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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds Trust

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

C. David Messman

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Registrant is making a filing for Wells Fargo Managed Account CoreBuilder Shares – Series M

Date of reporting period: June 30, 2016

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

June 30, 2016

Wells Fargo Managed Account

n Wells Fargo Managed Account CoreBuilder^® Shares – Series M

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Contents

Performance highlights	2
Fund expenses	4
Portfolio of investments	5
Financial statements
Statement of assets and liabilities	17
Statement of operations	18
Statement of changes in net assets	19
Financial highlights	20
Notes to financial statements	21
Other information	26
List of abbreviations	31

The views expressed and any forward-looking statements are as of June 30, 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 Managed Account CoreBuilder Shares – Series M 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

Lyle J. Fitterer, CFA^®, CPA

Robert J. Miller

Average annual total returns (%) as of June 30, 2016

	Inception date	1 Year		5 year		Since Inception
Wells Fargo Managed Account CoreBuilder Shares – Series M	4-14-2008		7.97		7.62		8.31
Barclays Municipal Bond Index1	–		7.65		5.33		5.14

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 by calling 1-888-877-9275.

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. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to high-yield securities risk and municipal securities risk. Consult the Fund’s prospectus for additional information on these and other risks. A portion of the Fund’s income may be subject to federal, state, and/or local income taxes or the Alternative Minimum Tax (AMT). Any capital gains distributions may be taxable.

CoreBuilder Shares are a series of investment options within the separately managed accounts advised or subadvised by Wells Fargo Funds Management, LLC. The shares are fee-waived mutual funds that enable certain separately managed account investors to achieve greater diversification than smaller managed accounts might otherwise achieve.

Please remember that shares of the Fund may be purchased only by or on behalf of separately managed account clients where Wells Fargo Funds Management, LLC has an agreement to serve as investment adviser or subadviser to the account with the separately managed account sponsor (typically a registered investment adviser or broker/dealer) or directly with the client.

Please see footnotes on page 3.

Performance highlights (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 3

Credit quality as of June 30, 2016²

Effective Maturity distribution of June 30, 2016³

¹  The Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

²  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.

³  Amounts are calculated based on the total investments of the Fund. These amounts are subject to change and may have changed since the date specified.

4 Wells Fargo Managed Account CoreBuilder Shares – Series M 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 January 1, 2016 to June 30, 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. 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.

	Beginning account value 1-1-2016		Ending account value 6-30-2016		Expenses paid during the period¹			Net annualized expense ratio
Actual	$	1,000.00	$	1,035.99	$	0.00	*		0.00	%*
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.86	$	0.00	*		0.00	%*

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).

* Generally, no ordinary operating fees or expenses are charged to the Fund. Wells Fargo Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent, interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term.

Portfolio of investments—June 30, 2016 (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 5

Security name	Interest rate			Maturity date		Principal		Value
Municipal Obligations: 98.37%
Alabama: 0.64%
Alabama State University General Tuition and Fee (Education Revenue, Syncora Guarantee Incorporated Insured)		5.25	%		8-1-2032	$	1,500,000	$	1,500,390
Jefferson County AL CAB Series B (Water & Sewer Revenue, AGM Insured) ¤		0.00			10-1-2026		1,350,000		934,335
Jefferson County AL Series A (GO Revenue)		4.90			4-1-2021		670,000		716,934
									3,151,659
Alaska: 0.50%
Alaska International Airport Series B (Airport Revenue) %%		5.00			10-1-2035		2,000,000		2,452,560
Arizona: 3.61%
City of San Luis AZ Pledged Excise Tax Series A (Tax Revenue, Build America Mutual Assurance Company Insured)		5.00			7-1-2038		1,200,000		1,438,500
Florence AZ IDA Legacy Traditional School Project Queen Creek & Casa Grande Campuses (Education Revenue)		5.00			7-1-2023		550,000		606,590
Maricopa County AZ IDA Horizon Community Learning Center Project (Education Revenue)		5.00			7-1-2035		3,000,000		3,307,740
Maricopa County AZ Union High School District (GO Revenue)		4.00			7-1-2016		600,000		600,060
Phoenix AZ IDA Education Great Hearts Academies-Veritas Project (Education Revenue)		6.00			7-1-2032		500,000		556,185
Phoenix AZ IDA Education Great Hearts Academies-Veritas Project (Education Revenue)		6.25			7-1-2032		315,000		353,978
Pima County AZ IDA Educational Facility Charter School Project Series R (Education Revenue)		2.88			7-1-2021		1,000,000		1,008,370
Pima County AZ IDA Educational Facility Desert Heights Charter School (Education Revenue)		7.00			5-1-2034		1,000,000		1,099,690
Pima County AZ IDA New Plan Learning Project Series A (Education Revenue)		7.75			7-1-2035		1,000,000		1,002,450
Pima County AZ IDA Noah Webster Schools Project Series A (Education Revenue)		6.75			12-15-2033		1,120,000		1,288,078
Pima County AZ IDA Paideia Academies Project (Education Revenue) 144A		5.00			7-1-2025		830,000		878,713
Pima County AZ IDA Paideia Academies Project (Education Revenue) 144A		6.00			7-1-2035		1,025,000		1,094,751
Pima County AZ IDA Paideia Academies Project (Education Revenue) 144A		6.13			7-1-2045		1,000,000		1,064,350
Salt Verde Financial Corporation (Utilities Revenue, Citibank NA Guaranty Agreement)		5.00			12-1-2032		2,055,000		2,609,336
Verrado AZ Community Facilities District #1 (GO Revenue) 144A		5.00			7-15-2022		500,000		551,970
Yavapai County AZ IDA Business & Equine Center Project (Education Revenue)		4.63			3-1-2022		390,000		423,965
									17,884,726
California: 4.98%
Anaheim CA PFA Convention Center Expansion Project Series A (Miscellaneous Revenue)		5.00			5-1-2046		1,000,000		1,210,910
California GO Series B Subseries B-2 (Miscellaneous Revenue, Bank of Tokyo-Mitsubishi LOC) ø		0.39			5-1-2040		5,000,000		5,000,000
California Kindergarten-University Public Education Facilities Series 2005B-1 (Miscellaneous Revenue, Mizuho Bank Limited LOC) ±		0.39			5-1-2040		4,000,000		4,000,000
California Municipal Finance Authority Charter School Albert Einstein Academies Project Series A (Miscellaneous Revenue)		7.13			8-1-2043		1,000,000		1,159,030
California Pollution Control Financing Authority Water Furnishing Poseidon Resources LP Desalination Project (Water & Sewer Revenue) 144A		5.00			7-1-2027		1,000,000		1,034,390
California Public Works Board Department of General Services Buildings 8 & 9A (Miscellaneous Revenue)		6.25			4-1-2034		250,000		290,185
California School Finance Authority View Park Elementary & Middle Schools Series A (Education Revenue)		4.75			10-1-2024		425,000		464,045

