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:            Registrant is making a filing for 17 of its series, Wells Fargo Advantage Growth Balanced Fund, Wells Fargo Advantage Moderate Balanced Fund, Wells Fargo Advantage C&B Large Cap Value Fund, Wells Fargo Advantage Diversified Equity Fund, Wells Fargo Advantage Emerging Growth Fund, Wells Fargo Advantage Index Fund, Wells Fargo Advantage International Value Fund, Wells Fargo Advantage Small Company Growth Fund, Wells Fargo Advantage Small Company Value Fund, Wells Fargo Advantage Core Bond Fund, Wells Fargo Advantage Inflation-Protected Bond Fund, Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio, Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio, Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio, Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio, Wells Fargo Advantage WealthBuilder Equity Portfolio, and Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio. Each series had a May 31 fiscal year end.

Date of reporting period: November 30, 2013

ITEM 1. REPORT TO STOCKHOLDERS

Wells Fargo Advantage Allocation Funds

Semi-Annual Report

November 30, 2013

n Wells Fargo Advantage Growth Balanced Fund

n Wells Fargo Advantage Moderate Balanced Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolios of investments
Wells Fargo Advantage Growth Balanced Fund	9
Wells Fargo Advantage Moderate Balanced Fund	10
Financial statements
Statements of assets and liabilities	11
Statements of operations	12
Statements of changes in net assets	13
Financial highlights	16
Notes to financial statements	20
Master portfolios
Portfolios of investments
Wells Fargo Advantage C&B Large Cap Value Portfolio	27
Wells Fargo Advantage Diversified Large Cap Growth Portfolio	30
Wells Fargo Advantage Emerging Growth Portfolio	36
Wells Fargo Advantage Index Portfolio (Summary portfolio of investments)	40
Wells Fargo Advantage International Growth Portfolio	47
Wells Fargo Advantage International Value Portfolio	51
Wells Fargo Advantage Large Company Value Portfolio	58

Wells Fargo Advantage Small Company Growth Portfolio	62
Wells Fargo Advantage Small Company Value Portfolio	68
Wells Fargo Advantage Core Bond Portfolio (Summary portfolio of investments)	73
Wells Fargo Advantage Inflation-Protected Bond Portfolio	80
Wells Fargo Advantage Managed Fixed Income Portfolio	81
Wells Fargo Advantage Stable Income Portfolio	90
Financial statements
Statements of assets and liabilities	96
Statements of operations	100
Statements of changes in net assets	104
Financial highlights	117
Notes to financial statements	120
Other information	132
List of abbreviations	135

The views expressed and any forward-looking statements are as of November 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Funds disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

2 Wells Fargo Advantage Allocation Funds Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Equity returns were bolstered by positive economic growth and accommodative monetary policies in many countries. Many fixed-income returns were modestly positive because interest rates stabilized and credit conditions were favorable, enabling lower-quality bonds to do well.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Allocation Funds for the six-month period that ended November 30, 2013. Equity returns were bolstered by positive economic growth and accommodative monetary policies in many countries. Many fixed-income returns were modestly positive because interest rates stabilized and credit conditions were favorable, enabling lower-quality bonds to do well.

Economic growth was no longer a negative for investors.

Fears of a stalling U.S. economy, a eurozone recession, and a hard landing in China were largely erased. The U.S. economy grew modestly during the past six months. Broadly speaking, the U.S. saw gains in business investment and housing alongside some drag from government spending. Employment trended in the right direction, with the unemployment rate declining, though still higher than satisfactory levels. Meanwhile, monetary policy remained accommodative throughout the period. At the end of November 2013, the federal funds rate remained near zero and the quantitative easing program continued at the rate of $85 billion per month.

In other parts of the world, the eurozone ended its recession and began registering positive growth. While Germany was the healthiest of the eurozone economies, many of the troubled southern countries—such as Spain and Portugal—began growing again or showed significantly improved growth trends. Another sign of healing was that yields on government debt in Europe’s peripheral countries declined. Japan, meanwhile, continued its recovery. Emerging markets growth was mixed, but China’s growth appeared to stabilize. Meanwhile, the European Central Bank kept its monetary policy accommodative, lowering its short-term interest rates from 0.50% to 0.25% in November 2013.

Investor optimism resulted in positive equity returns.

Investor confidence grew during the period as economic concerns lessened. Stock markets also benefited from easy monetary policies and resolutions of political problems, such as the end of the U.S. government shutdown. As a result, the S&P 500 Index¹ returned 11.91% for the six-month period that ended November 30, 2013. The index also managed to end higher than 1,800, a level typically considered a threshold for investor optimism. Meanwhile, the MSCI ACWI ex USA (Net)², a measure of non-U.S. developed country equities, returned 9.37% during the six-month period that ended November 30, 2013.

Bond markets struggled to return to positive territory.

During the six months ended November 30, 2013, most categories of non-U.S. Treasury bonds managed to earn positive returns. However, it was a volatile path to positive results, and U.S. Treasury bonds did not manage to claw back into positive territory. June 2013 was a difficult month for bonds because yields increased in response to Federal Reserve Chairman Bernanke’s comments about the scaling back of its bond-buying program. Interest rates then stabilized, and

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

2. The Morgan Stanley Capital International All Country World Index ex USA (Net) (MSCI ACWI ex USA (Net)) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Letter to shareholders (unaudited) Wells Fargo Advantage Allocation Funds 3

investment-grade and high-yield bond markets began generating positive returns. U.S. Treasury bonds bore the brunt of the interest-rate increase, while bonds in lower-tier credit categories benefited from a yield cushion and investor appetite for equity-correlated returns.

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

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

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

4 Wells Fargo Advantage Allocation Funds Performance highlights (unaudited)

Wells Fargo Advantage Growth Balanced Fund¹

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Subadvisers for master portfolios

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, Inc.

Phocas Financial Corporation

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA, FRM

Thomas C. Biwer, CFA

Christian L. Chan, CFA

Andrew Owen, CFA

Erik J. Sens, CFA

Average annual total returns (%) as of November 30, 2013

		Including sales charge						Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year			5 year		10 year		Gross		Net3
Class A (WFGBX)	10-14-1998		16.69		13.78		5.49		23.81			15.14		6.12		1.39		1.20
Class B (NVGRX)*	10-1-1998		17.89		14.04		5.56		22.89			14.28		5.56		2.14		1.95
Class C (WFGWX)	10-1-1998		21.93		14.29		5.32		22.93			14.29		5.32		2.14		1.95
Administrator Class (NVGBX)	11-11-1994		–		–		–		24.17			15.43		6.39		1.23		0.95
Growth Balanced Composite Index4	–		–		–		–		18.59			13.62		7.16		–		–
Barclays U.S. Aggregate Bond Index5	–		–		–		–		(1.61	)		5.33		4.71		–		–
MSCI EAFE Index (Net) (USD)6	–		–		–		–		24.84			13.42		7.56		–		–
Russell 1000® Growth Index7	–		–		–		–		29.74			20.14		7.89		–		–
Russell 1000® Value Index8	–		–		–		–		31.92			16.40		7.96		–		–
Russell 2000® Index9	–		–		–		–		40.99			20.97		9.08		–		–
S&P 500 Index10	–		–		–		–		30.30			17.60		7.69		–		–

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

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

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

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

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk, mortgage- and asset-backed securities risk, and smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Allocation Funds 5

Wells Fargo Advantage Growth Balanced Fund (continued)

Ten largest long-term holdings11 (%) as of November 30, 2013
Apple Incorporated	1.14
Google Incorporated	1.06
Exxon Mobil Corporation	0.81
Johnson & Johnson	0.64
Amazon.com, Incorporated	0.63
FNMA, 6.25%, 5-25-2042	0.59
Bank of America Corporation	0.57
FNMA, 3.50%, 9-1-2032	0.56
JPMorgan Chase & Company	0.56
FNMA, 5.25%, 5-25-2020	0.55

Neutral target allocation¹² as of November 30, 2013

Current target allocation¹² as of November 30, 2013

1. The Fund is a gateway blended fund that invests all of its assets in two or more master portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolios in which it invests.

2. Reflects the expense ratios as stated in the most recent prospectuses.

3. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

4. Source: Wells Fargo Funds Management, LLC. The Growth Balanced Composite Index is weighted 35% in the Barclays U.S. Aggregate Bond Index, 16.25% in the Russell 1000^® Value Index, 16.25% in the S&P 500 Index, 16.25% in the Russell 1000^® Growth Index, 9.75% in the MSCI EAFE Index (Net) (USD), and 6.50% in the Russell 2000^® Index. You cannot invest directly in an index.

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

6. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) (USD) is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. Calculations for EAFE use net dividends, which reflect the deduction of withholding taxes. You cannot invest directly in an index.

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

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

9. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

11. The ten largest long-term holdings are calculated based on the value of the securities of the master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

12. Target allocations are subject to change. Cash and cash equivalents are not reflected in the calculations of target allocations. Neutral target allocation is the target allocation of the Fund as stated in the Fund’s prospectus. Current target allocation is the current allocation of the Fund based on the Tactical Asset Allocation (TAA) Model as of the date specified.

6 Wells Fargo Advantage Allocation Funds Performance highlights (unaudited)

Wells Fargo Advantage Moderate Balanced Fund¹

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Subadvisers for master portfolios

Artisan Partners Limited Partnership

Cooke & Bieler, L.P.

Galliard Capital Management, Inc.

Golden Capital Management, LLC

LSV Asset Management

Peregrine Capital Management, Inc.

Phocas Financial Corporation

Wells Capital Management Incorporated

Portfolio managers

Kandarp R. Acharya, CFA, FRM

Thomas C. Biwer, CFA

Christian L. Chan, CFA

Andrew Owen, CFA

Erik J. Sens, CFA

Average annual total returns² (%) as of November 30, 2013

		Including sales charge						Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year			5 year		10 year		Gross		Net4
Class A (WFMAX)	1-30-2004		7.74		10.27		4.66		14.32			11.58		5.28		1.36		1.15
Class B (WMOBX)*	1-30-2004		8.49		10.48		4.72		13.49			10.74		4.72		2.11		1.90
Class C (WFBCX)	1-30-2004		12.47		10.74		4.49		13.47			10.74		4.49		2.11		1.90
Administrator Class (NVMBX)	11-11-1994		–		–		–		14.64			11.86		5.54		1.20		0.90
Moderate Balanced Composite Index5	–		–		–		–		10.76			9.76		5.95		–		–
Barclays Short Treasury: 9-12 Months Index6	–		–		–		–		0.27			0.58		2.09		–		–
Barclays U.S. Aggregate Bond Index7	–		–		–		–		(1.61	)		5.33		4.71		–		–
MSCI EAFE Index (Net) (USD)8	–		–		–		–		24.84			13.42		7.56		–		–
Russell 1000® Growth Index9	–		–		–		–		29.74			20.14		7.89		–		–
Russell 1000® Value Index10	–		–		–		–		31.92			16.40		7.96	��	–		–
Russell 2000® Index11	–		–		–		–		40.99			20.97		9.08		–		–
S&P 500 Index12	–		–		–		–		30.30			17.60		7.69		–		–

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

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

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

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

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. 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 mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Advantage Allocation Funds 7

Wells Fargo Advantage Moderate Balanced Fund (continued)

Ten largest long-term holdings13 (%) as of November 30, 2013
FHLMC, 7.50%, 9-25-2043	1.00
FNMA, 6.25%, 5-25-2042	0.77
FNMA, 3.50%, 9-1-2032	0.73
FNMA, 5.25%, 5-25-2020	0.72
U.S. Treasury Bill, 0.06%, 2-27-2014	0.70
Apple Incorporated	0.70
Google Incorporated	0.65
U.S. Treasury Bond, 4.25%, 11-15-2040	0.61
U.S. Treasury Bond, 1.75%, 5-15-2023	0.60
FHLMC, 7.00%, 3-25-2043	0.51

Neutral target allocation¹⁴ as of November 30, 2013

Current target allocation¹⁴ as of November 30, 2013

1. The Fund is a gateway blended fund that invests all of its assets in two or more master portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolios in which it invests.

2. Historical performance shown for Class A, Class B, and Class C shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect the higher expenses applicable to Class A, Class B, and Class C shares.

3. Reflects the expense ratios as stated in the most recent prospectuses.

4. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

5. Source: Wells Fargo Funds Management, LLC. The Moderate Balanced Composite Index is weighted 45% in the Barclays U.S. Aggregate Bond Index, 15% in the Barclays Short Treasury: 9-12 Months Index, 10% in the S&P 500 Index, 10% in the Russell 1000^® Growth Index, 10% in the Russell 1000^® Value Index, 6% in the MSCI EAFE Index (Net) (USD), and 4% in the Russell 2000^® Index. You cannot invest directly in an index.

6. The Barclays Short Treasury: 9–12 Months Index is an unmanaged index that includes aged U.S. Treasury bills, notes, and bonds with a remaining maturity from 9 up to (but not including) 12 months. It excludes zero-coupon STRIPS. You cannot invest directly in an index.

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

8. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) (USD) is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. Calculations for EAFE use net dividends, which reflect the deduction of withholding taxes. You cannot invest directly in an index.

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

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

11. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

13. The ten largest long-term holdings are calculated based on the value of the securities of the master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

14. Target allocations are subject to change. Cash and cash equivalents are not reflected in the calculations of target allocations. Neutral target allocation is the target allocation of the Fund as stated in the Fund’s prospectus. Current target allocation is the current allocation of the Fund based on the Tactical Asset Allocation (TAA) Model as of the date specified.

8 Wells Fargo Advantage Allocation Funds Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2013 to November 30, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Wells Fargo Advantage Growth Balanced Fund	Beginning account value 6-1-2013		Ending account value 11-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,101.35	$	6.32		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Class B
Actual	$	1,000.00	$	1,097.19	$	10.25		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Class C
Actual	$	1,000.00	$	1,097.01	$	10.25		1.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.29	$	9.85		1.95	%
Administrator Class
Actual	$	1,000.00	$	1,102.71	$	5.01		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Wells Fargo Advantage Moderate Balanced Fund
Class A
Actual	$	1,000.00	$	1,060.79	$	5.94		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Class B
Actual	$	1,000.00	$	1,057.41	$	9.80		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Class C
Actual	$	1,000.00	$	1,056.77	$	9.80		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Administrator Class
Actual	$	1,000.00	$	1,062.27	$	4.65		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 9

GROWTH BALANCED FUND

Security name								Value
Investment Companies: 99.67%
Affiliated Master Portfolios: 99.67%
Wells Fargo Advantage C&B Large Cap Value Portfolio								$	13,900,692
Wells Fargo Advantage Core Bond Portfolio									17,596,443
Wells Fargo Advantage Diversified Large Cap Growth Portfolio									41,891,458
Wells Fargo Advantage Emerging Growth Portfolio									4,158,662
Wells Fargo Advantage Index Portfolio									41,769,959
Wells Fargo Advantage Inflation-Protected Bond Portfolio									8,794,762
Wells Fargo Advantage International Growth Portfolio									12,572,536
Wells Fargo Advantage International Value Portfolio									12,368,803
Wells Fargo Advantage Large Company Value Portfolio									27,789,118
Wells Fargo Advantage Managed Fixed Income Portfolio									61,630,495
Wells Fargo Advantage Small Company Growth Portfolio									4,174,189
Wells Fargo Advantage Small Company Value Portfolio									8,410,403
Total Investment Companies (Cost $222,142,051)									255,057,520
	Yield			Maturity date		Principal
Short-Term Investments: 0.38%
U.S. Treasury Securities: 0.38%
U.S. Treasury Bill (z)#		0.01	%		12-26-2013	$	963,000		962,964
Total Short-Term Investments (Cost $962,964)									962,964

Total investments in securities (Cost $223,105,015) *	100.05	%		256,020,484
Other assets and liabilities, net	(0.05	)		(122,189	)
Total net assets	100.00	%	$	255,898,295

(z) Zero coupon security. Rate represents yield to maturity at time of purchase.

