assets


	Six months ended February 29, 2016 (unaudited)						Year ended August 31, 2015

Operations
Net investment income				$	3,771,209					$	7,038,033
Net realized gains (losses) on investments					(1,797,030	)					2,576,512
Net change in unrealized gains (losses) on investments					(471,024	)					(4,894,885	)

Net increase in net assets resulting from operations					1,503,155						4,719,660


Distributions to shareholders from
Net investment income
Class A					(1,289,445	)					(611,894	)
Class C					(27,063	)					(32,258	)
Institutional Class					(2,071,571	)					(4,040,692	)
Investor Class					(385,178	)¹					(2,344,424	)
Net realized gains
Class A					(1,039,448	)					(151,151	)
Class C					(44,006	)					(33,347	)
Institutional Class					(978,309	)					(806,358	)
Investor Class					0	¹					(572,046	)

Total distributions to shareholders					(5,835,020	)					(8,592,170	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		29,365,352			257,754,418			4,914,966			43,266,990
Class C		395,132			3,441,799			335,725			2,949,884
Institutional Class		10,936,718			95,426,902			20,218,812			177,920,421
Investor Class		447,856	¹		3,928,307	¹		4,502,556			39,601,187

					360,551,426						263,738,482

Reinvestment of distributions
Class A		249,883			2,178,927			75,345			662,376
Class C		6,487			56,517			5,808			50,955
Institutional Class		199,712			1,743,395			327,146			2,877,470
Investor Class		22,693	¹		199,015	¹		313,223			2,752,124

					4,177,854						6,342,925

Payment for shares redeemed
Class A		(5,355,216	)		(46,850,735	)		(4,323,667	)		(38,041,780	)
Class C		(137,538	)		(1,199,592	)		(713,141	)		(6,266,736	)
Institutional Class		(11,417,865	)		(99,857,119	)		(23,028,729	)		(202,625,671	)
Investor Class		(27,124,834	)¹		(238,058,968	)¹		(6,220,552	)		(54,684,744	)

					(385,966,414	)					(301,618,931	)

Net decrease in net assets resulting from capital share transactions					(21,237,134	)					(31,537,524	)

Total decrease in net assets					(25,568,999	)					(35,410,034	)


Net assets
Beginning of period					617,419,489						652,829,523

End of period				$	591,850,490					$	617,419,489

Undistributed net investment income				$	41,084					$	43,132

¹	For the period from September 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 Short-Term Bond Fund			21

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended September
CLASS A	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.77			$8.82			$8.77			$8.81			$8.76			$8.73
Net investment income		0.05			0.09			0.10			0.10			0.14			0.16
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.03	)		0.05			(0.04	)		0.05			0.04

Total from investment operations		0.01			0.06			0.15			0.06			0.19			0.20
Distributions to shareholders from
Net investment income		(0.05	)		(0.09	)		(0.10	)		(0.10	)		(0.14	)		(0.17	)
Net realized gains		(0.03	)		(0.02	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.08	)		(0.11	)		(0.10	)		(0.10	)		(0.14	)		(0.17	)
Net asset value, end of period		$8.70			$8.77			$8.82			$8.77			$8.81			$8.76
Total return¹		0.16	%		0.66	%		1.72	%		0.72	%		2.22	%		2.33	%
Ratios to average net assets (annualized)
Gross expenses		0.80	%		0.80	%		0.82	%		0.87	%		0.90	%		0.89	%
Net expenses		0.72	%		0.74	%		0.78	%		0.80	%		0.80	%		0.80	%
Net investment income		1.20	%		1.00	%		1.12	%		1.17	%		1.63	%		1.84	%
Supplemental data
Portfolio turnover rate		28	%		57	%		70	%		75	%		44	%		51	%
Net assets, end of period (000s omitted)		$276,079			$65,454			$59,962			$65,812			$69,247			$56,555

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.


22		Wells Fargo Short-Term Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended September
CLASS C	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.76			$8.81			$8.76			$8.80			$8.75			$8.73
Net investment income		0.02			0.02			0.03			0.04			0.08			0.10
Net realized and unrealized gains (losses) on investments		(0.04	)		(0.03	)		0.05			(0.04	)		0.05			0.03

Total from investment operations		(0.02	)		(0.01	)		0.08			0.00			0.13			0.13
Distributions to shareholders from
Net investment income		(0.02	)		(0.02	)		(0.03	)		(0.04	)		(0.08	)		(0.11	)
Net realized gains		(0.03	)		(0.02	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.05	)		(0.04	)		(0.03	)		(0.04	)		(0.08	)		(0.11	)
Net asset value, end of period		$8.69			$8.76			$8.81			$8.76			$8.80			$8.75
Total return¹		(0.21	)%		(0.09	)%		0.97	%		(0.03	)%		1.46	%		1.45	%
Ratios to average net assets (annualized)
Gross expenses		1.55	%		1.55	%		1.57	%		1.62	%		1.65	%		1.65	%
Net expenses		1.47	%		1.49	%		1.53	%		1.55	%		1.55	%		1.55	%
Net investment income		0.44	%		0.25	%		0.37	%		0.42	%		0.89	%		1.10	%
Supplemental data
Portfolio turnover rate		28	%		57	%		70	%		75	%		44	%		51	%
Net assets, end of period (000s omitted)		$13,716			$11,508			$14,852			$16,686			$18,501			$19,510

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 Short-Term Bond Fund			23

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended September
INSTITUTIONAL CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.77			$8.83			$8.77			$8.81			$8.77			$8.74
Net investment income		0.06			0.11			0.12			0.13			0.17			0.19
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.04	)		0.07			(0.04	)		0.04			0.04

Total from investment operations		0.03			0.07			0.19			0.09			0.21			0.23
Distributions to shareholders from
Net investment income		(0.06	)		(0.11	)		(0.13	)		(0.13	)		(0.17	)		(0.20	)
Net realized gains		(0.03	)		(0.02	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.09	)		(0.13	)		(0.13	)		(0.13	)		(0.17	)		(0.20	)
Net asset value, end of period		$8.71			$8.77			$8.83			$8.77			$8.81			$8.77
Total return¹		0.40	%		0.82	%		2.15	%		1.04	%		2.43	%		2.66	%
Ratios to average net assets (annualized)
Gross expenses		0.47	%		0.47	%		0.49	%		0.53	%		0.57	%		0.56	%
Net expenses		0.47	%		0.47	%		0.47	%		0.48	%		0.48	%		0.48	%
Net investment income		1.43	%		1.26	%		1.42	%		1.47	%		1.95	%		2.17	%
Supplemental data
Portfolio turnover rate		28	%		57	%		70	%		75	%		44	%		51	%
Net assets, end of period (000s omitted)		$302,056			$306,832			$330,613			$269,123			$282,512			$327,124

¹	Returns for periods of less than one year are not annualized.

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


24		Wells Fargo Short-Term Bond 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 Short-Term Bond Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

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

Security loans


Notes to financial statements (unaudited)		Wells Fargo Short-Term Bond Fund			25

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

When-issued transactions

Futures contracts

Security transactions and income

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

Dividend income is recognized on the ex-dividend date.

Distributions to shareholders

Federal and other taxes


26		Wells Fargo Short-Term Bond Fund		Notes to financial statements (unaudited)

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2016:


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

Agency securities	$	0	$	66,290,060	$	0	$	66,290,060

Asset-backed securities		0		73,796,970		0		73,796,970

Corporate bonds and notes		0		229,406,358		0		229,406,358

Municipal obligations		0		25,949,560		0		25,949,560

Non-agency mortgage-backed securities		0		64,933,731		0		64,933,731

Preferred stocks		0		0		0		0
Financials		0		0		1,511,357		1,511,357

Yankee corporate bonds and notes		0		80,449,232		0		80,449,232

Short-term investments
Investment companies		54,089,984		0		0		54,089,984
U.S. Treasury securities		624,941		0		0		624,941
		54,714,925		540,825,911		1,511,357		597,052,193

Futures contracts		14,764		0		0		14,764
Total assets	$	54,729,689	$	540,825,911	$	1,511,357	$	597,066,957
Liabilities

Futures contracts	$	12,289	$	0	$	0	$	12,289
Total liabilities	$	12,289	$	0	$	0	$	12,289


Notes to financial statements (unaudited)		Wells Fargo Short-Term Bond Fund			27

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 0.255% as the average daily net assets of the Fund increase. For the six months ended February 29, 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. WellsCap is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.15% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fees


	Class-level administration fee
Class A, Class C		0.16	%
Institutional Class		0.08
Investor Class		0.19

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 December 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.72% for Class A shares, 1.47% for Class C shares, and 0.48% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

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

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain 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 February 29, 2016, Funds Distributor received $658 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, 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.


28		Wells Fargo Short-Term Bond Fund		Notes to financial statements (unaudited)

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 29, 2016 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$12,353,972	$183,938,105	$14,758,634	$136,846,644

6. DERIVATIVE TRANSACTIONS

During the six months ended February 29, 2016, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

At February 29, 2016, the Fund had long and short futures contracts outstanding as follows:


Expiration date	Counterparty	Contracts		Type		Contract value at February 29, 2016		Unrealized gains (losses)
6-30-2016	JP Morgan		729 Long		2-Year U.S. Treasury Notes	$	159,320,673	$	(126,827	)
6-30-2016	JP Morgan		121 Short		5-Year U.S. Treasury Notes		14,639,109		38,528

The Fund had an average notional amount of $201,187,999 and $ 30,436,381 in long and short futures contracts during the six months ended February 29, 2016.

On February 29, 2016, the cumulative unrealized losses on futures contracts in the amount of $88,299 are reflected in net unrealized losses on investments on the Statement of Assets and Liabilities. The receivable and payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized losses and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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


Derivative type	Counterparty	Gross amounts of assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral received		Net amount of assets
Futures – variation margin	JPMorgan	$14,764	$	(12,289	)	$	0	$	2,475


Notes to financial statements (unaudited)		Wells Fargo Short-Term Bond Fund			29


Derivative type	Counterparty	Gross amounts of liabilities in the Statement of Assets and Liabilities	Amounts subject to netting agreements			Collateral pledged		Net amount of liabilities
Futures – variation margin	JPMorgan	$12,289	$	(12,289	)	$	0	$	0

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. For the six months ended February 29, 2016, the Fund paid $760 in commitment fees.

For the six months ended February 29, 2016, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION


30		Wells Fargo Short-Term Bond 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


Other information (unaudited)		Wells Fargo Short-Term Bond Fund			31

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	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


32		Wells Fargo Short-Term Bond 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.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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


List of abbreviations		Wells Fargo Short-Term Bond Fund			33

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

More information about Wells Fargo 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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

241412 04-16

SA221/SAR221 2-16

Semi-Annual Report

February 29, 2016

Wells Fargo Short-Term High Yield Bond Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			15
Statement of operations			16
Statement of changes in net assets			17
Financial highlights			18

Notes to financial statements			22

Other information			27

List of abbreviations			30

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Short-Term High Yield Bond Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

U.S. economic growth continued at a moderate pace during the six-month period.

The dramatic and persistent decline in the oil price pressured several energy firms, leading to layoffs and debt defaults.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Short-Term High Yield Bond Fund for the six-month period that ended February 29, 2016. The period was marked by substantial volatility for high-yield bond markets, driven in part by continued weakness in energy- and commodity-related bonds. However, investment-grade bonds continued to benefit from low interest rates—despite a December rate hike by the U.S. Federal Reserve (Fed)—and a generally benign credit cycle.

The Fed’s rate hike supported the view of a sluggish but resilient U.S. economy.

Low interest rates supported investment-grade bonds, but falling commodity prices affected high-yield bonds.

¹	The Barclays Corporate Bond Index is an unmanaged market-value-weighted index of investment-grade corporate fixed-rate debt issues with maturities of one year or more. You cannot invest directly in an index.


Letter to shareholders (unaudited)		Wells Fargo Short-Term High Yield Bond Fund			3

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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Funds


4		Wells Fargo Short-Term High Yield Bond Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks total return, consisting of a high level of current income and capital appreciation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kevin J. Maas, CFA^®

Thomas M. Price, CFA^®

Michael J. Schueller, CFA^®

Average annual total returns (%) as of February 29, 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 (SSTHX)	2-29-2000		(2.32	)		2.33		3.65		0.70			2.95		3.97		0.93		0.82
Class C (WFHYX)	3-31-2008		(1.05	)		2.18		3.19		(0.05	)		2.18		3.19		1.68		1.57
Administrator Class (WDHYX)	7-30-2010		–			–		–		0.86			3.12		4.05		0.87		0.66
Institutional Class (STYIX)	11-30-2012		–			–		–		1.01			3.19		4.09		0.60		0.51
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Year Index⁴	–		–			–		–		(1.41	)		4.75		6.46		–		–
BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, B Rated, 1-5 Year Index⁵	–		–			–		–		(10.85	)		2.69		5.64		–		–
Short-Term High Yield Bond Index III⁶	–		–			–		–		(4.33	)		4.13		6.24		–		–

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 3.00%. 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.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. 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 Short-Term High Yield Bond Fund			5


Ten largest holdings (%) as of February 29, 2016⁷
United Rentals North America Incorporated, 7.38%, 5-15-2020			1.57
CCO Holdings LLC, 7.38%, 6-1-2020			1.48
Ineos US Finance LLC , 3.75%, 12-15-2020			1.41
CIT Group Incorporated, 4.25%, 8-15-2017			1.35
IAC/InterActiveCorp , 4.88%, 11-30-2018			1.34
Case New Holland Industrial Incorporated, 7.88%, 12-1-2017			1.29
NRG Energy Incorporated, 7.63%, 1-15-2018			1.26
DISH DBS Corporation , 4.25%, 4-1-2018			1.23
TransDigm Incorporated, 3.75%, 2-28-2020			1.23
Zayo Group LLC, 3.75%, 5-6-2021			1.21

Credit quality as of February 29, 2016⁸

Effective June 20, 2008, Advisor Class was renamed Class A and modified to assume the features and attributes of Class A. Historical performance shown for Class A shares through June 19, 2008, includes Advisor Class expenses. Historical performance shown for Class C shares prior to their inception reflects the performance of the former Investor Class shares, adjusted to include the higher expenses applicable to Class C shares. Historical performance shown for Administrator Class shares prior to their inception reflects the performance of Class A shares and includes the higher expenses applicable to Class A shares. If these expenses had not been included, returns would be higher. 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.

The manager has contractually committed through December 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at 0.81% for Class A, 1.56% for Class C, 0.65% for Administrator Class, and 0.50% 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 BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Year Index is an unmanaged index that generally tracks the performance of BB rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of one to five years. You cannot invest directly in an index.

⁵

The BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, B Rated, 1-5 Year Index is an unmanaged index that generally tracks the performance of B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of one to five years. You cannot invest directly in an index.

⁶	Source: Wells Fargo Funds Management, LLC. The Short-Term High Yield Bond Index III is comprised of 70% of BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, BB Rated, 1-5 Year Index and 30% of BofA Merrill Lynch High Yield U.S. Corporates, Cash Pay, B Rated, 1-5 Year Index.

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

⁸


6		Wells Fargo Short-Term High Yield Bond 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 September 1, 2015 to February 29, 2016.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 9-1-2015		Ending account value 2-29-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,001.14	$	4.07		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.06	$	4.12		0.81	%
Class C
Actual	$	1,000.00	$	997.42	$	7.83		1.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.29	$	7.91		1.56	%
Administrator Class
Actual	$	1,000.00	$	1,001.93	$	3.27		0.65	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.87	$	3.30		0.65	%
Institutional Class
Actual	$	1,000.00	$	1,002.66	$	2.52		0.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.62	$	2.54		0.50	%

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—February 29, 2016 (unaudited)		Wells Fargo Short-Term High Yield Bond Fund			7


Security name	Interest rate			Maturity date		Principal		Value

Corporate Bonds and Notes: 51.96%

Consumer Discretionary: 19.33%

Auto Components: 1.93%
American Axle & Manufacturing Incorporated		6.25	%		3-15-2021	$	13,000,000	$	13,097,500
Goodyear Tire & Rubber Company		7.00			5-15-2022		2,415,000		2,584,050
Tenneco Incorporated		6.88			12-15-2020		9,650,000		10,011,875

									25,693,425


Diversified Consumer Services: 3.31%
Avis Budget Car Rental LLC ±		3.16			12-1-2017		11,611,000		11,611,000
Avis Budget Car Rental LLC		4.88			11-15-2017		8,120,000		8,201,200
Hertz Corporation		6.75			4-15-2019		2,800,000		2,793,308
Hertz Corporation		7.50			10-15-2018		5,870,000		5,943,375
Service Corporation International		7.00			6-15-2017		14,676,000		15,483,180

									44,032,063


Hotels, Restaurants & Leisure: 2.47%
Hilton Worldwide Finance LLC		5.63			10-15-2021		12,870,000		13,352,625
MGM Resorts International		7.50			6-1-2016		5,265,000		5,328,180
MGM Resorts International		7.63			1-15-2017		5,735,000		5,971,569
NCL Corporation Limited 144A		5.25			11-15-2019		8,135,000		8,135,000

									32,787,374


Household Durables: 4.35%
Beazer Homes USA Company		6.63			4-15-2018		13,090,000		13,155,450
DR Horton Incorporated		3.63			2-15-2018		3,930,000		4,012,727
DR Horton Incorporated		4.75			5-15-2017		6,050,000		6,227,870
Jarden Corporation		7.50			5-1-2017		13,115,000		13,426,481
Lennar Corporation		4.13			12-1-2018		12,870,000		13,063,050
Lennar Corporation		4.75			12-15-2017		600,000		615,000
Pulte Group Incorporated		7.63			10-15-2017		5,185,000		5,522,025
Tempur Sealy International Incorporated «		6.88			12-15-2020		1,760,000		1,853,280

									57,875,883


Media: 4.92%
CCO Holdings LLC		7.38			6-1-2020		18,965,000		19,733,083
CSC Holdings LLC		7.63			7-15-2018		8,945,000		9,526,425
DISH DBS Corporation		4.25			4-1-2018		16,205,000		16,407,563
Nexstar Broadcasting Group Incorporated		6.88			11-15-2020		3,170,000		3,217,550
Starz LLC/Starz Finance Corporation		5.00			9-15-2019		4,310,000		4,363,875
TEGNA Incorporated		5.13			10-15-2019		11,575,000		12,269,500

									65,517,996


Specialty Retail: 1.96%
Best Buy Company Incorporated		5.00			8-1-2018		8,880,000		9,231,648
L Brands Incorporated		6.90			7-15-2017		12,815,000		13,713,332
L Brands Incorporated		8.50			6-15-2019		2,700,000		3,162,375

									26,107,355

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


8		Wells Fargo Short-Term High Yield Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Textiles, Apparel & Luxury Goods: 0.39%
HanesBrands Incorporated		6.38	%		12-15-2020	$	5,035,000	$	5,211,225


Consumer Staples: 1.07%

Household Products: 1.07%
Spectrum Brands Incorporated		6.38			11-15-2020		13,495,000		14,304,700


Energy: 3.84%

Oil, Gas & Consumable Fuels: 3.84%
Kinder Morgan Finance Company LLC 144A		6.00			1-15-2018		9,000,000		9,065,700
Kinder Morgan Incorporated		7.00			6-15-2017		5,300,000		5,460,998
Sabine Pass LNG LP		7.50			11-30-2016		8,430,000		8,796,284
Targa Resources Partners Incorporated		5.00			1-15-2018		10,655,000		10,208,769
Tesoro Corporation		4.25			10-1-2017		4,000,000		4,060,000
Tesoro Logistics LP		5.88			10-1-2020		3,615,000		3,398,100
WPX Energy Incorporated «		5.25			1-15-2017		10,390,000		10,182,200

									51,172,051


Financials: 6.31%

Banks: 1.68%
CIT Group Incorporated		4.25			8-15-2017		17,570,000		17,921,400
CIT Group Incorporated		5.00			5-15-2017		135,000		138,038
CIT Group Incorporated		5.25			3-15-2018		4,185,000		4,310,550

									22,369,988


Consumer Finance: 3.95%
Ally Financial Incorporated ±		3.30			7-18-2016		4,560,000		4,555,563
Ally Financial Incorporated		5.50			2-15-2017		9,500,000		9,678,125
Ally Financial Incorporated		6.25			12-1-2017		1,915,000		1,993,994
General Motors Financial Company Incorporated		3.25			5-15-2018		11,880,000		11,849,005
Navient Corporation		4.63			9-25-2017		870,000		867,825
Navient Corporation		6.00			1-25-2017		12,245,000		12,352,144
Toll Brothers Finance Corporation		4.00			12-31-2018		2,650,000		2,709,625
Toll Brothers Finance Corporation		8.91			10-15-2017		7,750,000		8,525,000

									52,531,281


REITs: 0.68%
Vereit Operating Partnership LP		2.00			2-6-2017		9,295,000		9,123,043


Health Care: 2.63%

Health Care Providers & Services: 2.63%
Fresenius Medical Care Holdings Incorporated		6.88			7-15-2017		12,834,000		13,636,125
HCA Incorporated		8.00			10-1-2018		6,610,000		7,432,152
Tenet Healthcare Corporation		6.25			11-1-2018		12,960,000		13,640,400
Universal Health Services Incorporated		7.13			6-30-2016		300,000		304,692

									35,013,369


Industrials: 9.57%

Airlines: 1.57%
United Continental Holdings Incorporated		6.38			6-1-2018		10,125,000		10,454,063
US Airways Group Incorporated		6.13			6-1-2018		10,000,000		10,423,000

									20,877,063

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Short-Term High Yield Bond Fund			9


Security name	Interest rate			Maturity date		Principal		Value

Building Products: 1.22%
Masco Corporation		5.85	%		3-15-2017	$	508,000	$	523,240
USG Corporation		9.75			1-15-2018		14,150,000		15,759,563

									16,282,803


Commercial Services & Supplies: 1.33%
ADT Corporation		2.25			7-15-2017		13,255,000		13,321,275
ADT Corporation «		4.13			4-15-2019		1,965,000		2,077,988
Mobile Mini Incorporated		7.88			12-1-2020		470,000		478,225
RR Donnelley & Sons Company		7.25			5-15-2018		1,705,000		1,781,725

									17,659,213


Machinery: 2.68%
Case New Holland Industrial Incorporated		7.88			12-1-2017		16,095,000		17,149,223
Manitowoc Company Incorporated «		8.50			11-1-2020		6,140,000		6,400,950
SPX Flow Incorporated		6.88			9-1-2017		11,805,000		12,129,638

									35,679,811


Trading Companies & Distributors: 2.77%
Aircastle Limited		4.63			12-15-2018		13,060,000		13,240,228
International Lease Finance Corporation		5.75			5-15-2016		2,750,000		2,756,875
United Rentals North America Incorporated		7.38			5-15-2020		19,870,000		20,838,663

									36,835,766


Information Technology: 2.99%

Communications Equipment: 0.76%
ViaSat Incorporated		6.88			6-15-2020		9,755,000		10,127,153


Electronic Equipment, Instruments & Components: 0.64%
Jabil Circuit Incorporated		7.75			7-15-2016		8,300,000		8,455,625


Internet Software & Services: 1.34%
IAC/InterActiveCorp		4.88			11-30-2018		17,615,000		17,835,188


Software: 0.25%
Activision Blizzard Incorporated 144A		5.63			9-15-2021		3,195,000		3,358,744


Materials: 1.96%

Construction Materials: 0.11%
Vulcan Materials Company		7.00			6-15-2018		1,265,000		1,404,150


Containers & Packaging: 1.11%
Greif Incorporated		6.75			2-1-2017		4,470,000		4,598,513
Owens-Illinois Incorporated		7.80			5-15-2018		9,305,000		10,165,713

									14,764,226


Metals & Mining: 0.74%
Steel Dynamics Incorporated		6.13			8-15-2019		9,690,000		9,908,025

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


10		Wells Fargo Short-Term High Yield Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Telecommunication Services: 2.31%

Diversified Telecommunication Services: 1.59%
CenturyLink Incorporated		6.00	%		4-1-2017	$	10,390,000	$	10,722,480
Frontier Communications Corporation		8.13			10-1-2018		8,540,000		8,838,900
Frontier Communications Corporation		8.25			4-15-2017		400,000		421,000
Hughes Satelite Systems Corporation		6.50			6-15-2019		1,100,000		1,218,250

									21,200,630


Wireless Telecommunication Services: 0.72%
T-Mobile USA Incorporated		6.46			4-28-2019		9,270,000		9,524,925


Utilities: 1.95%

Gas Utilities: 0.69%
AmeriGas Partners LP		6.25			8-20-2019		9,085,000		9,107,713


Independent Power & Renewable Electricity Producers: 1.26%
NRG Energy Incorporated		7.63			1-15-2018		16,230,000		16,818,338


Total Corporate Bonds and Notes (Cost $698,311,819)									691,579,126


Loans: 30.47%

Consumer Discretionary: 6.37%

Auto Components: 0.53%
Allison Transmission Incorporated ±		3.50			8-23-2019		7,063,942		7,034,839


Automobiles: 1.49%
Chrysler Group LLC ±		3.50			5-24-2017		7,668,866		7,626,228
The Hertz Corporation ±		3.00			3-11-2018		9,994,676		9,791,184
The Hertz Corporation ±		3.75			3-11-2018		2,474,490		2,448,978

									19,866,390


Hotels, Restaurants & Leisure: 1.01%
Aramark Corporation ±		3.25			9-7-2019		12,503,268		12,443,877
Aramark Corporation ±		3.93			7-26-2016		30,215		29,762
Cinemark USA Incorporated ±		3.56			5-6-2022		970,000		967,750

									13,441,389


Household Durables: 0.26%
Serta Simmons Holdings LLC ±		4.25			10-1-2019		1,771,260		1,748,570
Tempur-Pedic International Incorporated ±		3.50			3-18-2020		1,660,739		1,655,757

									3,404,327


Media: 2.06%
Cequel Communications LLC ±		3.81			2-14-2019		12,963,989		12,679,300
Virgin Media Investment Holdings Limited ±		3.50			6-30-2023		15,187,695		14,694,095

									27,373,395


Specialty Retail: 1.02%
Michaels Stores Incorporated ±		3.75			1-28-2020		13,818,623		13,635,112

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Short-Term High Yield Bond Fund			11


Security name	Interest rate			Maturity date		Principal		Value

Consumer Staples: 1.89%

Food Products: 1.89%
NBTY Incorporated ±		3.50	%		10-1-2017	$	8,221,147	$	8,097,830
Pinnacle Foods Finance LLC ±		3.00			4-29-2020		10,066,631		9,959,018
Reynolds Group Holdings Incorporated ±		4.50			12-1-2018		7,118,478		7,090,147

									25,146,995


Energy: 0.43%

Oil, Gas & Consumable Fuels: 0.43%
EFS Cogen Holdings I LLC ±		3.75			12-17-2020		5,830,351		5,695,554


Financials: 0.73%

Diversified Financial Services: 0.73%
Delos Finance SARL ±		3.50			3-6-2021		9,865,000		9,782,825