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

6 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—June 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
California (continued)
California School Finance Authority View Park Elementary & Middle Schools Series A (Education Revenue)		5.63	%		10-1-2034	$	575,000	$	634,984
California Statewide CDA Sutter Health Series A (Health Revenue)		6.00			8-15-2042		100,000		121,557
California Various Purposes (GO Revenue)		6.00			4-1-2038		200,000		228,170
Campbell CA Union High School District (Miscellaneous Revenue)		5.00			8-1-2022		500,000		522,795
Campbell CA Union High School District (Miscellaneous Revenue)		5.00			8-1-2023		500,000		522,460
Compton CA Community College District Election of 2002 CAB Series C (GO Revenue) ¤		0.00			8-1-2029		500,000		326,680
Gilroy CA Unified School District Prerefunded CAB Election of 2008 Series A (GO Revenue, AGC Insured) ¤		0.00			8-1-2032		130,000		96,517
Gilroy CA Unified School District Unrefunded CAB Election of 2008 Series A (GO Revenue, AGC Insured) ¤		0.00			8-1-2032		70,000		44,085
Golden State Tobacco Securitization California Tobacco Settlement CAB Series A (Tobacco Revenue, Ambac Insured) ¤		0.00			6-1-2024		4,985,000		4,265,914
Hawthorne CA School District CAB Series C (GO Revenue, National Insured) ¤		0.00			11-1-2025		100,000		78,292
Los Angeles CA DW&P Series A (Water & Sewer Revenue)		5.00			7-1-2039		500,000		614,985
Palo Alto CA Improvement Bond Act of 1915 (Miscellaneous Revenue)		4.00			9-2-2020		240,000		263,825
Peralta CA Community College District Alameda County (GO Revenue)		5.00			8-1-2024		450,000		556,947
San Buenaventura CA Community Mental Health System (Health Revenue)		6.25			12-1-2020		150,000		175,896
San Diego CA Public Financing Authority Capital Improvement Project Series B (Miscellaneous Revenue)		5.00			10-15-2029		500,000		633,315
University of California Series AI (Education Revenue)		5.00			5-15-2038		1,000,000		1,216,140
University of California Regents Medical Center Series J (Health Revenue)		5.25			5-15-2038		1,000,000		1,217,660
									24,678,782
Colorado: 1.17%
Colorado ECFA Charter School American Academy Project (Education Revenue)		7.13			12-1-2033		200,000		233,828
Colorado ECFA Charter School American Academy Project (Education Revenue)		7.25			12-1-2028		250,000		293,030
Colorado ECFA Charter School American Academy Project (Education Revenue)		7.63			12-1-2040		260,000		307,081
Colorado ECFA Community Leadership Academy Incorporated Second Campus Project (Education Revenue)		7.00			8-1-2033		500,000		597,530
Colorado ECFA Rocky Mountain Classical Academy Project Series A (Education Revenue)		8.13			9-1-2048		1,000,000		1,076,400
Colorado Springs CO Utilities System Sub Lien Improvement Series B (Utilities Revenue, Bayerische Landesbank SPA) ø		0.56			11-1-2036		2,070,000		2,070,000
Regents of the University of Colorado Certificate of Participation Series 2013A (Education Revenue)		5.00			11-1-2028		1,000,000		1,221,910
									5,799,779
Delaware: 0.31%
Delaware EDA Odyssey Charter School Incorporated Project Series A (Education Revenue) 144A		7.00			9-1-2045		1,500,000		1,556,970
District of Columbia: 0.08%
District of Columbia Association of American Medical Colleges Series A (Miscellaneous Revenue)		5.00			10-1-2024		270,000		333,661
District of Columbia Cesar Chavez Public Charter School (Education Revenue)		6.50			11-15-2021		60,000		66,802
									400,463
Florida: 2.95%
CityPlace Florida Community Development District (Miscellaneous Revenue)		5.00			5-1-2022		500,000		571,760
Florida Development Finance Corporation Educational Facilities Renaissance Charter School Project Series A (Education Revenue)		8.50			6-15-2044		1,000,000		1,186,730

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

Portfolio of investments—June 30, 2016 (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 7

Security name	Interest rate			Maturity date		Principal		Value
Florida (continued)
Holmes County FL Hospital Corporation Doctors Memorial Hospital Project (Health Revenue)		6.00	%		11-1-2038	$	250,000	$	250,678
Miami-Dade County FL IDA (Education Revenue) 144A		5.75			9-15-2035		1,500,000		1,580,955
Miami-Dade County FL School Board Certificate of Participation Series A (Miscellaneous Revenue) ±		5.00			5-1-2031		3,000,000		3,692,100
Miami-Dade County FL Seaport Series B (Airport Revenue)		6.00			10-1-2033		1,000,000		1,268,770
Miami-Dade County FL Transit System (Transportation Revenue, AGM Insured, Morgan Stanley Bank LIQ) 144Aø		0.60			7-1-2042		5,000,000		5,000,000
Seminole Tribe of Florida Special Obligation Series A (Miscellaneous Revenue) 144A		5.50			10-1-2024		1,000,000		1,043,060
									14,594,053
Georgia: 0.16%
Atlanta GA Development Authority Tuff Yamacraw LLC Project Series A (Industrial Development Revenue, Ambac Insured)		5.00			1-1-2027		50,000		58,412
Washington & Wilkes Counties GA Payroll Development Authority Subseries C (Health Revenue) ¤		0.00			12-1-2021		815,000		758,904
									817,316
Guam: 0.70%
Guam Government Business Privilege Tax Series A (Tax Revenue)		5.00			1-1-2031		365,000		416,881
Guam Government Limited Obligation Section 30 Series A (Miscellaneous Revenue)		5.38			12-1-2024		1,000,000		1,138,970
Guam Government Waterworks Authority Water & Wastewater System Project (Water & Sewer Revenue)		5.00			7-1-2019		75,000		83,147
Guam Government Waterworks Authority Water & Wastewater System Project (Water & Sewer Revenue)		5.25			7-1-2021		550,000		644,991
Guam Government Waterworks Authority Water & Wastewater System Project Series 2013 (Water & Sewer Revenue)		5.25			7-1-2022		500,000		597,270
Guam Power Authority Series A (Utilities Revenue, AGM Insured)		5.00			10-1-2020		500,000		580,565
									3,461,824
Idaho: 0.41%
Boise-Kuna ID Irrigation District Arrowrock Hydroelectric Project (Utilities Revenue)		7.38			6-1-2040		100,000		112,721
Idaho Housing & Finance Association Idaho Arts Charter School Series A (Education Revenue) 144A		5.00			12-1-2036		1,000,000		1,102,570
Idaho Housing & Finance Association Legacy Public Charter School Incorporated Project Series A (Education Revenue)		5.85			5-1-2033		500,000		535,785
Idaho Housing & Finance Association Liberty Charter School Series A (Education Revenue)		6.00			6-1-2038		250,000		260,883
									2,011,959
Illinois: 18.37%
Bureau County IL Township High School District #502 Series A (GO Revenue, Build America Mutual Assurance Company Insured)		6.25			12-1-2033		750,000		955,695
Chicago IL Board of Education CAB School Reform Series B-1 (GO Revenue, National Insured) ¤		0.00			12-1-2021		4,380,000		3,679,813
Chicago IL Board of Education CAB School Reform Series B-1 (GO Revenue, National Insured) ¤		0.00			12-1-2022		3,250,000		2,620,410
Chicago IL Board of Education CAB Series A (GO Revenue, AGM Insured)		5.00			12-1-2042		725,000		643,474
Chicago IL Board of Education Lease Certificates Refunding Bond Series A (Miscellaneous Revenue, National Insured)		6.00			1-1-2020		250,000		265,255