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

* Cost for federal income tax purposes is $224,608,421 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	31,412,063
Gross unrealized depreciation		0
Net unrealized appreciation	$	31,412,063

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

10 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

MODERATE BALANCED FUND

Security name								Value
Investment Companies: 99.65%
Affiliated Master Portfolios: 99.65%
Wells Fargo Advantage C&B Large Cap Value Portfolio								$	5,804,095
Wells Fargo Advantage Core Bond Portfolio									15,455,358
Wells Fargo Advantage Diversified Large Cap Growth Portfolio									17,444,608
Wells Fargo Advantage Emerging Growth Portfolio									1,742,727
Wells Fargo Advantage Index Portfolio									17,427,694
Wells Fargo Advantage Inflation-Protected Bond Portfolio									7,716,655
Wells Fargo Advantage International Growth Portfolio									5,226,088
Wells Fargo Advantage International Value Portfolio									5,140,251
Wells Fargo Advantage Large Company Value Portfolio									11,603,099
Wells Fargo Advantage Managed Fixed Income Portfolio									54,116,672
Wells Fargo Advantage Small Company Growth Portfolio									1,748,318
Wells Fargo Advantage Small Company Value Portfolio									3,494,367
Wells Fargo Advantage Stable Income Portfolio									25,737,326
Total Investment Companies (Cost $159,474,218)									172,657,258
	Yield			Maturity date		Principal
Short-Term Investments: 0.38%
U.S. Treasury Securities: 0.38%
U.S. Treasury Bill #(z)		0.01	%		12-26-2013	$	660,000		659,975
Total Short-Term Investments (Cost $659,975)									659,975

Total investments in securities (Cost $160,134,193) *	100.03	%		173,317,233
Other assets and liabilities, net	(0.03	)		(48,987	)
Total net assets	100.00	%	$	173,268,246

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

(z) Zero coupon security. Rate represents yield to maturity at time of purchase.

* Cost for federal income tax purposes is $159,535,615 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	13,781,618
Gross unrealized depreciation		0
Net unrealized appreciation	$	13,781,618

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

Statements of assets and liabilities—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 11

	Growth Balanced Fund			Moderate Balanced Fund
Assets
Investments
In affiliated Master Portfolios, at value (see cost below)	$	255,057,520		$	172,657,258
In unaffiliated securities, at value (see cost below)		962,964			659,975
Total investments, at value (see cost below)		256,020,484			173,317,233
Receivable for Fund shares sold		108,935			214,445
Receivable from adviser		0			4,621
Prepaid expenses and other assets		37,284			23,645
Total assets		256,166,703			173,559,944
Liabilities
Payable for Fund shares redeemed		141,478			208,440
Payable for daily variation margin on open futures contracts		1,450			1,000
Advisory fee payable		493			0
Distribution fees payable		7,623			2,631
Due to other related parties		42,053			24,699
Shareholder servicing fees payable		53,942			36,619
Accrued expenses and other liabilities		21,369			18,309
Total liabilities		268,408			291,698
Total net assets	$	255,898,295		$	173,268,246
NET ASSETS CONSIST OF
Paid-in capital	$	387,028,001		$	159,703,530
Undistributed net investment income		2,422,121			2,205,940
Accumulated net realized losses on investments		(167,328,387	)		(2,418,480	)
Net unrealized gains on investments		33,776,560			13,777,256
Total net assets	$	255,898,295		$	173,268,246
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	60,084,350		$	16,283,344
Shares outstanding – Class A		1,635,707			723,416
Net asset value per share – Class A		$36.73			$22.51
Maximum offering price per share – Class A2		$38.97			$23.88
Net assets – Class B	$	852,932		$	514,683
Shares outstanding – Class B		26,052			22,910
Net asset value per share – Class B		$32.74			$22.47
Net assets – Class C	$	11,318,783		$	3,694,531
Shares outstanding – Class C		351,172			166,763
Net asset value per share – Class C		$32.23			$22.15
Net assets – Administrator Class	$	183,642,230		$	152,775,688
Shares outstanding – Administrator Class		5,572,223			6,734,204
Net asset value per share – Administrator Class		$32.96			$22.69
Investments in affiliated Master Portfolios, at cost	$	222,142,051		$	159,474,218
Investments in unaffiliated securities, at cost	$	962,964		$	659,975
Total investments, at cost	$	223,105,015		$	160,134,193

1. Each Fund has an unlimited number of authorized shares.

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

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

12 Wells Fargo Advantage Allocation Funds Statements of operations—six months ended November 30, 2013 (unaudited)

	Growth Balanced Fund			Moderate Balanced Fund
Investment income
Interest allocated from affiliated Master Portfolios**	$	1,373,409		$	1,427,243
Dividends allocated from affiliated Master Portfolios*		1,257,018			534,801
Securities lending income allocated from affiliated Master Portfolios		22,018			10,000
Interest		332			165
Expenses allocated from affiliated Master Portfolios		(681,139	)		(453,835	)
Waivers allocated from affiliated Master Portfolios		52,298			67,916
Total investment income		2,023,936			1,586,290
Expenses
Advisory fee		307,598			207,162
Administration fees
Fund level		61,520			41,432
Class A		74,361			16,425
Class B		1,157			731
Class C		13,204			4,084
Administrator Class		88,915			74,696
Shareholder servicing fees
Class A		71,501			15,793
Class B		1,113			703
Class C		12,696			3,927
Administrator Class		221,985			186,255
Distribution fees
Class B		3,339			2,108
Class C		38,088			11,781
Custody and accounting fees		5,604			3,561
Professional fees		16,283			14,864
Registration fees		23,808			20,458
Shareholder report expenses		25,119			20,079
Trustees’ fees and expenses		5,036			5,094
Other fees and expenses		6,204			5,026
Total expenses		977,531			634,179
Less: Fee waivers and/or expense reimbursements		(310,764	)		(240,002	)
Net expenses		666,767			394,177
Net investment income		1,357,169			1,192,113
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		4,297,867			1,328,081
Futures transactions		4,976,320			2,230,080
Net realized gains on investments		9,274,187			3,558,161
Net change in unrealized gains (losses) on:
Securities transactions allocated from affiliated Master Portfolios		14,674,059			5,702,515
Futures transactions		(1,231,336	)		(322,556	)
Net change in unrealized gains (losses) on investments		13,442,723			5,379,959
Net realized and unrealized gains (losses) on investments		22,716,910			8,938,120
Net increase in net assets resulting from operations	$	24,074,079		$	10,130,233
** Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$138			$120
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$20,350			$10,648

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

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 13

	Growth Balanced Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment income				$	1,357,169					$	3,291,127
Net realized gains on investments					9,274,187						22,185,874
Net change in unrealized gains (losses) on investments					13,442,723						21,087,053
Net increase in net assets resulting from operations					24,074,079						46,564,054
Distributions to shareholders from
Net investment income
Class A					0						(790,330	)
Class B					0						(6,107	)
Class C					0						(78,360	)
Administrator Class					0						(3,056,559	)
Total distributions to shareholders					0						(3,931,356	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		89,843			3,123,792			252,844			7,707,814
Class B		1,371			42,627			1,720			47,281
Class C		45,651			1,392,594			55,670			1,517,079
Administrator Class		303,986			9,484,928			682,034			18,741,686
					14,043,941						28,013,860
Reinvestment of distributions
Class A		0			0			26,105			783,165
Class B		0			0			227			6,107
Class C		0			0			2,921			77,436
Administrator Class		0			0			112,461			3,019,584
					0						3,886,292
Payment for shares redeemed
Class A		(126,400	)		(4,404,342	)		(385,427	)		(11,789,241	)
Class B		(7,819	)		(240,492	)		(38,181	)		(1,038,792	)
Class C		(11,944	)		(362,269	)		(53,297	)		(1,442,155	)
Administrator Class		(591,564	)		(18,426,906	)		(3,759,086	)		(97,832,397	)
					(23,434,009	)					(112,102,585	)
Net decrease in net assets resulting from capital share transactions					(9,390,068	)					(80,202,433	)
Total increase (decrease) in net assets					14,684,011						(37,569,735	)
Net assets
Beginning of period					241,214,284						278,784,019
End of period				$	255,898,295					$	241,214,284
Undistributed net investment income				$	2,422,121					$	1,064,952

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

14 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Moderate Balanced Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment income				$	1,192,113					$	2,729,351
Net realized gains on investments					3,558,161						12,235,693
Net change in unrealized gains (losses) on investments					5,379,959						7,981,882
Net increase in net assets resulting from operations					10,130,233						22,946,926
Distributions to shareholders from
Net investment income
Class A					0						(174,454	)
Class B					0						(6,037	)
Class C					0						(26,366	)
Administrator Class					0						(2,930,711	)
Total distributions to shareholders					0						(3,137,568	)
Capital share transactions		Shares						Shares
Proceeds from shares sold
Class A		315,387			6,863,509			106,892			2,150,751
Class B		3,260			69,860			6,379			129,702
Class C		47,925			1,022,921			32,118			642,068
Administrator Class		387,599			8,451,544			644,259			13,114,398
					16,407,834						16,036,919
Reinvestment of distributions
Class A		0			0			8,688			172,200
Class B		0			0			271			5,404
Class C		0			0			1,191			23,401
Administrator Class		0			0			144,213			2,874,170
					0						3,075,175
Payment for shares redeemed
Class A		(79,560	)		(1,721,774	)		(155,234	)		(3,093,238	)
Class B		(9,182	)		(198,191	)		(20,626	)		(416,879	)
Class C		(4,064	)		(87,458	)		(34,884	)		(701,338	)
Administrator Class		(524,174	)		(11,523,622	)		(3,018,081	)		(60,096,397	)
					(13,531,045	)					(64,307,852	)
Net increase (decrease) in net assets resulting from capital share transactions					2,876,789						(45,195,758	)
Total increase (decrease) in net assets					13,007,022						(25,386,400	)
Net assets
Beginning of period					160,261,224						185,647,624
End of period				$	173,268,246					$	160,261,224
Undistributed net investment income				$	2,205,940					$	1,013,827

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

This page is intentionally left blank.

16 Wells Fargo Advantage Allocation Funds Financial highlights

	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income
Growth Balanced Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	33.35		0.15			3.23			0.00
June 1, 2012 to May 31, 2013	$	27.77		0.32			5.70			(0.44	)
June 1, 2011 to May 31, 2012	$	29.34		0.39	4		(1.73	)		(0.23	)
October 1, 2010 to May 31, 20115	$	25.89		0.23			4.11			(0.89	)
October 1, 2009 to September 30, 2010	$	24.12		0.40	4		1.75			(0.38	)
October 1, 2008 to September 30, 2009	$	25.63		0.41	4		(1.32	)		(0.52	)
October 1, 2007 to September 30, 2008	$	36.21		0.63			(7.32	)		(0.63	)
Class B
June 1, 2013 to November 30, 2013 (unaudited)	$	29.84		0.03	4		2.87			0.00
June 1, 2012 to May 31, 2013	$	24.80		0.12	4		5.05			(0.13	)
June 1, 2011 to May 31, 2012	$	26.17		0.15	4		(1.52	)		0.00
October 1, 2010 to May 31, 20115	$	23.07		0.12	4		3.62			(0.64	)
October 1, 2009 to September 30, 2010	$	21.46		0.22	4		1.53			(0.14	)
October 1, 2008 to September 30, 2009	$	22.70		0.22	4		(1.13	)		(0.25	)
October 1, 2007 to September 30, 2008	$	32.51		0.36			(6.52	)		(0.39	)
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	29.38		0.03	4		2.82			0.00
June 1, 2012 to May 31, 2013	$	24.52		0.13	4		4.98			(0.25	)
June 1, 2011 to May 31, 2012	$	25.94		0.16	4		(1.53	)		(0.05	)
October 1, 2010 to May 31, 20115	$	22.93		0.12	4		3.60			(0.71	)
October 1, 2009 to September 30, 2010	$	21.42		0.19	4		1.56			(0.24	)
October 1, 2008 to September 30, 2009	$	22.77		0.23	4		(1.17	)		(0.33	)
October 1, 2007 to September 30, 2008	$	32.60		0.36	4		(6.54	)		(0.39	)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	29.89		0.22	4		2.85			0.00
June 1, 2012 to May 31, 2013	$	24.93		0.65	4		4.82			(0.51	)
June 1, 2011 to May 31, 2012	$	26.39		0.41	4		(1.57	)		(0.30	)
October 1, 2010 to May 31, 20115	$	23.39		0.31	4		3.64			(0.95	)
October 1, 2009 to September 30, 2010	$	21.81		0.46	4		1.55			(0.43	)
October 1, 2008 to September 30, 2009	$	23.29		0.41	4		(1.21	)		(0.60	)
October 1, 2007 to September 30, 2008	$	33.29		0.64	4		(6.67	)		(0.71	)
Moderate Balanced Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	21.21		0.13	4		1.17			0.00
June 1, 2012 to May 31, 2013	$	18.84		0.21			2.50			(0.34	)
June 1, 2011 to May 31, 2012	$	19.64		0.32			(0.54	)		(0.58	)
October 1, 2010 to May 31, 20115	$	17.97		0.28			1.80			(0.41	)
October 1, 2009 to September 30, 2010	$	17.12		0.38	4		1.03			(0.56	)
October 1, 2008 to September 30, 2009	$	17.85		0.38			(0.36	)		(0.57	)
October 1, 2007 to September 30, 2008	$	22.76		0.55			(3.34	)		(0.61	)
Class B
June 1, 2013 to November 30, 2013 (unaudited)	$	21.25		0.05	4		1.17			0.00
June 1, 2012 to May 31, 2013	$	18.86		0.13	4		2.43			(0.17	)
June 1, 2011 to May 31, 2012	$	19.58		0.18	4		(0.53	)		(0.37	)
October 1, 2010 to May 31, 20115	$	17.85		0.14	4		1.84			(0.25	)
October 1, 2009 to September 30, 2010	$	16.99		0.30			0.97			(0.41	)
October 1, 2008 to September 30, 2009	$	17.67		0.26	4		(0.34	)		(0.42	)
October 1, 2007 to September 30, 2008	$	22.53		0.42			(3.34	)		(0.43	)

Please see footnotes on page 18.