Health Care: 4.44%

Health Care Providers & Services: 4.07%
Community Health Systems Incorporated ±		3.74			12-31-2018		9,994,298		9,706,961
Community Health Systems Incorporated ±		3.75			12-31-2019		2,387,234		2,274,342
Community Health Systems Incorporated ±		4.00			1-27-2021		4,392,447		4,169,311
HCA Incorporated ±		3.19			3-31-2017		8,797,500		8,786,503
Iasis Healthcare LLC ±		4.50			5-3-2018		15,095,681		14,669,228
Lifepoint Hospitals Incorporated ±		2.94			7-24-2017		4,793,654		4,790,682
Select Medical Corporation ±		5.00			6-1-2018		9,900,212		9,788,834

									54,185,861


Pharmaceuticals: 0.37%
Valeant Pharmaceuticals International Incorporated ±		3.50			2-13-2019		5,172,867		4,844,028


Industrials: 6.00%

Aerospace & Defense: 2.11%
DigitalGlobe Incorporated ±		4.75			1-31-2020		11,210,561		11,056,416
TransDigm Incorporated ±		3.50			5-14-2022		768,839		733,280
TransDigm Incorporated ±		3.75			2-28-2020		16,833,654		16,328,644

									28,118,340


Airlines: 0.83%
Delta Air Lines Incorporated ±		3.25			8-24-2022		11,102,175		11,063,650


Commercial Services & Supplies: 2.25%
KAR Auction Services Incorporated ±		3.50			3-11-2021		10,549,737		10,503,635
Novelis Incorporated ±		4.00			6-2-2022		13,096,566		12,188,057
Sensata Technologies BV ±		3.00			10-14-2021		3,805,534		3,742,514
ServiceMaster Company ±		4.25			7-1-2021		3,481,118		3,449,196

									29,883,402


Diversified Consumer Services: 0.72%
NXP BV ±		3.75			12-7-2020		9,655,000		9,627,869

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


12		Wells Fargo Short-Term High Yield Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Machinery: 0.09%
The Manitowoc Company Incorporated ±		3.25	%		1-3-2021	$	1,195,000	$	1,195,753


Information Technology: 3.09%

Internet Software & Services: 1.21%
Zayo Group LLC ±		3.75			5-6-2021		16,397,388		16,158,314


Software: 0.67%
Activision Blizzard Incorporated ±		3.25			10-12-2020		8,856,133		8,851,971


Technology Hardware, Storage & Peripherals: 1.21%
CDW LLC ±		3.25			4-29-2020		16,292,541		16,077,643


Materials: 3.36%

Chemicals: 2.21%
Huntsman International LLC ±		3.75			10-1-2021		11,008,800		10,630,428
Ineos US Finance LLC ±		3.75			12-15-2020		19,949,286		18,767,291

									29,397,719


Containers & Packaging: 1.15%
Berry Plastics Group Incorporated ±		3.50			2-8-2020		15,674,968		15,372,127


Telecommunication Services: 4.16%

Diversified Telecommunication Services: 3.09%
Intelsat Jackson Holdings SA ±		3.75			6-30-2019		14,548,512		12,932,609
Level 3 Financing Incorporated ±		3.50			5-31-2022		7,610,000		7,501,558
Level 3 Financing Incorporated ±		4.00			1-15-2020		8,300,000		8,284,479
West Corporation ±		3.25			6-30-2018		12,590,826		12,372,123

									41,090,769


Wireless Telecommunication Services: 1.07%
SBA Communications Corporation ±		3.25			3-24-2021		13,529,074		13,278,245
T-Mobile USA Incorporated ±		3.50			11-9-2022		1,000,000		1,000,630

									14,278,875


Total Loans (Cost $415,447,933)									405,527,147


Municipal Obligations: 0.35%

Illinois: 0.35%
Chicago IL Board of Education Series G (GO Revenue) ±		4.01			3-1-2032		5,000,000		4,601,900


Total Municipal Obligations (Cost $5,000,000)									4,601,900


Non-Agency Mortgage-Backed Securities: 0.00%
Salomon Brothers Mortgage Securities VII Series 1994-5 Class B2 ±(i)		2.85			4-25-2024		37,546		32,267


Total Non-Agency Mortgage-Backed Securities (Cost $37,184)									32,267


Yankee Corporate Bonds and Notes: 7.64%

Consumer Discretionary: 3.05%

Auto Components: 0.87%
Schaeffler Holding Finance BV 144A		6.25			11-15-2019		11,130,000		11,589,113

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Short-Term High Yield Bond Fund			13


Security name	Interest rate			Maturity date		Principal		Value

Automobiles: 1.01%
Jaguar Land Rover Automotive plc 144A		4.13	%		12-15-2018	$	13,235,000	$	13,532,788


Diversified Financial Services: 0.37%
AerCap Ireland Capital Limited		2.75			5-15-2017		4,955,000		4,911,644


Media: 0.80%
Numericable Group SA 144A		4.88			5-15-2019		10,620,000		10,614,690


Financials: 0.55%

Banks: 0.55%
Royal Bank of Scotland Group plc		4.70			7-3-2018		7,240,000		7,273,963


Health Care: 1.07%

Pharmaceuticals: 1.07%
Mallinckrodt International Finance SA		3.50			4-15-2018		14,520,000		14,229,600


Information Technology: 1.69%

Communications Equipment: 0.81%
Nokia Corporation		5.38			5-15-2019		10,120,000		10,727,200


Electronic Equipment, Instruments & Components: 0.88%
NXP BV/NXP Funding LLC 144A		3.50			9-15-2016		11,670,000		11,757,525


Materials: 1.28%

Containers & Packaging: 0.34%
Ardagh Packaging Finance plc 144A±		3.51			12-15-2019		4,700,000		4,570,750


Paper & Forest Products: 0.94%
Sappi Papier Holding GmbH 144A		6.63			4-15-2021		12,315,000		12,468,922


Total Yankee Corporate Bonds and Notes (Cost $102,833,373)									101,676,195


	Yield					Shares
Short-Term Investments: 9.72%

Investment Companies: 9.72%
Securities Lending Cash Investments, LLC (l)(r)(u)		0.41					16,689,011		16,689,011
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u)		0.43					112,595,882		112,595,882

Total Short-Term Investments (Cost $129,284,893)									129,284,893


Total investments in securities (Cost $1,350,915,202) *	100.14	%		1,332,701,528
Other assets and liabilities, net	(0.14	)		(1,816,200	)

Total net assets	100.00	%	$	1,330,885,328

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


14		Wells Fargo Short-Term High Yield Bond Fund		Portfolio of investments—February 29, 2016 (unaudited)

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

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

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

(i)	Illiquid 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 $1,350,918,511 and unrealized gains (losses) consists of:


Gross unrealized gains	$	2,966,069
Gross unrealized losses		(21,183,052	)

Net unrealized losses	$	(18,216,983	)

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


Statement of assets and liabilities—February 29, 2016 (unaudited)		Wells Fargo Short-Term High Yield Bond Fund			15




Assets
Investments
In unaffiliated securities (including $16,342,782 of securities loaned), at value (cost $1,221,630,309)	$	1,203,416,635
In affiliated securities, at value (cost $129,284,893)		129,284,893

Total investments, at value (cost $1,350,915,202)		1,332,701,528
Cash		434
Receivable for investments sold		4,781,550
Receivable for Fund shares sold		2,059,882
Receivable for interest		13,787,543
Receivable for securities lending income		12,786
Prepaid expenses and other assets		56,257

Total assets		1,353,399,980


Liabilities
Dividends payable		571,823
Payable for Fund shares redeemed		4,437,774
Payable upon receipt of securities loaned		16,689,011
Management fee payable		367,212
Distribution fee payable		70,130
Administration fees payable		115,703
Accrued expenses and other liabilities		262,999

Total liabilities		22,514,652

Total net assets	$	1,330,885,328


NET ASSETS CONSIST OF
Paid-in capital	$	1,380,027,714
Accumulated net realized losses on investments		(30,928,712	)
Net unrealized losses on investments		(18,213,674	)

Total net assets	$	1,330,885,328


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	301,518,825
Shares outstanding – Class A¹		37,858,833
Net asset value per share – Class A		$7.96
Maximum offering price per share – Class A²		$8.21
Net assets – Class C	$	118,677,426
Shares outstanding – Class C¹		14,900,705
Net asset value per share – Class C		$7.96
Net assets – Administrator Class	$	329,685,298
Shares outstanding – Administrator Class¹		41,409,652
Net asset value per share – Administrator Class		$7.96
Net assets – Institutional Class	$	581,003,779
Shares outstanding – Institutional Class¹		73,073,930
Net asset value per share – Institutional Class		$7.95

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/97 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.


16		Wells Fargo Short-Term High Yield Bond Fund		Statement of operations—six months ended February 29, 2016 (unaudited)




Investment income
Interest	$	25,946,262
Income from affiliated securities		100,197
Securities lending income, net		21,929

Total investment income		26,068,388


Expenses
Management fee		3,273,240
Administration fees
Class A		225,879
Class C		96,035
Administrator Class		164,908
Institutional Class		236,451
Investor Class		46,131	¹
Shareholder servicing fees
Class A		352,936
Class C		150,055
Administrator Class		412,269
Investor Class		60,473	¹
Distribution fee
Class C		450,166
Custody and accounting fees		48,096
Professional fees		25,724
Registration fees		68,392
Shareholder report expenses		56,769
Trustees’ fees and expenses		11,377
Other fees and expenses		12,481

Total expenses		5,691,382
Less: Fee waivers and/or expense reimbursements		(857,855	)

Net expenses		4,833,527

Net investment income		21,234,861


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on investments		(13,975,647	)
Net change in unrealized gains (losses) on investments		(4,638,919	)

Net realized and unrealized gains (losses) on investments		(18,614,566	)

Net increase in net assets resulting from operations	$	2,620,295

¹	For the period from September 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 Short-Term High Yield Bond Fund			17


	Six months ended February 29, 2016 (unaudited)						Year ended August 31, 2015

Operations
Net investment income				$	21,234,861					$	48,673,006
Net realized losses on investments					(13,975,647	)					(16,191,024	)
Net change in unrealized gains (losses) on investments					(4,638,919	)					(11,157,694	)

Net increase in net assets resulting from operations					2,620,295						21,324,288


Distributions to shareholders from
Net investment income
Class A					(4,216,660	)					(6,933,480	)
Class C					(1,345,407	)					(2,986,338	)
Administrator Class					(5,194,352	)					(12,745,406	)
Institutional Class					(9,754,268	)					(19,514,685	)
Investor Class					(724,174	)¹					(5,702,061	)

Total distributions to shareholders					(21,234,861	)					(47,881,970	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		24,815,016			199,637,095			6,389,757			51,850,164
Class C		1,604,968			12,854,552			2,902,472			23,560,523
Administrator Class		8,530,523			68,209,726			15,702,034			127,280,452
Institutional Class		14,670,005			117,247,852			42,733,442			346,627,984
Investor Class		1,234,213	¹		9,927,805	¹		9,357,563			75,960,409

					407,877,030						625,279,532

Reinvestment of distributions
Class A		511,245			4,086,204			813,304			6,601,461
Class C		161,456			1,291,293			352,560			2,861,800
Administrator Class		583,833			4,668,860			1,415,868			11,486,162
Institutional Class		838,555			6,696,648			1,608,395			13,032,069
Investor Class		50,179	¹		401,935	¹		677,127			5,496,288

					17,144,940						39,477,780

Payment for shares redeemed
Class A		(12,726,095	)		(101,698,692	)		(15,664,276	)		(126,984,161	)
Class C		(2,170,367	)		(17,368,079	)		(5,447,783	)		(44,184,843	)
Administrator Class		(8,475,496	)		(67,674,573	)		(38,462,893	)		(311,878,917	)
Institutional Class		(17,983,690	)		(143,665,283	)		(34,879,242	)		(281,848,045	)
Investor Class		(22,108,935	)¹		(178,209,033	)¹		(16,991,722	)		(137,734,753	)

					(508,615,660	)					(902,630,719	)

Net decrease in net assets resulting from capital share transactions					(83,593,690	)					(237,873,407	)

Total decrease in net assets					(102,208,256	)					(264,431,089	)


Net assets
Beginning of period					1,433,093,584						1,697,524,673

End of period				$	1,330,885,328					$	1,433,093,584

Undistributed net investment income				$	0					$	0

¹	For the period from September 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.


18		Wells Fargo Short-Term High Yield Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS A	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.07			$8.20			$8.21			$8.26			$8.04			$8.18
Net investment income		0.12			0.25			0.27			0.31			0.36			0.40
Net realized and unrealized gains (losses) on investments		(0.11	)		(0.13	)		0.01			(0.05	)		0.26			(0.14	)

Total from investment operations		0.01			0.12			0.28			0.26			0.62			0.26
Distributions to shareholders from
Net investment income		(0.12	)		(0.25	)		(0.27	)		(0.31	)		(0.36	)		(0.40	)
Net realized gains		0.00			0.00			(0.02	)		(0.00	)¹		(0.04	)		0.00

Total distributions to shareholders		(0.12	)		(0.25	)		(0.29	)		(0.31	)		(0.40	)		(0.40	)
Net asset value, end of period		$7.96			$8.07			$8.20			$8.21			$8.26			$8.04
Total return²		0.11	%		1.46	%		3.40	%		3.17	%		7.81	%		3.10	%
Ratios to average net assets (annualized)
Gross expenses		0.92	%		0.92	%		0.91	%		0.94	%		0.99	%		1.00	%
Net expenses		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%		0.81	%
Net investment income		2.99	%		3.11	%		3.27	%		3.73	%		4.33	%		4.77	%
Supplemental data
Portfolio turnover rate		7	%		40	%		28	%		33	%		28	%		36	%
Net assets, end of period (000s omitted)		$301,519			$203,856			$276,436			$285,726			$261,173			$201,523

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 Short-Term High Yield Bond Fund			19

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS C	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.07			$8.20			$8.21			$8.26			$8.04			$8.18
Net investment income		0.09			0.19			0.21			0.25			0.29	¹		0.33
Net realized and unrealized gains (losses) on investments		(0.11	)		(0.13	)		0.01			(0.06	)		0.26			(0.14	)

Total from investment operations		(0.02	)		0.06			0.22			0.19			0.55			0.19
Distributions to shareholders from
Net investment income		(0.09	)		(0.19	)		(0.21	)		(0.24	)		(0.29	)		(0.33	)
Net realized gains		0.00			0.00			(0.02	)		(0.00	)²		(0.04	)		0.00

Total distributions to shareholders		(0.09	)		(0.19	)		(0.23	)		(0.24	)		(0.33	)		(0.33	)
Net asset value, end of period		$7.96			$8.07			$8.20			$8.21			$8.26			$8.04
Total return³		(0.26	)%		0.70	%		2.62	%		2.40	%		7.00	%		2.33	%
Ratios to average net assets (annualized)
Gross expenses		1.67	%		1.67	%		1.66	%		1.69	%		1.73	%		1.75	%
Net expenses		1.56	%		1.56	%		1.56	%		1.56	%		1.56	%		1.56	%
Net investment income		2.24	%		2.36	%		2.52	%		2.98	%		3.58	%		3.97	%
Supplemental data
Portfolio turnover rate		7	%		40	%		28	%		33	%		28	%		36	%
Net assets, end of period (000s omitted)		$118,677			$123,521			$143,444			$133,379			$102,780			$71,831

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.


20		Wells Fargo Short-Term High Yield Bond Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.07			$8.20			$8.20			$8.26			$8.03			$8.18
Net investment income		0.13			0.26			0.28			0.32			0.37			0.41
Net realized and unrealized gains (losses) on investments		(0.11	)		(0.13	)		0.02			(0.06	)		0.27			(0.15	)

Total from investment operations		0.02			0.13			0.30			0.26			0.64			0.26
Distributions to shareholders from
Net investment income		(0.13	)		(0.26	)		(0.28	)		(0.32	)		(0.37	)		(0.41	)
Net realized gains		0.00			0.00			(0.02	)		(0.00	)¹		(0.04	)		0.00

Total distributions to shareholders		(0.13	)		(0.26	)		(0.30	)		(0.32	)		(0.41	)		(0.41	)
Net asset value, end of period		$7.96			$8.07			$8.20			$8.20			$8.26			$8.03
Total return²		0.19	%		1.62	%		3.69	%		3.21	%		8.12	%		3.15	%
Ratios to average net assets (annualized)
Gross expenses		0.86	%		0.85	%		0.84	%		0.87	%		0.92	%		0.94	%
Net expenses		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income		3.15	%		3.28	%		3.44	%		3.89	%		4.48	%		4.87	%
Supplemental data
Portfolio turnover rate		7	%		40	%		28	%		33	%		28	%		36	%
Net assets, end of period (000s omitted)		$329,685			$328,934			$509,059			$550,981			$459,746			$249,301

¹	Amount is less than $0.005.

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

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


Financial highlights		Wells Fargo Short-Term High Yield Bond Fund			21

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013¹
Net asset value, beginning of period		$8.06			$8.18			$8.19			$8.28
Net investment income		0.13			0.28			0.29			0.25
Net realized and unrealized gains (losses) on investments		(0.11	)		(0.13	)		0.01			(0.09	)

Total from investment operations		0.02			0.15			0.30			0.16
Distributions to shareholders from
Net investment income		(0.13	)		(0.27	)		(0.29	)		(0.25	)
Net realized gains		0.00			0.00			(0.02	)		(0.00	)²

Total distributions to shareholders		(0.13	)		(0.27	)		(0.31	)		(0.25	)
Net asset value, end of period		$7.95			$8.06			$8.18			$8.19
Total return³		0.27	%		1.90	%		3.72	%		1.92	%
Ratios to average net assets (annualized)
Gross expenses		0.59	%		0.59	%		0.58	%		0.60	%
Net expenses		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		3.30	%		3.40	%		3.58	%		4.05	%
Supplemental data
Portfolio turnover rate		7	%		40	%		28	%		33	%
Net assets, end of period (000s omitted)		$581,004			$608,704			$540,824			$211,642

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

²	Amount is less than $0.005.

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

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


22		Wells Fargo Short-Term High Yield Bond 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 Short-Term High Yield Bond Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Security loans


Notes to financial statements (unaudited)		Wells Fargo Short-Term High Yield Bond Fund			23

When-issued transactions

Loans

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.

Distributions to shareholders

Federal and other taxes

As of August 31, 2015, the Fund had capital loss carryforwards which consist of $1,166,087 in short-term capital losses and $1,031,107 in long-term capital losses.


24		Wells Fargo Short-Term High Yield Bond Fund		Notes to financial statements (unaudited)

As of August 31, 2015, the Fund had current year deferred post-October capital losses consisting of $6,730,571 in short-term losses and $8,021,991 in long-term losses which was recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2016:


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

Corporate bonds and notes	$	0	$	691,579,126	$	0	$	691,579,126

Loans		0		395,738,313		9,788,834		405,527,147

Municipal obligations		0		4,601,900		0		4,601,900

Non-agency mortgage-backed securities		0		32,267		0		32,267

Yankee corporate bonds and notes		0		101,676,195		0		101,676,195

Short-term investments
Investment companies		112,595,882		0		0		112,595,882
Investments measured at net asset value*								16,689,011
Total assets	$	112,595,882	$	1,193,627,801	$	9,788,834	$	1,332,701,528

Investments that are measured at fair value using the net asset value per share (for 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 $16,689,011 does not have a redemption period notice, can be redeemed daily and does not have any unfunded commitments


Notes to financial statements (unaudited)		Wells Fargo Short-Term High Yield Bond Fund			25

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 0.50% and declining to 0.38% as the average daily net assets of the Fund increase. For the six months ended February 29, 2016, the management fee was equivalent to an annual rate of 0.48% 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 0.20% as the average daily net assets of the Fund increase.

Administration fees


	Class-level administration fee
Class A, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.19

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 December 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.81% for Class A shares, 1.56% for Class C shares, 0.65% for Administrator Class shares, and 0.50% for Institutional Class shares. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Distribution fee

In addition, Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the six months ended February 29, 2016, Funds Distributor received $2,701 from the sale of Class A shares and $104 in contingent deferred sales charges from redemptions of Class C shares, respectively.

Shareholder servicing fees

The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C, 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.


26		Wells Fargo Short-Term High Yield Bond Fund		Notes to financial statements (unaudited)

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 February 29, 2016 were $86,183,878 and $165,643,091, 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. For the six months ended February 29, 2016, the Fund paid $2,977 in commitment fees.

For the six months ended February 29, 2016, there were no borrowings by the Fund under the agreement.

7. INDEMNIFICATION


Other information (unaudited)		Wells Fargo Short-Term High Yield Bond Fund			27

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


28		Wells Fargo Short-Term High Yield Bond Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief 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 Short-Term High Yield Bond Fund			29


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	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.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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


30		Wells Fargo Short-Term High Yield Bond Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

This page is intentionally left blank.

LOGO

For more information

More information about Wells Fargo 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

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE

241413 04-16

SA222/SAR222 2-16

Semi-Annual Report

February 29, 2016

Wells Fargo Ultra Short-Term Income Fund

LOGO

Reduce clutter. Save trees.

Contents


Letter to shareholders			2

Performance highlights			4

Fund expenses			6

Portfolio of investments			7

Financial statements
Statement of assets and liabilities			20
Statement of operations			21
Statement of changes in net assets			22
Financial highlights			23

Notes to financial statements			27

Other information			33

List of abbreviations			36

NOT FDIC INSURED ¡ NO BANK GUARANTEE ¡ MAY LOSE VALUE


2		Wells Fargo Ultra Short-Term Income Fund		Letter to shareholders (unaudited)

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

All eyes were on the U.S. Federal Reserve (Fed) to see when it would begin normalizing monetary policy; it voted to begin increasing the federal funds rate in December 2015.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Ultra Short-Term Income Fund for the six-month period that ended February 29, 2016. The period was marked by low interest rates, sustained weakness in commodity prices, and moderate U.S. economic growth. In the markets, all eyes were on the U.S. Federal Reserve (Fed) to see when it would begin normalizing monetary policy; it voted to begin increasing the federal funds rate in December 2015. During the six-month reporting period, the Barclays U.S. 1–3 Year Government/Credit Bond Index returned 0.55%.¹

Major central banks continued to provide stimulus.

Global economic growth was below trend, and oil prices plummeted.

The U.S. yield curve flattened.


Letter to shareholders (unaudited)		Wells Fargo Ultra Short-Term Income Fund			3

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

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

Sincerely,

LOGO

Karla M. Rabusch

President

Wells Fargo Funds

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


4		Wells Fargo Ultra Short-Term Income Fund		Performance highlights (unaudited)

Investment objective

The Fund seeks current income consistent with capital preservation.

Manager

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Christopher Y. Kauffman, CFA^®

Jay N. Mueller, CFA^®

Thomas M. Price, CFA^®

Noah Wise, CFA^®

Average annual total returns (%) as of February 29, 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 (SADAX)	8-31-1999		(1.92	)		0.15			1.34		0.08			0.55			1.54		0.78		0.71
Class C (WUSTX)	7-18-2008		(1.67	)		(0.20	)		0.78		(0.67	)		(0.20	)		0.78		1.53		1.46
Administrator Class (WUSDX)	4-8-2005		–			–			–		0.11			0.68			1.69		0.72		0.56
Institutional Class (SADIX)	8-31-1999		–			–			–		0.43			0.91			1.91		0.45		0.36
Barclays Short-Term Government/Corporate Index⁴	–		–			–			–		0.33			0.29			1.69		–		–

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 2.00%. 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.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest-rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Loans are subject to risks similar to those associated with other below-investment-grade bond investments, such as credit risk (for example, risk of issuer default), below-investment-grade bond risk (for example, risk of greater volatility in value), and risk that the loan may become illiquid or difficult to price. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, high-yield securities risk, and mortgage- and asset-backed 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 Ultra Short-Term Income Fund			5


Ten largest holdings (%) as of February 29, 2016⁵
Mercedes-Benz Auto Receivables Series 2015-1 Class A2A, 0.82%, 6-15-2018			1.12
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-INN Class A, 1.35%, 6-15-2029			1.01
DIRECTV Holdings LLC, 2.40%, 3-15-2017			1.01
Verizon Communications Incorporated, 1.35%, 6-9-2017			0.99
Ally Auto Receivables Trust Series 2015-2 Class A2A, 0.98%, 3-15-2018			0.87
BMW Vehicle Lease Trust Series 2015-2 Class A2A, 1.07%, 1-22-2018			0.84
Providence Health & Services Company, 1.41%, 10-1-2016			0.82
Nissan Auto Lease Trust Series 2015-B Class A2A, 1.18%, 12-15-2017			0.79
CNH Equipment Trust Series 2015-C Class A2A, 1.10%, 12-17-2018			0.79
Experian Finance plc, 2.38%, 6-15-2017			0.79

Portfolio allocation as of February 29, 2016⁶

The manager has contractually committed through December 31, 2016, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver at 0.70% for Class A, 1.45% for Class C, 0.55% for Administrator Class, and 0.35% 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 Barclays Short-Term Government/Corporate Index contains securities that have fallen out of the Barclays U.S. Government/Credit Index because of the standard minimum one-year to maturity constraint. Securities in the Barclays Short-Term Government/Corporate Index must have a maturity from one up to (but not including) 12 months. 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 Ultra Short-Term Income 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 September 1, 2015 to February 29, 2016.