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

8 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—June 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Illinois (continued)
Chicago IL Board of Education Refunding Bond Series A (GO Revenue)		4.44	%		3-1-2032	$	3,000,000	$	2,941,230
Chicago IL Board of Education Series A (GO Revenue)		5.00			1-1-2020		1,000,000		1,021,770
Chicago IL Board of Education Series A (GO Revenue, National Insured)		5.25			12-1-2017		250,000		260,200
Chicago IL Board of Education Series A (GO Revenue, National Insured)		5.25			12-1-2021		2,555,000		2,817,245
Chicago IL Board of Education Series C (GO Revenue)		5.25			12-1-2025		1,000,000		919,990
Chicago IL Board of Education Series D (GO Revenue, AGM Insured)		5.00			12-1-2022		375,000		388,305
Chicago IL CAB Series A (GO Revenue, National Insured)		5.59			1-1-2023		950,000		963,243
Chicago IL City Colleges Capital Improvement Project CAB (GO Revenue, National Insured) ¤		0.00			1-1-2031		800,000		450,440
Chicago IL Emergency Telephone System Project (GO Revenue, National Insured)		5.50			1-1-2023		555,000		619,508
Chicago IL Library Project Series D (GO Revenue)		5.00			1-1-2021		440,000		451,858
Chicago IL Modern Schools Across Chicago Program Series A (GO Revenue)		4.00			12-1-2018		445,000		451,969
Chicago IL Motor Fuel Tax (Tax Revenue)		5.00			1-1-2019		250,000		263,328
Chicago IL O’Hare International Airport (Airport Revenue)		5.00			1-1-2035		2,350,000		2,589,019
Chicago IL O’Hare International Airport AMT Senior Lien Series C (Airport Revenue)		5.50			1-1-2044		1,000,000		1,184,950
Chicago IL O’Hare International Airport Customer Facility Charge Senior Lien Series D (Airport Revenue)		5.75			1-1-2043		1,500,000		1,806,885
Chicago IL O’Hare International Airport Senior Lien (Airport Revenue)		5.25			1-1-2032		1,000,000		1,209,460
Chicago IL Sales Tax Refunding Bond (Tax Revenue)		5.00			1-1-2025		525,000		561,650
Chicago IL Sales Tax Refunding Bond (Tax Revenue)		5.00			1-1-2030		2,250,000		2,505,105
Chicago IL Sales Tax (Tax Revenue)		5.00			1-1-2031		3,500,000		3,877,790
Chicago IL Sales Tax (Tax Revenue)		5.00			1-1-2033		2,785,000		3,068,402
Chicago IL Series A (GO Revenue)		4.00			1-1-2020		590,000		593,334
Chicago IL Series A (GO Revenue)		5.25			1-1-2021		845,000		864,224
Chicago IL Series A (GO Revenue)		5.25			1-1-2026		550,000		554,263
Chicago IL Series B (GO Revenue, AGM Insured)		5.00			1-1-2018		735,000		746,157
Chicago IL Series B (GO Revenue)		5.50			1-1-2032		1,300,000		1,334,606
Chicago IL Series C (GO Revenue) ¤		0.00			1-1-2021		610,000		489,665
Chicago IL Series C (GO Revenue)		4.00			1-1-2021		750,000		754,298
Chicago IL Series C (GO Revenue, National Insured)		5.00			1-1-2029		1,000,000		1,041,620
Chicago IL Wastewater Second Lien Transmission (Water & Sewer Revenue)		5.00			1-1-2027		1,000,000		1,128,330
Chicago IL Waterworks Second Lien (Water & Sewer Revenue)		4.00			11-1-2020		625,000		685,738
Chicago IL Waterworks Second Lien (Water & Sewer Revenue)		5.00			11-1-2030		1,000,000		1,147,520
Chicago IL Waterworks Second Lien (Water & Sewer Revenue)		5.00			11-1-2027		2,250,000		2,748,375
Cook County IL School District #144 Prairie Hills CAB Refunding Bond Series C (GO Revenue, AGM Insured) ¤		0.00			12-1-2025		325,000		275,870
Cook County IL School District #144 Prairie Hills CAB Refunding Bond Series C (GO Revenue, AGM Insured) ¤		0.00			12-1-2025		675,000		480,249
Cook County IL School District #159 CAB (GO Revenue, AGM Insured) ¤		0.00			12-1-2023		615,000		474,460
Cook County IL Series A (GO Revenue)		5.00			11-15-2020		600,000		683,064
Cook County IL Series A (GO Revenue)		5.25			11-15-2022		2,940,000		3,331,549
Illinois (GO Revenue, AGM Insured)		5.00			1-1-2023		300,000		327,321
Illinois (GO Revenue)		5.00			4-1-2024		870,000		986,145
Illinois (GO Revenue, AGM Insured)		5.00			4-1-2026		1,130,000		1,322,529
Illinois (Miscellaneous Revenue)		5.50			7-1-2025		1,250,000		1,446,063
Illinois (Miscellaneous Revenue)		5.50			7-1-2038		1,000,000		1,123,260
Illinois Finance Authority Charter Schools Series A (Education Revenue)		7.13			10-1-2041		200,000		223,802
Illinois Finance Authority Medical District Commission Project A (Health Revenue, AGC Insured)		4.13			9-1-2018		40,000		40,178
Illinois Finance Authority Wesleyan University (Education Revenue) %%		5.00			9-1-2046		1,000,000		1,152,820

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

Portfolio of investments—June 30, 2016 (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 9

Security name	Interest rate			Maturity date		Principal		Value
Illinois (continued)
Illinois Finance Authority Rogers Park Montessori School (Miscellaneous Revenue)		5.00	%		2-1-2024	$	525,000	$	561,524
Illinois Finance Authority The Art Institute of Chicago Series A (Miscellaneous Revenue)		5.00			3-1-2034		500,000		581,465
Illinois Finance Authority The Art Institute of Chicago Series A (Miscellaneous Revenue)		6.00			3-1-2038		400,000		443,736
Illinois Series A (GO Revenue)		4.00			9-1-2019		600,000		625,074
Illinois Series A (Tax Revenue)		4.00			1-1-2029		1,000,000		1,018,960
Illinois Series A (Tax Revenue)		5.00			6-1-2019		465,000		504,613
Illinois Series A (GO Revenue, AGM Insured)		5.00			4-1-2024		1,905,000		2,214,582
Illinois Series A (Tax Revenue)		5.00			1-1-2027		2,000,000		2,167,720
Illinois Sports Facilities Authority State Tax Supported CAB (Tax Revenue, Ambac Insured) ¤		0.00			6-15-2023		1,000,000		838,150
Illinois Sports Facilities Authority State Tax Supported CAB (Tax Revenue, AGM Insured)		5.00			6-15-2028		1,500,000		1,744,605
Illinois Sports Facilities Authority State Tax Supported CAB (Tax Revenue, AGM Insured)		5.25			6-15-2031		2,500,000		2,922,550
Illinois Toll Highway Authority Series A-1 (Transportation Revenue, AGM Insured)		5.00			1-1-2024		350,000		350,042
Illinois Toll Highway Authority Series B (Transportation Revenue)		5.00			1-1-2039		1,000,000		1,191,160
Kane, Cook & DuPage Counties IL Series A (GO Revenue)		5.00			1-1-2034		1,000,000		1,164,120
Kane, Cook & DuPage Counties IL Series D (GO Revenue)		5.00			1-1-2034		1,700,000		1,979,004
Lake County IL School District #38 Big Hollow CAB (GO Revenue, Ambac Insured) ¤		0.00			2-1-2019		75,000		70,320
Metropolitan Pier & Exposition Authority Illinois CAB McCormick Place Expansion Project Series B-1 (Tax Revenue, AGM Insured) ¤		0.00			6-15-2027		4,760,000		3,389,882
Metropolitan Pier & Exposition Authority Illinois Series A (Tax Revenue, National Insured) ¤		0.00			12-15-2019		950,000		882,446
Sangamon County IL School District #186 Certificate of Participation Hay-Edwards Elementary School Project Series A (Miscellaneous Revenue, ACA Insured)		6.13			8-15-2023		420,000		404,456
Village Bolingbrook IL (GO Revenue, AGM Insured)		5.00			1-1-2031		500,000		595,215
Will County IL Community High School District #210 Series A (GO Revenue, AGM Insured)		5.00			1-1-2027		4,000,000		4,497,080
Will County IL Community High School District #210 Series A (GO Revenue, AGM Insured)		5.00			1-1-2030		1,000,000		1,027,350
Will County IL School District #14 Prerefunded CAB School Series (GO Revenue, National Insured) ¤		0.00			12-1-2017		145,000		143,119
Will County IL School District #14 Prerefunded CAB School Series (GO Revenue, National Insured) ¤		0.00			12-1-2017		110,000		107,615
Winnebago County IL Series A (GO Revenue, AGM Insured)		4.00			12-30-2025		1,000,000		1,140,690
									91,037,912
Indiana: 1.66%
Indiana Finance Authority AMT-I-69 Development Partners LLC (Miscellaneous Revenue)		5.25			9-1-2034		1,000,000		1,139,360
Indiana Finance Authority Ohio River Bridges East End Crossing Project Series A (Industrial Development Revenue)		5.00			7-1-2035		1,000,000		1,147,920
Indiana Finance Authority Series M (Miscellaneous Revenue)		5.00			7-1-2029		605,000		727,476
Indiana Finance Authority Wastewater Utility Project Series A (Water & Sewer Revenue)		5.25			10-1-2031		1,310,000		1,569,118
Indiana HEFA Ascension Health Series B3 (Health Revenue) ±		1.26			11-15-2031		150,000		150,002
Indianapolis IN Local Public Improvement (Miscellaneous Revenue)		5.00			1-1-2035		2,675,000		3,321,895
Jasper County IN PCR Northern Series B (Industrial Development Revenue, National Insured)		5.60			11-1-2016		155,000		157,463
									8,213,234
Iowa: 0.14%
Coralville IA Certificate of Participation (Miscellaneous Revenue)		5.25			6-1-2022		700,000		700,749