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

Financial highlights Wells Fargo Advantage Allocation Funds 17

Distributions from net realized gains			Ending net asset value per share		Ratio to average net assets (annualized)							Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
						Net investment income1		Gross expenses1		Net expenses1
	0.00		$	36.73		0.96	%	1.39	%	1.20	%		10.13	%		39	%	$	60,084
	0.00		$	33.35		1.23	%	1.39	%	1.20	%		21.85	%		80	%	$	55,777
	0.00		$	27.77		1.40	%	1.36	%	1.20	%		(4.53	)%		107	%	$	49,403
	0.00		$	29.34		1.43	%	1.35	%	1.20	%		17.02	%		70	%	$	60,055
	0.00		$	25.89		1.61	%	1.38	%	1.20	%		9.00	%		94	%	$	55,284
	(0.08	)	$	24.12		1.95	%	1.32	%	1.20	%		(2.95	)%		105	%	$	55,318
	(3.26	)	$	25.63		2.09	%	1.34	%	1.20	%		(20.42	)%		80	%	$	55,626
	0.00		$	32.74		0.20	%	2.13	%	1.95	%		9.72	%		39	%	$	853
	0.00		$	29.84		0.45	%	2.12	%	1.95	%		20.91	%		80	%	$	970
	0.00		$	24.80		0.61	%	2.10	%	1.95	%		(5.23	)%		107	%	$	1,704
	0.00		$	26.17		0.62	%	2.09	%	1.95	%		16.43	%		70	%	$	4,163
	0.00		$	23.07		0.96	%	2.12	%	1.95	%		8.19	%		94	%	$	6,924
	(0.08	)	$	21.46		1.21	%	2.08	%	1.95	%		(3.66	)%		105	%	$	13,869
	(3.26	)	$	22.70		1.31	%	2.09	%	1.95	%		(21.02	)%		80	%	$	31,892
	0.00		$	32.23		0.21	%	2.14	%	1.95	%		9.70	%		39	%	$	11,319
	0.00		$	29.38		0.48	%	2.14	%	1.95	%		20.97	%		80	%	$	9,326
	0.00		$	24.52		0.65	%	2.11	%	1.95	%		(5.26	)%		107	%	$	7,656
	0.00		$	25.94		0.68	%	2.10	%	1.95	%		16.45	%		70	%	$	8,388
	0.00		$	22.93		0.84	%	2.12	%	1.95	%		8.20	%		94	%	$	7,665
	(0.08	)	$	21.42		1.21	%	2.06	%	1.95	%		(3.69	)%		105	%	$	7,738
	(3.26	)	$	22.77		1.33	%	2.08	%	1.95	%		(21.02	)%		80	%	$	9,588
	0.00		$	32.96		1.21	%	1.23	%	0.95	%		10.27	%		39	%	$	183,642
	0.00		$	29.89		1.47	%	1.22	%	0.95	%		22.18	%		80	%	$	175,142
	0.00		$	24.93		1.64	%	1.20	%	0.95	%		(4.30	)%		107	%	$	220,021
	0.00		$	26.39		1.66	%	1.19	%	0.95	%		17.19	%		70	%	$	273,174
	0.00		$	23.39		2.04	%	1.19	%	0.95	%		9.32	%		94	%	$	287,073
	(0.08	)	$	21.81		2.18	%	1.14	%	0.95	%		(2.68	)%		105	%	$	861,399
	(3.26	)	$	23.29		2.32	%	1.16	%	0.95	%		(20.25	)%		80	%	$	1,161,210
	0.00		$	22.51		1.23	%	1.36	%	1.15	%		6.08	%		45	%	$	16,283
	0.00		$	21.21		1.41	%	1.36	%	1.15	%		14.57	%		86	%	$	10,344
	0.00		$	18.84		1.68	%	1.33	%	1.15	%		(0.93	)%		115	%	$	9,935
	0.00		$	19.64		1.89	%	1.34	%	1.15	%		11.72	%		70	%	$	10,702
	0.00		$	17.97		2.42	%	1.37	%	1.15	%		8.41	%		103	%	$	7,992
	(0.18	)	$	17.12		2.47	%	1.31	%	1.15	%		0.94	%		116	%	$	8,669
	(1.51	)	$	17.85		2.88	%	1.31	%	1.15	%		(13.39	)%		89	%	$	8,524
	0.00		$	22.47		0.47	%	2.10	%	1.90	%		5.74	%		45	%	$	515
	0.00		$	21.25		0.65	%	2.11	%	1.90	%		13.65	%		86	%	$	613
	0.00		$	18.86		0.94	%	2.08	%	1.90	%		(1.66	)%		115	%	$	807
	0.00		$	19.58		1.11	%	2.09	%	1.90	%		11.16	%		70	%	$	1,097
	0.00		$	17.85		1.65	%	2.12	%	1.90	%		7.58	%		103	%	$	1,257
	(0.18	)	$	16.99		1.72	%	2.06	%	1.90	%		0.19	%		116	%	$	1,720
	(1.51	)	$	17.67		2.13	%	2.06	%	1.90	%		(14.06	)%		89	%	$	2,177

Please see footnotes on page 18.

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

18 Wells Fargo Advantage Allocation Funds Financial highlights

	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income
Moderate Balanced Fund (continued)
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	20.96		0.05	4		1.14			0.00
June 1, 2012 to May 31, 2013	$	18.63		0.11			2.42			(0.20	)
June 1, 2011 to May 31, 2012	$	19.45		0.18	4		(0.53	)		(0.47	)
October 1, 2010 to May 31, 20115	$	17.77		0.14	4		1.83			(0.29	)
October 1, 2009 to September 30, 2010	$	16.96		0.28	4		0.99			(0.46	)
October 1, 2008 to September 30, 2009	$	17.64		0.26	4		(0.34	)		(0.42	)
October 1, 2007 to September 30, 2008	$	22.52		0.41			(3.33	)		(0.45	)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	21.36		0.17			1.16			0.00
June 1, 2012 to May 31, 2013	$	18.96		0.41			2.38			(0.39	)
June 1, 2011 to May 31, 2012	$	19.77		0.40			(0.58	)		(0.63	)
October 1, 2010 to May 31, 20115	$	18.11		0.29			1.83			(0.46	)
October 1, 2009 to September 30, 2010	$	17.23		0.52	4		0.95			(0.59	)
October 1, 2008 to September 30, 2009	$	17.98		0.42	4		(0.37	)		(0.62	)
October 1, 2007 to September 30, 2008	$	22.90		0.60			(3.36	)		(0.65	)

1. Includes net expenses allocated from the affiliated Master Portfolios in which the Fund invests.

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s portfolio turnover rate.

4. Calculated based upon average shares outstanding

5. For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

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

Financial highlights Wells Fargo Advantage Allocation Funds 19

Distributions from net realized gains			Ending net asset value per share		Ratio to average net assets (annualized)							Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
						Net investment income1		Gross expenses1		Net expenses1
	0.00		$	22.15		0.49	%	2.11	%	1.90	%		5.68	%		45	%	$	3,695
	0.00		$	20.96		0.66	%	2.11	%	1.90	%		13.65	%		86	%	$	2,576
	0.00		$	18.63		0.92	%	2.08	%	1.90	%		(1.67	)%		115	%	$	2,319
	0.00		$	19.45		1.16	%	2.09	%	1.90	%		11.17	%		70	%	$	2,364
	0.00		$	17.77		1.59	%	2.12	%	1.90	%		7.58	%		103	%	$	1,726
	(0.18	)	$	16.96		1.72	%	2.05	%	1.90	%		0.21	%		116	%	$	1,445
	(1.51	)	$	17.64		2.13	%	2.05	%	1.90	%		(14.05	)%		89	%	$	1,677
	0.00		$	22.69		1.48	%	1.20	%	0.90	%		6.23	%		45	%	$	152,776
	0.00		$	21.36		1.66	%	1.20	%	0.90	%		14.81	%		86	%	$	146,729
	0.00		$	18.96		1.92	%	1.17	%	0.90	%		(0.66	)%		115	%	$	172,587
	0.00		$	19.77		2.14	%	1.18	%	0.90	%		11.93	%		70	%	$	192,305
	0.00		$	18.11		3.06	%	1.18	%	0.90	%		8.65	%		103	%	$	176,179
	(0.18	)	$	17.23		2.72	%	1.13	%	0.90	%		1.14	%		116	%	$	330,340
	(1.51	)	$	17.98		3.13	%	1.13	%	0.90	%		(13.17	)%		89	%	$	407,829

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

20 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds (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”). These financial statements report on the following funds: the Wells Fargo Advantage Growth Balanced Fund (“Growth Balanced Fund”) and the Wells Fargo Advantage Moderate Balanced Fund (“Moderate Balanced Fund” ) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

The Funds each seek to achieve their investment objective by investing primarily all investable assets in two or more separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expenses and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the six months ended November 30, 2013 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2013, the Funds own the following percentages of the affiliated Master Portfolios:

	Growth Balanced Fund			Moderate Balanced Fund
Wells Fargo Advantage C&B Large Cap Value Portfolio		4	%		2	%
Wells Fargo Advantage Core Bond Portfolio		1			1
Wells Fargo Advantage Diversified Large Cap Growth Portfolio		27			11
Wells Fargo Advantage Emerging Growth Portfolio		0	*		0	*
Wells Fargo Advantage Index Portfolio		1			1
Wells Fargo Advantage Inflation-Protected Bond Portfolio		16			14
Wells Fargo Advantage International Growth Portfolio		8			3
Wells Fargo Advantage International Value Portfolio		3			1
Wells Fargo Advantage Large Company Value Portfolio		27			11
Wells Fargo Advantage Managed Fixed Income Portfolio		53			47
Wells Fargo Advantage Small Company Growth Portfolio		2			1
Wells Fargo Advantage Small Company Value Portfolio		4			2
Wells Fargo Advantage Stable Income Portfolio		N/A			100

* The amount invested is less than 1%.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each 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).

Investments in the affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily. Securities held in the affiliated Master Portfolios are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolios, which are included elsewhere in this report.

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price.

Short-term securities, with maturities of 60 days or less at time of purchase, generally are valued at amortized cost which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 21

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 Funds. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

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

Futures contracts

Each Fund may be subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives. Each 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 each Fund and the prices of futures contracts, and the possibility of an illiquid market.

Futures contracts are valued based upon their quoted daily settlement prices when available. 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 Statements of Assets and Liabilities as an asset or liability and in the Statements 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 each 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 in by each Fund and each affiliated Master Portfolio. Realized gains or losses are recorded on the basis of identified cost by each Fund and each affiliated Master Portfolio.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method by each Fund and each affiliated Master Portfolio. 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 in each affiliated Master Portfolio is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the affiliated Master Portfolio is informed of the ex-dividend date.

Income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Each Fund records daily its proportionate share of each affiliated Master Portfolio’s interest and dividend income and realized and unrealized gains or losses.

Distributions to shareholders

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

22 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

Federal and other taxes

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

Each 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 each 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.

At May 31, 2013, capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

	2016		2017		2018
Growth Balanced Fund	$	11,249,610	$	79,417,787	$	82,578,227
Moderate Balanced Fund		0		0		5,730,209

Class allocations

The separate classes of shares offered by each Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of a Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing, and administration fees.

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

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

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

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

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

As of November 30, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Growth Balanced Fund
Equity securities
Investment companies	$	0	$	255,057,520	$	0	$	255,057,520
Short-term investments
U.S. Treasury securities		0		962,964		0		962,964
	$	0	$	256,020,484	$	0	$	256,020,484

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 23

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Moderate Balanced Fund
Equity securities
Investment companies	$	0	$	172,657,258	$	0	$	172,657,258
Short-term investments
U.S. Treasury securities		0		659,975		0		659,975
	$	0	$	173,317,233	$	0	$	173,317,233

As of November 30, 2013, the inputs used in valuing each Fund’s other financial instruments were as follows:

Futures contracts	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Growth Balanced Fund	$	861,091+	$	0	$	0	$	861,091
Moderate Balanced Fund		594,216+		0		0		594,216

+ Amount represents the net unrealized gains.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended November 30, 2013, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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 Funds.

Funds Management is entitled to receive an annual advisory fee starting at 0.25% and declining to 0.19% as the average daily net assets of each Fund increase. For the six months ended November 30, 2013, the advisory fee was equivalent to an annual rate of 0.25% of each Fund’s average daily net assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Funds. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is the subadviser to each Fund and is entitled to receive a fee from Funds Management at an annual rate starting at 0.10% and declining to 0.05% as the average daily net assets of each Fund increase.

Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from each Fund an annual fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of each Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class B, Class C		0.26	%
Administrator Class		0.10

24 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Funds. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:

	Expiration date		Class A			Class B			Class C			Administrator Class
Growth Balanced Fund		9-30-2014		1.20	%		1.95	%		1.95	%		0.95	%
Moderate Balanced Fund		9-30-2014		1.15			1.90			1.90			0.90

Distribution fees

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

For the six months ended November 30, 2013, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.

	Front-end sales charges		Contingent deferred sales charges
	Class A		Class B		Class C
Growth Balanced Fund	$	9,386	$	9	$	141
Moderate Balanced Fund		4,489		0		0

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2013 were as follows:

	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Growth Balanced Fund	$	62,913,040	$	46,629,664	$	62,733,790	$	52,857,705
Moderate Balanced Fund		55,256,323		29,722,370		55,097,897		30,652,923

* The Funds seek to achieve their investment objective by investing some or all of their investable assets in one or more affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage of the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of unaffiliated securities in which the Funds invest are actual purchases and sale of those securities.

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2013, the Funds entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At November 30, 2013, the Funds had long and short futures contracts outstanding as follows:

	Expiration date		Contracts	Type	Contract value at November 30, 2013		Unrealized gains (losses)
Growth Balanced Fund		12-19-2013	29 Long	S&P 500 Index	$	13,079,725	$	883,644
		3-20-2014	95 Short	U.S. Treasury Bonds		12,421,250		(22,553	)
Moderate Balanced Fund		12-19-2013	20 Long	S&P 500 Index		9,020,500		609,410
		3-20-2014	64 Short	U.S. Treasury Bonds		8,368,000		(15,194	)

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 25

The Funds had an average notional amounts in futures contracts outstanding during the six months ended November 30, 2013, as follows:

	Long contracts		Short contracts
Growth Balanced Fund	$	27,991,147	$	29,116,686
Moderate Balanced Fund		13,421,101		13,902,729

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

The fair value of derivative instruments as of November 30, 2013 was as follows for Growth Balanced Fund:

	Asset derivatives					Liability derivatives
	Statements of Assets and Liabilities location	Fair value				Statements of Assets and Liabilities location	Fair value
Interest rate contracts	Net assets – Net unrealized gains on investments	$	0		Interest rate contracts	Net assets – Net unrealized gains on investments	$	22,553	*
Equity contracts	Net assets – Net unrealized gains on investments		883,644	*	Equity contracts	Net assets – Net unrealized gains on investments		0
		$	883,644				$	22,553

* Amount represents cumulative unrealized gains/losses on futures contracts. Only the payable for variation margin as of November 30, 2013, which represents the current day’s variation margin, is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2013 was as follows for Growth Balanced Fund:

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	1,528,216	$	(1,145,154	)
Equity contracts		3,448,104		(86,182	)
	$	4,976,320	$	(1,231,336	)

The fair value of derivative instruments as of November 30, 2013 was as follows for Moderate Balanced Fund:

	Asset derivatives					Liability derivatives
	Statements of Assets and Liabilities location	Fair value				Statements of Assets and Liabilities location	Fair value
Interest rate contracts	Net assets – Net unrealized gains on investments	$	0		Interest rate contracts	Net assets – Net unrealized gains on investments	$	15,194	*
Equity contracts	Net assets – Net unrealized gains on investments		609,410	*	Equity contracts	Net assets – Net unrealized gains on investments		0
		$	609,410				$	15,194

* Amount represents cumulative unrealized gains/losses on futures contracts. Only the payable for variation margin as of November 30, 2013, which represents the current day’s variation margin, is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2013 was as follows for Moderate Balanced Fund:

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	700,653	$	(42,942	)
Equity contracts		1,529,427		(279,614	)
	$	2,230,080	$	(322,556	)

26 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

For certain types of derivative transactions, the Funds have 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 each 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. Cash collateral that has been pledged to cover obligations of each Fund under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in each 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 Statements of Assets and Liabilities are not offset across transactions between each Fund and the applicable counterparty. As of November 30, 2013, the Funds have transactions subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

		Gross amounts of liabilities in the Statements of Assets and Liabilities		Amounts subject to netting agreements		Collateral		Net amount (not less than $0)
Growth Balanced Fund	Futures – variation margin	$	1,450	$	0	$	962,964	$	0
Moderate Balanced Fund	Futures – variation margin		1,000		0		659,975		0

7. BANK BORROWINGS

Each Fund and certain funds in the Trust are party to a $25,000,000 revolving credit agreement with the Bank of New York Mellon, whereby the Funds are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.15% of the unused balance is allocated to each participating fund. For the six months ended November 30, 2013, the Funds paid the following amounts in commitment fees:

	Commitment fee
Growth Balanced Fund	$	324
Moderate Balanced Fund		166

For the six months ended November 30, 2013, there were no borrowings by the Funds under the agreement.

8. INDEMNIFICATION

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

9. SUBSEQUENT DISTRIBUTIONS

On December 19, 2013, the Fund’s declared distributions from net investment income to shareholders of record on December 18, 2013. The per share amounts payable on December 20, 2013 were as follows:

	Growth Balanced Fund		Moderate Balanced Fund
Net investment income
Class A	$	0.33544	$	0.13352
Class B		0.04467		0.03222
Class C		0.15339		0.08502
Administrator Class		0.42265		0.14881

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the tax year-end of each Fund.