Actual expenses

Hypothetical example for comparison purposes


	Beginning account value 9-1-2015		Ending account value 2-29-2016		Expenses paid during the period¹		Net annualized expense ratio
Class A
Actual	$	1,000.00	$	1,000.48	$	3.52		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.62	$	3.56		0.70	%
Class C
Actual	$	1,000.00	$	996.76	$	7.28		1.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.85	$	7.35		1.45	%
Administrator Class
Actual	$	1,000.00	$	1,001.21	$	2.77		0.55	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.37	$	2.80		0.55	%
Institutional Class
Actual	$	1,000.00	$	1,003.41	$	1.76		0.35	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.38	$	1.78		0.35	%

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—February 29, 2016 (unaudited)		Wells Fargo Ultra Short-Term Income Fund			7


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities: 10.75%
FDIC Series 2013-R1 Class A 144A		1.15	%		3-25-2033	$	2,950,247	$	2,895,092
FHLMC ±		2.46			5-1-2035		738,154		778,949
FHLMC ±		2.50			4-1-2032		110,062		116,039
FHLMC ±		2.50			6-1-2032		6,088		6,405
FHLMC ±		2.50			3-1-2035		1,324,897		1,391,467
FHLMC ±		2.50			11-1-2035		5,188,150		5,452,453
FHLMC ±		2.50			10-1-2038		1,892,612		1,991,916
FHLMC ±		2.56			10-1-2031		73,696		74,250
FHLMC ±		2.57			4-1-2038		1,613,587		1,697,158
FHLMC ±		2.58			1-1-2029		70,717		71,326
FHLMC ±		2.60			9-1-2038		2,952,510		3,114,811
FHLMC ±		2.65			7-1-2029		3,536		3,687
FHLMC		4.50			2-1-2020		1,365,758		1,423,291
FHLMC		4.50			8-1-2020		759,956		791,270
FHLMC		4.50			1-1-2022		611,841		637,611
FHLMC		5.00			12-1-2019		1,637,321		1,727,373
FHLMC		5.50			8-1-2018		327,460		338,031
FHLMC		6.00			4-1-2016		5,231		5,239
FHLMC		6.00			5-1-2017		113,707		115,607
FHLMC		6.00			1-1-2024		1,486,716		1,617,494
FHLMC		7.00			6-1-2031		399,829		463,162
FHLMC		9.00			11-1-2016		8,034		8,099
FHLMC		9.00			12-1-2016		43,942		44,422
FHLMC		9.00			8-1-2018		22,597		23,203
FHLMC		9.00			10-1-2019		32,916		35,393
FHLMC		9.50			12-1-2016		7,937		7,988
FHLMC		9.50			5-1-2020		1,750		1,763
FHLMC		9.50			9-1-2020		74,595		81,126
FHLMC		9.50			12-1-2022		98,377		104,664
FHLMC		10.00			11-17-2021		20,266		20,543
FHLMC		10.50			5-1-2020		91,312		100,399
FHLMC Series 2495 Class UJ		3.50			7-15-2032		22,526		22,804
FHLMC Series 2530 Class BH		5.00			11-15-2017		675,192		692,183
FHLMC Series 2617 Class GR		4.50			5-15-2018		253,950		260,599
FHLMC Series 2684 Class PE		5.00			1-15-2033		15,022		15,127
FHLMC Series 2690 Class TG		4.50			4-15-2032		91,784		92,424
FHLMC Series 2704 Class BH		4.50			11-15-2023		969,035		1,036,957
FHLMC Series 2707 Class QE		4.50			11-15-2018		567,456		586,746
FHLMC Series 2843 Class BC		5.00			8-15-2019		701,623		727,900
FHLMC Series 2849 Class B		5.00			8-15-2019		1,213,812		1,259,692
FHLMC Series 2855 Class WN		4.00			9-15-2019		265,426		273,403
FHLMC Series 2864 Class NB		5.50			7-15-2033		1,201,969		1,255,601
FHLMC Series 2881 Class AE		5.00			8-15-2034		670,629		718,106
FHLMC Series 2896 Class CB		4.50			11-15-2019		1,008,411		1,044,309
FHLMC Series 2953 Class LD		5.00			12-15-2034		437,676		460,304
FHLMC Series 2963 Class BP		5.00			9-15-2034		126,445		127,404
FHLMC Series 3166 Class AC		5.00			6-15-2021		8,643,806		9,120,505
FHLMC Series 3266 Class D		5.00			1-15-2022		2,139,050		2,223,521
FHLMC Series 3501 Class AC		4.00			8-15-2023		613,151		622,219
FHLMC Series 3538 Class DE		3.50			7-15-2023		315,762		317,298

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


8		Wells Fargo Ultra Short-Term Income Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FHLMC Series 3574 Class EA		3.00	%		9-15-2021	$	275,104	$	278,983
FHLMC Series 3589 Class CA		4.00			10-15-2021		305,343		308,964
FHLMC Series 3609 Class LA		4.00			12-15-2024		582,539		600,228
FHLMC Series 3619 Class EB		3.50			5-15-2024		284,584		292,004
FHLMC Series 3649 Class DG		4.00			4-15-2028		615,282		617,158
FHLMC Series 3656 Class EC		3.50			5-15-2024		10,323		10,318
FHLMC Series 3706 Class AB		3.50			7-15-2020		845,926		855,294
FHLMC Series 3728 Class EA		3.50			9-15-2020		509,648		511,040
FHLMC Series 3728 Class EH		3.00			9-15-2020		381,283		382,261
FHLMC Series 3772 Class HC		3.00			10-15-2018		697,061		709,816
FHLMC Series 3780 Class DG		3.00			10-15-2027		510,409		514,736
FHLMC Series 3780 Class GX		3.50			9-15-2028		3,099,520		3,180,904
FHLMC Series 3784 Class DA		4.00			7-15-2025		248,504		254,326

FHLMC Series 3786 Class EY		4.50			1-15-2032		99,649		100,444
FHLMC Series 3821 Class LA		3.50			4-15-2025		635,977		647,665
FHLMC Series 3829 Class CA		4.00			8-15-2024		499,999		501,497
FHLMC Series 3834 Class EA		3.50			6-15-2029		722,038		749,722
FHLMC Series 3842 Class CJ		2.00			9-15-2018		228,031		229,975
FHLMC Series 3878 Class JA		3.50			1-15-2025		347,276		353,681
FHLMC Series 3888 Class JP		4.00			2-15-2037		57,682		57,930
FHLMC Series 3898 Class NE		4.00			7-15-2040		778,077		801,766
FHLMC Series K003 Class AAB		4.77			5-25-2018		787,541		815,774
FHLMC Series M012 Class A1A2		5.50			8-15-2051		1,800,000		1,827,000
FHLMC Series T-42 Class A6		9.50			2-25-2042		864,613		1,077,984
FNMA ±		1.94			10-1-2031		140,829		144,688
FNMA ±		1.98			9-1-2037		836,882		860,083
FNMA ±		2.11			1-1-2023		15,791		15,858
FNMA ±		2.34			12-1-2034		1,161,288		1,221,078
FNMA ±		2.39			5-1-2032		32,551		34,336
FNMA ±		2.47			6-1-2032		138,264		145,397
FNMA ±		2.47			6-1-2034		1,639,859		1,711,625
FNMA ±		2.47			4-1-2038		3,649,874		3,837,436
FNMA ±		2.48			2-1-2035		1,889,636		1,987,637
FNMA ±		2.51			11-1-2031		82,088		85,981
FNMA ±		2.54			8-1-2036		4,595,763		4,846,382
FNMA ±		2.55			8-1-2045		1,287,814		1,363,449
FNMA ±		2.57			9-1-2040		5,678,528		5,955,953
FNMA ±		2.57			12-1-2040		428,045		453,965
FNMA ±		2.58			5-1-2036		1,327,746		1,397,937
FNMA ±		2.59			2-1-2033		424,647		447,666
FNMA ±		2.62			11-1-2032		1,307,321		1,377,006
FNMA ±		2.63			5-1-2036		1,630,963		1,726,565
FNMA ±		2.64			11-1-2034		2,002,680		2,100,979
FNMA		2.71			9-1-2017		3,520,362		3,582,074
FNMA		2.99			7-1-2016		3,860,159		3,857,379
FNMA		3.00			1-1-2021		633,507		661,139
FNMA		3.18			12-1-2017		4,293,714		4,291,753
FNMA		3.29			12-1-2017		5,123,811		5,229,334
FNMA ±		3.49			4-1-2033		5,190		5,396
FNMA ±		3.70			7-1-2033		62,540		63,544

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Ultra Short-Term Income Fund			9


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA		4.22	%		5-1-2016	$	2,201,040	$	2,200,161
FNMA		4.50			6-1-2019		174,104		181,079
FNMA		5.23			7-1-2018		744,048		770,821
FNMA		5.27			12-1-2016		928,092		941,948
FNMA		5.38			1-1-2018		1,032,624		1,059,487
FNMA		6.00			4-1-2021		740,544		776,006
FNMA		6.50			8-1-2031		648,665		776,444
FNMA		8.33			7-15-2020		26,539		28,921
FNMA		8.50			7-1-2017		67,139		69,036
FNMA		9.00			12-1-2016		42,702		43,528
FNMA		9.00			2-15-2020		97,836		108,918
FNMA		9.00			10-15-2021		42,299		46,300
FNMA		9.00			6-1-2024		69,852		75,705
FNMA		9.50			12-1-2020		62,719		67,940
FNMA		9.50			3-1-2021		1,898		1,918
FNMA		10.00			3-20-2018		9,938		10,100
FNMA		10.25			9-1-2021		52,321		56,019
FNMA		10.50			8-1-2020		3,744		4,069
FNMA		10.50			4-1-2022		23,247		23,598
FNMA Series 1988-4 Class Z		9.25			3-25-2018		19,299		20,074
FNMA Series 1988-9 Class Z		9.45			4-25-2018		11,386		11,817
FNMA Series 1989-30 Class Z		9.50			6-25-2019		65,120		69,829
FNMA Series 1989-49 Class E		9.30			8-25-2019		4,876		5,161
FNMA Series 1990-111 Class Z		8.75			9-25-2020		17,358		18,320
FNMA Series 1990-119 Class J		9.00			10-25-2020		53,379		58,820
FNMA Series 1990-124 Class Z		9.00			10-25-2020		24,673		27,227
FNMA Series 1990-21 Class Z		9.00			3-25-2020		92,990		101,931
FNMA Series 1990-27 Class Z		9.00			3-25-2020		58,809		64,888
FNMA Series 1990-30 Class D		9.75			3-25-2020		13,716		15,249
FNMA Series 1990-77 Class D		9.00			6-25-2020		30,651		33,842
FNMA Series 1991-132 Class Z		8.00			10-25-2021		108,660		121,379
FNMA Series 1992-71 Class X		8.25			5-25-2022		53,537		61,315
FNMA Series 2000-T6 Class A2		9.50			6-25-2030		502,300		601,442
FNMA Series 2001-T10 Class A3		9.50			12-25-2041		1,035,622		1,206,799
FNMA Series 2001-T12 Class A3		9.50			8-25-2041		893,285		1,043,697
FNMA Series 2002-94 Class BK		5.50			1-25-2018		398,736		404,295
FNMA Series 2002-T1 Class A4		9.50			11-25-2031		1,133,489		1,390,473
FNMA Series 2002-W4 Class A6 ±		3.48			5-25-2042		1,055,921		1,098,759
FNMA Series 2003-125 Class AY		4.00			12-25-2018		1,255,583		1,288,764
FNMA Series 2003-129 Class AP		4.00			1-25-2019		199,156		201,200
FNMA Series 2003-15 Class CN		5.00			3-25-2018		206,097		211,863
FNMA Series 2003-35 Class BC		5.00			5-25-2018		403,101		415,363
FNMA Series 2003-35 Class ME		5.00			5-25-2018		210,781		217,237
FNMA Series 2003-92 Class PE		4.50			9-25-2018		567,566		587,421
FNMA Series 2003-W11 Class A1 ±		3.60			6-25-2033		42,186		44,160
FNMA Series 2003-W3 Class 1A4 ±		3.47			8-25-2042		49,146		51,837
FNMA Series 2004-10 Class FA ±		0.79			2-25-2034		1,334,888		1,338,803
FNMA Series 2004-17 Class HJ		4.75			4-25-2019		1,676,251		1,739,256
FNMA Series 2004-32 Class AY		4.00			5-25-2019		98,553		101,467
FNMA Series 2004-92 Class QY		4.50			8-25-2034		567,137		584,988

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


10		Wells Fargo Ultra Short-Term Income Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Agency Securities (continued)
FNMA Series 2006-M3 Class B		5.10	%		8-25-2016	$	664,865	$	666,750
FNMA Series 2007-36 Class AB		5.00			11-25-2021		267,876		269,370
FNMA Series 2007-W2 Class 1A1 ±		0.76			3-25-2037		892,845		893,674
FNMA Series 2008-76 Class GF ±		1.09			9-25-2023		520,834		523,459
FNMA Series 2008-81 Class LK		5.00			9-25-2023		296,879		307,191
FNMA Series 2009-76 Class HA		4.00			1-25-2019		230,259		233,562
FNMA Series 2010-153 Class AB		2.00			11-25-2018		811,496		818,367
FNMA Series 2010-153 Class BG		2.50			11-25-2018		793,993		802,936
FNMA Series 2010-25 Class ND		3.50			3-25-2025		336,276		345,559
FNMA Series 2010-39 Class PD		3.00			6-25-2038		224,316		226,262
FNMA Series 2010-39 Class VY		4.50			3-25-2025		2,570,000		2,595,740
FNMA Series 2010-57 Class DQ		3.00			6-25-2025		655,662		678,505
FNMA Series 2010-9 Class MB		5.00			5-25-2032		369,809		371,843
FNMA Series 2011-122 Class A		3.00			12-25-2025		432,623		443,148
FNMA Series 2011-129 Class LG		3.00			3-25-2037		636,842		647,021
FNMA Series 2011-33 Class GA		3.50			10-25-2028		1,121,720		1,145,429
FNMA Series 2011-35 Class PA		4.00			2-25-2039		756,104		770,260
FNMA Series 2011-39 Class DA		3.50			7-25-2024		306,853		308,969
FNMA Series 2011-40 Class CA		3.50			12-25-2028		3,351,777		3,455,526
FNMA Series 2011-42 Class A		3.00			2-25-2024		4,283,697		4,365,511
FNMA Series 2011-56 Class AC		2.00			7-25-2018		194,281		195,436
FNMA Series 2011-61 Class VA		5.00			4-25-2040		670,539		672,472
FNMA Series 2011-99 Class AB		4.00			12-25-2038		248,596		252,321
FNMA Series 2012-94 Class E		3.00			6-25-2022		132,790		136,089
FNMA Series 2013-M12 Class A		1.53			10-25-2017		1,154,616		1,157,088
FNMA Series G-22 Class ZT		8.00			12-25-2016		36,525		36,990
GNMA		7.00			6-15-2033		569,489		704,389
GNMA		9.00			11-15-2017		14,542		14,942
GNMA		9.50			11-15-2017		3,895		3,913
GNMA		10.00			10-20-2017		10,842		10,895
GNMA Series 2004-11 Class QE		5.00			12-16-2032		258,689		260,502
GNMA Series 2008-36 Class GA		4.25			10-16-2022		1,154,986		1,164,734
GNMA Series 2009-122 Class AC		4.00			3-16-2023		480,725		491,513
GNMA Series 2009-35 Class PA		5.00			11-16-2032		51,484		51,551
GNMA Series 2009-74 Class BP		3.50			1-20-2037		127,659		128,263
GNMA Series 2009-93 Class UW		5.00			10-20-2020		362,808		363,212
GNMA Series 2010-133 Class QK		3.50			9-16-2034		332,778		335,091
GNMA Series 2010-167 Class KW		5.00			9-20-2036		420		420
GNMA Series 2010-27 Class AK		4.00			2-16-2023		1,022,165		1,041,273
GNMA Series 2010-43 Class JA		3.00			9-20-2037		354,710		358,448
GNMA Series 2010-69 Class DQ		2.75			4-20-2040		137,860		139,216
GNMA Series 2010-7 Class CK		3.50			1-16-2034		40,559		40,553
GNMA Series 2011-29 Class AG		3.00			8-16-2037		112,468		113,238

Total Agency Securities (Cost $156,590,126)									157,002,748


Asset-Backed Securities: 15.54%
Ally Auto Receivables Trust Series 2015-1 Class A2		0.92			2-15-2018		10,000,000		9,989,569
Ally Auto Receivables Trust Series 2015-1 Class A3		1.21			12-20-2017		5,410,000		5,408,472
Ally Auto Receivables Trust Series 2015-2 Class A2A		0.98			3-15-2018		12,700,000		12,693,333
BMW Vehicle Lease Trust Series 2015-2 Class A2A		1.07			1-22-2018		12,300,000		12,288,710

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Ultra Short-Term Income Fund			11


Security name	Interest rate			Maturity date		Principal		Value


Asset-Backed Securities (continued)
CarMax Auto Owner Trust Series 2015-3 Class A2A		1.10	%		11-15-2018	$	7,496,878	$	7,495,937
Citibank Credit Card Issuance Trust Series 2006-A3 Class A3		5.30			3-15-2018		10,423,000		10,443,452
Citibank Credit Card Issuance Trust Series 2013-A6 Class A6		1.32			9-7-2018		10,800,000		10,822,689
Delta Air Lines Incorporated Series 2009-1 Class B Pass-Through Trust		9.75			6-17-2018		7,148,950		7,542,143
Ford Credit Auto Lease Trust Series 2014-B Class A2A		0.51			3-15-2017		888,382		887,945
Ford Credit Auto Lease Trust Series 2015-A Class A2A		0.79			12-15-2017		8,499,650		8,490,435
Ford Credit Auto Lease Trust Series 2015-B Class A2A		1.04			5-15-2018		11,314,000		11,291,203
GM Financial Automobile Leasing Trust Series 2015-2 Class A2A		1.18			4-20-2018		10,505,043		10,500,351
Honda Auto Receivables Owner Trust Series 2013-2 Class A3		0.53			2-16-2017		420,109		419,938
Honda Auto Receivables Owner Trust Series 2013-3 Class A3		0.77			5-15-2017		383,555		383,380
Honda Auto Receivables Owner Trust Series 2013-4 Class A3		0.69			9-18-2017		4,482,162		4,478,289
Honda Auto Receivables Owner Trust Series 2014-3 Class A2		0.48			12-15-2016		450,176		450,097
Honda Auto Receivables Owner Trust Series 2015-3 Class A2		0.92			11-20-2017		8,720,000		8,719,316
Hyundai Auto Lease Securitization Trust Series 2014-B Class A2 144A		0.61			2-15-2017		1,425,022		1,424,598
Hyundai Auto Lease Securitization Trust Series 2015-B Class A2A 144A		0.95			12-15-2017		9,345,196		9,336,219
Hyundai Auto Receivables Trust Series 2013-B Class A3		0.71			9-15-2017		1,669,472		1,669,058
Hyundai Auto Receivables Trust Series 2015-C Class A2A		0.99			11-15-2018		5,500,000		5,496,355
Leaf II Receivables Funding LLC Series 2015-1 Class A2 144A		1.13			3-15-2017		3,600,000		3,593,691
Mercedes-Benz Auto Receivables Series 2015-1 Class A2A		0.82			6-15-2018		16,400,000		16,377,248
Nissan Auto Lease Trust Series 2014-A Class A4		1.04			10-15-2019		1,593,000		1,592,669
Nissan Auto Lease Trust Series 2014-B Class A2A		0.73			4-17-2017		7,395,966		7,388,697
Nissan Auto Lease Trust Series 2015-B Class A2A		1.18			12-15-2017		11,600,000		11,602,710
Porsche Innovative Lease Owner Trust Series 2015-1 Class A2 144A		0.79			11-21-2017		6,718,918		6,708,297
SLM Student Loan Trust Series 2006-2 Class A5 ±		0.73			7-25-2025		1,965,839		1,934,571
Toyota Auto Receivables Owner Trust Series 2016 AA2 %%		1.03			7-16-2018		5,500,000		5,499,560
United Airlines Incorporated Series 2009-2A Class A2 Pass-Through Trust		9.75			7-15-2018		1,535,138		1,619,570
Volkswagen Auto Lease Trust Series 2014-A Class A3		0.80			4-20-2017		2,594,977		2,589,480
Volkswagen Auto Lease Trust Series 2015-A Class A2A		0.87			6-20-2017		6,029,721		6,006,839
Volvo Financial Equipment LLC Series 2015-1A Class A2 144A		0.95			11-15-2017		6,203,743		6,197,056
Volvo Financial Equipment LLC Series 2016-1A Class A2 144A		1.44			10-15-2018		4,350,000		4,348,868
World Omni Automobile Lease Trust Series 2015-A Class A2A		1.06			5-15-2018		11,400,000		11,378,790

Total Asset-Backed Securities (Cost $227,607,639)									227,069,535


Corporate Bonds and Notes: 38.98%

Consumer Discretionary: 3.11%

Automobiles: 0.34%
Volkswagen Group America 144A		1.60			11-20-2017		5,115,000		4,999,335


Media: 2.77%
21st Century Fox America Incorporated		8.00			10-17-2016		827,000		859,248
DIRECTV Holdings LLC		2.40			3-15-2017		14,563,000		14,706,169
Omnicom Group Incorporated		5.90			4-15-2016		7,000,000		7,036,351
Thomson Reuters Corporation		1.65			9-29-2017		10,000,000		9,957,690
Time Warner Cable Incorporated		6.75			7-1-2018		7,245,000		7,894,840

									40,454,298

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


12		Wells Fargo Ultra Short-Term Income Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Consumer Staples: 3.11%

Beverages: 1.23%
Anheuser-Busch InBev Finance Company		1.90	%		2-1-2019	$	9,000,000	$	9,085,302
Constellation Brands Incorporated		7.25			9-1-2016		8,600,000		8,844,240

									17,929,542


Food Products: 1.19%
Kraft Heinz Foods Company 144A		1.60			6-30-2017		7,000,000		6,992,461
Kraft Heinz Foods Company 144A		2.00			7-2-2018		3,000,000		2,994,810
Tyson Foods Incorporated		6.60			4-1-2016		7,446,000		7,477,437

									17,464,708


Tobacco: 0.69%
Reynolds American Incorporated		3.50			8-4-2016		10,000,000		10,078,930


Energy: 4.55%

Energy Equipment & Services: 0.36%
Texas Eastern Transmission LP 144A		6.00			9-15-2017		5,000,000		5,250,650


Oil, Gas & Consumable Fuels: 4.19%
Anadarko Petroleum Corporation		6.38			9-15-2017		9,700,000		9,855,491
Boardwalk Pipelines LLC		5.88			11-15-2016		9,000,000		8,998,173
DCP Midstream Operating Company		2.50			12-1-2017		7,628,000		6,962,365
Energy Transfer Partners LP		2.50			6-15-2018		5,000,000		4,590,775
Kinder Morgan Incorporated		7.00			6-15-2017		4,574,000		4,712,944
Kinder Morgan Incorporated		7.25			6-1-2018		2,000,000		2,042,752
Marathon Petroleum Corporation		3.50			3-1-2016		9,029,000		9,029,000
Nabors Industries Incorporated		2.35			9-15-2016		10,000,000		9,899,070
Southwestern Energy Company		3.30			1-23-2018		2,000,000		1,440,000
Williams Partners LP		7.25			2-1-2017		3,700,000		3,704,669

									61,235,239


Financials: 14.33%

Banks: 2.45%
Bank of America Corporation		1.70			8-25-2017		4,000,000		3,980,612
Bank of America Corporation		6.05			5-16-2016		8,000,000		8,077,792
Discover Bank		2.60			11-13-2018		5,000,000		4,994,960
Huntington National Bank		2.20			11-6-2018		5,000,000		4,979,190
PNC Bank		1.80			11-5-2018		5,000,000		4,999,775
Santander Bank		8.75			5-30-2018		7,700,000		8,675,082

									35,707,411


Capital Markets: 2.40%
Bear Stearns Companies LLC		5.55			1-22-2017		10,785,000		11,145,791
Goldman Sachs Group Incorporated		5.63			1-15-2017		6,261,000		6,467,219
Goldman Sachs Group Incorporated		6.15			4-1-2018		5,085,000		5,480,827
Morgan Stanley		1.88			1-5-2018		6,060,000		6,044,905
Morgan Stanley		2.20			12-7-2018		4,000,000		3,994,988
Morgan Stanley		2.45			2-1-2019		1,960,000		1,968,024

									35,101,754

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Ultra Short-Term Income Fund			13


Security name	Interest rate			Maturity date		Principal		Value


Consumer Finance: 5.12%
Ally Financial Incorporated		3.25	%		11-5-2018	$	7,665,000	$	7,530,863
American Express		1.80			7-31-2018		8,000,000		7,966,544
Aviation Capital Group 144A		3.88			9-27-2016		2,360,000		2,362,950
Daimler Finance North America LLC 144A		1.60			8-3-2017		5,000,000		4,973,500
Discover Financial Services Company		6.45			6-12-2017		570,000		597,759
ERAC USA Finance LLC 144A		1.40			4-15-2016		1,024,000		1,024,421
ERAC USA Finance LLC 144A		2.75			3-15-2017		750,000		757,932
Ford Motor Credit Company LLC		2.24			6-15-2018		3,000,000		2,956,626
Ford Motor Credit Company LLC		2.94			1-8-2019		3,665,000		3,672,938
Ford Motor Credit Company LLC		6.63			8-15-2017		5,180,000		5,491,820
General Motors Financial Company		2.40			4-10-2018		10,000,000		9,824,480
Harley-Davidson Financial Services Incorporated 144A		2.70			3-15-2017		6,000,000		6,075,930
Harley-Davidson Financial Services Incorporated 144A		3.88			3-15-2016		1,500,000		1,501,590
Hyundai Capital America Company 144A		2.40			10-30-2018		7,000,000		7,020,237
Hyundai Capital America Company 144A		3.75			4-6-2016		3,831,000		3,840,585
Toll Brothers Finance Corporation		8.91			10-15-2017		8,405,000		9,245,500

									74,843,675


Diversified Financial Services: 1.00%
AIG Global Funding 144A		1.65			12-15-2017		4,000,000		3,990,264
McGraw Hill Financial Incorporated		2.50			8-15-2018		1,450,000		1,457,330
McGraw Hill Financial Incorporated		5.90			11-15-2017		8,692,000		9,184,506

									14,632,100


Insurance: 2.63%
Platinum Underwriters Finance Incorporated Series B		7.50			6-1-2017		8,075,000		8,580,447
Provident Companies Incorporated		7.00			7-15-2018		6,736,000		7,401,005
Reinsurance Group of America		5.63			3-15-2017		5,520,000		5,719,046
Reliance Standard Life Insurance 144A		2.15			10-15-2018		7,610,000		7,540,939
Symetra Financial Corporation 144A		6.13			4-1-2016		9,100,000		9,135,090

									38,376,527


REITs: 0.73%
VEREIT Operating Partnership LP		2.00			2-6-2017		7,710,000		7,567,365
Welltower Incorporated		6.20			6-1-2016		3,000,000		3,036,033

									10,603,398


Health Care: 3.06%

Biotechnology: 1.40%
Biogen Idec Incorporated		6.88			3-1-2018		8,975,000		9,819,485
Celgene Corporation		2.13			8-15-2018		7,500,000		7,533,870
Gilead Sciences Incorporated		1.85			9-4-2018		3,000,000		3,031,746

									20,385,101


Health Care Providers & Services: 1.32%
Providence Health & Services Company ±		1.41			10-1-2016		12,000,000		12,012,240
UnitedHealth Group Incorporated		1.45			7-17-2017		3,625,000		3,630,738
UnitedHealth Group Incorporated		1.90			7-16-2018		3,625,000		3,658,865

									19,301,843

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


14		Wells Fargo Ultra Short-Term Income Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Life Sciences Tools & Services: 0.34%
Thermo Fisher Scientific Incorporated		1.30	%		2-1-2017	$	5,000,000	$	4,982,280


Industrials: 1.37%

Aerospace & Defense: 0.62%
L-3 Communications Corporation		3.95			11-15-2016		9,000,000		9,116,334


Commercial Services & Supplies: 0.19%
Penske Truck Leasing Company LP 144A		2.50			3-15-2016		2,720,000		2,721,112


Machinery: 0.36%
CNH Capital LLC		3.25			2-1-2017		5,240,000		5,262,951


Transportation Infrastructure: 0.20%
TTX Company 144A		2.25			2-1-2019		2,905,000		2,930,262