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

10 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—June 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Kansas: 1.44%
Wyandotte County & Kansas City KS Sales Tax Special Obligation Vacation Village Project Area 4 - Major Multi-Sport Athletic Complex Project CAB Series 2015 (Tax Revenue) 144A¤		0.00	%		9-1-2034	$	19,680,000	$	7,151,122
Kentucky: 0.90%
Kentucky EDFA Senior Next Generation Information Highway Project Series A (Miscellaneous Revenue)		5.00			7-1-2037		1,000,000		1,171,060
Kentucky Public Transportation Infrastructure Authority Downtown Crossing Project CAB Series B (Transportation Revenue) ¤		0.00			7-1-2029		1,400,000		856,310
Paducah KY Electric Plan (Utilities Revenue, AGM Insured)		5.00			10-1-2033		2,000,000		2,417,480
									4,444,850
Louisiana: 1.67%
Louisiana Series A (GO Revenue)		5.00			8-1-2026		1,000,000		1,230,240
New Orleans LA Aviation Board Gulf Opportunity Zone Consolidated Rental Car Series A (Airport Revenue)		6.50			1-1-2040		500,000		560,790
Saint James Parish LA Nucor Steel LLC Project Series A-1 (Industrial Development Revenue) ø		0.65			11-1-2040		1,000,000		1,000,000
Shreveport LA Water & Sewer Series A (Water & Sewer Revenue, Build America Mutual Assurance Company Insured)		4.00			12-1-2018		3,000,000		3,214,200
Shreveport LA Water & Sewer Series A (Water & Sewer Revenue, Build America Mutual Assurance Company Insured)		5.00			12-1-2019		2,000,000		2,260,080
									8,265,310
Maine: 0.08%
Portland ME General Airport (Airport Revenue)		5.00			7-1-2022		150,000		174,369
Portland ME General Airport (Airport Revenue)		5.00			7-1-2023		175,000		206,581
									380,950
Maryland: 0.03%
Maryland Health & Higher Education Washington County Hospital Project (Health Revenue)		5.00			1-1-2019		125,000		133,235
Massachusetts: 0.40%
Massachusetts Development Finance Agency Sabis International Charter Series A (Education Revenue)		8.00			4-15-2039		100,000		123,510
Massachusetts School Building Authority (Tax Revenue)		5.00			11-15-2034		1,470,000		1,849,554
									1,973,064
Michigan: 3.48%
Detroit MI Distributable State Aid Project (GO Revenue)		4.25			11-1-2021		770,000		841,479
Detroit MI Water Supply System Second Lien Series B (Water & Sewer Revenue, AGM Insured)		7.00			7-1-2036		715,000		812,855
Michigan Finance Authority Local Government Loan Program Series D (Water & Sewer Revenue)		5.00			7-1-2030		4,000,000		4,756,360
Michigan Finance Authority Local Government Loan Program Series D4 (Water & Sewer Revenue)		5.00			7-1-2029		1,000,000		1,193,920
Michigan Public Educational Facilities Authority Bradford Academy Project (Education Revenue) (s)		8.00			9-1-2021		145,000		116,003
Michigan Public Educational Facilities Authority Landmark Academy (Education Revenue)		6.00			6-1-2020		390,000		399,668
Michigan Strategic Fund Limited Obligation Events Center Project Series A (Tax Revenue) ±		4.13			7-1-2045		3,500,000		3,593,905

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

Portfolio of investments—June 30, 2016 (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 11

Security name	Interest rate			Maturity date		Principal		Value
Michigan (continued)
Oakland County MI Economic Development Corporation The Academy of The Sacred Heart Project Series A (Education Revenue)		6.50	%		12-15-2036	$	500,000	$	508,130
Taylor MI Tax Increment Refunding Bond Series B (Tax Revenue, AGM Insured)		4.00			5-1-2020		785,000		787,222
Taylor MI Tax Increment Refunding Bond Series B (Tax Revenue, AGM Insured)		4.00			5-1-2021		870,000		872,314
Wayne County MI Airport Series A (Airport Revenue, AGM Insured)		4.00			12-1-2020		1,715,000		1,910,218
Wayne County MI Building Improvement Series A (GO Revenue)		6.75			11-1-2039		920,000		982,063
Western Michigan University (Education Revenue)		5.25			11-15-2031		400,000		489,024
									17,263,161
Mississippi: 1.01%
Mississippi City of Jackson Convention Center Series A (Miscellaneous Revenue, Municipal Government Guaranty Insured)		5.00			3-1-2026		3,050,000		3,822,901
Mississippi Development Bank Special Obligation Jackson Water & Sewer System Project Series A (Water & Sewer Revenue, AGM Insured)		5.00			9-1-2030		1,000,000		1,191,830
									5,014,731
Missouri: 0.53%
Missouri Health & Educational Facilities Authority (Health Revenue)		1.50			2-1-2018		450,000		452,561
Missouri Health & Educational Facilities Authority (Health Revenue)		5.00			2-1-2021		800,000		925,680
Missouri Health & Educational Facilities Authority (Health Revenue)		5.00			2-1-2022		220,000		258,443
Raymore MO Tax Increment Refunding & Improvement Raymore Galleria Project Series A (Tax Revenue)		3.00			5-1-2017		190,000		192,103
Raymore MO Tax Increment Refunding & Improvement Raymore Galleria Project Series A (Tax Revenue)		4.00			5-1-2020		750,000		777,060
									2,605,847
New Hampshire: 0.97%
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A (Water & Sewer Revenue)		5.00			1-1-2026		1,000,000		1,216,920
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A (Water & Sewer Revenue)		5.00			1-1-2027		845,000		1,009,285
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A (Water & Sewer Revenue)		5.00			1-1-2028		1,690,000		2,033,340
New Hampshire Business Authority Water Facility Pennichuck Water Works Incorporated Project Series A (Water & Sewer Revenue)		5.00			1-1-2028		480,000		569,774
									4,829,319
New Jersey: 7.64%
City of Bayonne NJ School District (GO Revenue, AGM Insured)		5.00			7-15-2021		1,300,000		1,515,696
Essex County NJ Improvement Authority Lease Newark Project Series A (Miscellaneous Revenue)		6.25			11-1-2030		1,490,000		1,613,402
New Jersey EDA Educational Facilities (Education Revenue)		5.00			6-1-2022		1,875,000		2,103,356
New Jersey EDA Motor Vehicle Surcharges Series A (Miscellaneous Revenue, National Insured)		5.25			7-1-2026		250,000		306,543
New Jersey EDA Police Barracks Project (Miscellaneous Revenue)		5.00			6-15-2020		285,000		313,486
New Jersey EDA School Facilities Construction Project Series I (Miscellaneous Revenue) ±		2.01			3-1-2028		1,000,000		897,170
New Jersey EDA School Facilities Construction Project Series NN (Miscellaneous Revenue)		5.00			3-1-2027		3,150,000		3,500,973
New Jersey EDA School Facilities Construction Project Series NN (Miscellaneous Revenue)		5.00			3-1-2028		5,000,000		5,547,050

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

12 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—June 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
New Jersey (continued)
New Jersey EDA School Facilities Construction Series PP (Miscellaneous Revenue)		5.00	%		6-15-2019	$	1,800,000	$	1,951,452
New Jersey EDA School Facilities Drew University Series C (Education Revenue, National Insured)		5.25			7-1-2020		2,060,000		2,353,859
New Jersey EDA Student Loan Series 1 (Education Revenue)		5.50			12-1-2021		2,900,000		3,362,202
New Jersey Transportation Trust (Miscellaneous Revenue, National Insured)		5.50			12-15-2021		7,115,000		8,286,556
New Jersey TTFA CAB Series A (Transportation Revenue) ¤		0.00			12-15-2031		2,500,000		1,334,975
New Jersey TTFA Series A (Miscellaneous Revenue)		5.00			6-15-2020		1,600,000		1,762,352
New Jersey TTFA Series B (Miscellaneous Revenue)		5.50			6-15-2031		250,000		282,650
Newark NJ Qualified General Improvement Series A (GO Revenue)		5.00			7-15-2025		2,355,000		2,702,857
									37,834,579
New Mexico: 0.52%
New Mexico Municipal Energy Acquisition Authority Gas Supply Sub Series B (Utilities Revenue, Royal Bank of Canada SPA) ±		1.06			11-1-2039		2,600,000		2,579,798
New York: 10.84%
Hempstead Town NY Local Development Corporation The Academy Charter School Project Series A (Education Revenue)		7.65			2-1-2044		500,000		573,115
Liberty Development Corporation New York Series 1207 (Miscellaneous Revenue, Morgan Stanley Bank LIQ) 144Aø		0.55			10-1-2035		5,000,000		5,000,000
Metropolitan Transportation Authority New York Series C (Transportation Revenue)		5.25			11-15-2031		5,000,000		6,466,900
Monroe County NY IDAG Refunding Bond Monroe Community College Association (Education Revenue, AGM Insured)		5.00			1-15-2038		500,000		592,215
Nassau County NY Series F (GO Revenue)		5.00			10-1-2020		150,000		168,947
New York Dormitory Authority State University Educational Facilities Series A (Miscellaneous Revenue)		5.50			5-15-2019		500,000		549,225
New York Local Government Assistance Corporation Series A-11V (Tax Revenue, AGM Insured) ±(m)(n)		0.56			4-1-2017		25,000		24,938
New York NY John F. Kennedy International Airport Project Series B (Industrial Development Revenue) ±		2.00			8-1-2028		1,000,000		998,980
New York NY Series F-1 (GO Revenue)		5.00			3-1-2032		1,000,000		1,215,660
New York NY Sub Series H-5 (GO Revenue, Dexia Credit Local LOC) ø		0.60			3-1-2034		6,500,000		6,500,000
New York NY Transitional Finance Authority Series 3 Sub Series 3C (Tax Revenue, Dexia Credit Local SPA) ø		0.64			11-1-2022		10,045,000		10,045,000
New York Urban Development Corporation Certificate of Participation James A Farley Post Office Project (Miscellaneous Revenue) 144A		4.20			2-1-2017		3,490,000		3,491,396
New York Urban Development Corporation Personal Income Tax Series A (Tax Revenue)		5.00			3-15-2020		10,000,000		11,523,400
Onondaga NY Civic Development Corporation St. Joseph’s Hospital Health Center Project Series A (Health Revenue)		4.63			7-1-2022		1,500,000		1,673,685
Onondaga NY Civic Development Corporation St. Joseph’s Hospital Health Center Project Series A (Health Revenue)		5.00			7-1-2019		750,000		822,008
Oyster Bay NY BAN Series C (GO Revenue)		4.00			6-1-2018		1,000,000		1,013,360
Oyster Bay NY Public Improvement (GO Revenue)		3.00			8-15-2019		875,000		870,336
Suffolk NY Tobacco Asset Securitization Corporation (Tobacco Revenue)		5.00			6-1-2024		500,000		585,060
Westchester County NY Local Development Corporation Pace University Series A (Education Revenue)		5.00			5-1-2034		1,000,000		1,146,900
Western Nassau County NY Water Authority Series B (Water & Sewer Revenue)		5.00			4-1-2025		340,000		433,031
									53,694,156