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 27

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.70%
Consumer Discretionary: 14.00%
Hotels, Restaurants & Leisure: 4.40%
Carnival Corporation		211,600	$	7,640,876
McDonald’s Corporation		80,300		7,818,811
				15,459,687
Household Durables: 2.40%
NVR Incorporated †		8,670		8,409,727
Media: 5.14%
Omnicom Group Incorporated		154,700		11,053,315
Twenty-First Century Fox Incorporated		209,200		7,006,108
				18,059,423
Multiline Retail: 2.06%
Kohl’s Corporation		130,600		7,219,568
Consumer Staples: 11.94%
Beverages: 2.45%
Coca-Cola Enterprises Incorporated		106,700		4,474,998
Diageo plc ADR		32,300		4,123,741
				8,598,739
Food Products: 1.97%
Unilever NV ADR		176,300		6,921,538
Household Products: 4.61%
Colgate-Palmolive Company		80,600		5,304,286
Henkel AG & Company KGaA ADR		61,200		6,077,001
Procter & Gamble Company		57,000		4,800,540
				16,181,827
Personal Products: 1.12%
Avon Products Incorporated		219,700		3,917,251
Tobacco: 1.79%
Philip Morris International		73,600		6,295,744
Energy: 5.62%
Oil, Gas & Consumable Fuels: 5.62%
Chevron Corporation		45,700		5,595,508
Devon Energy Corporation		128,900		7,813,918
Exxon Mobil Corporation		67,600		6,319,248
				19,728,674
Financials: 23.71%
Capital Markets: 5.15%
Charles Schwab Corporation		208,800		5,111,424
State Street Corporation		178,600		12,968,146
				18,079,570
Commercial Banks: 1.99%
PNC Financial Services Group Incorporated		90,900		6,994,755

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

28 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Consumer Finance: 2.81%
American Express Company		114,800	$	9,849,840
Diversified Financial Services: 6.79%
Bank of America Corporation		355,800		5,628,756
Berkshire Hathaway Incorporated Class B †		59,100		6,886,923
JPMorgan Chase & Company		197,800		11,318,116
				23,833,795
Insurance: 6.97%
Axis Capital Holdings Limited		128,150		6,296,010
RenaissanceRe Holdings Limited		80,500		7,623,350
The Progressive Corporation		184,800		5,161,464
Willis Group Holdings plc		120,300		5,387,034
				24,467,858
Health Care: 12.55%
Health Care Equipment & Supplies: 3.37%
Baxter International Incorporated		113,500		7,769,075
Becton Dickinson & Company		37,400		4,061,266
				11,830,341
Health Care Providers & Services: 6.70%
Cardinal Health Incorporated		140,600		9,082,760
Quest Diagnostics Incorporated		131,600		8,019,704
UnitedHealth Group Incorporated		86,000		6,405,280
				23,507,744
Pharmaceuticals: 2.48%
Johnson & Johnson		92,000		8,708,720
Industrials: 10.77%
Aerospace & Defense: 1.03%
Raytheon Company		40,900		3,627,012
Air Freight & Logistics: 1.53%
United Parcel Service Incorporated Class B		52,300		5,354,474
Commercial Services & Supplies: 1.97%
Cintas Corporation		124,900		6,931,950
Industrial Conglomerates: 2.85%
3M Company		74,900		9,999,899
Machinery: 3.39%
Illinois Tool Works Incorporated		69,300		5,514,894
Parker Hannifin Corporation		54,100		6,375,144
				11,890,038
Information Technology: 8.13%
Electronic Equipment, Instruments & Components: 1.00%
TE Connectivity Limited		67,000		3,532,240

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 29

C&B LARGE CAP VALUE PORTFOLIO

Security name				Shares		Value
IT Services: 4.16%
Fiserv Incorporated †					66,800	$	7,340,652
Western Union Company					436,100		7,269,787
							14,610,439
Semiconductors & Semiconductor Equipment: 1.42%
Lam Research Corporation †					95,600		4,981,716
Software: 1.55%
Microsoft Corporation					142,500		5,433,525
Materials: 6.58%
Containers & Packaging: 6.58%
Ball Corporation					190,700		9,531,186
Crown Holdings Incorporated †					160,100		7,066,814
Rock-Tenn Company Class A					69,100		6,524,422
							23,122,422
Utilities: 1.40%
Electric Utilities: 1.40%
Entergy Corporation					79,300		4,907,877
Total Common Stocks (Cost $229,197,778)							332,456,393
	Dividend yield
Preferred Stocks: 0.44%
Consumer Staples: 0.44%
Household Products: 0.44%
Henkel AG & Company KGaA ADR ±		1.09	%		13,600		1,545,244
Total Preferred Stocks (Cost $597,017)							1,545,244
	Yield
Short-Term Investments: 4.71%
Investment Companies: 4.71%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			16,519,640		16,519,640
Total Short-Term Investments (Cost $16,519,640)							16,519,640

Total investments in securities
(Cost $246,314,435) *	99.85	%		350,521,277
Other assets and liabilities, net	0.15			528,363
Total net assets	100.00	%	$	351,049,640

† Non-income-earning security

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

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

* Cost for federal income tax purposes is $255,710,903 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	105,190,272
Gross unrealized depreciation		(10,379,898	)
Net unrealized appreciation	$	94,810,374

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

30 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 99.30%
Consumer Discretionary: 24.69%
Auto Components: 0.66%
Delphi Automotive plc		17,370	$	1,017,014
Distributors: 0.22%
LKQ Corporation †		10,160		336,804
Hotels, Restaurants & Leisure: 4.22%
Chipotle Mexican Grill Incorporated †		3,000		1,571,580
Marriott International Incorporated Class A		11,890		559,068
Starbucks Corporation		43,701		3,559,883
Wynn Resorts Limited		4,700		779,589
				6,470,120
Internet & Catalog Retail: 4.99%
Amazon.com Incorporated †		11,610		4,569,928
Netflix Incorporated †		2,660		973,028
priceline.com Incorporated †		1,770		2,110,424
				7,653,380
Media: 3.17%
CBS Corporation Class B		13,250		775,920
Discovery Communications Incorporated Class A †		13,730		1,198,217
Liberty Global plc Class C †		16,210		1,320,305
Sirius XM Holdings Incorporated		274,060		1,033,206
Twenty-First Century Fox Incorporated		13,760		460,822
Walt Disney Company		1,100		77,594
				4,866,064
Multiline Retail: 2.85%
Dollar General Corporation †		6,030		343,348
Dollar Tree Incorporated †		47,150		2,623,898
Nordstrom Incorporated		22,610		1,406,568
				4,373,814
Specialty Retail: 5.36%
Bed Bath & Beyond Incorporated †		3,150		245,795
Best Buy Company Incorporated		23,540		954,547
Cabela’s Incorporated †		6,900		422,625
CarMax Incorporated †		33,150		1,669,103
GNC Holdings Incorporated Class A		3,030		182,345
Home Depot Incorporated		11,700		943,839
O’Reilly Automotive Incorporated †		5,100		637,296
Ross Stores Incorporated		7,970		609,386
TJX Companies Incorporated		18,920		1,189,690
Tractor Supply Company		10,880		796,525
Ulta Salon Cosmetics & Fragrance Incorporated †		4,440		563,614
				8,214,765

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 31

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Textiles, Apparel & Luxury Goods: 3.22%
lululemon athletica incorporated †		14,990	$	1,045,103
Michael Kors Holdings Limited †		21,765		1,774,936
Nike Incorporated Class B		11,430		904,570
Under Armour Incorporated Class A †		6,140		495,498
VF Corporation		3,050		715,469
				4,935,576
Consumer Staples: 5.47%
Beverages: 1.49%
Constellation Brands Incorporated Class A †		26,530		1,867,977
The Coca-Cola Company		10,320		414,761
				2,282,738
Food & Staples Retailing: 3.49%
Costco Wholesale Corporation		12,290		1,541,535
Sprouts Farmers Market Incorporated †		3,819		144,511
Walgreen Company		12,500		740,000
Whole Foods Market Incorporated		51,710		2,926,786
				5,352,832
Household Products: 0.12%
Colgate-Palmolive Company		2,900		190,849
Personal Products: 0.37%
Estee Lauder Companies Incorporated Class A		7,510		562,950
Energy: 4.15%
Energy Equipment & Services: 0.73%
National Oilwell Varco Incorporated		5,765		469,848
Schlumberger Limited		7,300		645,466
				1,115,314
Oil, Gas & Consumable Fuels: 3.42%
Antero Resources Corporation †«		4,576		251,222
Concho Resources Incorporated †		15,790		1,641,055
Continental Resources Incorporated †«		3,810		409,613
EOG Resources Incorporated		400		66,000
Pioneer Natural Resources Company		16,220		2,883,105
				5,250,995
Financials: 6.06%
Capital Markets: 2.10%
Affiliated Managers Group Incorporated †		4,270		855,068
Ameriprise Financial Incorporated		5,010		542,333
Northern Trust Corporation		5,210		307,338
TD Ameritrade Holding Corporation		52,750		1,518,145
				3,222,884

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

32 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Consumer Finance: 1.86%
American Express Company		16,614	$	1,425,481
Discover Financial Services		26,910		1,434,303
				2,859,784
Diversified Financial Services: 1.30%
CME Group Incorporated		3,360		275,352
Intercontinental Exchange Incorporated †		8,020		1,710,586
				1,985,938
Insurance: 0.70%
Aon plc		13,210		1,078,464
REITs: 0.10%
American Tower Corporation		2,000		155,540
Health Care: 16.03%
Biotechnology: 9.27%
Alexion Pharmaceuticals Incorporated †		20,940		2,607,030
Biogen Idec Incorporated †		8,820		2,566,355
BioMarin Pharmaceutical Incorporated †		3,990		280,816
Celgene Corporation †		19,580		3,167,457
Gilead Sciences Incorporated †		53,800		4,024,778
Medivation Incorporated †		1,500		94,515
Quintiles Transnational Holdings Incorporated †		5,383		232,492
Regeneron Pharmaceuticals Incorporated †		3,280		963,861
Vertex Pharmaceuticals Incorporated †		4,050		281,151
				14,218,455
Health Care Equipment & Supplies: 1.35%
Boston Scientific Corporation †		80,530		932,537
Covidien plc		16,780		1,145,403
				2,077,940
Health Care Providers & Services: 1.92%
AmerisourceBergen Corporation		17,823		1,257,056
Catamaran Corporation †		19,120		872,446
Envision Healthcare Holdings Incorporated †		5,875		174,018
Express Scripts Holding Company †		9,480		638,478
				2,941,998
Health Care Technology: 0.93%
Cerner Corporation †		24,950		1,433,877
Life Sciences Tools & Services: 0.37%
Mettler-Toledo International Incorporated †		2,280		562,180
Pharmaceuticals: 2.19%
Actavis plc †		6,540		1,066,478
Allergan Incorporated		2,550		247,478

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 33

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Pharmaceuticals (continued)
Bristol-Myers Squibb Company		1,500	$	77,070
Mallinckrodt plc †		1,332		69,211
Merck & Company Incorporated		2,100		104,643
Mylan Laboratories Incorporated †		1,400		61,782
Perrigo Company «		6,940		1,081,877
Shire plc ADR		2,440		331,376
Zoetis Incorporated		10,130		315,550
				3,355,465
Industrials: 10.63%
Aerospace & Defense: 3.23%
Precision Castparts Corporation		9,683		2,502,571
The Boeing Company		7,810		1,048,493
United Technologies Corporation		12,720		1,410,139
				4,961,203
Air Freight & Logistics: 0.65%
United Parcel Service Incorporated Class B		9,780		1,001,276
Airlines: 0.76%
Delta Air Lines Incorporated		37,540		1,087,909
Southwest Airlines Company		4,000		74,360
				1,162,269
Building Products: 0.17%
Fortune Brands Home & Security Incorporated		5,920		258,112
Electrical Equipment: 0.62%
Eaton Corporation plc		13,160		956,206
Industrial Conglomerates: 0.73%
Danaher Corporation		15,020		1,123,496
Machinery: 0.33%
Flowserve Corporation		6,330		451,835
Pentair Limited		700		49,504
				501,339
Professional Services: 0.24%
Verisk Analytics Incorporated Class A †		5,630		366,569
Road & Rail: 3.35%
CSX Corporation		10,000		272,700
Genesee & Wyoming Incorporated †		500		48,100
J.B. Hunt Transport Services Incorporated		1,730		130,079
Kansas City Southern		19,070		2,307,851
Norfolk Southern Corporation		9,350		819,902
Union Pacific Corporation		9,660		1,565,306
				5,143,938

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

34 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Trading Companies & Distributors: 0.55%
W.W. Grainger Incorporated		3,250	$	838,240
Information Technology: 28.75%
Communications Equipment: 1.38%
F5 Networks Incorporated †		2,500		205,650
QUALCOMM Incorporated		25,961		1,910,210
				2,115,860
Computers & Peripherals: 3.13%
Apple Incorporated		8,641		4,805,001
Electronic Equipment, Instruments & Components: 0.02%
Trimble Navigation Limited †		800		25,520
Internet Software & Services: 10.20%
Akamai Technologies Incorporated †		7,050		315,276
Baidu Incorporated ADR †		3,270		544,684
eBay Incorporated †		50,040		2,528,021
Facebook Incorporated Class A †		52,900		2,486,829
Google Incorporated Class A †		6,774		7,177,663
LinkedIn Corporation Class A †		5,410		1,212,002
MercadoLibre Incorporated «		4,880		540,265
Pandora Media Incorporated †		4,800		136,320
Rackspace Hosting Incorporated †«		18,510		707,267
				15,648,327
IT Services: 8.29%
Accenture plc		9,680		749,910
Alliance Data Systems Corporation †		11,470		2,778,722
Cognizant Technology Solutions Corporation Class A †		19,730		1,852,450
MasterCard Incorporated Class A		4,596		3,496,683
Vantiv Incorporated Class A †		30,470		923,241
Visa Incorporated Class A		14,280		2,905,409
				12,706,415
Semiconductors & Semiconductor Equipment: 2.75%
ARM Holdings plc		22,210		1,108,279
ASML Holding NV		10,480		978,622
Avago Technologies Limited		6,670		298,349
Linear Technology Corporation		5,170		219,984
Microchip Technology Incorporated «		33,010		1,429,003
Xilinx Incorporated		4,150		184,385
				4,218,622
Software: 2.98%
Adobe Systems Incorporated †		16,730		949,929
Fortinet Incorporated †		13,140		224,694
NetSuite Incorporated †		2,620		251,730
Salesforce.com Incorporated †		42,404		2,208,824

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 35

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name				Shares		Value
Software (continued)
ServiceNow Incorporated †					17,690	$	939,516
							4,574,693
Materials: 3.52%
Chemicals: 3.52%
Airgas Incorporated					2,970		322,631
Ecolab Incorporated					6,200		664,452
Monsanto Company					22,750		2,578,253
Praxair Incorporated					14,470		1,826,982
							5,392,318
Total Common Stocks (Cost $104,838,269)							152,315,144
	Yield
Short-Term Investments: 3.41%
Investment Companies: 3.41%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		1,076,336		1,076,336
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08			4,148,421		4,148,421
Total Short-Term Investments (Cost $5,224,757)							5,224,757

Total investments in securities
(Cost $110,063,026)*	102.71	%		157,539,901
Other assets and liabilities, net	(2.71	)		(4,154,017	)
Total net assets	100.00	%	$	153,385,884

† Non-income-earning security

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

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $110,318,822 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	47,759,364
Gross unrealized depreciation		(538,285	)
Net unrealized appreciation	$	47,221,079