Information Technology: 2.85%

Communications Equipment: 0.55%
Cisco Systems Incorporated		1.65			6-15-2018		8,000,000		8,056,792


IT Services: 0.70%
Fidelity National Information Services Incorporated		1.45			6-5-2017		3,000,000		2,967,675
Fidelity National Information Services Incorporated		2.85			10-15-2018		4,330,000		4,367,294
Xerox Corporation		6.40			3-15-2016		2,950,000		2,954,902

									10,289,871


Semiconductors & Semiconductor Equipment: 0.69%
KLA-Tencor Corporation		2.38			11-1-2017		10,000,000		10,035,840


Technology Hardware, Storage & Peripherals: 0.91%
Apple Incorporated		1.30			2-23-2018		5,000,000		5,020,155
Apple Incorporated		1.70			2-22-2019		1,000,000		1,008,812
HP Enterprise Company 144A		2.45			10-5-2017		7,215,000		7,204,719

									13,233,686


Materials: 0.86%

Construction Materials: 0.66%
Martin Marietta Material ±		1.70			6-30-2017		9,690,000		9,576,501


Metals & Mining: 0.20%
Glencore Funding LLC 144A		1.70			5-27-2016		3,000,000		2,970,000


Telecommunication Services: 2.21%

Diversified Telecommunication Services: 2.21%
CenturyLink Incorporated		5.15			6-15-2017		1,500,000		1,537,500
CenturyLink Incorporated		6.00			4-1-2017		1,000,000		1,032,000
Clearwire Communications LLC 144A		14.75			12-1-2016		7,290,000		7,891,425
Crown Castle Towers LLC 144A		5.50			1-15-2037		7,305,000		7,381,719
Verizon Communications Incorporated		1.35			6-9-2017		14,450,000		14,442,500

									32,285,144

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Ultra Short-Term Income Fund			15


Security name	Interest rate			Maturity date		Principal		Value


Utilities: 3.53%

Electric Utilities: 2.14%
Dayton Power & Light Company		1.88	%		9-15-2016	$	9,000,000	$	9,010,899
Eversource Energy		1.60			1-15-2018		5,000,000		4,977,180
Exelon Corporation		1.55			6-9-2017		10,000,000		9,951,520
NextEra Energy Capital Holdings Incorporated		2.06			9-1-2017		7,275,000		7,304,304

									31,243,903


Gas Utilities: 0.21%
CenterPoint Energy Resource Corporation		6.15			5-1-2016		3,000,000		3,024,264


Multi-Utilities: 1.18%
Black Hills Corporation		2.50			1-11-2019		3,645,000		3,669,057
CenterPoint Energy Incorporated		6.50			5-1-2018		5,229,000		5,657,846
WEC Energy Group Incorporated		1.65			6-15-2018		8,000,000		7,985,312

									17,312,215


Total Corporate Bonds and Notes (Cost $573,854,481)									569,405,666


Municipal Obligations: 3.62%

Alabama: 0.12%
Jefferson County AL Taxable Warrants Series D (GO Revenue)		4.90			4-1-2017		1,750,000		1,770,283


California: 0.25%
Los Angeles CA Municipal Improvement Refunding Bond Convention Center Series A (Miscellaneous Revenue)		2.34			11-1-2018		3,620,000		3,690,988


Connecticut: 0.31%
Connecticut Series A (GO Revenue)		5.46			3-1-2019		4,260,000		4,464,480


Florida: 0.14%
Village Center Community Development District (Water & Sewer Revenue) 144A		1.60			11-1-2016		2,000,000		2,000,720


Illinois: 0.53%
Illinois Finance Authority (GO Revenue)		5.37			3-1-2017		6,780,000		7,017,029
Illinois Finance Authority (GO Revenue)		5.67			3-1-2018		625,000		661,069

									7,678,098


New Jersey: 1.45%
Atlantic City NJ (GO Revenue, AGM Insured)		3.30			12-15-2016		1,600,000		1,618,144
New Jersey EDA School Facilities Series QQ (Education Revenue)		1.80			6-15-2017		10,000,000		10,020,200
New Jersey EDA Series B (Miscellaneous Revenue, AGM Insured) ¤		0.00			2-15-2018		10,000,000		9,549,200

									21,187,544


South Carolina: 0.17%
South Carolina Jobs EDA Waste Management South Carolina Incorporated Project (Resource Recovery Revenue)		1.88			11-1-2016		2,500,000		2,520,550


Tennessee: 0.65%
Baptist Memorial Health Care Corporation (Health Revenue)		1.10			3-17-2016		9,531,000		9,530,905


Total Municipal Obligations (Cost $52,708,287)									52,843,568

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


16		Wells Fargo Ultra Short-Term Income Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Non-Agency Mortgage-Backed Securities: 12.19%
Bank of America Commercial Mortgage Trust Series 2006-6 Class A4		5.36	%		10-10-2045	$	3,500,000	$	3,518,394
Bank of America Commercial Mortgage Trust Series 2007-3 Class A1A ±		5.57			6-10-2049		889,970		918,249
Bank of America Mortgage Securities Series 2002-K Class 3A1 ±		3.00			10-20-2032		2,138		2,132
Bear Stearns Commercial Mortgage Securities Incorporated Series 2007-PWR15 Class A4		5.33			2-11-2044		2,224,217		2,275,222
Bear Stearns Commercial Mortgage Securities Series 2006-T24 Class AM ±		5.57			10-12-2041		7,300,000		7,400,746
CCG Receivables Trust Series 2015-1 Class A2 144A		1.46			11-14-2018		5,000,000		4,996,200
CFCRE Commercial Mortgage Trust Series 2015-RUM Class A 144A±		2.13			7-15-2030		3,000,000		2,962,151
CNH Equipment Trust Series 2013-B Class A3		0.69			8-15-2018		2,239,484		2,236,960
CNH Equipment Trust Series 2015-C Class A2A		1.10			12-17-2018		11,600,000		11,593,038
Collateralized Mortgage Obligation Trust Series 66 Class Z		8.00			9-20-2021		45,672		49,144
Commercial Mortgage Trust Series 2014-BBG Class A 144A±		1.23			3-15-2029		5,400,000		5,237,239
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 1A1 ±		2.21			6-19-2031		554,496		524,185
Countrywide Home Loans Mortgage Pass-Through Trust Series 2001-HYB1 Class 2A1 ±		2.30			6-19-2031		112,395		100,875
Credit Suisse First Boston Mortgage Securities Corporation Series 2006-C4 Class A3		5.47			9-15-2039		4,722,508		4,743,497
Credit Suisse Mortgage Capital Certificates Series 2006-C5 Class A3		5.31			12-15-2039		7,845,884		7,908,016
DLJ Mortgage Acceptance Corporation Series 1990-2 Class A ±(i)		3.43			1-25-2022		58,567		56,728
DLJ Mortgage Acceptance Corporation Series 1991-3 Class A1 ±(i)		2.10			1-25-2021		13,259		13,236
EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3 ±		1.55			9-25-2033		648,493		617,221
Equity Mortgage Trust Series 2014-INNS Class A 144A±		1.28			5-8-2031		8,414,680		8,204,232
GE Commercial Mortgage Corporation Series 2007-C1 Class A4		5.54			12-10-2049		3,566,000		3,622,250
Greenwich Capital Commercial Funding Corporation Series 2007-GG9 Class A4		5.44			3-10-2039		5,850,006		5,974,780
GS Mortgage Securities Trust Series 2014-GSFL Class A 144A±		1.43			7-15-2031		8,199,470		8,189,954
GSMPS Mortgage Loan Trust Series 1998-1 Class A 144A±		8.00			9-19-2027		61,041		61,203
Housing Securities Incorporated Series 1992-8 Class E ±		3.70			6-25-2024		92,059		91,913
John Deere Owner Trust Series 2016-A Class A2 %%		1.15			10-15-2018		7,200,000		7,199,784
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-CB17 Class A4		5.43			12-12-2043		799,174		809,436
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-LDP7 Class A4 ±		5.93			4-17-2045		1,359,866		1,361,032
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2006-LDP9 Class A3		5.34			5-15-2047		3,298,985		3,351,226
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2007-CB18 Class A4		5.44			6-12-2047		863,311		880,808
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2007-CB18 Class AMFL ±		0.59			6-12-2047		5,600,000		5,400,678
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2007-LD12 Class A4 ±		5.88			2-15-2051		635,000		657,483
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-INN Class A 144A±		1.35			6-15-2029		15,000,000		14,772,938
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2014-PHH Class A 144A±		1.63			8-15-2027		10,000,000		9,882,824
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-CSMO Class A 144A±		1.68			1-15-2032		8,700,000		8,584,852
JPMorgan Chase Commercial Mortgage Securities Corporation Series 2015-FL7 Class A 144A±		1.68			5-15-2028		8,813,923		8,675,190
Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C2 Class A3		5.43			2-15-2040		2,889,654		2,947,451
Lehman Brothers UBS Commercial Mortgage Trust Series 2007-C6 Class A4 ±		5.86			7-15-2040		6,765,489		6,914,305
Macquarie Equipment Funding Trust Series 2014-A Class A2 144A		0.80			11-21-2016		2,330,342		2,329,791

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Ultra Short-Term Income Fund			17


Security name	Interest rate			Maturity date		Principal		Value


Non-Agency Mortgage-Backed Securities (continued)
Master Mortgages Trust Series 2002-3 Class 4A1 ±		2.63	%		10-25-2032	$	14,070	$	13,913
Morgan Stanley Capital I Series 2007-IQ Class A4		5.81			12-12-2049		6,616,733		6,893,234
Morgan Stanley Mortgage Trust Series 35 Class 2 ±(i)(w)		14,925.35			4-20-2021		2		289
National Credit Union Administration Guaranteed Notes Program Series 2010-C1 Class A2		2.90			10-29-2020		2,709,335		2,711,406
National Credit Union Administration Guaranteed Notes Program Series 2010-C1 Class APT		2.65			10-29-2020		3,721,485		3,725,807
National Credit Union Administration Guaranteed Notes Program Series 2010-R1 Class 2A		1.84			10-7-2020		4,293		4,294
Prudential Home Mortgage Securities Series 1988-1 Class A ±		2.48			4-25-2018		7,214		7,207
Resecuritization Mortgage Trust Series 1998-B Class A 144A±		0.68			4-26-2021		7,925		7,596
Salomon Brothers Mortgage Securities VII Series 1990-2 Class A ±		3.03			11-25-2020		302,258		304,337
SCG Trust Series 2013-SRP1 Class A 144A±		1.83			11-15-2026		7,500,000		7,466,432
Structured Asset Mortgage Investments Incorporated Series 2001-4 Class A2 ±		9.22			10-25-2024		55,107		56,324
Structured Asset Securities Corporation Series 1998-2 Class A ±		0.96			2-25-2028		344,731		331,207
UBS Barclays Commercial Mortgage Trust Series 2012-C2 Class A1		1.01			5-10-2063		755,353		754,541
Wilshire Funding Corporation Series 1996-3 Class M2 ±		7.13			8-25-2032		134,807		132,115
Wilshire Funding Corporation Series 1996-3 Class M3 ±		7.13			8-25-2032		126,374		121,873
Wilshire Funding Corporation Series 1998-2 Class M1 ±		2.00			12-28-2037		527,687		516,384

Total Non-Agency Mortgage-Backed Securities (Cost $179,759,638)									178,112,322


Yankee Corporate Bonds and Notes: 13.75%

Consumer Discretionary: 0.62%

Diversified Financial Services: 0.62%
AerCap Ireland Capital Limited		2.75			5-15-2017		9,130,000		9,050,113


Consumer Staples: 2.12%

Food & Staples Retailing: 1.22%
Delhaize Group SA		6.50			6-15-2017		7,270,000		7,654,510
Tesco plc 144A		2.70			1-5-2017		10,100,000		10,096,091

									17,750,601


Tobacco: 0.90%
British American Tobacco International Finance plc 144A		1.85			6-15-2018		5,700,000		5,723,473
Imperial Tobacco Finance plc 144A		2.05			7-20-2018		7,500,000		7,463,933

									13,187,406


Energy: 1.18%

Energy Equipment & Services: 0.20%
Noble Holding International Limited		2.50			3-15-2017		3,000,000		2,869,710


Oil, Gas & Consumable Fuels: 0.98%
TransCanada PipeLines Limited		1.63			11-9-2017		5,790,000		5,687,974
Transocean Incorporated		5.80			12-15-2016		8,765,000		8,677,350

									14,365,324

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


18		Wells Fargo Ultra Short-Term Income Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value


Financials: 7.38%

Banks: 4.01%
Banque Federative du Credit Mutuel SA 144A		1.70	%		1-20-2017	$	8,150,000	$	8,159,674
BPCE SA		1.61			7-25-2017		10,000,000		9,978,700
Experian Finance plc 144A		2.38			6-15-2017		11,500,000		11,515,123
ING Bank NV 144A		1.38			3-7-2016		8,000,000		8,000,752
Lloyds Bank plc		2.00			8-17-2018		8,000,000		7,971,984
Shinhan Bank 144A±		1.27			4-8-2017		5,000,000		4,995,315
Sumitomo Mitsui Banking Corporation		1.35			7-11-2017		5,000,000		4,975,300
The Bank of Tokyo-Mitsubishi UFJ Limited 144A		2.15			9-14-2018		3,000,000		2,997,642

									58,594,490


Diversified Financial Services: 1.15%
Credit Suisse New York		6.00			2-15-2018		7,500,000		7,940,243
Shell International Finance BV		1.25			11-10-2017		7,000,000		6,963,411
Volkswagen International Finance NV 144A		2.13			11-20-2018		2,000,000		1,935,570

									16,839,224


Insurance: 1.19%
Allied World Assurance Company		7.50			8-1-2016		9,252,000		9,476,305
QBE Insurance Group Limited 144A		2.40			5-1-2018		7,960,000		7,967,729

									17,444,034


Real Estate Management & Development: 0.68%
Brookfield Asset Management Incorporated		5.80			4-25-2017		5,775,000		5,965,777
Korea Land & Housing Corporation 144A		1.88			8-2-2017		4,000,000		4,010,288

									9,976,065


Thrifts & Mortgage Finance: 0.35%
Korea Development Bank		3.25			9-20-2016		5,000,000		5,058,700


Health Care: 1.29%

Pharmaceuticals: 1.29%
Actavis Funding SCS		2.35			3-12-2018		8,265,000		8,314,929
Perrigo Company plc		1.30			11-8-2016		10,550,000		10,488,842

									18,803,771


Industrials: 0.14%

Electrical Equipment: 0.14%
Siemens Financieringsmaatschappij NV		5.63			3-16-2016		2,000,000		2,003,800


Information Technology: 0.23%

Semiconductors & Semiconductor Equipment: 0.23%
TSMC Global Limited 144A		0.95			4-3-2016		3,385,000		3,383,419


Telecommunication Services: 0.79%

Diversified Telecommunication Services: 0.52%
Telefonica Emisiones SAU		6.42			6-20-2016		7,500,000		7,605,255

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


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Ultra Short-Term Income Fund			19


Security name	Interest rate			Maturity date		Principal		Value


Wireless Telecommunication Services: 0.27%
America Movil SAB de CV ±		1.50	%		9-12-2016	$	4,000,000	$	4,000,432


Total Yankee Corporate Bonds and Notes (Cost $201,843,444)									200,932,344


	Yield					Shares

Short-Term Investments: 5.34%

Investment Companies: 5.21%
Wells Fargo Cash Investment Money Market Fund, Select Class (l)(u) ##		0.43					76,054,848		76,054,848


						Principal

U.S. Treasury Securities: 0.13%
U.S. Treasury Bill (z)#		0.22			3-17-2016	$	1,950,000		1,949,815


Total Short-Term Investments (Cost $78,004,649)									78,004,663


Total investments in securities (Cost $1,470,368,264) *	100.17	%		1,463,370,846
Other assets and liabilities, net	(0.17	)		(2,423,192	)

Total net assets	100.00	%	$	1,460,947,654

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

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

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

¤	The security is issued in zero coupon form with no periodic interest payments.

(i)	Illiquid security

(w)	The security is a structured note which generates income based on a coupon formula (-1,500 * 1 month LIBOR + 15,573.5%) and the prepayment behavior of the underlying collateral. The coupon is subject to a mandatory cap of 15,573.5% and a mandatory floor of 11%.

(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.

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

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

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

*	Cost for federal income tax purposes is $1,470,368,264 and unrealized gains (losses) consists of:


Gross unrealized gains	$	3,781,653
Gross unrealized losses		(10,779,071	)

Net unrealized losses	$	(6,997,418	)

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


20		Wells Fargo Ultra Short-Term Income Fund		Statement of assets and liabilities—February 29, 2016 (unaudited)




Assets
Investments
In unaffiliated securities, at value (cost $1,394,313,416)	$	1,387,315,998
In affiliated securities, at value (cost $76,054,848)		76,054,848

Total investments, at value (cost $1,470,368,264)		1,463,370,846
Cash		3,036
Receivable for investments sold		1,415,000
Principal paydown receivable		1,646,112
Receivable for Fund shares sold		1,370,415
Receivable for interest		9,581,530
Prepaid expenses and other assets		169,375

Total assets		1,477,556,314


Liabilities
Dividends payable		693,888
Payable for investments purchased		12,699,530
Payable for Fund shares redeemed		2,606,099
Payable for daily variation margin on open futures contracts		63,094
Management fee payable		269,322
Distribution fee payable		4,605
Administration fees payable		116,446
Accrued expenses and other liabilities		155,676

Total liabilities		16,608,660

Total net assets	$	1,460,947,654


NET ASSETS CONSIST OF
Paid-in capital	$	1,557,792,312
Overdistributed net investment income		(644,730	)
Accumulated net realized losses on investments		(89,884,332	)
Net unrealized losses on investments		(6,315,596	)

Total net assets	$	1,460,947,654


COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE
Net assets – Class A	$	337,033,510
Shares outstanding – Class A¹		39,987,050
Net asset value per share – Class A		$8.43
Maximum offering price per share – Class A²		$8.60
Net assets – Class C	$	7,707,725
Shares outstanding – Class C¹		915,522
Net asset value per share – Class C		$8.42
Net assets – Administrator Class	$	31,852,391
Shares outstanding – Administrator Class¹		3,794,344
Net asset value per share – Administrator Class		$8.39
Net assets – Institutional Class	$	1,084,354,028
Shares outstanding – Institutional Class¹		128,705,598
Net asset value per share – Institutional Class		$8.43

¹	The Fund has an unlimited number of authorized shares.

²	Maximum offering price is computed as 100/98 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 February 29, 2016 (unaudited)		Wells Fargo Ultra Short-Term Income Fund			21




Investment income
Interest (net of foreign interest withholding taxes of $341)	$	11,390,851
Income from affiliated securities		144,432
Securities lending income, net		57

Total investment income		11,535,340


Expenses
Management fee		2,606,150
Administration fees
Class A		231,497
Class C		6,190
Administrator Class		17,364
Institutional Class		446,934
Investor Class		74,204	¹
Shareholder servicing fees
Class A		361,714
Class C		9,673
Administrator Class		43,179
Investor Class		97,382	¹
Distribution fee
Class C		29,017
Custody and accounting fees		48,263
Professional fees		33,163
Registration fees		144,718
Shareholder report expenses		40,114
Trustees’ fees and expenses		12,222
Other fees and expenses		20,338

Total expenses		4,222,122
Less: Fee waivers and/or expense reimbursements		(817,284	)

Net expenses		3,404,838

Net investment income		8,130,502


REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS

Net realized losses on:
Unaffiliated securities		(231,287	)
Futures transactions		(642,473	)

Net realized losses on investments		(873,760	)


Net change in unrealized gains (losses) on:
Unaffiliated securities		(3,512,532	)
Futures transactions		(520,369	)

Net change in unrealized gains (losses) on investments		(4,032,901	)

Net realized and unrealized gains (losses) on investments		(4,906,661	)

Net increase in net assets resulting from operations	$	3,223,841

¹	For the period from September 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.


22		Wells Fargo Ultra Short-Term Income Fund		Statement of changes in net assets


	Six months ended February 29, 2016 (unaudited)						Year ended August 31, 2015

Operations
Net investment income				$	8,130,502					$	15,755,504
Net realized losses on investments					(873,760	)					(8,224,272	)
Net change in unrealized gains (losses) on investments					(4,032,901	)					(6,256,313	)

Net increase in net assets resulting from operations					3,223,841						1,274,919


Distributions to shareholders from
Net investment income
Class A					(1,173,315	)					(1,171,060	)
Class C					(2,398	)					(706	)
Administrator Class					(166,672	)					(517,254	)
Institutional Class					(6,480,493	)					(12,114,320	)
Investor Class					(303,707	)¹					(1,827,644	)
Tax basis return of capital
Class A					0						(158,830	)
Class C					0						(96	)
Administrator Class					0						(70,154	)
Institutional Class					0						(1,643,052	)
Investor Class					0	¹					(247,882	)

Total distributions to shareholders					(8,126,585	)					(17,750,998	)


Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		34,755,742			293,814,930			16,734,640			142,192,104
Class C		186,654			1,575,325			246,952			2,095,919
Administrator Class		292,362			2,459,789			2,828,325			23,960,440
Institutional Class		44,634,855			376,721,468			146,858,524			1,247,347,113
Investor Class		530,566	¹		4,488,105	¹		4,953,813			42,107,482

					679,059,617						1,457,703,058

Reinvestment of distributions
Class A		134,753			1,137,414			152,627			1,295,814
Class C		275			2,319			90			764
Administrator Class		18,818			158,222			53,897			455,869
Institutional Class		301,771			2,546,772			615,519			5,223,336
Investor Class		19,595	¹		165,577	¹		235,018			1,995,430

					4,010,304						8,971,213

Payment for shares redeemed
Class A		(12,827,494	)		(108,346,188	)		(21,989,454	)		(186,752,566	)
Class C		(176,249	)		(1,486,729	)		(407,520	)		(3,458,657	)
Administrator Class		(1,821,874	)		(15,338,908	)		(11,680,543	)		(98,990,356	)
Institutional Class		(50,850,689	)		(429,078,955	)		(179,151,799	)		(1,521,293,663	)
Investor Class		(31,454,406	)¹		(266,072,250	)¹		(10,954,296	)		(93,074,087	)

					(820,323,030	)					(1,903,569,329	)

Net decrease in net assets resulting from capital share transactions					(137,253,109	)					(436,895,058	)

Total decrease in net assets					(142,155,853	)					(453,371,137	)


Net assets
Beginning of period					1,603,103,507						2,056,474,644

End of period				$	1,460,947,654					$	1,603,103,507

Overdistributed net investment income				$	(644,730	)				$	(648,647	)

¹	For the period from September 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 Ultra Short-Term Income Fund			23

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS A	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.46			$8.53			$8.53			$8.55			$8.52			$8.52
Net investment income		0.03			0.05			0.06			0.06			0.10			0.10
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.06	)		0.00			(0.02	)		0.03			0.02

Total from investment operations		0.00			(0.01	)		0.06			0.04			0.13			0.12
Distributions to shareholders from
Net investment income		(0.03	)		(0.05	)		(0.06	)		(0.06	)		(0.10	)		(0.12	)
Tax basis return of capital		0.00			(0.01	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.03	)		(0.06	)		(0.06	)		(0.06	)		(0.10	)		(0.12	)
Net asset value, end of period		$8.43			$8.46			$8.53			$8.53			$8.55			$8.52
Total return¹		0.05	%		(0.07	)%		0.74	%		0.52	%		1.47	%		1.37	%
Ratios to average net assets (annualized)
Gross expenses		0.79	%		0.77	%		0.78	%		0.83	%		0.88	%		0.87	%
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Net investment income		0.83	%		0.64	%		0.70	%		0.72	%		1.11	%		1.17	%
Supplemental data
Portfolio turnover rate		28	%		70	%		47	%		56	%		61	%		60	%
Net assets, end of period (000s omitted)		$337,034			$151,561			$196,459			$158,363			$146,400			$160,768

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.


24		Wells Fargo Ultra Short-Term Income Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
CLASS C	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.45			$8.52			$8.52			$8.55			$8.52			$8.52
Net investment income (loss)		0.00	¹		(0.01	)		(0.01	)		(0.00	)¹		0.03			0.04
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.06	)		0.01			(0.03	)		0.03			0.01

Total from investment operations		(0.03	)		(0.07	)		0.00			(0.03	)		0.06			0.05
Distributions to shareholders from
Net investment income		(0.00	)¹		(0.00	)¹		(0.00	)¹		(0.00	)¹		(0.03	)		(0.05	)
Tax basis return of capital		0.00			(0.00	)¹		0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.00	)¹		(0.00	)¹		(0.00	)¹		(0.00	)¹		(0.03	)		(0.05	)
Net asset value, end of period		$8.42			$8.45			$8.52			$8.52			$8.55			$8.52
Total return²		(0.32	)%		(0.81	)%		0.05	%		(0.31	)%		0.71	%		0.61	%
Ratios to average net assets (annualized)
Gross expenses		1.54	%		1.52	%		1.53	%		1.59	%		1.63	%		1.62	%
Net expenses		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Net investment income (loss)		0.06	%		(0.10	)%		(0.05	)%		(0.02	)%		0.37	%		0.43	%
Supplemental data
Portfolio turnover rate		28	%		70	%		47	%		56	%		61	%		60	%
Net assets, end of period (000s omitted)		$7,708			$7,642			$9,078			$11,859			$14,951			$19,117

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 Ultra Short-Term Income Fund			25

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
ADMINISTRATOR CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.42			$8.50			$8.50			$8.52			$8.48			$8.48
Net investment income		0.04			0.07	¹		0.07			0.07			0.11			0.11
Net realized and unrealized gains (losses) on investments		(0.03	)		(0.07	)		0.01			(0.01	)		0.04			0.02

Total from investment operations		0.01			0.00			0.08			0.06			0.15			0.13
Distributions to shareholders from
Net investment income		(0.04	)		(0.07	)		(0.08	)		(0.08	)		(0.11	)		(0.13	)
Tax basis return of capital		0.00			(0.01	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.04	)		(0.08	)		(0.08	)		(0.08	)		(0.11	)		(0.13	)
Net asset value, end of period		$8.39			$8.42			$8.50			$8.50			$8.52			$8.48
Total return²		0.12	%		(0.04	)%		0.89	%		0.67	%		1.74	%		1.52	%
Ratios to average net assets (annualized)
Gross expenses		0.73	%		0.71	%		0.72	%		0.77	%		0.82	%		0.79	%
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Net investment income		0.96	%		0.81	%		0.84	%		0.87	%		1.26	%		1.33	%
Supplemental data
Portfolio turnover rate		28	%		70	%		47	%		56	%		61	%		60	%
Net assets, end of period (000s omitted)		$31,852			$44,682			$119,884			$145,498			$103,810			$107,449

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.