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

Portfolio of investments—June 30, 2016 (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 13

Security name	Interest rate			Maturity date		Principal		Value
Ohio: 4.51%
Hamilton County OH Sales Tax Series A (Tax Revenue, Ambac Insured)		5.00	%		12-1-2026	$	3,750,000	$	3,820,688
Lancaster OH Port Authority Gas Supply (Utilities Revenue) ±		1.03			5-1-2038		3,000,000		3,002,880
Maple Heights OH City School District Certificate of Participation (Miscellaneous Revenue)		6.00			11-1-2028		620,000		670,288
Medina County OH Manor Apartments Project (Housing Revenue) ±		1.00			12-1-2017		2,000,000		2,002,180
Ohio Air Quality Development Authority FirstEnergy Generation Series 2009-A (Utilities Revenue)		5.70			8-1-2020		1,500,000		1,658,265
Ohio Private Activity Bond AMT Portsmouth Bypass Project (Industrial Development Revenue, AGM Insured)		5.00			12-31-2035		2,000,000		2,367,120
Ohio Private Activity Bond Series A (Industrial Development Revenue, AGM Insured)		5.00			12-31-2029		2,070,000		2,503,313
Ohio Water Development Authority Series A (Industrial Development Revenue) ±		3.75			7-1-2033		6,000,000		6,170,820
Toledo OH Enterprise Bond Series 2A (Industrial Development Revenue)		5.50			12-1-2019		145,000		155,069
									22,350,623
Oklahoma: 1.46%
Cleveland County OK Educational Facilities Authority Moore Public Schools Project (Miscellaneous Revenue)		5.00			6-1-2023		4,000,000		4,844,440
Garfield County OK Educational Facilities Authority Enid Public Schools Project (Miscellaneous Revenue)		5.00			9-1-2027		1,895,000		2,384,592
									7,229,032
Oregon: 0.16%
Deschutes County OR Hospital Facilities Authority Cascade Healthcare Community Incorporated Project (Health Revenue)		8.25			1-1-2038		500,000		593,220
Oregon Facilities Authority Southern Oregon University Project (Education Revenue, AGM Insured)		4.00			7-1-2023		185,000		206,332
									799,552
Pennsylvania: 6.74%
Allegheny County PA IDA Propel Charter School Sunrise Project (Education Revenue)		5.25			7-15-2023		540,000		581,402
Allegheny County PA Series C-72 (GO Revenue)		5.25			12-1-2032		1,000,000		1,238,600
Berks County PA Municipal Authority Reading Hospital & Medical Center Project Series B (Health Revenue)		1.93			11-1-2039		2,000,000		2,015,820
Chester County PA IDA Avon Grove Charter School Project Series A (Education Revenue)		6.25			12-15-2027		325,000		341,910
Commonwealth Financing Authority Pennsylvania Series B-1 (Miscellaneous Revenue, AGM Insured)		5.00			6-1-2025		2,000,000		2,488,060
Delaware County PA IDA Resource Recovery Facility Series A (Resource Recovery Revenue)		6.20			7-1-2019		50,000		50,200
Delaware Valley PA Regional Finance Authority Series A (Miscellaneous Revenue, Ambac Insured)		5.50			8-1-2028		1,400,000		1,814,512
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project Millersville University (Education Revenue)		5.00			7-1-2021		660,000		747,430
East Hempfield Township PA IDA Student Services Incorporated Student Housing Project Millersville University (Education Revenue)		5.00			7-1-2023		760,000		882,421
Pennsylvania EDFA Bridges Finco LP (Industrial Development Revenue)		5.00			12-31-2034		1,000,000		1,191,690
Pennsylvania Turnpike Commission Sub Series E (Transportation Revenue) ±		0.00			12-1-2038		1,000,000		1,268,540
Philadelphia PA Airport Bonds AMT Series A (Airport Revenue, AGM Insured)		5.00			6-15-2037		2,000,000		2,065,480
Philadelphia PA IDA 1st Philadelphia Preparatory Charter School Project Series A (Education Revenue)		7.00			6-15-2033		1,000,000		1,196,710
Philadelphia PA IDA Architecture & Design Charter School Project (Education Revenue)		5.25			3-15-2023		265,000		288,532

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

14 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—June 30, 2016 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Pennsylvania (continued)
Philadelphia PA IDA Cultural & Commercial Corridors Program Series A (Miscellaneous Revenue)		5.00	%		12-1-2025	$	1,995,000	$	2,467,057
Philadelphia PA IDA Discovery Charter School Project (Education Revenue)		4.00			4-1-2017		85,000		84,858
Philadelphia PA IDA Discovery Charter School Project (Education Revenue)		5.00			4-1-2022		450,000		456,930
Philadelphia PA IDA Mariana Bracetti Academy Project (Education Revenue)		6.25			12-15-2021		225,000		246,713
Philadelphia PA IDA New Foundations Charter School Project (Education Revenue)		6.00			12-15-2027		285,000		321,822
Philadelphia PA Series A (GO Revenue)		5.00			8-1-2025		1,905,000		2,391,899
Philadelphia PA Series A (GO Revenue)		5.25			7-15-2033		1,000,000		1,217,080
Philadelphia PA Water & Sewer Series B (Water & Sewer Revenue)		5.00			7-1-2032		1,145,000		1,408,705
Reading PA Water Authority (Water & Sewer Revenue)		5.25			12-1-2036		1,250,000		1,486,225
York County PA IDA Philadelphia Electric Company Project Series A (Industrial Development Revenue) ±		2.55			6-1-2036		7,000,000		7,160,370
									33,412,966
South Carolina: 0.23%
South Carolina Jobs EDA York Preparatory Academy Project Series A (Education Revenue)		7.00			11-1-2033		1,000,000		1,128,350
Tennessee: 0.03%
Tennessee Energy Acquisition Corporation Series A (Utilities Revenue)		5.25			9-1-2018		150,000		162,834
Texas: 11.08%
Arlington TX Higher Education Finance Corporation Universal Academy Project Series A (Education Revenue)		7.13			3-1-2044		1,250,000		1,329,525
Arlington TX Permanent Import (GO Revenue)		5.00			8-15-2023		2,940,000		3,687,936
Austin TX Airport System AMT (Airport Revenue)		5.00			11-15-2044		2,500,000		2,912,050
Clifton TX Higher Educational Finance Corporation Series A (Education Revenue)		5.50			8-15-2035		2,000,000		2,181,040
Clifton TX Higher Educational Finance Corporation Series A (Education Revenue)		5.75			8-15-2038		1,000,000		1,105,250
Clifton TX Higher Educational Finance Corporation Uplift Education Project Series A (Education Revenue)		3.10			12-1-2022		2,100,000		2,130,576
Houston TX Higher Education Finance Corporation Series A (Education Revenue)		4.00			2-15-2022		175,000		186,701
La Vernia TX Higher Education Finance Corporation Series A (Education Revenue)		6.25			2-15-2017		55,000		56,574
North Texas Tollway Authority System Series A (Transportation Revenue)		5.00			1-1-2023		3,500,000		4,285,435
North Texas Tollway Authority System Series B (Transportation Revenue)		5.00			1-1-2026		350,000		402,322
Northside TX Independent School District Building Project (GO Revenue) ±		2.00			8-1-2044		2,000,000		2,062,380
Port Arthur TX Navigation District Jefferson County Environmental Facilities Motiva Enterprises LLC Project Series C (Resource Recovery Revenue) ø		0.54			4-1-2040		3,500,000		3,500,000
Port Houston TX Authority Series D-1 (GO Revenue)		5.00			10-1-2035		2,190,000		2,546,094
San Antonio TX Independent School District (GO Revenue) ±		2.00			8-1-2044		965,000		977,757
Tarrant County TX Cultural Education Facilities Finance Corporation Series 2974 (Health Revenue, Credit Suisse LIQ) 144Aø		0.61			11-15-2029		5,605,000		5,605,000
Tender Option Bond Trust Receipts Floaters Series 2015 (Transportation Revenue, Barclays Bank plc LIQ) 144Aø		0.67			7-1-2021		4,215,000		4,215,000
Texas Municipal Gas Acquisition & Supply Corporation Sub Lien Series C (Utilities Revenue) ±		1.88			12-15-2026		6,000,000		5,515,920
Texas Private Activity Bond Surface Transportation Corporation LBJ Infrastructure Project (Transportation Revenue)		7.50			6-30-2033		250,000		307,150
Texas Private Activity Bond Surface Transportation Corporation Project NTE Mobility Partners Segments LLC (Transportation Revenue) ##		7.00			12-31-2038		1,300,000		1,655,277
Texas SA Energy Acquisition Public Facility Corporation Gas Supply (Utilities Revenue)		5.50			8-1-2019		330,000		372,431
Texas Transportation Commission Highway (Miscellaneous Revenue)		5.00			4-1-2028		2,605,000		3,384,025