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

36 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.95%
Consumer Discretionary: 15.23%
Auto Components: 0.42%
Fox Factory Holding Corporation †		282,500	$	5,192,350
Diversified Consumer Services: 1.85%
Grand Canyon Education Incorporated †		255,100		11,617,254
LifeLock Incorporated †		642,800		11,069,016
				22,686,270
Hotels, Restaurants & Leisure: 2.87%
Fiesta Restaurant Group Incorporated †		392,965		19,243,496
Multimedia Games Holding Company †		555,500		16,109,500
				35,352,996
Internet & Catalog Retail: 3.83%
HomeAway Incorporated †		505,945		18,466,993
RetailMeNot Incorporated †		162,450		4,657,442
Shutterfly Incorporated †		506,485		23,921,287
				47,045,722
Media: 2.16%
IMAX Corporation †«		863,010		26,606,598
Specialty Retail: 4.10%
Asbury Automotive Group Incorporated †		131,100		6,806,712
Conn’s Incorporated †		79,800		4,814,334
DSW Incorporated Class A		547,500		24,544,425
Five Below Incorporated †		268,797		14,289,249
				50,454,720
Consumer Staples: 3.00%
Food & Staples Retailing: 1.59%
The Fresh Market Incorporated †		264,270		10,758,432
United Natural Foods Incorporated †		127,500		8,778,375
				19,536,807
Food Products: 1.41%
Annie’s Incorporated †		377,000		17,323,150
Energy: 5.68%
Oil, Gas & Consumable Fuels: 5.68%
Athlon Energy Incorporated †		166,105		5,418,345
Bonanza Creek Energy Incorporated †		401,900		18,435,153
Diamondback Energy Incorporated †		315,157		15,675,909
Kodiak Oil & Gas Corporation †		518,100		5,875,254
Laredo Petroleum Holdings Incorporated †		318,831		8,605,249
Oasis Petroleum Incorporated †		343,300		15,836,429
				69,846,339

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 37

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Financials: 8.20%
Capital Markets: 2.59%
Financial Engines Incorporated		471,030	$	31,912,283
Consumer Finance: 2.72%
Encore Capital Group Incorporated †		103,300		4,926,377
Portfolio Recovery Associates Incorporated †		489,800		28,604,319
				33,530,696
Diversified Financial Services: 2.89%
MarketAxess Holdings Incorporated		504,651		35,512,291
Health Care: 23.24%
Biotechnology: 2.25%
Aegerion Pharmaceuticals Incorporated †		14,347		1,017,633
Exact Sciences Corporation †		344,753		4,233,567
Hyperion Therapeutics Incorporated †		102,923		2,628,653
Ligand Pharmaceuticals Incorporated †«		81,900		4,560,192
NPS Pharmaceuticals Incorporated †		485,900		12,832,619
Onconova Therapeutics Incorporated †«		162,698		2,386,780
				27,659,444
Health Care Equipment & Supplies: 9.88%
Align Technology Incorporated †		146,900		8,026,616
Cardiovascular Systems Incorporated †		283,758		9,420,766
Cynosure Incorporated Class A †		710,778		18,402,042
DexCom Incorporated †		756,070		25,018,356
Endologix Incorporated †		1,169,794		20,904,219
Novadaq Technologies Incorporated †		213,524		3,555,175
NxStage Medical Incorporated †		685,960		7,003,652
Spectranetics Corporation †		641,214		14,914,638
Tandem Diabetes Care Incorporated †		245,137		5,395,465
TearLab Corporation †«		488,037		4,572,907
Veracyte Incorporated †		337,325		4,378,479
				121,592,315
Health Care Providers & Services: 4.36%
Acadia Healthcare Company Incorporated †		594,200		27,452,040
ExamWorks Group Incorporated †		60,200		1,776,502
MWI Veterinary Supply Incorporated †		58,500		10,656,945
Team Health Holdings Incorporated †		295,000		13,785,350
				53,670,837
Health Care Technology: 2.32%
Medidata Solutions Incorporated †		240,600		28,609,746
Life Sciences Tools & Services: 1.10%
Cambrex Corporation †		190,100		3,706,950
ICON plc ADR †		257,400		9,817,236
				13,524,186

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

38 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Pharmaceuticals: 3.33%
AcelRx Pharmaceuticals Incorporated †«		545,130	$	5,331,371
Akorn Incorporated †		830,235		21,378,551
Jazz Pharmaceuticals plc †		96,180		11,245,366
Lannett Company Incorporated †		101,800		3,007,172
				40,962,460
Industrials: 13.79%
Building Products: 1.24%
A.O. Smith Corporation		282,500		15,297,375
Electrical Equipment: 0.90%
Power Solutions International Incorporated †		80,799		6,043,765
Powersecure International Incorporated †		282,500		4,963,525
				11,007,290
Machinery: 4.28%
Chart Industries Incorporated †		196,785		19,147,181
Proto Labs Incorporated †		125,755		9,343,597
The ExOne Company †		26,100		1,393,740
The Middleby Corporation †		103,150		22,779,646
				52,664,164
Professional Services: 4.75%
Corporate Executive Board Company		251,800		18,540,034
On Assignment Incorporated †		865,013		29,436,391
Wageworks Incorporated †		181,850		10,420,005
				58,396,430
Road & Rail: 0.98%
Roadrunner Transportation Systems Incorporated †		442,400		12,112,912
Trading Companies & Distributors: 1.64%
DXP Enterprises Incorporated †		206,116		20,195,246
Information Technology: 29.81%
Computers & Peripherals: 0.42%
Stratasys Limited †		43,600		5,134,772
Electronic Equipment, Instruments & Components: 0.66%
Methode Electronics Incorporated		281,925		8,156,090
Internet Software & Services: 10.21%
CoStar Group Incorporated †		120,900		22,516,416
Demandware Incorporated †		241,200		13,668,804
Envestnet Incorporated †		624,992		24,843,432
MercadoLibre Incorporated «		26,430		2,926,065
OpenTable Incorporated †		117,600		9,827,832
Pandora Media Incorporated †		230,600		6,549,040
SciQuest Incorporated †		513,218		14,349,575
SPS Commerce Incorporated †		470,732		30,960,043
				125,641,207

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 39

EMERGING GROWTH PORTFOLIO

Security name				Shares		Value
IT Services: 2.92%
InterXion Holding NV †					580,900	$	13,076,059
Maximus Incorporated					273,400		12,439,700
Wex Incorporated †					105,421		10,464,088
							35,979,847
Software: 15.60%
Aspen Technology Incorporated †					331,100		13,088,383
Ellie Mae Incorporated †					526,500		14,847,300
Fleetmatics Group plc †					641,820		24,838,434
Fortinet Incorporated †					296,300		5,066,730
Guidewire Software Incorporated †					278,601		13,297,626
Imperva Incorporated †					479,191		21,554,011
Infoblox Incorporated †					397,021		12,617,327
Proofpoint Incorporated †					550,700		16,796,350
PROS Holdings Incorporated †					409,722		15,790,686
Rally Software Development Corporation †					225,315		5,542,749
SolarWinds Incorporated †					59,626		1,993,893
Synchronoss Technologies Incorporated †					438,101		13,900,945
Tyler Technologies Incorporated †					167,325		17,169,218
Ultimate Software Group Incorporated †					98,170		15,382,257
							191,885,909
Total Common Stocks (Cost $798,977,657)							1,217,490,452
	Yield
Short-Term Investments: 3.66%
Investment Companies: 3.66%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		13,303,139		13,303,139
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)		0.08			31,741,350		31,741,350
Total Short-Term Investments (Cost $45,044,489)							45,044,489

Total investments in securities (Cost $844,022,146) *	102.61	%		1,262,534,941
Other assets and liabilities, net	(2.61	)		(32,080,878	)
Total net assets	100.00	%	$	1,230,454,063

† Non-income-earning security

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

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(v) Security represents investment of cash collateral received from securities on loan.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

* Cost for federal income tax purposes is $845,075,916 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	431,737,779
Gross unrealized depreciation		(14,278,754	)
Net unrealized appreciation	$	417,459,025

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

40 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2013 (unaudited)

INDEX PORTFOLIO

The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website: http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/index.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSRS, is also available on the SEC’s website at sec.gov.

Security name	Shares		Value		Percent of net assets
Common Stocks: 98.53%
Consumer Discretionary: 12.42%
Auto Components: 0.42%
Other securities			$	12,028,001		0.42	%
Automobiles: 0.73%
Other securities				20,741,902		0.73
Distributors: 0.08%
Other securities				2,241,816		0.08
Diversified Consumer Services: 0.05%
Other securities				1,334,788		0.05
Hotels, Restaurants & Leisure: 1.75%
McDonald’s Corporation		174,692		17,009,760		0.60
Other securities				32,769,719		1.15
				49,779,479		1.75
Household Durables: 0.33%
Other securities				9,571,743		0.33
Internet & Catalog Retail: 1.50%
Amazon.com Incorporated †		64,672		25,456,193		0.89
Other securities				17,414,750		0.61
				42,870,943		1.50
Leisure Equipment & Products: 0.14%
Other securities				3,871,881		0.14
Media: 3.61%
Comcast Corporation Class A		457,062		22,793,682		0.80
Walt Disney Company		290,334		20,480,160		0.72
Other securities				59,662,600		2.09
				102,936,442		3.61
Multiline Retail: 0.71%
Other securities				20,256,710		0.71
Specialty Retail: 2.25%
Home Depot Incorporated		250,324		20,193,637		0.71
Other securities				43,896,649		1.54
				64,090,286		2.25

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 41

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Textiles, Apparel & Luxury Goods: 0.85%
Other securities			$	24,229,309		0.85	%
Consumer Staples: 9.91%
Beverages: 2.18%
PepsiCo Incorporated		269,507		22,762,561		0.80
The Coca-Cola Company		666,250		26,776,588		0.94
Other securities				12,475,103		0.44
				62,014,252		2.18
Food & Staples Retailing: 2.40%
CVS Caremark Corporation		214,662		14,373,768		0.50
Wal-Mart Stores Incorporated		284,451		23,043,376		0.81
Other securities				30,964,082		1.09
				68,381,226		2.40
Food Products: 1.55%
Other securities				44,250,487		1.55
Household Products: 2.10%
Procter & Gamble Company		478,608		40,308,366		1.41
Other securities				19,565,908		0.69
				59,874,274		2.10
Personal Products: 0.16%
Other securities				4,700,649		0.16
Tobacco: 1.52%
Altria Group Incorporated		350,278		12,953,280		0.45
Philip Morris International		282,847		24,194,732		0.85
Other securities				6,145,152		0.22
				43,293,164		1.52
Energy: 10.14%
Energy Equipment & Services: 1.89%
Schlumberger Limited		231,231		20,445,445		0.72
Other securities				33,403,915		1.17
				53,849,360		1.89
Oil, Gas & Consumable Fuels: 8.25%
Chevron Corporation		337,628		41,339,172		1.45
ConocoPhillips Company		213,725		15,559,180		0.55
Exxon Mobil Corporation		769,201		71,904,909		2.52
Occidental Petroleum Corporation		140,810		13,371,318		0.47
Other securities				92,841,347		3.26
				235,015,926		8.25

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

42 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2013 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Financials: 16.04%
Capital Markets: 2.18%
Other securities			$	61,981,692		2.18	%
Commercial Banks: 2.76%
Wells Fargo & Company (l)		844,392		37,170,136		1.31
Other securities				41,356,674		1.45
				78,526,810		2.76
Consumer Finance: 0.97%
American Express Company		162,140		13,911,612		0.49
Other securities				13,864,651		0.48
				27,776,263		0.97
Diversified Financial Services: 5.24%
Bank of America Corporation		1,877,399		29,700,452		1.04
Berkshire Hathaway Incorporated Class B †		314,543		36,653,696		1.29
Citigroup Incorporated		531,430		28,123,276		0.99
JPMorgan Chase & Company		657,807		37,639,717		1.32
Other securities				17,232,780		0.60
				149,349,921		5.24
Insurance: 3.02%
American International Group Incorporated		257,998		12,835,401		0.45
Other securities				73,222,629		2.57
				86,058,030		3.02
Real Estate Management & Development: 0.04%
Other securities				1,174,525		0.04
REITs: 1.77%
Other securities				50,498,845		1.77
Thrifts & Mortgage Finance: 0.06%
Other securities				1,625,483		0.06
Health Care: 13.02%
Biotechnology: 2.45%
Amgen Incorporated		131,652		15,018,860		0.53
Gilead Sciences Incorporated †		267,482		20,010,328		0.70
Other securities				34,797,090		1.22
				69,826,278		2.45
Health Care Equipment & Supplies: 2.04%
Other securities				58,188,290		2.04
Health Care Providers & Services: 2.07%
UnitedHealth Group Incorporated		177,672		13,233,011		0.46
Other securities				45,817,066		1.61
				59,050,077		2.07

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 43

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Health Care Technology: 0.10%
Other securities			$	2,963,441		0.10	%
Life Sciences Tools & Services: 0.49%
Other securities				13,961,340		0.49
Pharmaceuticals: 5.87%
Abbvie Incorporated		277,059		13,423,509		0.47
Bristol-Myers Squibb Company		287,701		14,782,077		0.52
Johnson & Johnson		492,468		46,617,021		1.64
Merck & Company Incorporated		511,394		25,482,763		0.89
Pfizer Incorporated		1,156,921		36,709,103		1.29
Other securities				30,160,740		1.06
				167,175,213		5.87
Industrials: 10.69%
Aerospace & Defense: 2.73%
Boeing Company		121,294		16,283,720		0.57
United Technologies Corporation		147,511		16,353,069		0.57
Other securities				45,205,205		1.59
				77,841,994		2.73
Air Freight & Logistics: 0.82%
United Parcel Service Incorporated Class B		126,255		12,925,987		0.45
Other securities				10,402,390		0.37
				23,328,377		0.82
Airlines: 0.23%
Other securities				6,639,219		0.23
Building Products: 0.05%
Other securities				1,398,492		0.05
Commercial Services & Supplies: 0.49%
Other securities				14,048,313		0.49
Construction & Engineering: 0.17%
Other securities				4,696,034		0.17
Electrical Equipment: 0.75%
Other securities				21,483,385		0.75
Industrial Conglomerates: 2.47%
3M Company		113,467		15,148,979		0.53
General Electric Company		1,779,651		47,445,496		1.67
Other securities				7,819,293		0.27
				70,413,768		2.47
Machinery: 1.72%
Other securities				48,877,693		1.72

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

44 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2013 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Professional Services: 0.18%
Other securities			$	5,062,350		0.18	%
Road & Rail: 0.90%
Union Pacific Corporation		81,058		13,134,638		0.46
Other securities				12,605,290		0.44
				25,739,928		0.90
Trading Companies & Distributors: 0.18%
Other securities				5,008,641		0.18
Information Technology: 17.64%
Communications Equipment: 1.73%
Cisco Systems Incorporated		936,950		19,910,188		0.70
QUALCOMM Incorporated		299,777		22,057,592		0.77
Other securities				7,354,501		0.26
				49,322,281		1.73
Computers & Peripherals: 4.10%
Apple Incorporated		158,763		88,283,341		3.10
Other securities				28,543,584		1.00
				116,826,925		4.10
Electronic Equipment, Instruments & Components: 0.45%
Other securities				12,849,328		0.45
Internet Software & Services: 2.49%
Google Incorporated Class A †		48,885		51,798,057		1.82
Other securities				19,151,520		0.67
				70,949,577		2.49
IT Services: 3.43%
International Business Machines Corporation		179,944		32,332,338		1.13
MasterCard Incorporated		18,128		13,791,964		0.48
Visa Incorporated Class A		90,207		18,353,516		0.64
Other securities				33,169,122		1.18
				97,646,940		3.43
Office Electronics: 0.08%
Other securities				2,304,063		0.08
Semiconductors & Semiconductor Equipment: 1.96%
Intel Corporation		870,622		20,755,628		0.73
Other securities				34,997,584		1.23
				55,753,212		1.96

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 45

INDEX PORTFOLIO

Security name	Shares			Value		Percent of net assets
Software: 3.40%
Microsoft Corporation		1,324,677		$	50,509,934		1.77	%
Oracle Corporation		623,122			21,989,975		0.77
Other securities					24,559,684		0.86
					97,059,593		3.40
Materials: 3.40%
Chemicals: 2.49%
Other securities					70,897,607		2.49
Construction Materials: 0.04%
Other securities					1,280,219		0.04
Containers & Packaging: 0.21%
Other securities					5,943,804		0.21
Metals & Mining: 0.53%
Other securities					15,060,297		0.53
Paper & Forest Products: 0.13%
Other securities					3,635,574		0.13
			��
Telecommunication Services: 2.34%
Diversified Telecommunication Services: 2.19%
AT&T Incorporated		928,116			32,678,964		1.15
Verizon Communications Incorporated		500,083			24,814,118		0.87
Other securities					4,876,218		0.17
					62,369,300		2.19
Wireless Telecommunication Services: 0.15%
Other securities					4,269,932		0.15
Utilities: 2.93%
Electric Utilities: 1.61%
Other securities					46,030,341		1.61
Gas Utilities: 0.11%
Other securities					3,056,989		0.11
Independent Power Producers & Energy Traders: 0.11%
Other securities					3,060,395		0.11
Multi-Utilities: 1.10%
Other securities					31,383,171		1.10
Total Common Stocks (Cost $1,688,319,423)					2,807,726,588		98.53

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

46 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2013 (unaudited)

INDEX PORTFOLIO

Security name	Yield					Shares		Value			Percent of net assets
Short-Term Investments: 1.56%
Investment Companies: 1.47%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				32,725,140	$	32,725,140			1.15	%
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.08					9,164,555		9,164,555			0.32
									41,889,695			1.47
				Maturity date		Principal
U.S. Treasury Securities: 0.09%
U.S. Treasury Bill (z)#		0.01			1-2-2014	$	700,000		699,994			0.03
U.S. Treasury Bill (z)#		0.07			4-10-2014		1,750,000		1,749,561			0.06
									2,449,555			0.09
Total Short-Term Investments (Cost $44,339,250)									44,339,250			1.56
Total investments in securities
(Cost $1,732,658,673) *									2,852,065,838			100.09	%
Other assets and liabilities, net									(2,592,238	)		(0.09	)
Total net assets								$	2,849,473,600			100.00	%

† Non-income-earning security

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(v) Security represents investment of cash collateral received from securities on loan.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(z) Zero coupon security. Rate represents yield to maturity at time of purchase.