26		Wells Fargo Ultra Short-Term Income Fund		Financial highlights

(For a share outstanding throughout each period)


	Six months ended February 29, 2016 (unaudited)			Year ended August 31
INSTITUTIONAL CLASS	Six months ended February 29, 2016 (unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period		$8.45			$8.53			$8.52			$8.55			$8.51			$8.51
Net investment income		0.05			0.08			0.09			0.09			0.13			0.13
Net realized and unrealized gains (losses) on investments		(0.02	)		(0.07	)		0.01			(0.03	)		0.04			0.02

Total from investment operations		0.03			0.01			0.10			0.06			0.17			0.15
Distributions to shareholders from
Net investment income		(0.05	)		(0.08	)		(0.09	)		(0.09	)		(0.13	)		(0.15	)
Tax basis return of capital		0.00			(0.01	)		0.00			0.00			0.00			0.00

Total distributions to shareholders		(0.05	)		(0.09	)		(0.09	)		(0.09	)		(0.13	)		(0.15	)
Net asset value, end of period		$8.43			$8.45			$8.53			$8.52			$8.55			$8.51
Total return¹		0.34	%		0.16	%		1.21	%		0.75	%		1.94	%		1.72	%
Ratios to average net assets (annualized)
Gross expenses		0.46	%		0.44	%		0.45	%		0.50	%		0.55	%		0.54	%
Net expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		1.16	%		0.99	%		1.05	%		1.07	%		1.46	%		1.50	%
Supplemental data
Portfolio turnover rate		28	%		70	%		47	%		56	%		61	%		60	%
Net assets, end of period (000s omitted)		$1,084,354			$1,137,808			$1,418,101			$996,437			$588,228			$596,838

¹	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 Ultra Short-Term Income Fund			27

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 Ultra Short-Term Income Fund (the “Fund”) which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

Securities valuation

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

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

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Security loans


28		Wells Fargo Ultra Short-Term Income 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.

When-issued transactions

Futures contracts

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.

Distributions to shareholders

Federal and other taxes


Notes to financial statements (unaudited)		Wells Fargo Ultra Short-Term Income Fund			29

Capital loss carryforwards that do not expire are required to be utilized prior to capital loss carryforwards that expire. As of August 31, 2015, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:


				No expiration
2016	2017	2018	2019	Short-term	Long-term
$8,848,032	$35,029,445	$7,738,751	$7,448,920	$1,790,107	$21,927,737

As of August 31, 2015, the Fund had current year deferred post-October capital losses consisting of $2,136,415 in short-term losses and $2,888,974 in long-term losses which was recognized on the first day of the current fiscal year.

Class allocations

3. FAIR VALUATION MEASUREMENTS

Level 1 – quoted prices in active markets for identical securities

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

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of February 29, 2016:


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

Agency securities	$	0	$	155,175,748	$	1,827,000	$	157,002,748

Asset-backed securities		0		227,069,535		0		227,069,535

Corporate bonds and notes		0		569,405,666		0		569,405,666

Municipal obligations		0		52,843,568		0		52,843,568

Non-agency mortgage-backed securities		0		178,112,322		0		178,112,322

Yankee corporate bonds and notes		0		200,932,344		0		200,932,344

Short-term investments
Investment companies		76,054,848		0		0		76,054,848
U.S. Treasury securities		1,949,815		0		0		1,949,815
Total assets	$	78,004,663	$	1,383,539,183	$	1,827,000	$	1,463,370,846
Liabilities
Futures contracts	$	63,094	$	0	$	0	$	63,094
Total liabilities	$	63,094	$	0	$	0	$	63,094


30		Wells Fargo Ultra Short-Term Income Fund		Notes to financial statements (unaudited)

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

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 0.255% as the average daily net assets of the Fund increase. For the six months ended February 29, 2016, the management fee was equivalent to an annual rate of 0.34% 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 0.15% and declining to 0.05% as the average daily net assets of the Fund increase.

Administration fees


	Class-level administration fee
Class A, Class C		0.16	%
Administrator Class		0.10
Institutional Class		0.08
Investor Class		0.19

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 December 31, 2016 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses at 0.70% for Class A shares, 1.45% for Class C shares, 0.55% for Administrator Class shares, and 0.35% 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. Distribution fees are 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 February 29, 2016, Funds Distributor received $1,695 from the sale of Class A shares.


Notes to financial statements (unaudited)		Wells Fargo Ultra Short-Term Income Fund			31

Shareholder servicing fees

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended February 29, 2016 were as follows:


Purchases at cost		Sales proceeds
U.S. government	Non-U.S. government	U.S. government	Non-U.S. government
$115,067,682	$386,805,305	$109,146,240	$290,042,487

6. DERIVATIVE TRANSACTIONS

During the six months ended February 29, 2016, the Fund entered into futures contracts for speculate on interest rates and to help manage the duration of the portfolio.

At February 29, 2016, the Fund had short futures contracts outstanding as follows:

Expiration date

Counterparty

Contracts

Type

Contract

Value at

February 29, 2016

Unrealized
gains

6-30-2016

JP Morgan

1,754 Short

2-Year U.S. Treasury Notes

383,331,221

681,822

The Fund had an average notional amount of $446,056,235 in short futures contracts during the six months ended February 29, 2016.

On February 29, 2016, the cumulative unrealized gains on futures contracts in the amount of $681,822 are reflected in net unrealized losses on investments on the Statement of Assets and Liabilities. The payable for daily variation margin on open futures contracts reflected in the Statement of Assets and Liabilities only represents the current day’s variation margin. The realized losses and change in unrealized gains (losses) on futures contracts are reflected in the Statement of Operations.

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

Derivative type

Counterparty

Gross amounts
of liabilities in the

Statement of

Assets and

Liabilities

Amounts
subject to
netting
agreements

Collateral
pledged¹

Net amount

of liabilities

Futures – variation margin

JP Morgan

$63,094

(63,094

)

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


32		Wells Fargo Ultra Short-Term Income Fund		Notes to financial statements (unaudited)

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. For the six months ended February 29, 2016, the Fund paid $1,981 in commitment fees.

For the six months ended February 29, 2016, there were no borrowings by the Fund under the agreement.

8. INDEMNIFICATION


Other information (unaudited)		Wells Fargo Ultra Short-Term Income Fund			33

PROXY VOTING INFORMATION

PORTFOLIO HOLDINGS INFORMATION


34		Wells Fargo Ultra Short-Term Income Fund		Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Independent Trustees


Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief 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 Ultra Short-Term Income Fund			35


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.
Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo Bank, N.A. since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Executive Vice President of Wells Fargo Funds Management, LLC since 2014, Senior Vice President and Chief Compliance Officer from 2007 to 2014.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2009	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

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

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


36		Wells Fargo Ultra Short-Term Income Fund		List of abbreviations

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

ACA	— ACA Financial Guaranty Corporation

ADR	— American depositary receipt

ADS	— American depositary shares

AGC	— Assured Guaranty Corporation

AGM	— Assured Guaranty Municipal

Ambac

— Ambac Financial Group Incorporated

AMT	— Alternative minimum tax

AUD	— Australian dollar

BAN	— Bond anticipation notes

BHAC	— Berkshire Hathaway Assurance Corporation

BRL	— Brazilian real

CAB	— Capital appreciation bond

CAD	— Canadian dollar

CCAB	— Convertible capital appreciation bond

CDA	— Community Development Authority

CDO	— Collateralized debt obligation

CHF	— Swiss franc

COP	— Colombian peso

CLP	— Chilean peso

DKK	— Danish krone

DRIVER

— Derivative inverse tax-exempt receipts

DW&P	— Department of Water & Power

DWR	— Department of Water Resources

ECFA	— Educational & Cultural Facilities Authority

EDA	— Economic Development Authority

EDFA	— Economic Development Finance Authority

ETF	— Exchange-traded fund

EUR

— Euro

FDIC	— Federal Deposit Insurance Corporation

FFCB	— Federal Farm Credit Banks

FGIC	— Financial Guaranty Insurance Corporation

FHA	— Federal Housing Administration

FHLB	— Federal Home Loan Bank

FHLMC

— Federal Home Loan Mortgage Corporation

FICO	— The Financing Corporation

FNMA	— Federal National Mortgage Association

FSA	— Farm Service Agency

GBP	— Great British pound

GDR	— Global depositary receipt

GNMA	— Government National Mortgage Association

GO	— General obligation

HCFR	— Healthcare facilities revenue

HEFA	— Health & Educational Facilities Authority

HEFAR

— Higher education facilities authority revenue

HFA	— Housing Finance Authority

HFFA	— Health Facilities Financing Authority

HKD	— Hong Kong dollar

HUD	— Department of Housing and Urban Development

HUF	— Hungarian forint

IDA	— Industrial Development Authority

IDAG	— Industrial Development Agency

IDR	— Indonesian rupiah

IEP	— Irish pound

JPY	— Japanese yen

KRW	— Republic of Korea won

LIBOR

— London Interbank Offered Rate

LIFER

— Long Inverse Floating Exempt Receipts

LIQ	— Liquidity agreement

LLC	— Limited liability company

LLLP	— Limited liability limited partnership

LLP	— Limited liability partnership

LOC	— Letter of credit

LP	— Limited partnership

MBIA	— Municipal Bond Insurance Association

MFHR	— Multifamily housing revenue

MSTR	— Municipal securities trust receipts

MTN	— Medium-term note

MUD	— Municipal Utility District

MXN	— Mexican peso

MYR	— Malaysian ringgit

National

— National Public Finance Guarantee Corporation

NGN	— Nigerian naira

NOK	— Norwegian krone

NZD	— New Zealand dollar

PCFA	— Pollution Control Financing Authority

PCL	— Public Company Limited

PCR	— Pollution control revenue

PFA	— Public Finance Authority

PFFA	— Public Facilities Financing Authority

PFOTER

— Puttable floating option tax-exempt receipts

plc	— Public limited company

PLN	— Polish zloty

PUTTER

— Puttable tax-exempt receipts

R&D	— Research & development

Radian

— Radian Asset Assurance

RAN	— Revenue anticipation notes

RDA	— Redevelopment Authority

RDFA	— Redevelopment Finance Authority

REIT	— Real estate investment trust

ROC	— Reset option certificates

RON	— Romanian lei

RUB	— Russian ruble

SAVRS

— Select auction variable rate securities

SBA	— Small Business Authority

SDR	— Swedish depositary receipt

SEK	— Swedish krona

SFHR	— Single-family housing revenue

SFMR	— Single-family mortgage revenue

SGD	— Singapore dollar

SPA	— Standby purchase agreement

SPDR	— Standard & Poor’s Depositary Receipts

SPEAR

— Short Puttable Exempt Adjustable Receipts

STRIPS

— Separate trading of registered interest and

principal securities

TAN	— Tax anticipation notes

TBA	— To be announced

THB	— Thai baht

TIPS	— Treasury inflation-protected securities

TRAN	— Tax revenue anticipation notes

TRY	— Turkish lira

TTFA	— Transportation Trust Fund Authority

TVA	— Tennessee Valley Authority

ZAR	— South African rand

LOGO

For more information

More information about Wells Fargo 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

241414 04-16

SA223/SAR223 2-16

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 (except for Wells Fargo Adjustable Rate Government Fund and Wells Fargo Government Securities Fund) is included as part of the report to shareholders filed under Item 1 of this Form. Wells Fargo Adjustable Rate Government Fund and Wells Fargo Government Securities Fund included a Summary Portfolio of Investments under Item 1. A Portfolio of Investments for each of Wells Fargo Advantage Adjustable Rate Government Fund and Wells Fargo Advantage Government Securities Fund is filed under this Item.


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Adjustable Rate Government Fund			1


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 94.73%
FDIC Series 2010-S2 Class 3A 144A±		1.13	%		12-29-2045	$	1,132,083	$	1,134,587
Federal Agricultural Mortgage Corporation Series 2000-A Class A ±		37.78			12-15-2039		120,694		120,588
FHLMC ±		0.95			4-1-2030		101,464		102,561
FHLMC ±		1.25			3-15-2024		799,096		799,001
FHLMC ±		1.88			12-1-2017		6,230		6,283
FHLMC ±		1.88			5-1-2018		555		556
FHLMC ±		1.88			6-1-2018		5,833		5,873
FHLMC ±		1.88			9-1-2018		816		830
FHLMC ±		1.88			5-1-2019		5,108		5,115
FHLMC ±		1.89			2-1-2037		553,347		577,105
FHLMC ±		1.90			9-1-2016		169		170
FHLMC ±		1.90			11-1-2016		22,969		23,124
FHLMC ±		1.90			7-1-2018		1,335		1,373
FHLMC ±		1.90			1-1-2019		4,982		5,028
FHLMC ±		1.90			2-1-2019		8,831		8,883
FHLMC ±		1.90			2-1-2035		268,128		280,417
FHLMC ±		1.90			1-1-2030		6,061		6,241
FHLMC ±		1.90			1-1-2030		7,201		7,293
FHLMC ±		1.90			7-1-2030		179,293		187,060
FHLMC ±		2.00			2-1-2037		15,769		16,332
FHLMC ±		2.02			7-1-2034		10,112,620		10,638,291
FHLMC ±		2.03			3-1-2018		7,411		7,551
FHLMC ±		2.05			10-1-2030		13,458		13,993
FHLMC ±		2.06			5-1-2028		295,846		310,235
FHLMC ±		2.09			6-1-2020		69,035		70,748
FHLMC ±		2.15			8-1-2018		1,405		1,428
FHLMC ±		2.18			5-1-2035		937,820		996,338
FHLMC ±		2.21			6-1-2035		3,333,203		3,499,924
FHLMC ±		2.21			6-1-2037		1,087,218		1,134,179
FHLMC ±		2.22			1-1-2037		2,698,460		2,829,711
FHLMC ±		2.22			11-1-2030		650,377		662,670
FHLMC ±		2.22			1-1-2022		16,490		16,905
FHLMC ±		2.23			6-1-2024		9,625		9,656
FHLMC ±		2.25			1-1-2023		45,510		48,420
FHLMC ±		2.26			8-1-2036		3,506,701		3,683,068
FHLMC ±		2.27			5-1-2020		630		631
FHLMC ±		2.29			7-1-2017		9,467		9,492
FHLMC ±		2.32			1-1-2030		23,624		24,582
FHLMC ±		2.32			12-1-2035		888,668		939,635
FHLMC ±		2.33			10-1-2018		9,884		9,925
FHLMC ±		2.33			3-1-2025		111,356		116,627
FHLMC ±		2.36			8-1-2033		2,282,834		2,406,013
FHLMC ±		2.36			11-1-2034		568,007		602,115
FHLMC ±		2.37			8-1-2035		397,120		409,844
FHLMC ±		2.38			5-1-2020		458		468
FHLMC ±		2.38			4-1-2035		491,345		522,013
FHLMC ±		2.38			7-1-2019		1,268		1,274
FHLMC ±		2.39			6-1-2020		1,412		1,415
FHLMC ±		2.39			10-1-2037		1,700,859		1,790,836
FHLMC ±		2.42			5-1-2037		423,971		449,493


2		Wells Fargo Adjustable Rate Government Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC ±		2.44	%		7-1-2024	$	44,227	$	44,473
FHLMC ±		2.46			4-1-2023		340,549		347,128
FHLMC ±		2.46			6-1-2036		3,492,233		3,679,159
FHLMC ±		2.46			4-1-2035		3,787,978		4,007,374
FHLMC ±		2.46			6-1-2037		7,139,933		7,560,879
FHLMC ±		2.47			10-1-2036		980,044		1,037,874
FHLMC ±		2.47			8-1-2033		482,655		513,198
FHLMC ±		2.47			4-1-2035		1,996,532		2,119,228
FHLMC ±		2.48			10-1-2033		62,542		63,201
FHLMC ±		2.48			4-1-2034		1,082,183		1,145,939
FHLMC ±		2.48			5-1-2037		3,700,546		3,924,978
FHLMC ±		2.48			5-1-2032		56,311		59,134
FHLMC ±		2.48			5-1-2034		2,734,650		2,885,667
FHLMC ±		2.48			5-1-2033		263,002		279,095
FHLMC ±		2.48			4-1-2034		899,360		949,044
FHLMC ±		2.48			8-1-2034		1,601,797		1,698,597
FHLMC ±		2.48			3-1-2034		1,153,337		1,217,605
FHLMC ±		2.48			10-1-2033		514,901		545,009
FHLMC ±		2.48			3-1-2034		1,036,517		1,092,395
FHLMC ±		2.49			8-1-2036		3,675,755		3,864,926
FHLMC ±		2.49			6-1-2033		642,941		677,903
FHLMC ±		2.49			6-1-2037		6,790,863		7,159,569
FHLMC ±		2.50			6-1-2036		1,821,961		1,915,944
FHLMC ±		2.50			5-1-2038		1,897,228		1,994,548
FHLMC ±		2.50			9-1-2035		2,446,852		2,600,291
FHLMC ±		2.50			10-1-2033		2,209,586		2,332,913
FHLMC ±		2.50			6-1-2019		71,728		73,483
FHLMC ±		2.50			6-1-2033		1,550,123		1,622,753
FHLMC ±		2.50			9-1-2033		376,233		397,195
FHLMC ±		2.50			5-1-2034		467,261		496,105
FHLMC ±		2.50			7-1-2035		3,544,311		3,737,356
FHLMC ±		2.50			11-1-2035		1,781,120		1,871,856
FHLMC ±		2.50			3-1-2036		1,236,756		1,305,835
FHLMC ±		2.50			5-1-2038		2,425,048		2,573,855
FHLMC ±		2.51			10-1-2035		2,241,131		2,350,530
FHLMC ±		2.51			12-1-2035		3,087,055		3,281,518
FHLMC ±		2.51			8-1-2035		3,592,951		3,787,307
FHLMC ±		2.51			7-1-2036		625,898		660,372
FHLMC ±		2.51			1-1-2037		1,968,465		2,071,785
FHLMC ±		2.51			2-1-2037		597,677		632,289
FHLMC ±		2.52			11-1-2036		1,734,773		1,826,970
FHLMC ±		2.52			4-1-2037		896,091		949,843
FHLMC ±		2.52			10-1-2034		1,683,350		1,771,162
FHLMC ±		2.52			2-1-2036		1,949,524		2,053,668
FHLMC ±		2.52			5-1-2035		3,684,260		3,884,091
FHLMC ±		2.52			9-1-2035		6,437,800		6,784,113
FHLMC ±		2.52			8-1-2027		8,278		8,412
FHLMC ±		2.52			5-1-2025		89,265		90,864
FHLMC ±		2.52			6-1-2035		2,515,498		2,673,071
FHLMC ±		2.52			2-1-2036		2,009,381		2,114,387


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Adjustable Rate Government Fund			3


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC ±		2.53	%		6-1-2019	$	47,518	$	48,057
FHLMC ±		2.53			2-1-2035		5,039,443		5,305,945
FHLMC ±		2.53			12-1-2018		17,710		17,861
FHLMC ±		2.53			12-1-2018		13,862		14,030
FHLMC ±		2.53			1-1-2024		7,602		7,618
FHLMC ±		2.53			7-1-2031		2,137,005		2,243,735
FHLMC ±		2.53			8-1-2035		4,226,699		4,455,791
FHLMC ±		2.53			2-1-2036		1,305,714		1,373,661
FHLMC ±		2.53			4-1-2038		2,050,771		2,161,364
FHLMC ±		2.53			3-1-2032		1,154,683		1,228,014
FHLMC ±		2.54			12-1-2034		765,301		805,797
FHLMC ±		2.54			6-1-2035		211,629		222,177
FHLMC ±		2.54			1-1-2038		7,050,145		7,446,411
FHLMC ±		2.54			10-1-2035		3,223,030		3,404,021
FHLMC ±		2.54			10-1-2033		1,172,288		1,241,714
FHLMC ±		2.54			12-1-2035		3,733,181	��	3,926,730
FHLMC ±		2.54			4-1-2034		4,211,919		4,442,375
FHLMC ±		2.54			12-1-2032		3,997,766		4,239,653
FHLMC ±		2.54			9-1-2034		5,068,177		5,327,374
FHLMC ±		2.54			8-1-2035		842,889		887,359
FHLMC ±		2.55			4-1-2037		3,497,662		3,699,913
FHLMC ±		2.55			5-1-2035		479,699		508,902
FHLMC ±		2.55			4-1-2037		800,670		849,973
FHLMC ±		2.55			6-1-2035		3,078,540		3,230,518
FHLMC ±		2.55			10-1-2036		753,721		795,084
FHLMC ±		2.55			9-1-2030		384,366		403,686
FHLMC ±		2.55			6-1-2035		648,063		684,197
FHLMC ±		2.55			5-1-2039		2,272,970		2,404,107
FHLMC ±		2.55			11-1-2029		178,389		182,839
FHLMC ±		2.55			9-1-2033		1,334,789		1,408,154
FHLMC ±		2.55			4-1-2038		6,562,663		6,917,679
FHLMC ±		2.56			5-1-2034		142,374		149,973
FHLMC ±		2.56			4-1-2036		913,943		964,119
FHLMC ±		2.56			11-1-2036		1,804,717		1,901,813
FHLMC ±		2.56			2-1-2036		1,021,733		1,076,130
FHLMC ±		2.56			10-1-2036		1,301,293		1,374,497
FHLMC ±		2.56			3-1-2037		2,435,353		2,576,435
FHLMC ±		2.56			4-1-2037		2,689,908		2,834,829
FHLMC ±		2.56			3-1-2027		148,049		151,766
FHLMC ±		2.56			1-1-2035		564,553		598,484
FHLMC ±		2.56			6-1-2026		1,345,340		1,410,697
FHLMC ±		2.56			1-1-2037		3,972,927		4,189,465
FHLMC ±		2.57			12-1-2033		1,278,318		1,353,582
FHLMC ±		2.57			7-1-2034		231,532		243,812
FHLMC ±		2.57			4-1-2034		3,990,915		4,201,678
FHLMC ±		2.57			5-1-2034		2,183,590		2,297,238
FHLMC ±		2.58			3-1-2025		1,404,455		1,452,875
FHLMC ±		2.58			11-1-2035		640,868		677,845
FHLMC ±		2.58			11-1-2027		817,000		865,272
FHLMC ±		2.58			10-1-2029		126,233		129,985


4		Wells Fargo Adjustable Rate Government Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC ±		2.58	%		3-1-2037	$	657,437	$	693,991
FHLMC ±		2.58			9-1-2033		947,682		1,010,400
FHLMC ±		2.58			7-1-2031		316,500		335,922
FHLMC ±		2.58			2-1-2035		2,330,580		2,455,553
FHLMC ±		2.58			1-1-2036		990,498		1,044,972
FHLMC ±		2.59			1-1-2036		2,562,185		2,702,149
FHLMC ±		2.59			4-1-2035		4,829,206		5,089,913
FHLMC ±		2.59			1-1-2033		840,021		889,237
FHLMC ±		2.59			1-1-2034		1,283,290		1,350,622
FHLMC ±		2.59			6-1-2036		3,951,815		4,168,143
FHLMC ±		2.60			4-1-2037		1,944,683		2,059,767
FHLMC ±		2.60			7-1-2038		1,079,556		1,139,771
FHLMC ±		2.60			9-1-2032		2,583,807		2,716,896
FHLMC ±		2.60			1-1-2037		359,647		380,104
FHLMC ±		2.60			7-1-2038		2,388,593		2,522,735
FHLMC ±		2.60			9-1-2029		1,038,467		1,096,269
FHLMC ±		2.61			4-1-2038		2,561,611		2,717,533
FHLMC ±		2.61			2-1-2036		1,279,864		1,348,796
FHLMC ±		2.61			10-1-2034		2,717,540		2,887,842
FHLMC ±		2.61			1-1-2019		241		243
FHLMC ±		2.61			1-1-2035		512,463		541,716
FHLMC ±		2.61			6-1-2029		630,349		662,431
FHLMC ±		2.61			5-1-2023		74,238		75,362
FHLMC ±		2.62			12-1-2036		1,007,904		1,062,408
FHLMC ±		2.62			1-1-2028		23,559		24,735
FHLMC ±		2.62			5-1-2037		450,755		480,935
FHLMC ±		2.62			7-1-2027		715,884		733,603
FHLMC ±		2.63			6-1-2028		177,224		183,691
FHLMC ±		2.63			1-1-2028		5,149		5,457
FHLMC ±		2.63			2-1-2031		1,019,149		1,070,796
FHLMC ±		2.63			6-1-2035		1,823,415		1,924,060
FHLMC ±		2.63			11-1-2029		236,789		245,731
FHLMC ±		2.63			7-1-2034		993,122		1,049,603
FHLMC ±		2.63			4-1-2036		3,015,509		3,171,065
FHLMC ±		2.63			9-1-2038		1,161,129		1,229,435
FHLMC ±		2.64			9-1-2038		1,312,850		1,387,857
FHLMC ±		2.64			6-1-2035		2,834,394		3,009,295
FHLMC ±		2.64			2-1-2034		940,919		1,002,259
FHLMC ±		2.65			11-1-2035		1,812,016		1,911,549
FHLMC ±		2.65			2-1-2036		212,353		224,375
FHLMC ±		2.65			9-1-2036		1,048,397		1,107,561
FHLMC ±		2.65			9-1-2030		8,894,049		9,415,754
FHLMC ±		2.65			9-1-2031		78,309		79,821
FHLMC ±		2.65			2-1-2034		2,985,050		3,159,496
FHLMC ±		2.65			7-1-2029		81,956		85,875
FHLMC ±		2.65			10-1-2033		2,758,627		2,924,978
FHLMC ±		2.66			6-1-2035		731,705		772,818
FHLMC ±		2.67			11-1-2022		255,708		266,850
FHLMC ±		2.68			6-1-2025		77,340		78,779
FHLMC ±		2.68			8-1-2029		128,643		131,492


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Adjustable Rate Government Fund			5