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

Portfolio of investments—June 30, 2016 (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 15

Security name	Interest rate			Maturity date		Principal		Value
Texas (continued)
Upper Trinity TX Regional Water District (Water & Sewer Revenue, Build America Mutual Assurance Company Insured)		5.00	%		8-1-2028	$	750,000	$	938,873
Upper Trinity TX Regional Water District (Water & Sewer Revenue, Build America Mutual Assurance Company Insured)		5.00			8-1-2029		500,000		623,170
Weslaco TX Health Facilities Development Various Refunding & Improvement Knapp Medical Center Series A (Health Revenue, Compass Bank LOC) ø		0.74			6-1-2038		4,900,000		4,900,000
									54,880,486
Utah: 0.03%
Spanish Fork UT Charter School American Leadership Academy (Education Revenue) 144A		5.55			11-15-2021		135,000		137,395
Vermont: 0.89%
Burlington VT Airport (Airport Revenue, AGM Insured)		5.00			7-1-2018		280,000		301,050
Burlington VT Airport (Airport Revenue, AGM Insured)		5.00			7-1-2019		100,000		110,893
Vermont Student Assistance Corporation Series B Class A2 (Education Revenue) ±		3.68			12-3-2035		500,000		519,375
Vermont Student Assistance Corporation Series B Class B (Education Revenue) ±		1.46			6-2-2042		3,549,565		3,485,602
									4,416,920
Washington: 3.92%
Tacoma WA Solid Waste Series B (Resource Recovery Revenue) %%		5.00			12-1-2026		1,135,000		1,435,480
Washington Energy Northwest Wind Project (Utilities Revenue, Ambac Insured)		5.00			7-1-2026		500,000		500,065
Washington HCFR Catholic Health Initiatives Series A (Health Revenue)		5.00			1-1-2029		1,300,000		1,574,547
Washington HCFR Catholic Health Initiatives Series B (Health Revenue) ±		1.39			1-1-2035		5,000,000		4,961,250
Washington HCFR Catholic Health Initiatives Series B (Health Revenue) ±		1.81			1-1-2035		4,000,000		3,964,720
Washington State Series D (GO Revenue)		5.00			2-1-2037		5,620,000		6,984,199
									19,420,261
Wisconsin: 3.12%
Stratford WI BAN (Miscellaneous Revenue)		2.00			8-9-2016		2,000,000		2,003,260
Wisconsin PFA Airport Facilities Series C (Airport Revenue)		5.00			7-1-2042		2,585,000		2,817,107
Wisconsin PFA Carolina International School Series A (Education Revenue) 144A		7.20			8-1-2048		1,000,000		1,162,460
Wisconsin PFA Lease Development KU Campus Development Project (Education Revenue)		5.00			3-1-2046		4,500,000		5,371,245
Wisconsin PFA Pine Lake Preparatory (Education Revenue) 144A		4.95			3-1-2030		1,270,000		1,366,266
Wisconsin PFA Research Triangle High School Project Series 2015-A (Education Revenue) 144A		5.63			7-1-2045		1,115,000		1,162,555
Wisconsin PFA Research Triangle High School Project Series A (Education Revenue) 144A		4.38			7-1-2025		535,000		557,235
Wisconsin PFA Research Triangle High School Project Series A (Education Revenue) 144A		5.38			7-1-2035		1,000,000		1,040,508
									15,480,636
Wyoming: 1.01%
Sweetwater County WY PCR Refunding PacifiCorp Project Series A (Industrial Development Revenue) ø		0.52			1-1-2017		5,000,000		5,000,000
Total Municipal Obligations (Cost $463,926,788)									487,351,163

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

16 Wells Fargo Managed Account CoreBuilder Shares – Series M Portfolio of investments—June 30, 2016 (unaudited)

Security name	Yield					Shares		Value
Short-Term Investments: 1.04%
Investment Companies: 0.78%
Wells Fargo Municipal Cash Management Fund Institutional Class (l)(u)##		0.30	%				3,853,095	$	3,853,095
				Maturity date		Principal
U.S. Treasury Securities: 0.26%
U.S. Treasury Bill (z)#		0.26			9-15-2016	$	1,325,000		1,324,394
Total Short-Term Investments (Cost $5,177,351)									5,177,489

Total investments in securities (Cost $469,104,139) *	99.41	%		492,528,652
Other assets and liabilities, net	0.59			2,917,831
Total net assets	100.00	%	$	495,446,483

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

%% 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.

ø Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end.

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

(s) The security is currently in default with regards to scheduled interest and/or principal 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.

(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 securities.

(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 $469,104,137 and unrealized gains (losses) consists of:

Gross unrealized gains	$	23,765,565
Gross unrealized losses		(341,050	)
Net unrealized gains	$	23,424,515

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

Statement of assets and liabilities—June 30, 2016 (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 17

Assets
Investments
In unaffiliated securities, at value (cost $465,251,044)	$	488,675,557
In affiliated securities, at value (cost $3,853,095)		3,853,095
Total investments, at value (cost $469,104,139)		492,528,652
Cash		105,656
Receivable for investments sold		90,000
Receivable for Fund shares sold		4,290,813
Receivable for interest		4,639,373
Receivable for daily variation margin on open futures contracts		186,339
Total assets		501,840,833
Liabilities
Dividends payable		1,189,170
Payable for investments purchased		4,812,352
Payable for Fund shares redeemed		392,828
Total liabilities		6,394,350
Total net assets	$	495,446,483
NET ASSETS CONSIST OF
Paid-in capital	$	474,932,641
Undistributed net investment income		325
Accumulated net realized losses on investments		(129,779	)
Net unrealized gains on investments		20,643,296
Total net assets	$	495,446,483
COMPUTATION OF NET ASSET VALUE
Net assets	$	495,446,483
Shares outstanding1		40,603,850
Net asset value per share	$	12.20

¹  The Fund has an unlimited number of authorized shares.