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

* Cost for federal income tax purposes is $1,836,348,596 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	1,158,532,327
Gross unrealized depreciation		(142,815,085	)
Net unrealized appreciation	$	1,015,717,242

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 47

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.72%
Belgium: 4.12%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		37,003	$	3,777,683
Telenet Group Holding NV (Consumer Discretionary, Media)		22,559		1,241,179
UCB SA (Health Care, Pharmaceuticals)		19,886		1,334,412
				6,353,274
Brazil: 0.25%
BM&F Bovespa SA (Financials, Diversified Financial Services)		76,800		380,696
Canada: 0.80%
Canadian Pacific Railway Limited (Industrials, Road & Rail)		7,998		1,230,732
China: 6.46%
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		39,488		6,577,516
China Resources Land Limited (Financials, Real Estate Management & Development)		524,500		1,444,419
Tencent Holdings Limited (Information Technology, Internet Software & Services)		33,800		1,954,934
				9,976,869
Denmark: 0.37%
Rockwool International AS B Shares (Industrials, Building Products)		3,303		577,163
France: 6.93%
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		4,023		758,303
Pernod-Ricard SA (Consumer Staples, Beverages)		15,019		1,702,248
Schneider Electric SA (Industrials, Electrical Equipment)		37,947		3,212,143
Unibail-Rodamco SE (Financials, REITs)		7,996		2,090,501
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		17,330		2,939,319
				10,702,514
Germany: 17.38%
Allianz AG (Financials, Insurance)		7,242		1,257,821
Axel Springer AG (Consumer Discretionary, Media)		2,569		154,432
Bayer AG (Health Care, Pharmaceuticals)		42,389		5,654,892
Beiersdorf AG (Consumer Staples, Personal Products)		23,968		2,433,248
Deutsche Post AG (Industrials, Air Freight & Logistics)		120,799		4,271,665
Heidelbergcement AG (Materials, Construction Materials)		25,189		1,970,003
Linde AG (Materials, Chemicals)		29,438		6,010,726
MTU Aero Engines AG (Industrials, Aerospace & Defense)		20,344		1,911,950
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		14,459		3,162,451
				26,827,188
Hong Kong: 5.89%
AIA Group Limited (Financials, Insurance)		989,600		5,016,514
Beijing Enterprises Holdings Limited (Industrials, Industrial Conglomerates)		269,000		2,408,028
Hong Kong Land Holdings Limited (Financials, Real Estate Management & Development)		115,966		685,359
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		130,400		986,496
				9,096,397

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

48 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
India: 0.21%
Coal India Limited (Energy, Oil, Gas & Consumable Fuels)		75,394	$	328,107
Indonesia: 0.57%
PT Bank Rakyat Indonesia Tbk (Financials, Commercial Banks)		1,405,000		875,005
Ireland: 2.43%
Covidien plc (Health Care, Health Care Equipment & Supplies)		54,988		3,753,481
Japan: 11.19%
Denso Corporation (Consumer Discretionary, Auto Components)		6,300		315,538
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		93,600		3,956,925
Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		376,000		1,571,179
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		72,300		2,442,353
NGK Insulators Limited (Industrials, Machinery)		167,000		3,057,115
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		14,900		1,128,865
ORIX Corporation (Financials, Diversified Financial Services)		40,800		742,905	��
Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		16,700		811,155
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		52,100		3,245,282
				17,271,317
Mexico: 1.29%
Grupo Televisa SAB ADR (Consumer Discretionary, Media)		65,247		1,990,686
Netherlands: 3.81%
Nielsen Holdings NV (Industrials, Professional Services)		2,334		100,718
Unilever NV (Consumer Staples, Food Products) «		107,080		4,218,577
Ziggo NV (Telecommunication Services, Diversified Telecommunication Services)		36,504		1,564,090
				5,883,385
Nigeria: 0.49%
Nigerian Breweries plc (Consumer Staples, Beverages)		712,597		762,308
Singapore: 0.50%
Global Logistic Properties Limited (Financials, Real Estate Management & Development)		330,000		775,666
South Korea: 0.59%
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		640		903,487
Spain: 0.62%
Grifols SA (Health Care, Biotechnology)		20,038		916,144
Grifols SA Class B (Health Care, Biotechnology)		1,237		42,205
				958,349
Switzerland: 9.28%
Actelion Limited (Health Care, Biotechnology)		8,180		681,328
Nestle SA (Consumer Staples, Food Products)		65,507		4,784,118
Roche Holdings AG (Health Care, Pharmaceuticals)		15,708		4,379,074
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,956		1,281,774
Swiss Reinsurance AG (Financials, Insurance)		15,694		1,396,350
UBS AG (Financials, Capital Markets)		94,916		1,809,420
				14,332,064

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 49

INTERNATIONAL GROWTH PORTFOLIO

Security name				Shares		Value
United Kingdom: 20.56%
Diageo plc (Consumer Staples, Beverages)					24,665	$	785,633
HSBC Holdings plc (Financials, Commercial Banks)					200,197		2,234,467
Imperial Tobacco Group plc (Consumer Staples, Tobacco)					88,097		3,351,143
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					28,258		880,189
Johnson Matthey plc (Materials, Chemicals)					38,520		1,998,671
Land Securities Group plc (Financials, REITs)					133,950		2,089,447
Liberty Global plc Class A (Consumer Discretionary, Media) †					31,095		2,668,262
Liberty Global plc Class C (Consumer Discretionary, Media) †					2,512		204,602
Meggitt plc (Industrials, Aerospace & Defense)					167,653		1,369,603
Prudential plc (Financials, Insurance)					58,079		1,242,483
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense)					216,156		4,369,483
Rolls-Royce Holdings plc Class C Preference Shares (Industrials, Aerospace & Defense)†(a)					15,559,894		25,468
Royal Mail plc (Industrials, Air Freight & Logistics) †					116,473		1,058,069
SABMiller plc (Consumer Staples, Beverages)					73,992		3,818,603
Tesco plc (Consumer Staples, Food & Staples Retailing)					251,762		1,433,846
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)					535,205		1,986,822
WPP plc (Consumer Discretionary, Media)					100,479		2,221,910
							31,738,701
United States: 0.98%
Schlumberger Limited (Energy, Energy Equipment & Services)					17,120		1,513,750
Total Common Stocks (Cost $111,347,427)							146,231,139
Participatory Notes: 0.37%
HSBC Bank plc					68,500		573,788
Total Participatory Notes (Cost $537,051)							573,788
	Dividend yield
Preferred Stocks: 1.46%
Germany: 1.46%
Henkel AG & Company KGaA (Consumer Staples, Household Products) ±		1.10	%		19,848		2,250,105
Total Preferred Stocks (Cost $1,503,116)							2,250,105
	Yield			Shares
Short-Term Investments: 4.44%
Investment Companies: 4.44%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			6,093,828		6,093,828
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)		0.08			765,419		765,419
Total Short-Term Investments (Cost $6,859,247)							6,859,247

Total investments in securities
(Cost $120,246,841) *	100.99	%		155,914,279
Other assets and liabilities, net	(0.99	)		(1,527,178	)
Total net assets	100.00	%	$	154,387,101

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

50 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

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

† Non-income-earning security

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

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

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $120,170,471 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	36,464,160
Gross unrealized depreciation		(720,352	)
Net unrealized appreciation	$	35,743,808

The following table shows the percent of total long-term investments by sector as of November 30, 2013:

Consumer Staples	21.31	%
Industrials	18.85
Financials	17.29
Consumer Discretionary	13.35
Health Care	12.55
Materials	6.70
Information Technology	6.33
Telecommunication Services	2.38
Energy	1.24
	100.00	%

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 51

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.98%
Australia: 5.94%
Arrium Limited (Materials, Metals & Mining)		1,531,700	$	2,197,841
Bendigo Bank Limited (Financials, Commercial Banks)		272,500		2,795,419
Boart Longyear Group Limited (Energy, Energy Equipment & Services) «		199,991		54,661
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies) «		207,386		748,198
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		475,400		2,607,340
Downer EDI Limited (Industrials, Commercial Services & Supplies)		518,900		2,250,260
Leighton Holdings Limited (Industrials, Construction & Engineering) «		77,400		1,146,578
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		350,500		3,528,518
Metcash Limited (Consumer Staples, Food & Staples Retailing)		785,500		2,182,670
Mincor Resources NL (Materials, Metals & Mining) (i)		570,994		260,102
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) «		577,400		1,499,214
Primary Health Care Limited (Health Care, Health Care Providers & Services)		339,000		1,544,229
Rio Tinto Limited (Materials, Metals & Mining)		66,800		4,020,287
Sally Malay Mining Limited (Materials, Metals & Mining)		368,800		80,639
Seven Network Limited (Industrials, Trading Companies & Distributors)		165,800		1,093,617
Toll Holdings Limited (Industrials, Air Freight & Logistics)		283,600		1,477,897
United Construction Group Limited (Industrials, Construction & Engineering)		152,800		897,894
				28,385,364
Austria: 1.40%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		41,100		2,012,828
RHI AG (Materials, Construction Materials) (i)		64,721		2,314,146
Voestalpine AG (Materials, Metals & Mining)		47,700		2,372,020
				6,698,994
Belgium: 1.12%
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		39,400		2,295,951
KBC Groep NV (Financials, Commercial Banks)		53,400		3,046,844
				5,342,795
Brazil: 1.25%
Banco do Brasil SA (Financials, Commercial Banks)		196,000		2,141,980
Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water Utilities)		253,200		2,657,619
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		72,400		1,192,255
				5,991,854
Canada: 2.38%
Magna International Incorporated Class A (Consumer Discretionary, Auto Components) «		65,800		5,365,726
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		48,400		2,851,321
WestJet Airlines Limited (Industrials, Airlines)		120,000		3,155,635
				11,372,682
China: 2.18%
China BlueChemical Limited (Materials, Chemicals)		1,984,000		1,346,100
China Communications Services Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		1,858,317
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		6,116,500		5,254,447

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

52 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
China (continued)
China Railway Construction Corporation Limited (Industrials, Construction & Engineering)		1,747,500	$	1,958,785
				10,417,649
Czech Republic: 0.33%
CEZ AS (Utilities, Electric Utilities)		57,500		1,595,965
Finland: 0.87%
Kesko Oyj (Consumer Staples, Food & Staples Retailing)		63,800		2,380,888
TietoEnator Oyj (Information Technology, IT Services)		82,700		1,780,715
				4,161,603
France: 9.10%
Alstom SA (Industrials, Machinery)		56,900		2,088,996
AXA SA (Financials, Insurance)		132,200		3,463,465
BNP Paribas SA (Financials, Commercial Banks)		49,100		3,685,305
Compagnie Generale des Etablissements Michelin SCA Class B (Consumer Discretionary, Auto Components)		24,000		2,606,690
Credit Agricole SA (Financials, Commercial Banks) †		219,328		2,750,144
Renault SA (Consumer Discretionary, Automobiles)		40,500		3,592,207
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		61,400		6,492,782
SCOR SE (Financials, Insurance)		109,700		3,838,202
Societe Generale SA (Financials, Commercial Banks)		39,000		2,242,972
Thales SA (Industrials, Aerospace & Defense)		59,100		3,606,909
Total SA (Energy, Oil, Gas & Consumable Fuels)		93,700		5,676,562
Vivendi SA (Telecommunication Services, Diversified Telecommunication Services)		134,746		3,422,165
				43,466,399
Germany: 8.63%
Allianz AG (Financials, Insurance)		35,700		6,200,527
BASF SE (Materials, Chemicals)		46,500		4,965,182
Daimler AG (Consumer Discretionary, Automobiles)		69,300		5,742,787
Deutsche Bank AG (Financials, Capital Markets)		41,200		1,986,382
E.ON SE (Utilities, Multi-Utilities)		87,200		1,677,411
Gildemeister AG (Industrials, Machinery)		74,500		2,298,945
Hannover Rueckversicherung AG (Financials, Insurance)		31,000		2,581,136
Metro AG (Consumer Staples, Food & Staples Retailing)		49,800		2,495,730
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		19,700		4,308,754
Norddeutsche Affinerie AG (Materials, Metals & Mining)		25,900		1,527,563
RWE AG (Utilities, Multi-Utilities)		40,900		1,570,200
Volkswagen AG (Consumer Discretionary, Automobiles)		22,600		5,884,057
				41,238,674
Hong Kong: 1.08%
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		1,133,500		1,023,457
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components) (i)		2,204,000		955,214
Wheelock & Company Limited (Financials, Real Estate Management & Development)		379,000		1,845,466
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		429,500		1,343,460
				5,167,597