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC ±		2.68	%		7-1-2030	$	9,151	$	9,232
FHLMC ±		2.68			12-1-2034		4,944,193		5,228,509
FHLMC ±		2.68			1-1-2037		1,507,953		1,596,640
FHLMC ±		2.69			2-1-2034		1,118,563		1,172,800
FHLMC ±		2.70			2-1-2036		1,863,359		1,957,006
FHLMC ±		2.72			10-1-2030		2,377,774		2,507,745
FHLMC ±		2.72			7-1-2034		2,409,650		2,550,160
FHLMC ±		2.73			10-1-2025		93,591		95,946
FHLMC ±		2.73			10-1-2025		38,221		38,494
FHLMC ±		2.73			2-1-2030		59,272		60,214
FHLMC ±		2.73			6-1-2030		408,058		427,994
FHLMC ±		2.73			6-1-2030		119,842		123,138
FHLMC ±		2.73			2-1-2035		1,452,475		1,546,572
FHLMC ±		2.73			4-1-2029		145,943		149,168
FHLMC ±		2.73			2-1-2034		903,331		961,792
FHLMC ±		2.74			7-1-2037		907,015		963,600
FHLMC ±		2.74			4-1-2034		899,408		951,043
FHLMC ±		2.75			11-1-2018		5,585		5,596
FHLMC ±		2.75			11-1-2029		1,026,972		1,088,924
FHLMC ±		2.75			12-1-2032		745,955		793,805
FHLMC ±		2.75			7-1-2036		1,068,842		1,128,118
FHLMC ±		2.76			4-1-2035		1,350,002		1,425,210
FHLMC ±		2.77			4-1-2019		5,023		5,072
FHLMC ±		2.78			6-1-2022		186		187
FHLMC ±		2.78			5-1-2036		4,358,164		4,611,026
FHLMC ±		2.79			11-1-2029		131,943		137,261
FHLMC ±		2.79			10-1-2024		169,676		178,853
FHLMC ±		2.80			2-1-2024		26,392		26,575
FHLMC ±		2.83			9-1-2029		153,042		156,950
FHLMC ±		2.85			6-1-2030		73,782		75,555
FHLMC ±		2.85			6-1-2032		243,298		250,075
FHLMC ±		2.85			11-1-2032		130,440		133,750
FHLMC ±		2.86			2-1-2036		4,499,735		4,800,996
FHLMC ±		2.86			8-1-2030		5,113,816		5,424,142
FHLMC ±		2.88			8-1-2019		14,502		14,587
FHLMC ±		2.88			7-1-2018		18,609		18,766
FHLMC ±		2.89			4-1-2032		105,510		108,719
FHLMC ±		2.91			2-1-2018		2,012		2,032
FHLMC ±		2.93			2-1-2029		241,006		250,046
FHLMC ±		2.93			4-1-2020		2,317		2,327
FHLMC ±		2.95			5-1-2028		279,912		292,818
FHLMC ±		2.95			9-1-2030		164,989		169,445
FHLMC ±		3.00			11-1-2026		207,431		215,731
FHLMC ±		3.02			8-1-2029		122,903		127,887
FHLMC ±		3.06			6-1-2021		103,012		105,398
FHLMC ±		3.06			2-1-2027		168,789		171,075
FHLMC ±		3.06			12-1-2025		201,076		209,161
FHLMC ±		3.25			5-1-2031		156,438		165,512
FHLMC ±		3.38			5-1-2032		258,955		268,746
FHLMC ±		3.47			7-1-2028		38,632		38,992


6		Wells Fargo Adjustable Rate Government Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC ±		3.49	%		12-1-2025	$	621,724	$	657,805
FHLMC ±		3.52			6-1-2035		1,483,960		1,564,763
FHLMC ±		3.70			8-1-2029		10,634		10,690
FHLMC ±		3.78			11-1-2026		149,308		155,343
FHLMC ±		3.85			4-1-2023		89,453		91,086
FHLMC		4.00			12-15-2023		100,342		102,786
FHLMC ±		4.27			2-1-2021		29,613		29,961
FHLMC ±		4.72			8-1-2027		73,527		73,455
FHLMC		5.00			10-1-2022		20,087		21,637
FHLMC ±		5.50			8-1-2024		475,183		500,928
FHLMC		6.50			4-1-2018		45,614		51,991
FHLMC		7.00			9-1-2035		69,883		72,144
FHLMC		8.50			5-1-2020		36,772		37,751
FHLMC Series 0020 Class F ±		1.26			7-1-2029		22,000		22,426
FHLMC Series 1671 Class QA ±		1.61			2-15-2024		590,190		605,319
FHLMC Series 1686 Class FE ±		1.76			2-15-2024		36,275		37,150
FHLMC Series 1730 Class FA ±		1.50			5-15-2024		230,035		224,785
FHLMC Series 2315 Class FW ±		0.98			4-15-2027		138,832		140,601
FHLMC Series 2391 Class EF ±		0.93			6-15-2031		115,427		116,797
FHLMC Series 2454 Class SL ±(c)		7.57			3-15-2032		249,155		62,748
FHLMC Series 2461 Class FI ±		0.93			4-15-2028		169,258		171,284
FHLMC Series 2464 Class FE ±		1.43			3-15-2032		162,393		167,024
FHLMC Series 2466 Class FV ±		0.98			3-15-2032		308,620		313,163
FHLMC Series 2538 Class F ±		1.03			12-15-2032		699,483		708,468
FHLMC Series 3001 Class EA ±		0.78			3-15-2035		189,440		189,837
FHLMC Series 3335 Class FT ±		0.58			8-15-2019		323,271		322,765
FHLMC Series 3436 Class A ±		2.41			11-15-2036		1,412,622		1,489,424
FHLMC Series T-15 Class A6 ±		0.83			11-25-2028		711,576		709,640
FHLMC Series T-16 Class A ±		0.79			6-25-2029		1,898,044		1,934,741
FHLMC Series T-20 Class A7 ±		0.74			12-25-2029		3,244,755		3,179,727
FHLMC Series T-21 Class A ±		0.80			10-25-2029		1,810,268		1,793,857
FHLMC Series T-23 Class A ±		0.72			5-25-2030		2,125,382		2,101,186
FHLMC Series T-27 Class A ±		0.74			10-25-2030		1,372,941		1,361,133
FHLMC Series T-30 Class A7 ±		0.68			12-25-2030		1,463,244		1,413,380
FHLMC Series T-35 Class A ±		0.72			9-25-2031		4,253,052		4,202,790
FHLMC Series T-36 Class A ±		0.74			1-25-2032		485,042		481,795
FHLMC Series T-48 Class 2A ±		3.38			7-25-2033		2,905,925		3,123,114
FHLMC Series T-54 Class 4A ±		3.12			2-25-2043		2,067,119		2,194,853
FHLMC Series T-55 Class 1A1		6.50			3-25-2043		90,500		101,142
FHLMC Series T-56 Class 3AF ±		1.44			5-25-2043		1,331,582		1,365,927
FHLMC Series T-62 Class 1A1 ±		1.49			10-25-2044		5,404,484		5,390,082
FHLMC Series T-63 Class 1A1 ±		1.49			2-25-2045		4,838,748		5,092,102
FHLMC Series T-66 Class 2A1 ±		2.95			1-25-2036		3,214,110		3,344,650
FHLMC Series T-67 Class 1A1C ±		2.96			3-25-2036		10,649,173		11,341,773
FHLMC Series T-67 Class 2A1C ±		2.94			3-25-2036		6,594,578		6,886,062
FHLMC Series T-75 Class A1 ±		0.48			12-25-2036		3,486,395		3,470,253
FNMA ±		1.38			12-1-2020		20,766		20,778
FNMA ±		1.50			1-1-2021		2,618		2,689
FNMA ±		1.50			1-1-2021		2,792		2,864
FNMA ±		1.50			6-1-2021		43,267		45,098


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Adjustable Rate Government Fund			7


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA ±		1.58	%		9-1-2032	$	61,040	$	61,065
FNMA ±		1.69			12-1-2030		145,778		148,136
FNMA ±		1.73			1-1-2017		147		147
FNMA ±		1.75			12-1-2016		313		313
FNMA ±		1.75			7-1-2017		380		381
FNMA ±		1.77			8-1-2032		252,771		253,697
FNMA ±		1.77			8-1-2033		1,564,979		1,632,277
FNMA ±		1.79			8-1-2030		1,943,974		2,005,999
FNMA ±		1.82			3-1-2030		21,548		21,661
FNMA ±		1.83			8-1-2033		298,655		311,572
FNMA ±		1.83			3-1-2034		418,459		443,376
FNMA ±		1.87			8-1-2033		3,826		3,910
FNMA ±		1.88			7-1-2017		912		917
FNMA ±		1.88			8-1-2017		438		442
FNMA ±		1.88			3-1-2021		462		469
FNMA ±		1.88			3-1-2030		16,094		16,154
FNMA ±		1.88			8-1-2031		147,790		151,409
FNMA ±		1.89			5-1-2029		412,666		432,546
FNMA ±		1.89			4-1-2042		3,296,554		3,479,576
FNMA ±		1.89			10-1-2044		1,525,401		1,612,085
FNMA ±		1.90			10-1-2017		16,915		17,425
FNMA ±		1.90			1-1-2018		23,164		23,204
FNMA ±		1.90			11-1-2023		36,604		37,439
FNMA ±		1.90			11-1-2024		7,692		7,897
FNMA ±		1.90			3-1-2033		203,029		211,750
FNMA ±		1.90			1-1-2035		1,298,187		1,355,171
FNMA ±		1.91			4-1-2021		52,931		55,415
FNMA ±		1.92			8-1-2031		132,653		136,014
FNMA ±		1.92			4-1-2033		509,412		536,473
FNMA ±		1.92			4-1-2019		3,006		3,035
FNMA ±		1.94			12-1-2031		142,041		145,042
FNMA ±		1.95			9-1-2031		230,142		237,964
FNMA ±		1.95			12-1-2031		262,988		274,540
FNMA ±		1.97			12-1-2017		38,679		39,119
FNMA ±		1.98			10-1-2037		1,629,740		1,694,215
FNMA ±		1.99			1-1-2035		121,903		128,567
FNMA ±		1.99			7-1-2020		9,227		9,523
FNMA ±		1.99			1-1-2032		274,308		286,176
FNMA ±		2.00			12-1-2031		23,616		23,625
FNMA ±		2.01			8-1-2032		153,284		157,315
FNMA ±		2.01			4-1-2018		2,121		2,145
FNMA ±		2.04			1-1-2038		399,773		408,533
FNMA ±		2.05			12-1-2022		11,658		11,752
FNMA ±		2.06			3-1-2034		579,330		607,705
FNMA ±		2.07			6-1-2031		304,490		314,543
FNMA ±		2.09			1-1-2035		3,228,815		3,371,138
FNMA ±		2.10			4-1-2038		975,177		1,030,701
FNMA ±		2.11			6-1-2035		1,065,068		1,114,031
FNMA ±		2.12			5-1-2018		3,861		3,869
FNMA ±		2.13			2-1-2018		2,900		2,941


8		Wells Fargo Adjustable Rate Government Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA ±		2.13	%		5-1-2019	$	95	$	95
FNMA ±		2.13			6-1-2019		418		419
FNMA ±		2.13			1-1-2022		10,103		10,130
FNMA ±		2.13			8-1-2031		68,807		72,118
FNMA ±		2.13			2-1-2033		651,307		686,824
FNMA ±		2.14			6-1-2032		69,008		69,549
FNMA ±		2.16			2-1-2033		459,183		483,512
FNMA ±		2.16			10-1-2035		7,947,956		8,313,236
FNMA ±		2.17			7-1-2038		1,200,841		1,256,460
FNMA ±		2.18			12-1-2035		5,287,070		5,514,507
FNMA ±		2.19			11-1-2017		16,596		16,672
FNMA ±		2.19			11-1-2034		1,017,460		1,065,829
FNMA ±		2.20			11-1-2035		57,621		60,266
FNMA ±		2.21			8-1-2017		107,654		107,462
FNMA ±		2.22			4-1-2024		3,423,992		3,452,855
FNMA ±		2.22			11-1-2035		1,646,861		1,727,017
FNMA ±		2.22			1-1-2036		4,070,381		4,263,689
FNMA ±		2.22			7-1-2035		2,060,260		2,162,814
FNMA ±		2.23			1-1-2036		441,236		463,241
FNMA ±		2.24			10-1-2018		54,692		56,391
FNMA ±		2.24			2-1-2033		246,405		256,621
FNMA ±		2.24			10-1-2024		51,664		51,940
FNMA ±		2.24			12-1-2024		78,192		78,668
FNMA ±		2.25			5-1-2017		20,030		20,072
FNMA ±		2.25			1-1-2018		203,997		210,144
FNMA ±		2.25			1-1-2019		61,224		61,893
FNMA ±		2.25			2-1-2020		5,953		5,969
FNMA ±		2.25			11-1-2035		359,738		376,988
FNMA ±		2.25			5-1-2033		4,647,184		4,950,116
FNMA ±		2.27			11-1-2017		47,084		47,720
FNMA ±		2.27			9-1-2035		2,940,319		3,087,726
FNMA ±		2.28			5-1-2018		174		173
FNMA ±		2.28			11-1-2035		2,021,995		2,121,282
FNMA ±		2.28			10-1-2035		764,499		801,686
FNMA ±		2.29			6-1-2035		2,535,161		2,671,347
FNMA ±		2.29			12-1-2032		1,013,966		1,064,450
FNMA ±		2.30			11-1-2038		1,438,973		1,524,218
FNMA ±		2.30			4-1-2018		164,353		169,810
FNMA ±		2.30			4-1-2030		111,756		114,518
FNMA ±		2.30			7-1-2018		164,375		169,475
FNMA ±		2.30			11-1-2027		32,894		33,357
FNMA ±		2.31			12-1-2023		9,784		9,828
FNMA ±		2.32			7-1-2035		1,413,923		1,467,552
FNMA ±		2.32			4-1-2033		1,061,539		1,125,932
FNMA ±		2.33			1-1-2035		603,332		635,830
FNMA ±		2.33			7-1-2018		667		672
FNMA ±		2.33			6-1-2034		866,110		912,962
FNMA ±		2.35			7-1-2035		548,202		574,182
FNMA ±		2.35			4-1-2033		419,607		441,945
FNMA ±		2.36			7-1-2035		1,250,366		1,322,410


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Adjustable Rate Government Fund			9


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA ±		2.36	%		9-1-2036	$	1,529,582	$	1,620,342
FNMA ±		2.36			8-1-2025		43,018		44,096
FNMA ±		2.36			5-1-2034		938,188		992,577
FNMA ±		2.37			12-1-2025		20,984		21,280
FNMA ±		2.37			8-1-2026		93,255		96,094
FNMA ±		2.37			8-1-2035		474,228		494,208
FNMA ±		2.37			5-1-2032		192,023		195,851
FNMA ±		2.37			3-1-2033		462,434		483,810
FNMA ±		2.37			3-1-2031		39,471		39,704
FNMA ±		2.38			1-1-2027		36,809		37,215
FNMA ±		2.38			5-1-2033		1,179,596		1,241,443
FNMA ±		2.38			4-1-2034		763,042		800,701
FNMA ±		2.38			5-1-2035		1,672,095		1,771,868
FNMA ±		2.38			9-1-2035		2,535,430		2,675,438
FNMA ±		2.38			5-1-2033		879,686		928,652
FNMA ±		2.39			7-1-2036		3,747,262		3,958,003
FNMA ±		2.39			1-1-2040		558,968		589,070
FNMA ±		2.40			10-1-2033		627,739		664,949
FNMA ±		2.40			12-1-2033		1,440,881		1,536,775
FNMA ±		2.40			7-1-2024		13,651		13,692
FNMA ±		2.40			9-1-2030		842,741		860,237
FNMA ±		2.40			4-1-2033		1,139,444		1,205,189
FNMA ±		2.40			5-1-2035		1,236,568		1,306,640
FNMA ±		2.40			5-1-2034		986,598		1,044,205
FNMA ±		2.41			11-1-2022		56,787		57,069
FNMA ±		2.41			12-1-2028		6,634		6,685
FNMA ±		2.41			5-1-2018		20,476		20,701
FNMA ±		2.41			1-1-2036		416,060		439,730
FNMA ±		2.41			7-1-2035		3,110,194		3,288,961
FNMA ±		2.41			5-1-2036		2,473,226		2,606,031
FNMA ±		2.43			12-1-2024		32,228		32,465
FNMA ±		2.43			6-1-2032		43,338		43,557
FNMA ±		2.43			6-1-2032		78,228		79,321
FNMA ±		2.43			9-1-2036		837,822		886,467
FNMA ±		2.43			10-1-2025		141,530		146,264
FNMA ±		2.43			6-1-2035		539,939		571,144
FNMA ±		2.43			5-1-2038		4,655,977		4,911,735
FNMA ±		2.43			10-1-2024		277,815		288,926
FNMA ±		2.43			12-1-2033		1,753,884		1,857,725
FNMA ±		2.43			5-1-2035		399,245		421,471
FNMA ±		2.43			4-1-2040		291,199		308,327
FNMA ±		2.43			1-1-2036		1,420,415		1,502,196
FNMA ±		2.44			1-1-2037		7,925,516		8,399,068
FNMA ±		2.44			8-1-2039		4,626,832		4,894,900
FNMA ±		2.44			9-1-2035		392,125		410,950
FNMA ±		2.44			10-1-2035		2,673,845		2,799,742
FNMA ±		2.44			9-1-2032		6,440,574		6,783,956
FNMA ±		2.44			8-1-2033		1,711,772		1,806,061
FNMA ±		2.44			7-1-2035		1,920,426		2,037,634
FNMA ±		2.44			8-1-2036		3,294,939		3,479,230


10		Wells Fargo Adjustable Rate Government Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA ±		2.44	%		6-1-2033	$	875,514	$	923,646
FNMA ±		2.44			1-1-2037		1,805,796		1,908,117
FNMA ±		2.44			6-1-2018		9,150		9,166
FNMA ±		2.44			4-1-2037		3,635,705		3,829,240
FNMA ±		2.45			9-1-2038		1,510,979		1,593,914
FNMA ±		2.45			1-1-2036		123,768		129,105
FNMA ±		2.45			6-1-2017		8,205		8,228
FNMA ±		2.45			4-1-2020		3,873		3,891
FNMA ±		2.45			2-1-2036		1,113,262		1,172,884
FNMA ±		2.45			3-1-2037		738,349		779,983
FNMA ±		2.45			7-1-2040		3,299,492		3,500,633
FNMA ±		2.45			6-1-2041		957,655		1,013,771
FNMA ±		2.46			6-1-2033		312,231		325,446
FNMA ±		2.46			4-1-2034		1,277,947		1,348,189
FNMA ±		2.46			9-1-2035		1,850,975		1,952,870
FNMA ±		2.46			8-1-2035		2,931,807		3,095,158
FNMA ±		2.46			7-1-2033		127,720		132,923
FNMA ±		2.46			6-1-2035		1,456,013		1,537,658
FNMA ±		2.46			7-1-2035		1,961,309		2,071,892
FNMA ±		2.46			2-1-2045		3,408,791		3,590,608
FNMA ±		2.46			6-1-2035		399,963		421,594
FNMA ±		2.46			11-1-2038		1,171,535		1,241,019
FNMA ±		2.46			12-1-2040		2,100,667		2,208,444
FNMA ±		2.46			9-1-2039		6,751,895		7,121,660
FNMA ±		2.47			4-1-2030		17,466		17,575
FNMA ±		2.47			4-1-2033		1,422,297		1,507,973
FNMA ±		2.47			5-1-2036		1,662,111		1,753,866
FNMA ±		2.47			12-1-2040		8,304,037		8,745,435
FNMA ±		2.47			6-1-2027		103,390		105,912
FNMA ±		2.47			7-1-2035		1,182,610		1,251,345
FNMA ±		2.47			7-1-2039		4,792,024		5,054,553
FNMA ±		2.47			11-1-2036		4,032,071		4,249,148
FNMA ±		2.47			8-1-2031		125,163		128,432
FNMA ±		2.47			1-1-2033		3,886,726		4,099,150
FNMA ±		2.47			12-1-2035		648,700		684,201
FNMA ±		2.47			5-1-2039		3,928,608		4,137,394
FNMA ±		2.47			9-1-2039		4,187,534		4,408,148
FNMA ±		2.47			4-1-2030		13,497		14,179
FNMA ±		2.47			4-1-2035		3,370,851		3,564,172
FNMA ±		2.47			9-1-2036		1,244,915		1,319,088
FNMA ±		2.47			7-1-2035		1,963,770		2,071,273
FNMA ±		2.47			7-1-2035		591,237		627,220
FNMA ±		2.48			9-1-2033		60,642		61,049
FNMA ±		2.48			3-1-2035		1,205,994		1,274,107
FNMA ±		2.48			1-1-2037		3,160,977		3,327,315
FNMA ±		2.48			5-1-2028		54,958		55,563
FNMA ±		2.48			9-1-2034		4,583,513		4,830,977
FNMA ±		2.48			2-1-2035		3,978,180		4,184,499
FNMA ±		2.48			10-1-2035		341,689		359,666
FNMA ±		2.48			9-1-2019		43,976		44,363


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Adjustable Rate Government Fund			11


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA ±		2.48	%		11-1-2020	$	537,957	$	540,530
FNMA ±		2.48			11-1-2035		1,184,600		1,246,091
FNMA ±		2.48			6-1-2036		724,045		766,600
FNMA ±		2.48			3-1-2038		2,910,509		3,069,529
FNMA ±		2.48			5-1-2033		531,788		558,914
FNMA ±		2.48			6-1-2036		2,510,802		2,640,501
FNMA ±		2.49			7-1-2028		228		242
FNMA ±		2.49			5-1-2033		327,502		345,051
FNMA ±		2.49			6-1-2034		3,305,404		3,477,272
FNMA ±		2.49			1-1-2035		5,564,316		5,858,155
FNMA ±		2.49			9-1-2035		1,166,425		1,228,713
FNMA ±		2.49			10-1-2036		1,323,824		1,392,757
FNMA ±		2.49			12-1-2036		876,427		923,348
FNMA ±		2.49			1-1-2034		3,009,505		3,188,930
FNMA ±		2.49			1-1-2037		4,157,186		4,433,069
FNMA ±		2.49			1-1-2035		860,141		906,371
FNMA ±		2.49			12-1-2037		823,161		867,053
FNMA ±		2.49			12-1-2040		554,920		584,150
FNMA ±		2.49			12-1-2040		5,066,686		5,331,993
FNMA ±		2.49			4-1-2038		1,714,219		1,805,073
FNMA ±		2.49			7-1-2040		3,363,102		3,540,253
FNMA ±		2.49			5-1-2033		3,267,764		3,466,732
FNMA ±		2.49			9-1-2032		70,026		71,797
FNMA ±		2.50			11-1-2035		2,154,159		2,268,453
FNMA ±		2.50			7-1-2037		795,776		835,665
FNMA ±		2.50			7-1-2038		2,443,895		2,572,290
FNMA ±		2.50			10-1-2027		748,107		789,113
FNMA ±		2.50			7-1-2038		6,320,382		6,656,219
FNMA ±		2.50			12-1-2033		2,210,952		2,312,257
FNMA ±		2.50			12-1-2040		2,698,851		2,845,022
FNMA ±		2.50			2-1-2038		1,152,347		1,214,973
FNMA ±		2.50			5-1-2017		20,722		21,036
FNMA ±		2.50			7-1-2017		23,881		23,918
FNMA ±		2.50			6-1-2025		8,189		8,243
FNMA ±		2.50			2-1-2033		255,645		262,718
FNMA ±		2.50			12-1-2040		1,565,270		1,647,831
FNMA ±		2.50			4-1-2024		22,111		22,938
FNMA ±		2.50			7-1-2036		4,658,072		4,901,067
FNMA ±		2.50			5-1-2037		1,764,335		1,864,567
FNMA ±		2.50			12-1-2040		5,633,489		5,937,465
FNMA ±		2.50			9-1-2035		6,932,939		7,288,868
FNMA ±		2.51			10-1-2024		5,991		6,163
FNMA ±		2.51			12-1-2034		1,858,087		1,960,775
FNMA ±		2.51			4-1-2033		957,027		1,007,845
FNMA ±		2.51			5-1-2035		1,120,907		1,184,169
FNMA ±		2.51			2-1-2036		5,105,788		5,359,588
FNMA ±		2.51			12-1-2032		1,035,427		1,092,943
FNMA ±		2.51			3-1-2035		4,487,624		4,726,332
FNMA ±		2.51			6-1-2036		4,339,120		4,575,234
FNMA ±		2.51			10-1-2036		4,333,013		4,561,734


12		Wells Fargo Adjustable Rate Government Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA ±		2.51	%		6-1-2026	$	80,584	$	83,107
FNMA ±		2.51			12-1-2034		1,539,376		1,617,404
FNMA ±		2.51			1-1-2037		1,983,432		2,092,460
FNMA ±		2.51			11-1-2037		1,253,600		1,320,433
FNMA ±		2.52			6-1-2027		1,343		1,387
FNMA ±		2.52			1-1-2037		4,088,745		4,293,433
FNMA ±		2.52			6-1-2034		4,147,560		4,364,640
FNMA ±		2.52			8-1-2026		626,020		667,043
FNMA ±		2.52			7-1-2029		703,886		747,187
FNMA ±		2.52			12-1-2044		5,438,812		5,725,302
FNMA ±		2.52			7-1-2017		52,812		53,171
FNMA ±		2.52			5-1-2036		4,745,571		4,996,281
FNMA ±		2.53			6-1-2024		50,217		50,813
FNMA ±		2.53			9-1-2026		99,961		102,978
FNMA ±		2.53			7-1-2025		4,823		5,074
FNMA ±		2.53			8-1-2035		3,162,744		3,343,606
FNMA ±		2.53			9-1-2037		1,152,202		1,221,170
FNMA ±		2.53			12-1-2039		296,012		308,663
FNMA ±		2.53			1-1-2035		2,946,112		3,098,219
FNMA ±		2.53			5-1-2035		2,351,431		2,475,635
FNMA ±		2.53			1-1-2027		720,945		738,871
FNMA ±		2.53			2-1-2034		2,859,395		3,020,278
FNMA ±		2.53			10-1-2017		968		971
FNMA ±		2.54			5-1-2036		2,757,802		2,916,973
FNMA ±		2.54			8-1-2036		4,595,763		4,846,382
FNMA ±		2.54			10-1-2035		1,520,264		1,600,683
FNMA ±		2.54			12-1-2030		78,790		80,815
FNMA ±		2.54			9-1-2034		1,876,125		1,978,248
FNMA ±		2.54			6-1-2037		1,460,521		1,548,969
FNMA ±		2.54			1-1-2038		1,449,265		1,530,809
FNMA ±		2.54			2-1-2038		2,569,574		2,705,495
FNMA ±		2.54			7-1-2036		3,617,841		3,841,843
FNMA ±		2.55			12-1-2037		4,148,634		4,376,457
FNMA ±		2.55			5-1-2034		807,510		857,469
FNMA ±		2.55			7-1-2020		83,561		84,751
FNMA ±		2.55			9-1-2030		168,847		173,384
FNMA ±		2.55			5-1-2033		1,018,878		1,078,847
FNMA ±		2.55			7-1-2033		1,231,157		1,309,710
FNMA ±		2.55			5-1-2034		1,950,090		2,071,306
FNMA ±		2.55			9-1-2036		779,196		826,595
FNMA ±		2.55			12-1-2035		4,842,215		5,099,147
FNMA ±		2.56			9-1-2037		888,072		948,523
FNMA ±		2.56			4-1-2018		214,013		219,268
FNMA ±		2.56			8-1-2035		1,292,234		1,366,581
FNMA ±		2.56			5-1-2035		2,037,526		2,163,436
FNMA ±		2.57			10-1-2034		1,316,146		1,391,358
FNMA ±		2.57			9-1-2022		278,028		285,638
FNMA ±		2.57			10-1-2029		121,258		123,976
FNMA ±		2.57			8-1-2037		4,618,565		4,874,943
FNMA ±		2.57			4-1-2028		301,061		313,002


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Adjustable Rate Government Fund			13