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

18 Wells Fargo Managed Account CoreBuilder Shares – Series M Statement of operations—six months ended June 30, 2016 (unaudited)

Investment income
Interest	$	6,319,808
Dividends		79,798
Income from affiliated securities		4,477
Total investment income		6,404,083
Expenses
Custody and accounting fees		14,083
Professional fees		6,788
Registration fees		40,415
Shareholder report expenses		13,979
Trustees’ fees and expenses		9,704
Other fees and expenses		2,669
Total expenses		87,638
Less: Fee waivers and/or expense reimbursements		(87,638	)
Net expenses		0
Net investment income		6,404,083
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		1,752,082
Futures transactions		(1,565,964	)
Net realized gains on investments		186,118
Net change in unrealized gains (losses) on:
Unaffiliated securities		11,787,600
Futures transactions		(3,045,918	)
Net change in unrealized gains (losses) on investments		8,741,682
Net realized and unrealized gains (losses) on investments		8,927,800
Net increase in net assets resulting from operations	$	15,331,883

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

Statement of changes in net assets Wells Fargo Managed Account CoreBuilder Shares – Series M 19

	Six months ended June 30, 2016 (unaudited)						Year ended December 31, 2015
Operations
Net investment income				$	6,404,083					$	10,164,627
Net realized gains (losses) on investments					186,118						(340,359	)
Net change in unrealized gains (losses) on investments					8,741,682						3,876,087
Net increase in net assets resulting from operations					15,331,883						13,700,355
Distributions to shareholders from net investment income					(6,403,223	)					(10,162,044	)
Capital share transactions		Shares						Shares
Proceeds from shares sold		13,781,349			165,996,964			16,297,884			192,388,203
Payment for shares redeemed		(3,394,124	)		(40,888,418	)		(4,853,267	)		(57,133,399	)
Net increase in net assets resulting from capital share transactions					125,108,546						135,254,804
Total increase in net assets					134,037,206						138,793,115
Net assets
Beginning of period					361,409,277						222,616,162
End of period				$	495,446,483					$	361,409,277
Undistributed (overdistributed) net investment income				$	325					$	(535	)

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

20 Wells Fargo Managed Account CoreBuilder Shares – Series M Financial highlights

(For a share outstanding throughout each period)

	Six months ended June 30, 2016 (unaudited)			Year ended December 31
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$11.96			$11.86			$10.99			$11.61			$10.93			$10.28
Net investment income		0.18			0.41			0.44			0.44			0.44			0.52
Net realized and unrealized gains (losses) on investments		0.24			0.10			1.00			(0.60	)		0.93			0.70
Total from investment operations		0.42			0.51			1.44			(0.16	)		1.37			1.22
Distributions to shareholders from
Net investment income		(0.18	)		(0.41	)		(0.44	)		(0.43	)		(0.44	)		(0.52	)
Net realized gains		0.00			0.00			(0.13	)		(0.03	)		(0.25	)		(0.05	)
Total distributions to shareholders		(0.18	)		(0.41	)		(0.57	)		(0.46	)		(0.69	)		(0.57	)
Net asset value, end of period		$12.20			$11.96			$11.86			$10.99			$11.61			$10.93
Total return		3.60	%		4.38	%		13.27	%		(1.37	)%		12.81	%		12.18	%
Ratios to average net assets (annualized)
Gross expenses		0.04	%		0.07	%		0.10	%		0.08	%		0.24	%		0.88	%
Net expenses		0.00	%1		0.00	%1		0.00	%1		0.00	%1		0.00	%1		0.00	%1
Net investment income		3.09	%		3.45	%		3.66	%		3.94	%		3.76	%		4.91	%
Supplemental data
Portfolio turnover rate		10	%		21	%		37	%		56	%		57	%		47	%
Net assets, end of period (000s omitted)		$495,446			$361,409			$222,616			$104,914			$49,911			$19,227

¹  The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent, interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term.

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

Notes to financial statements (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 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 CoreBuilder Shares – Series M (the “Fund”) which is a diversified series of the Trust.

The Fund is a special purpose municipal bond fund that is used in combination with selected individual securities to effectively model institutional-level investment strategies. As an investment option within the separately managed accounts advised or subadvised by Wells Fargo Funds Management, LLC (“Funds Management”), the Fund enables certain separately managed account investors to achieve greater diversification than small managed accounts might otherwise achieve.

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), although a Fund may deviate from this calculation time under unusual or unexpected circumstances.

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. 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.

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

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

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 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.

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

22 Wells Fargo Managed Account CoreBuilder Shares – Series M Notes to financial statements (unaudited)

purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Futures contracts

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

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

Security transactions and income recognition

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

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

Dividend income is recognized on the ex-dividend date.

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 and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

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

As of December 31, 2015, the Fund had $51,198 of current year deferred post-October capital losses which were recognized on the first day of the current fiscal year.

3. FAIR VALUATION MEASUREMENTS

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

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

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

Notes to financial statements (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 23

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

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

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of June 30, 2016:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Municipal obligations	$	0	$	487,351,163	$	0	$	487,351,163
Short-term investments
Investment companies		3,853,095		0		0		3,853,095
U.S. Treasury securities		1,324,394		0		0		1,324,394
		5,177,489		487,351,163		0		492,528,652
Futures contracts		186,339		0		0		186,339
Total assets	$	5,363,828	$	487,351,163	$	0	$	492,714,991

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

The Fund recognizes transfers between levels within the fair value hierarchy at the end of the reporting period. At June 30, 2016, the Fund did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES

The Trust has entered into an advisory contract with Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”). The adviser is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund. For providing these services, Funds Management does not receive a fee from the Fund but is entitled to receive fees from the sponsors of the wrap-fee programs. Out of these fees, Funds Management pays Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, for its services as the subadviser to the Fund.

Generally, no ordinary operating fees or expenses are charged to the Fund. Funds Management has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent, interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term.

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 June 30, 2016 were $147,697,966 and $34,539,577, respectively.

The Fund may purchase or sell investment securities to other Wells Fargo funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which generally do not incur broker commissions, are effected at current market prices. Interfund trades are included within the respective purchases and sales amounts shown.

6. DERIVATIVE TRANSACTIONS

During the six months ended June 30, 2016, the Fund entered into futures contracts to take advantage of the differences between municipal and treasury yields and to help manage the duration of the portfolio.

24 Wells Fargo Managed Account CoreBuilder Shares – Series M Notes to financial statements (unaudited)

At June 30, 2016, the Fund had short futures contracts outstanding as follows:

Expiration date	Counterparty	Contracts	Type	Contract value at June 30, 2016		Unrealized gains (losses)
9-21-2016	JP Morgan	275 Short	U.S. Treasury Bonds	$	47,394,531	$	(2,787,087	)
9-30-2016	JP Morgan	200 Short	5-Year U.S. Treasury Notes		24,432,813		5,870

The Fund had an average notional amount of $46,961,954 in short futures contracts during the six months ended June 30, 2016.

On June 30, 2016, the cumulative unrealized losses on futures contracts in the amount of $2,781,217 are reflected in net unrealized gains on investments on the Statement of Assets and Liabilities. The receivable 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 assets in the Statement of Assets and Liabilities	Amounts subject to netting agreements		Collateral pledged		Net amount of assets
Futures – variation margin	JPMorgan	$186,339	$	0	$	0	$	186,339

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 June 30, 2016, there were no borrowings by the Fund under the agreement.

8. CONCENTRATION OF OWNERSHIP

From time to time, the Fund may have a concentration of one or more of its shareholders that hold a significant percentage of the Fund’s shares outstanding. Investment and/or voting activities of these shareholders with respect to their holdings in the Fund shares could have a material impact on the Fund.

Notes to financial statements (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 25

At June 30, 2016, the following shareholders held 88.06% of the outstanding shares of the Fund:

	% of ownership
Morgan Stanley Smith Barney LLC		22.80
Pershing LLC		10.55
UBS Financial Services Incorporated		54.71

9. INDEMNIFICATION

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

26 Wells Fargo Managed Account CoreBuilder Shares – Series M 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 1-888-877-9275, visiting our website at wellsfargofunds.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wellsfargofunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

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

Other information (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 27

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers¹ listed in the table below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 142 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust and four closed-end funds (collectively the “Fund Complex”). This table should be read in conjunction with the Prospectus and the Statement of Additional Information². The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term, however, each Trustee serves such term until reaching the mandatory retirement age established by the Trustees.