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 53

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
India: 1.06%
Gail Limited (Utilities, Gas Utilities) (i)		26,700	$	821,292
Tata Motors Limited ADR (Consumer Discretionary, Automobiles)		83,800		2,720,986
Tata Steel Limited GDR (Industrials, Machinery)		245,900		1,540,564
				5,082,842
Indonesia: 0.15%
PT Japfa Comfeed Indonesia Tbk (Consumer Staples, Food Products)		6,962,500		721,714
Ireland: 0.65%
Irish Life & Permanent Group Holdings plc (Financials, Insurance) †		111,500		6,847
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		3,095,342
				3,102,189
Israel: 1.07%
Bank Hapoalim Limited (Financials, Commercial Banks)		542,900		3,026,126
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		51,404		2,080,378
				5,106,504
Italy: 1.43%
Enel SpA (Utilities, Electric Utilities)		688,400		3,131,021
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		153,300		3,688,250
				6,819,271
Japan: 18.89%
Adeka Corporation (Materials, Chemicals)		203,200		2,259,651
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		46,400		1,866,419
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		73,100		1,963,369
Aozora Bank Limited (Financials, Commercial Banks)		588,000		1,693,532
Chiba Bank Limited (Financials, Commercial Banks)		329,000		2,287,020
DCM Japan Holdings Company Limited (Consumer Discretionary, Specialty Retail)		143,100		972,395
Eizo Nanao Corporation (Information Technology, Computers & Peripherals)		63,300		1,661,837
Fukuoka Financial Group Incorporated (Financials, Commercial Banks)		378,000		1,693,942
Hitachi Capital Corporation (Financials, Consumer Finance)		57,700		1,662,977
Itochu Corporation (Industrials, Trading Companies & Distributors)		200,700		2,531,651
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		408,000		2,123,154
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		101,000		1,529,422
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		120,000		7,533,317
Kyorin Company Limited (Health Care, Pharmaceuticals)		99,000		2,045,243
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,274,367
Marubeni Corporation (Industrials, Trading Companies & Distributors)		516,000		3,743,110
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		25,100		1,166,473
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		35,500		698,389
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		260,300		3,606,206
Mizuho Financial Group Incorporated (Financials, Commercial Banks)		1,831,300		3,844,076
Nichirei Corporation (Consumer Staples, Food Products)		265,000		1,402,294
Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		107,000		575,611
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		92,700		4,651,970
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		151,400		1,383,553

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

54 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Japan (continued)
NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		180,000	$	2,899,683
Otsuka Holdings Company Limited (Health Care, Pharmaceuticals)		133,900		3,911,436
Rengo Company Limited (Materials, Containers & Packaging)		208,000		1,118,946
Resona Holdings Incorporated (Financials, Commercial Banks)		598,500		2,968,396
Ryosan Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		16,200		335,151
Saizeriya Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		99,800		1,167,297
Sankyu Incorporated (Industrials, Road & Rail)		313,000		1,182,631
Shionogi & Company Limited (Health Care, Pharmaceuticals)		79,300		1,743,555
Sojitz Corporation (Industrials, Trading Companies & Distributors)		678,000		1,251,081
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		285,000		3,525,458
Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		100,400		4,969,763
The Keiyo Bank Limited (Financials, Commercial Banks)		62,000		308,108
Toshiba TEC Corporation (Information Technology, Office Electronics)		234,000		1,484,989
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		325,000		1,919,697
Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		13,500		1,242,909
West Japan Railway Company (Industrials, Road & Rail)		45,400		1,985,765
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		297,000		3,073,664
				90,258,507
Liechtenstein: 0.17%
Verwaltungs-und Privat-Bank AG (Financials, Capital Markets) (i)		7,800		795,962
Malaysia: 0.50%
Tenaga Nasional Berhad (Utilities, Electric Utilities)		772,000		2,361,750
Netherlands : 2.35%
Aegon NV (Financials, Insurance)		334,000		2,966,999
ING Groep NV (Financials, Diversified Financial Services) †		237,100		3,078,635
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		285,600		5,199,034
				11,244,668
Norway: 1.50%
Atea ASA (Information Technology, IT Services)		84,900		823,902
DnB Nor ASA (Financials, Commercial Banks)		148,800		2,630,772
Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		61,700		1,392,747
Yara International ASA (Materials, Chemicals)		53,600		2,336,763
				7,184,184
Poland: 0.64%
Asseco Poland SA (Information Technology, Software)		101,800		1,681,152
KGHM Polska Miedz SA (Materials, Metals & Mining)		36,500		1,396,951
				3,078,103
Russia: 1.49%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels) (i)		150,900		3,405,671
Lukoil ADR (Energy, Oil, Gas & Consumable Fuels)		60,400		3,729,881
				7,135,552

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 55

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Singapore: 0.39%
United Overseas Bank Limited (Financials, Commercial Banks)		113,000	$	1,883,558
South Africa: 0.26%
Barclays Africa Group Limited (Financials, Commercial Banks) «		92,100		1,227,880
South Korea: 2.42%
E-MART Company Limited (Consumer Staples, Food & Staples Retailing)		8,500		2,164,556
Industrial Bank of Korea (Financials, Commercial Banks)		192,500		2,082,703
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		22,300		4,762,166
Woori Finance Holdings Company Limited (Financials, Commercial Banks)		212,200		2,536,455
				11,545,880
Spain: 2.12%
Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks)		185,200		2,212,519
Banco Santander Central Hispano SA (Financials, Commercial Banks)		429,681		3,819,291
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		123,800		3,250,964
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		52,400		862,055
				10,144,829
Sweden: 1.49%
Boliden AB (Materials, Metals & Mining)		169,300		2,477,763
Nordea Bank AB (Financials, Commercial Banks)		177,300		2,291,956
Saab AB (Industrials, Aerospace & Defense)		113,500		2,338,885
				7,108,604
Switzerland: 5.71%
Baloise Holding AG (Financials, Insurance)		28,800		3,399,636
Credit Suisse Group AG (Financials, Capital Markets)		184,595		5,494,372
Georg Fischer AG (Industrials, Machinery)		3,000		2,068,509
Novartis AG (Health Care, Pharmaceuticals)		48,000		3,794,142
Roche Holdings AG (Health Care, Pharmaceuticals)		12,300		3,428,992
Swiss Reinsurance AG (Financials, Insurance)		48,500		4,315,213
Zurich Financial Services AG (Financials, Insurance)		17,100		4,770,908
				27,271,772
Taiwan: 0.26%
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		794,000		1,227,462
Thailand: 0.74%
Bangchak Petroleum PCL (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,266,612
Thanachart Capital PCL (Financials, Commercial Banks)		1,251,600		1,276,546
				3,543,158
United Kingdom: 19.41%
Alent plc (Materials, Chemicals)		145,400		804,409
AMEC plc (Energy, Energy Equipment & Services)		120,300		2,228,988
Amlin plc (Financials, Insurance)		279,000		2,055,003
AstraZeneca plc (Health Care, Pharmaceuticals)		150,200		8,637,850
Aviva plc (Financials, Insurance)		314,900		2,212,734
BAE Systems plc (Industrials, Aerospace & Defense)		684,100		4,785,748
Barclays plc (Financials, Commercial Banks)		715,000		3,179,721

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

56 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name				Shares		Value
United Kingdom (continued)
BP plc (Energy, Oil, Gas & Consumable Fuels)					844,300	$	6,661,002
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)					1,124,900		6,862,290
Carillion plc (Industrials, Construction & Engineering)					261,500		1,289,634
Centrica plc (Utilities, Gas Utilities)					524,600		2,904,866
Chemring Group plc (Industrials, Aerospace & Defense)					247,200		861,834
Debenhams plc (Consumer Discretionary, Media)					1,238,200		1,960,819
Firstgroup plc (Industrials, Road & Rail)					254,700		476,509
GlaxoSmithKline plc (Health Care, Pharmaceuticals)					57,700		1,528,566
Home Retail Group plc (Consumer Discretionary, Internet & Catalog Retail)					290,000		906,149
Inchcape plc (Consumer Discretionary, Distributors)					255,800		2,491,227
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)					706,400		4,710,505
Darty plc (Consumer Discretionary, Specialty Retail) (i)					679,100		972,607
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					558,800		1,369,222
Old Mutual plc (Financials, Insurance)					982,800		3,202,817
Pace plc (Consumer Discretionary, Household Durables)					374,800		1,937,347
Premier Foods plc (Consumer Staples, Food Products) †					31,510		62,793
Royal & Sun Alliance Insurance Group plc (Financials, Insurance)					443,900		773,077
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)					14,300		478,379
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)					264,000		9,266,713
Tesco plc (Consumer Staples, Food & Staples Retailing)					655,700		3,734,374
Tullett Prebon plc (Financials, Capital Markets)					279,500		1,532,577
Vesuvius plc (Industrials, Machinery)					145,400		1,156,159
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)					1,962,500		7,285,317
WH Smith plc (Consumer Discretionary, Specialty Retail)					223,600		3,465,912
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)					679,700		2,953,802
							92,748,950
Total Common Stocks (Cost $426,952,922)							463,432,915
	Dividend yield
Preferred Stocks: 0.65%
Brazil: 0.65%
Banco do Estado do Rio Grande do Sul SA (Financials, Commercial Banks) ±		5.57	%		173,300		1,000,735
Companhia Energetica de Minas Gerais SA (Energy, Oil, Gas & Consumable Fuels) ±		18.81			83,399		692,939
Companhia Vale Do Rio Doce Class A (Materials, Metals & Mining) ±		5.41			100,100		1,402,454
Total Preferred Stocks (Cost $4,315,406)							3,096,128
	Yield
Short-Term Investments: 2.53%
Investment Companies: 2.53%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			2,748,860		2,748,860
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.08			9,341,704		9,341,704
Total Short-Term Investments (Cost $12,090,564)							12,090,564

Total investments in securities (Cost $443,358,892) *	100.16	%		478,619,607
Other assets and liabilities, net	(0.16	)		(786,528	)
Total net assets	100.00	%	$	477,833,079

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 57

INTERNATIONAL VALUE PORTFOLIO

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

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

† Non-income-earning security

(i) Illiquid security

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $444,667,949 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	81,293,138
Gross unrealized depreciation		(47,341,530	)
Net unrealized appreciation	$	33,951,608

The following table shows the percent of total long-term investments by sector as of November 30, 2013:

Financials	27.49	%
Industrials	12.23
Consumer Discretionary	11.62
Energy	11.04
Telecommunication Services	8.60
Health Care	8.12
Consumer Staples	7.37
Materials	7.28
Utilities	3.99
Information Technology	2.26
	100.00	%

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

58 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.64%
Consumer Discretionary: 8.77%
Automobiles: 1.72%
General Motors Company †		45,392	$	1,758,032
Hotels, Restaurants & Leisure: 1.03%
Norwegian Cruise Line Holdings Limited †		30,660		1,045,506
Household Durables: 2.85%
Harman International Industries Incorporated		12,170		986,257
Newell Rubbermaid Incorporated		63,295		1,921,003
				2,907,260
Media: 2.21%
Lamar Advertising Company Class A †		27,401		1,367,858
Walt Disney Company		12,553		885,489
				2,253,347
Specialty Retail: 0.96%
Bed Bath & Beyond Incorporated †		12,479		973,736
Consumer Staples: 4.89%
Food & Staples Retailing: 2.32%
CVS Caremark Corporation		35,314		2,364,625
Household Products: 1.40%
Procter & Gamble Company		16,902		1,423,486
Personal Products: 1.17%
Herbalife Limited «		17,166		1,196,127
Energy: 13.34%
Energy Equipment & Services: 0.96%
Baker Hughes Incorporated		17,235		981,706
Oil, Gas & Consumable Fuels: 12.38%
Chevron Corporation		13,274		1,625,269
ConocoPhillips Company		18,151		1,321,393
Denbury Resources Incorporated †		73,783		1,230,700
EnCana Corporation		66,349		1,273,237
Exxon Mobil Corporation		31,166		2,913,398
Marathon Oil Corporation		55,250		1,991,210
Valero Energy Corporation		18,823		860,588
Whiting Petroleum Corporation †		23,110		1,395,844
				12,611,639
Financials: 31.20%
Capital Markets: 1.35%
Goldman Sachs Group Incorporated		8,139		1,375,003

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 59

LARGE COMPANY VALUE PORTFOLIO

Security name		Shares		Value
Commercial Banks: 6.76%
First Republic Bank Corporation			36,349	$	1,857,434
KeyCorp			129,016		1,644,954
SVB Financial Group †			16,992		1,720,270
Synovus Financial Corporation			476,436		1,662,762
					6,885,420
Consumer Finance: 1.25%
SLM Corporation			47,671		1,270,432
Diversified Financial Services: 7.06%
Bank of America Corporation			185,565		2,935,638
Citigroup Incorporated			50,481		2,671,455
JPMorgan Chase & Company			27,844		1,593,234
					7,200,327
Insurance: 8.61%
ACE Limited			9,789		1,006,113
American International Group Incorporated			44,026		2,190,294
MetLife Incorporated			37,028		1,932,491
The Hartford Financial Services Group Incorporated			65,234		2,324,287
The Travelers Companies Incorporated			14,597		1,324,532
					8,777,717
Real Estate Management & Development: 0.99%
Realogy Holdings Corporation †			21,244		1,006,753
REITs: 5.18%
American Tower Corporation			22,300		1,734,271
Realty Income Corporation «			36,255		1,381,678
Vornado Realty Trust			11,650		1,024,385
Weyerhaeuser Company			37,711		1,136,232
					5,276,566
Health Care: 10.94%
Health Care Equipment & Supplies: 2.51%
Medtronic Incorporated			18,368		1,052,854
Stryker Corporation			20,232		1,505,665
					2,558,519
Health Care Providers & Services: 1.73%
Cigna Corporation			20,170		1,763,867
	��
Pharmaceuticals: 6.70%
Johnson & Johnson			24,126		2,283,767
Merck & Company Incorporated			21,599		1,076,278
Novartis AG ADR			20,476		1,620,061
Pfizer Incorporated			58,190		1,846,369
					6,826,475

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

60 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Industrials: 11.92%
Airlines: 1.54%
United Continental Holdings Incorporated †		39,988	$	1,569,529
Construction & Engineering: 1.02%
URS Corporation		19,922		1,035,346
Electrical Equipment: 1.90%
Eaton Corporation plc		26,600		1,932,756
Industrial Conglomerates: 1.74%
General Electric Company		66,322		1,768,145
Machinery: 2.09%
Dover Corporation		13,881		1,259,562
Stanley Black & Decker Incorporated		10,740		874,129
				2,133,691
Road & Rail: 1.66%
Hertz Global Holdings Incorporated †		69,933		1,696,575
Trading Companies & Distributors: 1.97%
WESCO International Incorporated †		23,374		2,009,697
Information Technology: 6.94%
Communications Equipment: 0.75%
JDS Uniphase Corporation †		63,385		769,494
Computers & Peripherals: 2.55%
Apple Incorporated		2,127		1,182,761
EMC Corporation		59,180		1,411,443
				2,594,204
Semiconductors & Semiconductor Equipment: 2.35%
Maxim Integrated Products Incorporated		28,115		800,715
Skyworks Solutions Incorporated †		60,034		1,596,304
				2,397,019
Software: 1.29%
Symantec Corporation		58,318		1,311,572
Materials: 3.04%
Chemicals: 3.04%
Ashland Incorporated		13,885		1,264,646
Huntsman Corporation		43,658		1,001,078
Westlake Chemical Corporation		7,360		828,589
				3,094,313

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 61

LARGE COMPANY VALUE PORTFOLIO

Security name				Shares		Value
Telecommunication Services: 2.34%
Diversified Telecommunication Services: 2.34%
AT&T Incorporated					24,373	$	858,170
Verizon Communications Incorporated					30,653		1,521,002
							2,379,172
Utilities: 4.26%
Electric Utilities: 1.22%
Portland General Electric Company					41,532		1,238,069
Independent Power Producers & Energy Traders: 1.96%
AES Corporation					137,333		2,000,942
Water Utilities: 1.08%
Aqua America Incorporated					45,800		1,102,406
	Yield
Total Common Stocks (Cost $82,169,991)							99,489,473
Short-Term Investments: 4.81%
Investment Companies: 4.81%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		2,329,957		2,329,957
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08			2,575,400		2,575,400
Total Short-Term Investments (Cost $4,905,357)							4,905,357

Total investments in securities (Cost $87,075,348) *	102.45	%		104,394,830
Other assets and liabilities, net	(2.45	)		(2,497,243	)
Total net assets	100.00	%	$	101,897,587

† Non-income-earning security

(u) Rate shown is the 7-day annualized yield at period end.