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA ±		2.57	%		6-1-2032	$	37,965	$	38,359
FNMA ±		2.57			10-1-2034		635,746		675,710
FNMA ±		2.57			1-1-2038		6,272,048		6,615,535
FNMA ±		2.57			1-1-2028		7,618		7,677
FNMA ±		2.57			10-1-2036		1,137,000		1,199,941
FNMA ±		2.58			9-1-2028		104,397		106,937
FNMA ±		2.58			12-1-2040		4,407,527		4,643,534
FNMA ±		2.58			2-1-2038		5,851,670		6,159,987
FNMA ±		2.58			11-1-2024		121,980		127,167
FNMA ±		2.58			5-1-2028		162,800		173,649
FNMA ±		2.58			4-1-2024		62,651		63,223
FNMA ±		2.59			1-1-2032		106,686		109,830
FNMA ±		2.59			1-1-2021		306,013		318,678
FNMA ±		2.59			4-1-2036		4,506,198		4,760,828
FNMA ±		2.59			9-1-2021		71,922		72,818
FNMA ±		2.60			1-1-2029		574,314		598,121
FNMA ±		2.60			6-1-2030		60,061		61,588
FNMA ±		2.60			9-1-2033		57,027		57,452
FNMA ±		2.60			4-1-2035		1,910,147		2,021,531
FNMA ±		2.60			6-1-2027		87,324		89,000
FNMA ±		2.61			4-1-2035		2,410,166		2,545,208
FNMA ±		2.61			2-1-2035		401,257		423,300
FNMA ±		2.61			2-1-2035		1,468,074		1,549,589
FNMA ±		2.61			7-1-2035		2,769,733		2,928,081
FNMA ±		2.61			1-1-2037		1,570,154		1,658,763
FNMA ±		2.63			1-1-2035		1,328,989		1,394,299
FNMA ±		2.63			5-1-2037		2,818,340		2,988,127
FNMA ±		2.63			12-1-2034		1,249,530		1,319,278
FNMA ±		2.63			3-1-2033		1,728,987		1,826,487
FNMA ±		2.64			9-1-2033		1,025,127		1,077,447
FNMA ±		2.64			11-1-2034		796,229		835,311
FNMA ±		2.64			5-1-2036		670,141		718,006
FNMA ±		2.65			11-1-2024		41,226		41,475
FNMA ±		2.65			12-1-2030		830,511		878,152
FNMA ±		2.65			1-1-2026		324,937		339,302
FNMA ±		2.65			10-1-2034		606,209		652,937
FNMA ±		2.66			7-1-2037		2,786,994		2,966,473
FNMA ±		2.66			7-1-2030		1,009,643		1,071,757
FNMA ±		2.66			7-1-2028		994,889		1,033,467
FNMA ±		2.66			8-1-2040		998,239		1,048,440
FNMA ±		2.66			8-1-2034		3,326,201		3,510,466
FNMA ±		2.66			7-1-2027		289,544		301,135
FNMA ±		2.67			7-1-2037		828,627		878,147
FNMA ±		2.67			6-1-2040		1,077,767		1,136,726
FNMA ±		2.67			4-1-2036		1,425,427		1,508,003
FNMA ±		2.68			1-1-2035		408,663		432,388
FNMA ±		2.68			10-1-2018		133,600		138,271
FNMA ±		2.68			12-1-2035		6,389,537		6,771,209
FNMA ±		2.68			4-1-2038		1,111,215		1,176,486
FNMA ±		2.69			5-1-2025		45,200		45,587


14		Wells Fargo Adjustable Rate Government Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA ±		2.69	%		9-1-2035	$	743,207	$	785,627
FNMA ±		2.69			9-1-2033		815,885		874,562
FNMA ±		2.70			12-1-2046		1,119,514		1,182,245
FNMA ±		2.70			12-1-2021		48,556		49,639
FNMA ±		2.70			8-1-2036		4,034,918		4,236,716
FNMA ±		2.70			1-1-2031		556,276		588,923
FNMA ±		2.70			1-1-2033		1,815,139		1,921,236
FNMA ±		2.70			2-1-2036		11,080,092		11,703,008
FNMA ±		2.71			1-1-2033		102,303		104,614
FNMA ±		2.71			3-1-2037		4,973,559		5,264,462
FNMA ±		2.71			9-1-2019		3,050		3,074
FNMA ±		2.72			9-1-2030		937,275		1,005,004
FNMA ±		2.72			9-1-2035		117,010		123,940
FNMA ±		2.73			2-1-2037		3,779,074		3,986,509
FNMA ±		2.74			4-1-2020		1,514,307		1,531,597
FNMA ±		2.74			10-1-2018		57,800		58,209
FNMA ±		2.74			8-1-2035		2,982,624		3,132,143
FNMA ±		2.75			9-1-2017		176,669		177,782
FNMA ±		2.75			7-1-2027		28,090		28,282
FNMA ±		2.75			6-1-2016		3,123		3,130
FNMA ±		2.75			7-1-2016		2,283		2,287
FNMA ±		2.75			6-1-2018		548		553
FNMA ±		2.75			8-1-2018		42,667		43,330
FNMA ±		2.75			2-1-2019		1,351		1,359
FNMA ±		2.75			12-1-2028		79,579		81,722
FNMA ±		2.75			1-1-2029		10,537		10,837
FNMA ±		2.76			5-1-2018		207,693		207,312
FNMA ±		2.76			4-1-2036		4,804,802		5,142,528
FNMA ±		2.76			5-1-2027		89,441		93,282
FNMA ±		2.77			8-1-2035		1,323,473		1,392,034
FNMA ±		2.77			10-1-2025		8,207		8,266
FNMA ±		2.77			10-1-2029		507,720		531,928
FNMA ±		2.77			8-1-2036		3,311,705		3,485,016
FNMA ±		2.78			3-1-2035		3,282,697		3,467,915
FNMA ±		2.78			7-1-2020		1,188,251		1,189,694
FNMA ±		2.79			3-1-2034		1,212,531		1,283,361
FNMA ±		2.80			9-1-2030		737,687		779,265
FNMA ±		2.80			1-1-2025		60,854		61,803
FNMA ±		2.81			1-1-2019		1,991		1,999
FNMA ±		2.82			9-1-2030		650,836		693,549
FNMA ±		2.83			3-1-2032		131,662		135,534
FNMA ±		2.83			7-1-2039		2,531,666		2,758,806
FNMA ±		2.84			5-1-2035		2,134,888		2,275,708
FNMA ±		2.84			3-1-2019		265,352		277,637
FNMA ±		2.85			2-1-2028		43,832		44,325
FNMA ±		2.85			5-1-2035		2,882,241		3,060,208
FNMA ±		2.85			3-1-2035		3,284,032		3,491,556
FNMA ±		2.88			3-1-2027		106,661		110,950
FNMA ±		2.89			11-1-2024		79,514		80,306
FNMA ±		2.89			10-1-2025		10,166		10,367


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Adjustable Rate Government Fund			15


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA ±		2.92	%		5-1-2017	$	16,635	$	16,884
FNMA ±		2.94			7-1-2028		329,613		343,344
FNMA ±		2.94			11-1-2035		10,294,542		10,955,764
FNMA ±		2.96			6-1-2032		112,288		115,928
FNMA ±		2.97			7-1-2019		752		766
FNMA ±		2.97			8-1-2029		388,688		411,187
FNMA ±		2.97			9-1-2032		1,660,567		1,803,758
FNMA ±		2.98			2-1-2029		79,925		81,695
FNMA ±		2.98			10-1-2028		219,968		228,657
FNMA ±		2.98			7-1-2033		38,551		38,893
FNMA ±		2.99			11-1-2034		4,144,359		4,431,643
FNMA ±		2.99			1-1-2029		14,945		15,557
FNMA ±		3.00			4-1-2040		2,283,096		2,465,749
FNMA ±		3.00			11-1-2028		77,247		78,947
FNMA ±		3.12			4-1-2033		474,694		501,561
FNMA ±		3.12			8-1-2030		136,213		139,707
FNMA ±		3.15			10-1-2024		44,489		44,861
FNMA ±		3.15			8-1-2031		55,488		56,469
FNMA ±		3.17			7-1-2033		1,382		1,398
FNMA ±		3.18			4-1-2024		322,826		343,770
FNMA ±		3.18			1-1-2031		73,703		74,524
FNMA ±		3.23			4-1-2034		2,395,969		2,579,509
FNMA ±		3.25			9-1-2017		912		915
FNMA ±		3.29			9-1-2033		42,190		42,518
FNMA ±		3.30			1-1-2033		68,017		69,228
FNMA ±		3.31			10-1-2018		9		9
FNMA ±		3.33			2-1-2029		1,726,147		1,850,500
FNMA ±		3.33			6-1-2041		1,893,281		2,001,395
FNMA ±		3.44			10-1-2034		207,311		216,311
FNMA ±		3.44			3-1-2030		143,933		147,907
FNMA ±		3.47			6-1-2024		26,619		26,852
FNMA ±		3.47			11-1-2029		9,302		9,307
FNMA ±		3.58			10-1-2017		400,770		405,033
FNMA ±		3.66			7-1-2021		105,556		108,623
FNMA ±		3.67			5-1-2017		298		298
FNMA ±		3.68			7-1-2017		7,653		7,796
FNMA ±		3.69			9-1-2031		307,189		323,407
FNMA ±		3.73			5-1-2033		1,302,125		1,403,260
FNMA ±		3.74			9-1-2028		2,241		2,293
FNMA ±		3.76			7-1-2028		41,226		42,880
FNMA ±		3.95			9-1-2023		4,351		4,390
FNMA ±		4.00			4-1-2033		203,021		209,934
FNMA ±		4.01			12-1-2032		164,989		170,904
FNMA ±		4.01			5-1-2034		337,565		356,756
FNMA ±		4.04			2-1-2033		95,242		96,206
FNMA ±		4.04			4-1-2032		241,509		243,008
FNMA ±		4.08			5-1-2025		76		77
FNMA ±		4.10			9-1-2017		572		575
FNMA ±		4.19			6-1-2019		2,649		2,689
FNMA ±		4.25			10-1-2021		9,741		9,787
FNMA ±		4.26			8-1-2017		15,066		15,204


16		Wells Fargo Adjustable Rate Government Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name		Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA ±			4.30	%		1-1-2018	$	493	$	495
FNMA ±			4.31			11-1-2019		271		273
FNMA ±			4.32			11-1-2031		126,493		128,892
FNMA ±			4.32			11-1-2031		19,199		19,013
FNMA ±			4.33			12-1-2036		203,734		216,869
FNMA ±			4.46			6-1-2034		283,299		300,880
FNMA ±			4.58			6-1-2028		59,446		61,212
FNMA ±			4.65			1-1-2019		298,889		307,215
FNMA ±			4.67			4-1-2018		85,059		85,665
FNMA ±			4.81			2-1-2019		209,015		215,437
FNMA ±	��		5.00			6-1-2028		19,542		19,337
FNMA			5.50			9-1-2019		68,426		70,236
FNMA ±			5.69			1-1-2019		42,407		44,013
FNMA ±			6.00			1-1-2020		7,627		7,524
FNMA ±			6.45			2-1-2034		63,925		63,050
FNMA			6.50			8-1-2028		63,687		66,695
FNMA			6.50			5-1-2031		190,110		218,055
FNMA			7.00			11-1-2017		7,658		7,859
FNMA			7.06			11-1-2024		40,963		42,578
FNMA			7.06			12-1-2024		30,852		31,432
FNMA			7.06			3-1-2025		57,536		60,382
FNMA			7.06			3-1-2025		8,458		8,509
FNMA			7.06			4-1-2025		21,145		21,394
FNMA			7.06			1-1-2027		54,391		56,184
FNMA			7.50			1-1-2031		121,858		139,635
FNMA			7.50			1-1-2033		259,333		295,975
FNMA			7.50			5-1-2033		201,158		232,367
FNMA			7.50			5-1-2033		196,256		222,588
FNMA			7.50			6-1-2033		125,433		137,085
FNMA			7.50			7-1-2033		146,389		160,166
FNMA			7.50			8-1-2033		108,930		119,134
FNMA			8.00			12-1-2026		105,922		120,886
FNMA			8.00			2-1-2030		209		211
FNMA			8.00			3-1-2030		331		373
FNMA			8.00			7-1-2031		38,009		38,531
FNMA			8.00			5-1-2033		231,613		269,726
FNMA			8.50			10-1-2026		11,588		12,924
FNMA			8.50			2-1-2027		7,962		8,047
FNMA			8.50			6-1-2030		55,778		59,425
FNMA			8.51			8-15-2024		63,172		70,461
FNMA			9.00			7-1-2030		6,740		6,798
FNMA			10.00			1-20-2021		16,378		16,749
FNMA			11.00			1-1-2018		4,046		4,183
FNMA Series 1989-74 Class J			9.80			10-25-2019		13,565		14,873
FNMA Series 1989-96 Class H			9.00			12-25-2019		6,108		6,645
FNMA Series 1992-39 Class FA ±			1.54			3-25-2022		174,426		177,725
FNMA Series 1992-45 Class F ±			1.54			4-25-2022		29,385		28,899
FNMA Series 1992-87 Class Z			8.00			5-25-2022		19,993		22,128
FNMA Series 1993-113 Class FA ±			1.13			7-25-2023		117,938		118,585
FNMA Series 1993-247 Class FM ±			1.86			12-25-2023		513,600		526,703
FNMA Series 1994-14 Class F ±			2.26			10-25-2023		259,855		268,816
FNMA Series 1998-T2 Class A5 ±			2.49			1-25-2032		305,191		308,898


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Adjustable Rate Government Fund			17


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA Series 2001-50 Class BA		7.00	%		10-25-2041	$	229,015	$	267,217
FNMA Series 2001-63 Class FD ±		1.03			12-18-2031		142,913		144,893
FNMA Series 2001-81 Class F ±		0.99			1-25-2032		100,746		102,195
FNMA Series 2001-T08 Class A1		7.50			7-25-2041		174,767		204,461
FNMA Series 2001-T10 Class A2		7.50			12-25-2041		3,763,776		4,626,797
FNMA Series 2001-T12 Class A2		7.50			8-25-2041		282,063		347,544
FNMA Series 2001-T12 Class A4 ±		3.62			8-25-2041		6,622,011		6,812,267
FNMA Series 2001-W03 Class A ±		6.78			9-25-2041		741,618		845,187
FNMA Series 2001-W1 Class AV1 ±		0.68			8-25-2031		79,975		77,670
FNMA Series 2002-05 Class FD ±		1.34			2-25-2032		283,514		290,190
FNMA Series 2002-33 Class A4 ±		4.78			11-25-2030		171,833		178,552
FNMA Series 2002-59 Class F ±		0.84			9-25-2032		618,978		624,656
FNMA Series 2002-66 Class A3 ±		3.30			4-25-2042		10,206,191		10,755,884
FNMA Series 2002-T12 Class A3		7.50			5-25-2042		1,678,202		2,085,491
FNMA Series 2002-T12 Class A5 ±		3.78			10-25-2041		2,423,764		2,528,611
FNMA Series 2002-T18 Class A5 ±		3.79			5-25-2042		4,092,865		4,257,899
FNMA Series 2002-T19 Class A4 ±		3.45			3-25-2042		245,431		260,033
FNMA Series 2002-W1 Class 3A ±		3.23			4-25-2042		1,569,362		1,612,768
FNMA Series 2002-W4 Class A6 ±		3.48			5-25-2042		2,606,293		2,712,029
FNMA Series 2003-07 Class A2 ±		2.68			5-25-2042		1,130,985		1,151,159
FNMA Series 2003-17 Class FN ±		0.74			3-25-2018		272,886		272,855
FNMA Series 2003-63 Class A8 ±		2.91			1-25-2043		1,641,523		1,692,929
FNMA Series 2003-W02 Class 1A3		7.50			7-25-2042		493,016		593,133
FNMA Series 2003-W04 Class 5A ±		3.07			10-25-2042		1,325,665		1,433,524
FNMA Series 2003-W08 Class 4A ±		3.31			11-25-2042		1,922,853		2,036,329
FNMA Series 2003-W10 Class 2A ±		3.18			6-25-2043		3,678,274		3,864,030
FNMA Series 2003-W18 Class 2A ±		3.52			6-25-2043		12,913,349		13,764,982
FNMA Series 2003-W9 Class A ±		0.68			6-25-2033		2,991,109		2,900,245
FNMA Series 2004-31 Class FG ±		0.84			8-25-2033		483,749		484,952
FNMA Series 2004-38 Class FT ±		0.87			10-25-2033		307,839		309,295
FNMA Series 2004-T3 Class 1A3		7.00			2-25-2044		665,448		793,436
FNMA Series 2004-T3 Class 2A ±		3.29			8-25-2043		2,211,164		2,368,506
FNMA Series 2004-T9 Class A1 ±		0.73			4-25-2035		122,178		122,062
FNMA Series 2004-W02 Class 5A		7.50			3-25-2044		202,627		234,349
FNMA Series 2004-W1 Class 2A2		7.00			12-25-2033		380,836		453,720
FNMA Series 2004-W1 Class 3A ±		3.53			1-25-2043		113,839		121,903
FNMA Series 2004-W12 Class 2A ±		3.60			6-25-2044		6,549,346		6,914,278
FNMA Series 2004-W15 Class 3A ±		2.82			6-25-2044		8,612,638		9,443,549
FNMA Series 2005-57 Class EG ±		0.74			3-25-2035		596,785		597,386
FNMA Series 2005-W3 Class 3A ±		2.80			4-25-2045		1,762,612		1,898,153
FNMA Series 2006-15 Class FW ±		0.74			1-25-2036		420,153		422,130
FNMA Series 2006-W1 Class 3A ±		2.37			10-25-2045		8,557,598		8,959,296
FNMA Series 2007-95 Class A2 ±		0.69			8-27-2036		799,263		796,397
FNMA Series G92-20 Class FB ±		1.54			4-25-2022		45,186		45,049
FNMA Series G93-1 Class K		6.68			1-25-2023		501,880		549,307
FNMA Series G93-19 Class FD ±		1.13			4-25-2023		412,380		414,882
GNMA ±		2.13			8-20-2062		6,998,351		7,295,191
GNMA ±		2.15			9-20-2062		2,269,323		2,368,549
GNMA		6.45			4-20-2025		54,094		62,116
GNMA		6.45			5-20-2025		18,790		19,451
GNMA		6.45			9-20-2025		44,154		52,465


18		Wells Fargo Adjustable Rate Government Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
GNMA		6.50	%		6-20-2034	$	80,323	$	82,900
GNMA		6.50			8-20-2034		697,977		786,537
GNMA		6.50			8-20-2034		113,354		119,131
GNMA		6.75			2-15-2029		87,467		100,343
GNMA		7.00			7-20-2034		61,404		62,963
GNMA		7.25			7-15-2017		1,826		1,831
GNMA		7.25			8-15-2017		7,803		7,878
GNMA		7.25			8-15-2017		4,483		4,498
GNMA		7.25			9-15-2017		8,850		8,938
GNMA		7.25			10-15-2017		16,068		16,307
GNMA		7.25			10-15-2017		6,404		6,462
GNMA		7.25			11-15-2017		8,372		8,455
GNMA		7.25			1-15-2018		2,422		2,430
GNMA		7.25			1-15-2018		5,356		5,374
GNMA		7.25			2-15-2018		10,396		10,506
GNMA		7.25			5-15-2018		5,979		6,000
GNMA		9.00			5-15-2016		726		728
GNMA		9.00			8-15-2016		1,527		1,532
GNMA		9.00			11-15-2016		476		480
GNMA		9.00			12-15-2016		55		55
GNMA		9.00			2-15-2017		1,313		1,323
GNMA		9.00			5-15-2017		188		189
GNMA		9.00			7-15-2017		3,552		3,569
GNMA		9.00			3-15-2020		2,632		2,677
GNMA		9.00			8-15-2021		456		458
GNMA		9.00			8-20-2024		278		302
GNMA		9.00			9-20-2024		1,205		1,263
GNMA		9.00			10-20-2024		2,454		2,485
GNMA		9.00			11-20-2024		164		164
GNMA		9.00			1-20-2025		6,494		7,451
GNMA		9.00			2-20-2025		20,970		23,967
GNMA Series 2011-H12 Class FA ±		0.92			2-20-2061		2,851,501		2,826,896
GNMA Series 2011-H17 Class FA ±		0.96			6-20-2061		1,469,435		1,459,093

Total Agency Securities (Cost $1,146,392,596)									1,158,243,605


Non-Agency Mortgage-Backed Securities: 0.19%
National Credit Union Administration Guaranteed Notes Program Series 2010-C1 Class A2		2.90			10-29-2020		2,257,779		2,259,505


Total Non-Agency Mortgage-Backed Securities (Cost $2,273,889)									2,259,505


	Yield					Shares

Short-Term Investments: 4.43%

Investment Companies: 4.43%
Wells Fargo Government Money Market Fund, Select Class (l)(u)		0.22					54,175,984		54,175,984


Total Short-Term Investments (Cost $54,175,984)									54,175,984


Total investments in securities (Cost $1,202,842,469) *	99.35	%		1,214,679,094
Other assets and liabilities, net	0.65			7,970,047

Total net assets	100.00	%	$	1,222,649,141


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Adjustable Rate Government Fund			19

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

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

(c)	Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

(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 $1,203,546,914 and unrealized gains (losses) consists of:


Gross unrealized gains	$	15,462,632
Gross unrealized losses		(4,330,452	)

Net unrealized gains	$	11,132,180


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Government Securities Fund			1


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities: 68.07%
FDIC Series 2010-S1 Class 1A 144A±		0.98	%		2-25-2048	$	3,009,155	$	3,009,708
FDIC Series 2013-R1 Class A 144A		1.15			3-25-2033		4,291,268		4,211,042
FHLB ¤		0.00			3-14-2016		72,000,000		71,992,728
FHLB		5.63			3-14-2036		6,150,000		8,436,109
FHLMC ±		1.61			12-15-2036		669,373		690,485
FHLMC ±		2.45			10-1-2026		200,233		208,689
FHLMC ±		2.50			6-1-2032		78,819		82,913
FHLMC ±		2.65			7-1-2029		146,010		152,237
FHLMC ±		2.66			9-1-2031		8,983		9,152
FHLMC ±		2.66			9-1-2031		52,692		53,008
FHLMC ±		2.88			1-1-2038		1,095,586		1,166,165
FHLMC ±		2.93			5-1-2026		98,925		103,405
FHLMC ±		3.05			7-1-2032		1,133,252		1,175,859
FHLMC		3.50			8-1-2045		9,266,480		9,700,390
FHLMC		3.50			11-1-2045		15,701,919		16,437,174
FHLMC		3.50			12-1-2045		10,905,294		11,415,943
FHLMC		3.50			12-1-2045		3,774,160		3,950,888
FHLMC		4.00			6-1-2044		9,810,980		10,464,738
FHLMC		4.50			3-1-2042		853,280		929,328
FHLMC		4.50			9-1-2044		6,576,444		7,173,939
FHLMC		5.00			5-1-2018		122,488		126,501
FHLMC		5.00			4-1-2019		136,534		141,082
FHLMC		5.00			4-1-2019		127,266		131,623
FHLMC		5.00			6-1-2019		222,821		234,426
FHLMC		5.00			8-1-2019		773,760		813,079
FHLMC		5.00			10-1-2019		305,311		316,769
FHLMC		5.00			2-1-2020		809,840		848,082
FHLMC		5.00			8-1-2040		2,463,433		2,725,236
FHLMC		5.50			3-15-2035		1,717,897		1,798,073
FHLMC		5.50			7-1-2035		5,626,294		6,329,279
FHLMC		5.50			12-1-2038		3,782,773		4,235,688
FHLMC		6.00			1-1-2024		2,207,532		2,401,716
FHLMC		6.00			10-1-2032		52,422		60,028
FHLMC		6.00			5-25-2043		6,047,665		6,933,392
FHLMC ±		6.38			1-1-2026		72,580		72,420
FHLMC		6.50			4-1-2018		8,123		8,283
FHLMC		6.50			4-1-2021		14,848		15,411
FHLMC		6.50			4-1-2022		91,695		104,514
FHLMC		6.50			9-1-2028		29,703		34,607
FHLMC		6.50			9-1-2028		22,081		25,168
FHLMC		6.50			7-1-2031		5		6
FHLMC		6.50			8-1-2037		213,461		229,705
FHLMC		7.00			12-1-2023		4,715		5,346
FHLMC		7.00			5-1-2024		10,197		10,370
FHLMC		7.00			12-1-2026		2,327		2,380
FHLMC		7.00			12-1-2026		714		797
FHLMC		7.00			4-1-2029		2,629		3,102
FHLMC		7.00			5-1-2029		17,511		20,494
FHLMC		7.00			4-1-2032		165,473		198,103
FHLMC		7.50			11-1-2031		280,403		336,812


2		Wells Fargo Government Securities Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC		7.50	%		4-1-2032	$	233,972	$	277,921
FHLMC		8.00			2-1-2017		1,546		1,556
FHLMC		8.00			8-1-2023		19,938		21,627
FHLMC		8.00			6-1-2024		6,880		7,812
FHLMC		8.00			6-1-2024		3,580		3,687
FHLMC		8.00			6-1-2024		9,720		10,794
FHLMC		8.00			8-1-2026		22,159		26,711
FHLMC		8.00			11-1-2026		22,510		26,414
FHLMC		8.00			11-1-2028		15,976		18,454
FHLMC		8.50			7-1-2022		4,421		4,893
FHLMC		8.50			12-1-2025		15,472		18,009
FHLMC		8.50			5-1-2026		2,419		2,739
FHLMC		8.50			8-1-2026		6,146		6,319
FHLMC		8.50			8-1-2026		23,786		23,893
FHLMC		9.00			6-1-2016		150		151
FHLMC		9.00			1-1-2017		1,637		1,650
FHLMC		9.00			4-1-2017		2,032		2,047
FHLMC		9.00			11-1-2018		3,176		3,199
FHLMC		9.00			8-1-2019		293		301
FHLMC		9.00			8-1-2019		63		63
FHLMC		9.00			12-1-2019		145		157
FHLMC		9.00			1-1-2020		16		16
FHLMC		9.00			2-1-2020		111		120
FHLMC		9.00			3-1-2020		1,580		1,604
FHLMC		9.00			3-1-2020		220		226
FHLMC		9.00			9-1-2020		624		645
FHLMC		9.00			9-1-2020		152		164
FHLMC		9.00			12-1-2020		25		26
FHLMC		9.00			3-1-2021		3,192		3,453
FHLMC		9.00			4-1-2021		18,239		18,432
FHLMC		9.00			4-1-2021		3,015		3,107
FHLMC		9.00			4-1-2021		186		206
FHLMC		9.00			7-1-2021		3,903		3,921
FHLMC		9.00			7-1-2021		3,548		3,664
FHLMC		9.00			8-1-2021		466		521
FHLMC		9.00			7-1-2022		493		500
FHLMC		9.00			9-1-2024		1,297		1,427
FHLMC		9.50			9-1-2016		3		3
FHLMC		9.50			10-1-2016		36		36
FHLMC		9.50			8-1-2018		21		22
FHLMC		9.50			8-1-2019		96		103
FHLMC		9.50			2-1-2020		4		4
FHLMC		9.50			6-1-2020		54		59
FHLMC		9.50			8-1-2020		204		222
FHLMC		9.50			9-1-2020		17		17
FHLMC		9.50			9-1-2020		1,888		1,944
FHLMC		9.50			9-1-2020		38		42
FHLMC		9.50			10-1-2020		59		65
FHLMC		9.50			10-1-2020		29		30
FHLMC		9.50			11-1-2020		70		76