Independent Trustees

Name and year of birth	Position held and length of service*	Principal occupations during past five years or longer	Current other public company or investment company directorships
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief financial officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he lead a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is a CFA® charterholder and an Adjunct Lecturer, Finance, at Babson College.	Asset Allocation Trust
Jane A. Freeman (Born 1953)	Trustee, since 2015	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is Chair of Taproot Foundation (non-profit organization), a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive chartered financial analyst.	Asset Allocation Trust
Peter G. Gordon (Born 1942)	Trustee, since 1998; Chairman, since 2005	Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.	Asset Allocation Trust
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2009	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation; Asset Allocation Trust
Judith M. Johnson (Born 1949)	Trustee, since 2008; Audit Committee Chairman, since 2008	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust

28 Wells Fargo Managed Account CoreBuilder Shares – Series M 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.
Michael Whitaker (Born 1967)	Chief Compliance Officer, since 2016*	Executive Vice President of Wells Fargo Funds Management, LLC since 2016. Chief Compliance Officer of Fidelity’s Fixed Income Funds and Asset Allocation Funds from 2008 to 2016, Compliance Officer of FMR Co., Inc. from 2014 to 2016, Fidelity Investments Money Management, Inc. from 2014 to 2016, Fidelity Investments from 2007 to 2016.
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 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 69 funds and Assistant Treasurer of 73 funds in the Fund Complex.

² The Statement of Additional Information includes additional information about the Trustees and is available, without charge, upon request, by calling
1-888-877-9275 or by visiting the website at wellsfargofunds.com.

* Michael Whitaker became Chief Compliance Officer effective May 16, 2016.

Other information (unaudited) Wells Fargo Managed Account CoreBuilder Shares – Series M 29

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 24-25, 2016 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for Wells Fargo Managed Account CoreBuilder Shares – Series M (the “Fund”): (i) an investment advisory agreement (the “Advisory Agreement”) with Wells Fargo Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Wells Capital Management Incorporated (the “Sub-Adviser”), an affiliate of Funds Management. The Advisory Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2016, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2016. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Adviser was reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Adviser under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Funds Management, and the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

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

Fund performance and expenses

The Board received and considered information regarding the “zero fee and expense” structure of the Fund. Specifically, the Board noted that the Fund’s gross operating expense ratio and each of its various components, including advisory fees, administration fees, custody fees, Rule 12b-1 fees, and other fees, were zero. The Board also noted Funds Management’s representations that the Fund is a special purpose mutual fund for use exclusively within Funds Management’s separately managed account (“SMA”) advisory business and, as such, Funds Management would assume and pay or reimburse under an Expense Assumption Agreement all of the ordinary operating expenses of the Fund excluding portfolio transaction or other investment related costs, fees payable for services provided by the Fund’s securities lending agent, interest, taxes, leverage expenses, and other expenses not incurred in the ordinary cost of the

30 Wells Fargo Managed Account CoreBuilder Shares – Series M Other information (unaudited)

Fund’s business. The Board further noted Funds Management’s report that it is paid a negotiated fee by each SMA sponsor and that the fee level is identical for all sponsors of SMAs that invest in the Fund.

In light of this unique fee and distribution structure, the Board does not conduct a performance and fee review relative to a peer group or universe. The Board took into account the fee and distribution structure of the Fund in deciding to re-approve the Advisory Agreements for the Fund.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered that the contractual investment advisory fee rate payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rate”) was zero, and also reviewed and considered that the Fund’s other expenses would normally be zero, because of Funds Management’s commitment to assume and pay or reimburse all of the ordinary operating expenses of the Fund under an Expense Assumption Agreement. The Board also reviewed and considered the contractual investment sub-advisory fee rate payable by Funds Management to the Sub-Adviser for investment sub-advisory services (the “Sub-Advisory Agreement Rate”), and that such fees are paid from the fees Funds Management receives from SMA sponsors and not by the Fund.

The Board noted that the Advisory Agreement Rate for the Fund was consistent with the zero fee structure, and was reasonable, in light of the services covered by the Advisory Agreements. The Board also reviewed and considered the Sub-Advisory Agreement Rate and concluded that the Sub-Advisory Agreement Rate was reasonable, in light of the services covered by the Sub-Advisory Agreement.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rates and the Sub-Advisory Agreement Rates were reasonable in light of the services covered by the Advisory Agreements.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of Wells Fargo as a whole, from providing services to the fund family as a whole. The Board also received and considered information concerning the profitability of the Sub-Adviser from providing services to the fund family as a whole, noting that the Sub-Adviser’s profitability information with respect to providing services to the Fund was subsumed in the Wells Fargo profitability analysis. The Board did not receive or consider to be necessary separate profitability information with respect to the Fund in light of its unique fee and distribution structure.

Funds Management reported on the methodologies and estimates used in calculating profitability. Based on its review, the Board did not deem the profits reported by Funds Management or Wells Fargo to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

In light of the unique fee and distribution structure of the Fund, the Board did not conduct an analysis of economies of scale in the context of reviewing the Fund’s Advisory Agreements.

Other benefits to Funds Management and the Sub-Adviser

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund.

The Board noted that Funds Management receives payments from the SMA sponsors and that it had agreed to assume and pay or reimburse certain operating expenses. The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized, and any benefits that might be realized by an affiliated broker that handles portfolio transactions for the Fund.

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

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Adviser was reasonable.

List of abbreviations Wells Fargo Managed Account CoreBuilder Shares – Series M 31

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

COP —  Colombian peso

CLP —  Chilean peso

DKK —  Danish krone

DRIVER —  Derivative inverse tax-exempt receipts

DW&P —  Department of Water & Power

DWR —  Department of Water Resources

ECFA —  Educational & Cultural Facilities Authority

EDA —  Economic Development Authority

EDFA —  Economic Development Finance Authority

ETF —  Exchange-traded fund

EUR —  Euro

FDIC —  Federal Deposit Insurance Corporation

FFCB —  Federal Farm Credit Banks

FGIC —  Financial Guaranty Insurance Corporation

FHA —  Federal Housing Administration

FHLB —  Federal Home Loan Bank

FHLMC —  Federal Home Loan Mortgage Corporation

FICO —  The Financing Corporation

FNMA —  Federal National Mortgage Association

FSA —  Farm Service Agency

GBP —  Great British pound

GDR —  Global depositary receipt

GNMA —  Government National Mortgage Association

GO —  General obligation

HCFR —  Healthcare facilities revenue

HEFA —  Health & Educational Facilities Authority

HEFAR —  Higher education facilities authority revenue

HFA —  Housing Finance Authority

HFFA —  Health Facilities Financing Authority

HKD —  Hong Kong dollar

HUD —  Department of Housing and Urban Development

HUF —  Hungarian forint

IDA —  Industrial Development Authority

IDAG —  Industrial Development Agency

IDR —  Indonesian rupiah

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIFER —  Long Inverse Floating Exempt Receipts

LIQ —  Liquidity agreement

LLC —  Limited liability company

LLLP —  Limited liability limited partnership

LLP —  Limited liability partnership

LOC —  Letter of credit

LP —  Limited partnership

MBIA —  Municipal Bond Insurance Association

MFHR —  Multifamily housing revenue

MSTR —  Municipal securities trust receipts

MTN —  Medium-term note

MUD —  Municipal Utility District

MXN —  Mexican peso

MYR —  Malaysian ringgit

National —  National Public Finance Guarantee Corporation

NGN —  Nigerian naira

NOK —  Norwegian krone

NZD —  New Zealand dollar

PCFA —  Pollution Control Financing Authority

PCL —  Public Company Limited

PCR —  Pollution control revenue

PFA —  Public Finance Authority

PFFA —  Public Facilities Financing Authority

PFOTER —  Puttable floating option tax-exempt receipts

plc —  Public limited company

PLN —  Polish zloty

PUTTER —  Puttable tax-exempt receipts

R&D —  Research & development

Radian —  Radian Asset Assurance

RAN —  Revenue anticipation notes

RDA —  Redevelopment Authority

RDFA —  Redevelopment Finance Authority

REIT —  Real estate investment trust

ROC —  Reset option certificates

RON —  Romanian lei

RUB —  Russian ruble

SAVRS —  Select auction variable rate securities

SBA —  Small Business Authority

SDR —  Swedish depositary receipt

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

SPEAR —  Short Puttable Exempt Adjustable Receipts

STRIPS —  Separate trading of registered interest and

      principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Funds

Attn: Managed Account Services

P.O. Box 1450

Milwaukee, WI 53201

Email: MAS@wellsfargo.com

Website: wellsfargofunds.com

Managed Account Services: 1-800-368-0627

Sales Support Inquiries: 1-800-368-1683

This report and the financial statements contained herein are submitted for the general information of the shareholders of Wells Fargo Account CoreBuilder Shares. 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 1-888-877-9275. Read the prospectus carefully before you invest or send money.

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

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

244416 08-16 SCBM/SAR130 6-16

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 is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Funds Trust
By:
	/s/ Karla M. Rabusch
	Karla M. Rabusch
	President
Date: August 25, 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: August 25, 2016
By:
	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date: August 25, 2016