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Government Securities Fund			3


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FHLMC		9.50	%		5-1-2021	$	185	$	205
FHLMC		9.50			9-17-2022		354,804		375,316
FHLMC		9.50			4-1-2025		29,619		32,545
FHLMC		10.00			8-1-2017		4		4
FHLMC		10.00			1-1-2019		6		7
FHLMC		10.00			12-1-2019		197		214
FHLMC		10.00			3-1-2020		9		9
FHLMC		10.00			6-1-2020		22		23
FHLMC		10.00			7-1-2020		8		8
FHLMC		10.00			8-1-2020		31		34
FHLMC		10.00			10-1-2021		40,870		43,662
FHLMC		10.00			8-17-2022		136,061		140,473
FHLMC		10.00			2-17-2025		431,975		471,228
FHLMC		10.50			2-1-2019		15		15
FHLMC		10.50			5-1-2019		56		56
FHLMC		10.50			6-1-2019		7		7
FHLMC		10.50			8-1-2019		11,631		12,328
FHLMC		10.50			12-1-2019		14,915		14,984
FHLMC		10.50			5-1-2020		18,846		20,276
FHLMC		10.50			5-1-2020		3,472		3,488
FHLMC		10.50			8-1-2020		11,175		11,281
FHLMC		10.50			8-1-2020		26,574		27,583
FHLMC Series 16 Class D		10.00			10-15-2019		5,159		5,296
FHLMC Series 2015-SC01 Class 1A		3.50			5-25-2045		5,071,332		5,221,570
FHLMC Series 2758 Class FH ±		0.78			3-15-2019		1,598,926		1,602,462
FHLMC Series 2882 Class TF ±		0.68			10-15-2034		1,469,699		1,473,449
FHLMC Series 3706 Class C		2.00			8-15-2020		3,575,231		3,633,711
FHLMC Series 3767 Class PD		4.00			7-15-2040		224,633		232,431
FHLMC Series 3948 Class DA		3.00			12-15-2024		739,258		759,949
FHLMC Series K020 Class X1 ±(c)		1.45			5-25-2022		47,024,937		3,486,998
FHLMC Series M036 Class A		4.16			12-15-2029		4,215,134		4,366,711
FHLMC Series T-15 Class A6 ±		0.83			11-25-2028		203,867		203,312
FHLMC Series T-23 Class A ±		0.72			5-25-2030		880,339		870,317
FHLMC Series T-35 Class A ±		0.72			9-25-2031		1,212,336		1,198,008
FHLMC Series T-42 Class A6		9.50			2-25-2042		1,112,069		1,386,508
FHLMC Series T-55 Class 2A1 ±		2.99			3-25-2043		613,824		622,151
FHLMC Series T-57 Class 1A1		6.50			7-25-2043		1,437,526		1,710,162
FHLMC Series T-57 Class 2A1 ±		3.35			7-25-2043		2,757,394		2,968,967
FHLMC Series T-67 Class 1A1C ±		2.96			3-25-2036		1,415,160		1,507,199
FHLMC Series T-67 Class 2A1C ±		2.94			3-25-2036		2,557,043		2,670,066
FHLMC Series T-75 Class A1 ±		0.48			12-25-2036		4,344,030		4,323,916
FNMA ¤		0.00			5-15-2030		7,700,000		5,060,417
FNMA ±		0.52			6-27-2036		386,274		384,529
FNMA		1.00			2-26-2019		12,400,000		12,384,723
FNMA ±		1.87			1-1-2043		1,550,345		1,578,575
FNMA		2.00			5-25-2021		234,091		236,281
FNMA ±		2.07			5-1-2036		2,609,365		2,743,386
FNMA ±		2.20			5-1-2036		1,577,511		1,656,102
FNMA ±		2.27			4-1-2032		113,753		115,995
FNMA ±		2.32			5-1-2023		789,090		802,536


4		Wells Fargo Government Securities Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA ±		2.34	%		12-1-2035	$	1,355,077	$	1,423,504
FNMA ±		2.44			9-1-2031		55,485		58,511
FNMA ±		2.47			6-1-2032		164,600		173,091
FNMA %%		2.50			3-17-2031		18,190,000		18,653,277	��
FNMA		2.50			4-25-2039		247,541		248,597
FNMA ±		2.51			11-1-2031		171,338		179,463
FNMA ±		2.51			12-1-2034		1,682,990		1,771,319
FNMA ±		2.51			8-1-2036		2,865,573		3,047,515
FNMA ±		2.52			9-1-2031		366,441		384,127
FNMA ±		2.55			6-1-2034		525,703		555,047
FNMA ±		2.55			9-1-2027		466,088		496,262
FNMA ±		2.57			12-1-2040		81,532		86,470
FNMA ±		2.61			9-1-2036		1,237,263		1,309,746
FNMA		2.63			9-6-2024		16,000,000		16,886,480
FNMA ±		2.69			10-1-2027		226,217		236,179
FNMA ±		2.97			1-1-2033		44,465		44,824
FNMA ±		2.99			5-1-2036		1,028,410		1,095,273
FNMA		3.00			4-1-2022		918,875		959,586
FNMA %%		3.00			3-17-2031		18,235,000		19,016,399
FNMA		3.00			4-1-2045		187,999		192,982
FNMA		3.00			11-1-2045		14,778,388		15,170,116
FNMA		3.00			12-1-2045		32,778,590		33,647,445
FNMA ±		3.20			2-1-2027		471,126		475,955
FNMA ±		3.26			7-1-2026		323,209		342,296
FNMA		3.29			12-1-2017		4,393,267		4,483,745
FNMA ±		3.49			4-1-2033		77,846		80,945
FNMA		3.50			12-1-2020		5,740,259		6,069,382
FNMA		3.50			10-1-2021		6,181,769		6,536,206
FNMA		3.50			2-1-2022		5,563,348		5,882,327
FNMA		3.50			4-1-2022		5,159,624		5,455,456
FNMA		3.50			2-1-2043		125,058		131,362
FNMA		3.50			2-1-2045		23,558,035		24,704,552
FNMA		3.50			4-1-2045		15,791,839		16,559,850
FNMA		3.50			8-1-2045		1,086,964		1,139,879
FNMA		3.50			12-1-2045		14,237,111		14,931,255
FNMA		3.50			12-1-2045		4,275,488		4,483,947
FNMA %%		3.50			2-1-2046		5,460,000		5,726,319
FNMA ±		3.74			9-1-2028		132,439		135,525
FNMA		4.00			5-1-2021		812,259		846,514
FNMA		4.00			10-25-2025		2,307,212		112,167
FNMA %%		4.00			3-14-2046		58,150,000		62,054,668
FNMA ±		4.36			7-1-2033		155,863		160,494
FNMA		4.50			12-1-2018		545,441		565,612
FNMA		4.50			1-1-2026		6,550,674		6,794,457
FNMA %%		4.50			3-14-2046		52,457,000		56,998,449
FNMA		4.68			2-1-2020		3,196,154		3,547,407
FNMA		4.79			5-1-2019		2,116,477		2,320,274
FNMA		5.00			12-1-2018		402,620		420,781
FNMA		5.00			6-1-2019		325,337		336,514
FNMA		5.00			6-1-2023		1,084,445		1,163,299


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Government Securities Fund			5


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		5.00	%		3-1-2034	$	918,213	$	1,021,914
FNMA		5.00			8-1-2040		18,010,833		20,049,255
FNMA		5.00			10-1-2040		1,158,550		1,286,281
FNMA		5.38			5-1-2017		692,455		711,637
FNMA		5.39			1-1-2024		2,305,070		2,640,937
FNMA		5.50			6-1-2016		12,284		12,312
FNMA		5.50			11-1-2023		152,153		166,111
FNMA		5.50			1-1-2025		118,810		127,384
FNMA		5.50			1-1-2025		539,056		580,314
FNMA		5.50			8-1-2033		5,633,978		6,324,016
FNMA		5.50			9-1-2033		3,277,162		3,712,880
FNMA		5.50			9-1-2033		1,512,639		1,713,217
FNMA		5.50			8-1-2035		987,782		1,116,281
FNMA		5.50			1-1-2037		1,151,947		1,300,958
FNMA		5.50			4-1-2040		2,833,680		3,208,019
FNMA		5.55			9-1-2019		764,237		795,951
FNMA		5.61			2-1-2021		2,171,979		2,364,128
FNMA		5.63			2-1-2018		1,049,873		1,129,767
FNMA		5.67			11-1-2021		5,353,957		5,872,076
FNMA		5.70			3-1-2016		900,696		900,365
FNMA		5.75			5-1-2021		3,387,250		3,863,782
FNMA		5.79			10-1-2017		1,041,566		1,101,302
FNMA		5.95			6-1-2024		1,715,299		2,066,109
FNMA		6.00			5-1-2016		1,864		1,866
FNMA		6.00			3-1-2024		119,072		135,539
FNMA		6.00			2-1-2035		1,904,692		2,148,565
FNMA		6.00			11-1-2037		805,774		917,627
FNMA %%		6.00			3-14-2046		15,585,000		17,762,641
FNMA		6.08			1-1-2019		491,072		509,166
FNMA		6.50			6-1-2017		22,637		22,960
FNMA		6.50			1-1-2024		39,998		45,878
FNMA		6.50			3-1-2028		35,563		39,477
FNMA		6.50			12-1-2029		379,008		438,642
FNMA		6.50			11-1-2031		89,185		102,294
FNMA		6.50			7-1-2036		615,028		728,315
FNMA		6.50			7-1-2036		513,350		620,820
FNMA		6.50			7-25-2042		2,056,947		2,417,686
FNMA		6.63			11-15-2030		4,150,000		6,185,824
FNMA		6.65			5-1-2016		1,340,071		1,350,863
FNMA		7.00			11-1-2026		12,105		13,767
FNMA		7.00			9-1-2031		5,390		5,406
FNMA		7.00			1-1-2032		5,840		6,674
FNMA		7.00			2-1-2032		130,788		160,197
FNMA		7.00			10-1-2032		298,640		364,608
FNMA		7.00			2-1-2034		3,004		3,484
FNMA		7.00			4-1-2034		241,206		290,103
FNMA		7.00			1-1-2036		6,718		7,251
FNMA		7.00			9-1-2036		151,938		174,761
FNMA		7.50			9-1-2031		132,055		165,693
FNMA		7.50			11-25-2031		654,326		767,949


6		Wells Fargo Government Securities Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA		7.50	%		2-1-2032	$	48,770	$	59,037
FNMA		7.50			10-1-2037		1,547,330		1,852,430
FNMA		8.00			5-1-2027		50,673		53,431
FNMA		8.00			10-1-2027		8,571		8,642
FNMA		8.00			6-1-2028		7,590		8,637
FNMA		8.00			2-1-2030		91,798		99,946
FNMA		8.00			7-1-2031		1,736,962		2,136,187
FNMA		8.50			5-1-2017		72,498		74,536
FNMA		8.50			5-1-2017		944		970
FNMA		8.50			8-1-2024		30,994		34,683
FNMA		8.50			5-1-2026		176,980		200,008
FNMA		8.50			7-1-2026		29,665		31,675
FNMA		8.50			8-1-2026		15,020		15,313
FNMA		8.50			9-1-2026		151		151
FNMA		8.50			10-1-2026		346		362
FNMA		8.50			10-1-2026		7,673		7,704
FNMA		8.50			11-1-2026		10,338		10,928
FNMA		8.50			11-1-2026		32,961		33,969
FNMA		8.50			12-1-2026		20,508		23,579
FNMA		8.50			12-1-2026		311		313
FNMA		8.50			12-1-2026		199,215		236,649
FNMA		8.50			2-1-2027		8,220		8,253
FNMA		8.50			2-1-2027		381		440
FNMA		8.50			3-1-2027		2,781		2,792
FNMA		8.50			3-1-2027		925		996
FNMA		8.50			6-1-2027		128,379		140,689
FNMA		8.50			7-1-2029		914		917
FNMA		9.00			3-1-2021		21,257		21,567
FNMA		9.00			6-1-2021		171		188
FNMA		9.00			7-1-2021		37,434		38,253
FNMA		9.00			8-1-2021		219		243
FNMA		9.00			10-1-2021		10,934		11,062
FNMA		9.00			1-1-2025		2,673		2,723
FNMA		9.00			1-1-2025		21,434		24,415
FNMA		9.00			3-1-2025		1,396		1,402
FNMA		9.00			3-1-2025		132		132
FNMA		9.00			3-1-2025		2,350		2,391
FNMA		9.00			4-1-2025		2,816		2,828
FNMA		9.00			7-1-2028		31,642		32,570
FNMA		9.50			11-1-2020		163		180
FNMA		9.50			12-15-2020		40,614		44,337
FNMA		9.50			1-1-2021		22,102		22,505
FNMA		9.50			6-1-2022		2,653		2,690
FNMA		9.50			7-1-2028		7,427		7,428
FNMA		10.00			12-1-2020		39,759		40,722
FNMA		11.00			2-1-2019		4,683		4,731
FNMA		11.00			10-15-2020		993		1,015
FNMA Series 161 Class 2 (c)		8.50			7-25-2022		51,274		11,261
FNMA Series 1988-7 Class Z		9.25			4-25-2018		12,227		12,835
FNMA Series 1989-10 Class Z		9.50			3-25-2019		93,526		100,353


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Government Securities Fund			7


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
FNMA Series 1989-100 Class Z		8.75	%		12-25-2019	$	55,958	$	60,355
FNMA Series 1989-12 Class Y		10.00			3-25-2019		118,089		127,541
FNMA Series 1989-22 Class G		10.00			5-25-2019		124,702		135,646
FNMA Series 1989-63 Class Z		9.40			10-25-2019		10,821		11,592
FNMA Series 1989-98 Class E		9.20			12-25-2019		39,154		41,806
FNMA Series 1990-144 Class W		9.50			12-25-2020		85,505		94,664
FNMA Series 1990-75 Class Z		9.50			7-25-2020		108,351		119,582
FNMA Series 1990-84 Class Y		9.00			7-25-2020		17,273		18,755
FNMA Series 1990-96 Class Z		9.67			8-25-2020		145,249		161,392
FNMA Series 1991-5 Class Z		8.75			1-25-2021		32,003		34,606
FNMA Series 1991-85 Class Z		8.00			6-25-2021		61,003		65,249
FNMA Series 1992-45 Class Z		8.00			4-25-2022		107,553		121,349
FNMA Series 1999-W6 Class A ±		9.18			9-25-2028		10,703		11,050
FNMA Series 2000-T6 Class A2		9.50			6-25-2030		1,045,853		1,252,280
FNMA Series 2001-T10 Class A3		9.50			12-25-2041		1,576,749		1,837,369
FNMA Series 2001-T12 Class A3		9.50			8-25-2041		406,431		474,866
FNMA Series 2002-T12 Class A5 ±		3.78			10-25-2041		1,366,910		1,426,040
FNMA Series 2002-T19 Class A1		6.50			7-25-2042		5,529,165		6,450,786
FNMA Series 2002-T5 Class A1 ±		0.68			5-25-2032		323,610		315,425
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		901,564		1,048,085
FNMA Series 2003-T2 Class A1 ±		0.72			3-25-2033		410,829		400,718
FNMA Series 2003-W1 Class 1A1 ±		5.71			12-25-2042		839,502		965,438
FNMA Series 2003-W11 Class A1 ±		3.60			6-25-2033		119,125		124,698
FNMA Series 2003-W3 Class 1A4 ±		3.47			8-25-2042		3,512,730		3,705,041
FNMA Series 2003-W5 Class A ±		0.66			4-25-2033		544,798		526,366
FNMA Series 2003-W6 Class 6A ±		3.28			8-25-2042		2,421,706		2,653,589
FNMA Series 2003-W6 Class PT4 ±		8.70			10-25-2042		2,152,134		2,683,467
FNMA Series 2003-W8 Class PT1 ±		9.93			12-25-2042		842,786		976,599
FNMA Series 2003-W9 Class A ±		0.68			6-25-2033		133,249		129,201
FNMA Series 2004-79 Class FA ±		0.73			8-25-2032		988,708		988,825
FNMA Series 2004-T1 Class 1A2		6.50			1-25-2044		808,363		924,877
FNMA Series 2004-W1 Class 2A2		7.00			12-25-2033		1,860,914		2,217,053
FNMA Series 2004-W15 Class 1A3		7.00			8-25-2044		1,268,076		1,473,530
FNMA Series 2005-71 Class DB		4.50			8-25-2025		1,377,298		1,469,433
FNMA Series 2006-M2 Class A2F ±		5.26			5-25-2020		1,579,833		1,638,619
FNMA Series 2007-W10 Class 2A ±		6.33			8-25-2047		756,263		861,188
FNMA Series 2009-3 Class HL		5.00			2-25-2039		316,140		321,094
FNMA Series 2011-15 Class HI (c)		5.50			3-25-2026		2,038,140		164,217
FNMA Series 2011-42 Class A		3.00			2-25-2024		832,965		848,874
FNMA Series 265 Class 2		9.00			3-25-2024		141,107		172,375
FNMA Series G-8 Class E		9.00			4-25-2021		102,279		111,481
FNMA Series G92-30 Class Z		7.00			6-25-2022		166,944		178,819
FNMA Series G93-39 Class ZQ		6.50			12-25-2023		2,135,922		2,389,140
GNMA ±		3.00			8-20-2020		148,599		152,049
GNMA ±		3.00			11-20-2020		96,311		99,997
GNMA		3.00			7-20-2045		23,828,393		24,714,599
GNMA %%		3.50			3-22-2046		36,705,000		38,758,186
GNMA %%		4.00			3-22-2046		13,155,000		14,049,131
GNMA		5.00			7-20-2040		5,778,083		6,409,715
GNMA		6.00			8-20-2034		273,988		312,578


8		Wells Fargo Government Securities Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Agency Securities (continued)
GNMA		6.50	%		12-15-2025	$	39,372	$	45,167
GNMA		6.50			5-15-2029		1,920		2,203
GNMA		6.50			5-15-2031		2,493		2,860
GNMA		6.50			9-20-2033		77,983		91,881
GNMA		7.00			12-15-2022		41,013		44,455
GNMA		7.00			5-15-2026		4,467		4,951
GNMA		7.00			3-15-2028		66,652		73,967
GNMA		7.00			4-15-2031		1,193		1,228
GNMA		7.00			8-15-2031		21,377		22,571
GNMA		7.00			3-15-2032		15,937		16,369
GNMA		7.34			10-20-2021		50,445		52,038
GNMA		7.34			12-20-2021		17,964		18,028
GNMA		7.34			2-20-2022		13,993		14,042
GNMA		7.34			9-20-2022		14,508		14,508
GNMA		8.00			6-15-2023		5,058		5,588
GNMA		8.00			12-15-2023		355,868		412,606
GNMA		8.00			2-15-2024		1,094		1,229
GNMA		8.00			9-15-2024		4,370		4,549
GNMA		8.00			6-15-2025		84		85
GNMA		8.35			4-15-2020		210,439		228,055
GNMA		8.40			5-15-2020		141,793		153,354
GNMA		8.50			7-15-2016		124		124
GNMA		9.00			12-15-2016		1,015		1,019
GNMA		9.50			10-20-2019		36,779		37,391
GNMA		10.00			12-15-2018		5,176		5,206
GNMA Series 2002-53 Class IO ±(c)		0.60			4-16-2042		458,545		15
GNMA Series 2005-23 Class IO ±(c)		0.01			6-17-2045		4,178,755		2
GNMA Series 2006-32 Class C ±		5.31			11-16-2038		4,350,658		4,477,945
GNMA Series 2006-32 Class XM ±(c)		0.02			11-16-2045		11,358,319		9,204
GNMA Series 2006-68 Class D ±		5.31			12-16-2037		9,761,979		10,449,797
GNMA Series 2007-35 Class NF ±		0.53			10-16-2035		1,387,015		1,386,860
GNMA Series 2007-69 Class D ±		5.25			6-16-2041		914,002		988,046
GNMA Series 2008-22 Class XM ±(c)		0.77			2-16-2050		31,602,586		1,010,139
GNMA Series 2012-12 Class HD		2.00			5-20-2062		3,106,209		3,140,844
SBA (a)(c)(i)		1.40			2-15-2018		88,534		822
SBA Series 1992-6 Class A (a)(c)(i)		2.47			10-15-2017		82,697		1,122
TVA		5.38			4-1-2056		3,670,000		4,756,871

Total Agency Securities (Cost $825,089,335)									847,067,363


Asset-Backed Securities: 0.99%
Ally Auto Receivables Trust Series 2015-1 Class A3		1.21			12-20-2017		12,370,000		12,366,507


Total Asset-Backed Securities (Cost $12,372,183)									12,366,507


Corporate Bonds and Notes: 0.75%

Utilities: 0.75%

Electric Utilities: 0.75%
Cleveland Thermal LLC		6.25			11-1-2018		585,000		620,173
Cleveland Thermal LLC		7.75			11-1-2025		2,585,000		3,075,137


Portfolio of investments—February 29, 2016 (unaudited)		Wells Fargo Government Securities Fund			9


Security name	Interest rate			Maturity date		Principal		Value

Electric Utilities (continued)
Cleveland Thermal LLC		8.00	%		11-1-2028	$	1,800,000	$	2,152,872
Cleveland Thermal LLC		8.25			11-1-2037		2,855,000		3,428,178

Total Corporate Bonds and Notes (Cost $9,274,571)									9,276,360


Municipal Obligations: 0.60%

Texas: 0.60%
San Antonio TX Retama Development Corporation (Miscellaneous Revenue)		10.00			12-15-2020		5,405,000		7,506,086


Total Municipal Obligations (Cost $6,474,288)									7,506,086


Non-Agency Mortgage-Backed Securities: 6.01%
CFCRE Commercial Mortgage Trust Series 2016-C3 Class A3		3.87			1-10-2048		3,990,000		4,230,532
CGBAM Commercial Mortgage Trust Series 2015-SMRT Class A 144A		2.81			4-10-2028		5,000,000		5,105,608
Citigroup Commercial Mortgage Trust Series 2006-C4 Class A3 ±		5.91			3-15-2049		1,432,187		1,430,732
Citigroup Commercial Mortgage Trust Series 2006-C5 Class A4		5.43			10-15-2049		11,034,403		11,144,690
Citigroup Commercial Mortgage Trust Series 2015-GC27 Class A5		3.14			2-10-2048		6,130,000		6,150,872
GAHR Commercial Mortgage Trust Series 2015-NRF Class AFX 144A		3.23			12-15-2019		4,195,000		4,295,232
GS Mortgage Securities Trust Series 2013-G1 Class A2 144A±		3.56			4-10-2031		5,349,842		5,429,879
JPMBB Commercial Mortgage Securities Series 2015-C28 Class A4		3.23			10-15-2048		6,200,000		6,235,191
JPMBB Commercial Mortgage Securities Series 2015-C33 Class A4		3.77			12-15-2048		7,430,000		7,771,680
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23 Class A4		3.72			7-15-2050		8,500,000		8,897,476
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25 Class A5		3.64			10-15-2048		4,535,000		4,710,706
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26 Class A5		3.53			10-15-2048		4,285,000		4,421,160
National Credit Union Administration Guaranteed Notes Program Series 2010-C1 Class APT		2.65			10-29-2020		2,295,148		2,299,151
National Credit Union Administration Guaranteed Notes Program Series 2011-R4 Class 1A ±		0.81			3-6-2020		1,821,625		1,820,859
Vendee Mortgage Trust Series 1995-1 Class 4 ±		8.76			2-15-2025		298,065		339,705
Vendee Mortgage Trust Series 1995-2C Class 3A		8.79			6-15-2025		410,295		504,035

Total Non-Agency Mortgage-Backed Securities (Cost $74,664,683)									74,787,508


U.S. Treasury Securities: 36.98%
TIPS		0.13			4-15-2020		24,748,185		24,965,053
U.S. Treasury Bond		2.88			8-15-2045		55,590,000		58,541,051
U.S. Treasury Bond		3.00			5-15-2045		17,355,000		18,738,662
U.S. Treasury Bond		7.25			8-15-2022		4,685,000		6,359,157
U.S. Treasury Note		0.25			5-15-2016		59,000,000		58,986,194
U.S. Treasury Note ##		0.88			11-30-2016		93,000,000		93,163,494
U.S. Treasury Note		1.38			2-28-2019		175,000		177,290
U.S. Treasury Note ##		1.50			5-31-2020		111,995,000		113,499,989
U.S. Treasury Note ##		1.63			7-31-2020		1,415,000		1,440,978
U.S. Treasury Note		2.00			2-15-2023		81,655,000		84,311,972

Total U.S. Treasury Securities (Cost $455,389,507)									460,183,840


Yankee Corporate Bonds and Notes: 0.52%

Financials: 0.52%

Banks: 0.52%
Royal Bank of Canada Incorporated		2.00			10-1-2018		6,370,000		6,446,822


Total Yankee Corporate Bonds and Notes (Cost $6,367,437)									6,446,822


10		Wells Fargo Government Securities Fund		Portfolio of investments—February 29, 2016 (unaudited)


Security name	Interest rate			Maturity date		Principal		Value

Yankee Government Bonds: 0.90%
Hashemite Kingdom of Jordan		2.58	%		6-30-2022	$	10,630,000	$	11,149,148


Total Yankee Government Bonds (Cost $10,630,000)									11,149,148


	Yield					Shares

Short-Term Investments: 2.65%

Investment Companies: 2.47%
Wells Fargo Government Money Market Fund, Select Class ##(l)(u)		0.22					30,737,487		30,737,487


						Principal

U.S. Treasury Securities: 0.18%
U.S. Treasury Bill (z)#		0.22			3-17-2016	$	2,225,000		2,224,789


Total Short-Term Investments (Cost $32,962,260)									32,962,276


Total investments in securities (Cost $1,433,224,264) *	117.47	%		1,461,745,910
Other assets and liabilities, net	(17.47	)		(217,360,028	)

Total net assets	100.00	%	$	1,244,385,882

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

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

¤	The security is issued in zero coupon form with no periodic interest payments.

(c)	Investment in an interest-only security entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate.

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

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

(i)	Illiquid security

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

(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.

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

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

*	Cost for federal income tax purposes is $1,433,357,492 and unrealized gains (losses) consists of:


Gross unrealized gains	$	31,505,658
Gross unrealized losses		(3,117,240	)

Net unrealized gains	$	28,388,418

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: April 27, 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: April 27, 2016

By:		/s/ Nancy Wiser
		Nancy Wiser
		Treasurer

Date: April 27, 2016

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