(l) Investment in an affiliate

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

(v) Security represents investment of cash collateral received from securities on loan.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

* Cost for federal income tax purposes is $87,920,090 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	18,065,178
Gross unrealized depreciation		(1,590,438	)
Net unrealized appreciation	$	16,474,740

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

62 Wells Fargo Advantage Allocation Funds Portfolio of investments — November 30, 2013 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 95.63%
Consumer Discretionary: 14.66%
Auto Components: 0.93%
Tower International Incorporated †		104,840	$	2,253,013
Diversified Consumer Services: 0.61%
LifeLock Incorporated †		85,540		1,472,999
Hotels, Restaurants & Leisure: 1.48%
Brinker International Incorporated		43,340		2,038,273
Del Frisco’s Restaurant Group Incorporated †		72,380		1,532,285
				3,570,558
Household Durables: 0.62%
Ethan Allen Interiors Incorporated		48,440		1,496,796
Media: 1.64%
IMAX Corporation †«		59,540		1,835,618
Lions Gate Entertainment Corporation †		67,610		2,139,180
				3,974,798
Specialty Retail: 4.76%
Bebe Stores Incorporated		207,120		1,219,937
Chico’s FAS Incorporated		87,800		1,640,982
Dick’s Sporting Goods Incorporated		41,760		2,360,275
GNC Holdings Incorporated Class A		40,670		2,447,521
Pier 1 Imports Incorporated		89,350		1,991,612
Sonic Automotive Incorporated		78,950		1,872,694
				11,533,021
Textiles, Apparel & Luxury Goods: 4.62%
Deckers Outdoor Corporation †		24,050		1,987,492
Hanesbrands Incorporated		53,920		3,779,792
Movado Group Incorporated		29,050		1,322,356
Skechers U.S.A. Incorporated Class A †		69,420		2,333,900
Tumi Holdings Incorporated †		73,380		1,761,120
				11,184,660
Consumer Staples: 0.89%
Food Products: 0.89%
Whitewave Foods Company †		101,040		2,149,121
Energy: 6.42%
Energy Equipment & Services: 1.56%
Pacific Drilling SA †		141,010		1,593,413
Tidewater Incorporated		38,210		2,179,498
				3,772,911

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 63

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Oil, Gas & Consumable Fuels: 4.86%
Delek US Holdings Incorporated		82,770	$	2,504,620
Diamondback Energy Incorporated †		29,480		1,466,335
GasLog Limited		82,990		1,322,031
Gulfport Energy Corporation †		32,280		1,886,120
Oasis Petroleum Incorporated †		53,580		2,471,645
Rosetta Resources Incorporated †		41,810		2,114,332
				11,765,083
Financials: 10.58%
Capital Markets: 4.25%
Evercore Partners Incorporated Class A		55,780		3,059,533
LPL Financial Holdings Incorporated		58,330		2,500,607
Stifel Financial Corporation †		50,970		2,281,927
Virtus Investment Partners Incorporated †		11,760		2,443,728
				10,285,795
Commercial Banks: 2.52%
CapitalSource Incorporated		151,150		2,125,169
Signature Bank †		14,570		1,548,063
SVB Financial Group †		23,990		2,428,748
				6,101,980
Consumer Finance: 0.81%
Encore Capital Group Incorporated †		41,015		1,956,005
Insurance: 1.16%
Argo Group International Holdings Limited		59,542		2,815,741
REITs: 0.81%
QTS Realty Trust Incorporated Class A †		94,030		1,957,705
Thrifts & Mortgage Finance: 1.03%
Essent Group Limited †		114,570		2,490,752
Health Care: 19.43%
Biotechnology: 4.11%
Alnylam Pharmaceuticals Incorporated †		32,280		1,975,536
Exelixis Incorporated †«		222,430		1,296,767
Insys Therapeutics Incorporation †		24,980		1,101,618
InterMune Incorporated †		104,740		1,448,554
Intrexon Corporation †«		34,170		782,151
Portola Pharmaceuticals Incorporation †		49,770		1,244,250
Seattle Genetics Incorporated †		26,160		1,074,914
Theravance Incorporated †		27,250		1,028,960
				9,952,750

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

64 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Health Care Equipment & Supplies: 7.87%
Accuray Incorporated †«		213,560	$	1,704,209
ArthroCare Corporation †		49,420		1,864,122
Atricure Incorporated †		84,510		1,323,427
Cerus Corporation †«		281,570		1,883,703
DexCom Incorporated †		79,850		2,642,237
Endologix Incorporated †		106,371		1,900,850
Insulet Corporation †		50,730		1,878,025
Oxford Immunotec Global plc †		73,920		1,170,893
Spectranetics Corporation †		115,060		2,676,296
Sunshine Heart Incorporated †«		95,650		866,589
Veracyte Incorporated †		87,110		1,130,688
				19,041,039
Health Care Providers & Services: 2.38%
Capital Senior Living Corporation †		57,980		1,294,693
Ensign Group Incorporated		57,050		2,576,949
LifePoint Hospitals Incorporated †		36,830		1,886,801
				5,758,443
Health Care Technology: 0.83%
Medidata Solutions Incorporated †		12,000		1,426,920
Omnicell Incorporated †		23,890		579,333
				2,006,253
Life Sciences Tools & Services: 2.47%
Cambrex Corporation †		106,280		2,072,460
Fluidigm Corporation †		44,690		1,420,248
ICON plc ADR †		65,330		2,491,686
				5,984,394
Pharmaceuticals: 1.77%
AcelRx Pharmaceuticals Incorporated †«		131,060		1,281,767
Akorn Incorporated †		68,930		1,774,948
Pacira Pharmaceuticals Incorporated †		22,370		1,234,600
				4,291,315
Industrials: 16.45%
Aerospace & Defense: 0.73%
Esterline Technologies Corporation †		20,080		1,767,442
Air Freight & Logistics: 1.12%
Hub Group Incorporated Class A †		72,080		2,712,370
Airlines: 0.42%
Spirit Airlines Incorporated †		22,330		1,024,277
Building Products: 1.14%
A.O. Smith Corporation		51,010		2,762,192

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 65

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Commercial Services & Supplies: 2.20%
ACCO Brands Corporation †		178,660	$	1,075,533
Copart Incorporated †		61,392		2,113,727
Kar Auction Services Incorporated		76,890		2,121,395
				5,310,655
Construction & Engineering: 1.17%
Tutor Perini Corporation †		115,450		2,827,371
Machinery: 2.02%
Actuant Corporation Class A		52,970		2,070,068
Wabash National Corporation †		232,490		2,822,429
				4,892,497
Professional Services: 2.01%
On Assignment Incorporated †		106,630		3,628,619
RPX Corporation †		75,110		1,240,817
				4,869,436
Road & Rail: 2.52%
Genesee & Wyoming Incorporated †		17,290		1,663,298
Roadrunner Transportation Systems Incorporated †		77,470		2,121,129
Swift Transportation Company †«		99,740		2,308,981
				6,093,408
Trading Companies & Distributors: 3.12%
Beacon Roofing Supply Incorporated †		63,600		2,364,648
MRC Global Incorporated †		61,020		1,866,602
MSC Industrial Direct Company		16,420		1,261,877
United Rentals Incorporated †		30,070		2,066,711
				7,559,838
Information Technology: 22.19%
Communications Equipment: 1.97%
Infinera Corporation †		143,430		1,333,899
Palo Alto Networks Incorporated †		40,310		2,013,485
Riverbed Technology Incorporated †		82,790		1,432,267
				4,779,651
Electronic Equipment, Instruments & Components: 1.84%
InvenSense Incorporated †«		89,410		1,545,899
OSI Systems Incorporated †		38,040		2,917,668
				4,463,567
Internet Software & Services: 1.03%
Endurance International Group Holdings †«		105,590		1,508,881
Zillow Incorporated Class A †«		12,490		981,964
				2,490,845

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

66 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
IT Services: 2.43%
EVERTEC Incorporated		92,330	$	2,037,723
InterXion Holding NV †		55,580		1,251,106
Vantiv Incorporated Class A †		85,260		2,583,378
				5,872,207
Semiconductors & Semiconductor Equipment: 4.46%
Advanced Energy Industries Incorporated †		89,070		2,121,647
Applied Micro Circuits Corporation †		85,940		1,078,547
Microsemi Corporation †		73,040		1,784,367
Semtech Corporation †		68,500		2,035,820
Spansion Incorporated Class A †		125,590		1,556,060
Teradyne Incorporated †		130,780		2,227,183
				10,803,624
Software: 10.46%
Bottomline Technologies Incorporated †		58,650		2,027,531
BroadSoft Incorporated †		29,880		793,912
Cadence Design Systems Incorporated †		158,240		2,096,680
Concur Technologies Incorporated †		14,642		1,421,592
Infoblox Incorporated †		28,910		918,760
Jive Software Incorporated †«		159,940		1,773,735
PTC Incorporated †		69,170		2,250,792
Rally Software Development Corporation †		65,070		1,600,722
Realpage Incorporated †		71,770		1,608,366
Silver Spring Networks Incorporated †«		142,620		2,950,808
SS&C Technologies Holdings †		83,320		3,591,925
Synchronoss Technologies Incorporated †		43,510		1,380,572
Tangoe Incorporated †		85,720		1,349,233
Ultimate Software Group Incorporated †		9,830		1,540,263
				25,304,891
Materials: 5.01%
Chemicals: 1.58%
Calgon Carbon Corporation †		108,400		2,244,964
Methanex Corporation		25,750		1,581,050
				3,826,014
Containers & Packaging: 0.82%
Graphic Packaging Holding Company †		219,980		1,975,420
Metals & Mining: 1.76%
Constellium NV Class A †		121,870		2,634,829
Steel Dynamics Incorporated		89,540		1,631,419
				4,266,248
Paper & Forest Products: 0.85%
Boise Cascade Company †		79,630		2,043,306
Total Common Stocks (Cost $166,366,873)				231,460,391

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 67

SMALL COMPANY GROWTH PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 9.20%
Investment Companies: 9.20%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.08	%		9,672,711	$	9,672,711
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(u)(l)		0.08			12,598,600		12,598,600
Total Short-Term Investments (Cost $22,271,311)							22,271,311

Total investments in securities (Cost $188,638,184) *	104.83	%		253,731,702
Other assets and liabilities, net	(4.83	)		(11,689,750	)
Total net assets	100.00	%	$	242,041,952

† Non-income-earning security

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

(u) Rate shown is the 7-day annualized yield at period end.

(l) Investment in an affiliate

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $189,718,823 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	66,559,918
Gross unrealized depreciation		(2,547,039	)
Net unrealized appreciation	$	64,012,879

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

68 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.30%
Consumer Discretionary: 14.82%
Auto Components: 2.29%
American Axle & Manufacturing Holdings Incorporated †		137,365	$	2,747,300
Dana Holding Corporation		98,799		2,003,644
				4,750,944
Distributors: 0.99%
Core Mark Holding Company Incorporated		27,763		2,049,465
Diversified Consumer Services: 2.70%
Apollo Group Incorporated Class A †		102,438		2,693,095
Houghton Mifflin Harcourt Company †		75,690		1,313,978
Steiner Leisure Limited †		27,113		1,604,005
				5,611,078
Hotels, Restaurants & Leisure: 1.88%
Bob Evans Farms Incorporated		34,188		1,900,511
ClubCorp Holdings Incorporated †		120,800		2,007,696
				3,908,207
Leisure Equipment & Products: 0.71%
Arctic Cat Incorporated		26,215		1,475,118
Media: 0.78%
Scholastic Corporation		53,010		1,618,925
Specialty Retail: 2.98%
Asbury Automotive Group Incorporated †		53,503		2,777,876
Rent-A-Center Incorporated		41,318		1,407,291
Zumiez Incorporated †		72,327		2,008,521
				6,193,688
Textiles, Apparel & Luxury Goods: 2.49%
G-III Apparel Group Limited †		41,890		2,523,873
Vera Bradley Incorporated †«		105,200		2,642,624
				5,166,497
Consumer Staples: 1.83%
Food Products: 1.83%
Dean Foods Company		92,450		1,662,251
Post Holdings Incorporated †		42,096		2,132,162
				3,794,413
Energy: 3.83%
Energy Equipment & Services: 1.89%
Basic Energy Services Incorporated †		115,737		1,642,308
Key Energy Services Incorporated †		291,414		2,284,686
				3,926,994

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 69

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Oil, Gas & Consumable Fuels: 1.94%
Rex Energy Corporation †		106,300	$	2,038,834
Sanchez Energy Corporation †		77,775		1,996,484
				4,035,318
Financials: 37.39%
Capital Markets: 2.01%
Greenhill & Company Incorporated		38,605		2,112,080
Stifel Financial Corporation †		46,174		2,067,210
				4,179,290
Commercial Banks: 16.42%
Associated Banc-Corp		134,553		2,319,694
BancorpSouth Incorporated		130,211		3,113,345
Banner Corporation		48,215		2,095,424
City National Corporation		31,669		2,418,245
FirstMerit Corporation		108,890		2,500,114
IBERIABANK Corporation		41,041		2,573,271
MB Financial Incorporated		51,300		1,672,893
Old National Bancorp		104,300		1,621,865
Pacwest Bancorp «		48,969		2,014,585
PrivateBancorp Incorporated		99,000		2,745,270
Umpqua Holdings Corporation «		87,407		1,609,163
ViewPoint Financial Group Incorporated		80,400		2,040,552
Webster Financial Corporation		71,292		2,101,688
Western Alliance Bancorp †		136,439		3,168,114
Wintrust Financial Corporation		46,351		2,102,481
				34,096,704
Insurance: 7.09%
Amtrust Financial Services Incorporated «		68,366		2,858,382
CNO Financial Group Incorporated		184,061		3,114,312
Employers Holdings Incorporated		83,034		2,710,230
OneBeacon Insurance Group Limited		104,501		1,661,566
Primerica Incorporated		50,997		2,194,401
Selective Insurance Group Incorporated		77,617		2,188,023
				14,726,914
Real Estate Management & Development: 0.80%
Alexander & Baldwin Incorporated		43,980		1,662,004
REITs: 9.29%
Ashford Hospitality Prime Incorporated †		36,423		745,215
Ashford Hospitality Trust		182,117		1,495,181
Campus Crest Communities Incorporated		194,096		1,931,255
Corporate Office Properties Trust		70,300		1,562,769
Cousins Properties Incorporated		182,797		1,957,756
Education Realty Trust Incorporated		223,700		1,946,190
LaSalle Hotel Properties		64,396		2,016,883
Pebblebrook Hotel Trust		64,011		1,941,454

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

70 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
REITs (continued)
Sabra Health Care REIT Incorporated		64,528	$	1,721,607
STAG Industrial Incorporated		94,800		2,055,264
Sunstone Hotel Investors Incorporated		147,221		1,924,178
				19,297,752
Thrifts & Mortgage Finance: 1.78%
BankUnited Incorporated		66,646		2,151,333
Washington Federal Incorporated		66,426		1,553,704
				3,705,037
Health Care: 5.38%
Health Care Equipment & Supplies: 1.13%
Alere Incorporated †		71,943		2,353,975
Health Care Providers & Services: 3.01%
Ensign Group Incorporated		35,864		1,619,977
LifePoint Hospitals Incorporated †		38,191		1,956,525
WellCare Health Plans Incorporated †		35,880		2,665,884
				6,242,386
Health Care Technology: 1.24%
Medassets Incorporated †		119,297		2,569,657
Industrials: 11.50%
Air Freight & Logistics: 1.46%
Air Transport Services Group †		138,038		1,073,936
Atlas Air Worldwide Holdings Incorporated †		50,989		1,957,978
				3,031,914
Commercial Services & Supplies: 1.57%
ACCO Brands Corporation †		268,340		1,615,407
Quad Graphics Incorporated		62,877		1,637,946
				3,253,353
Construction & Engineering: 2.03%
Great Lakes Dredge & Dock Company		212,722		1,895,353
Tutor Perini Corporation †		94,941		2,325,105
				4,220,458
Machinery: 3.02%
Briggs & Stratton Corporation		70,394		1,423,367
Global Brass & Copper Holdings Incorporated		72,663		1,198,940
Kadant Incorporated		48,452		2,006,882
Wabash National Corporation †		134,999		1,638,888
				6,268,077
Professional Services: 1.02%
FTI Consulting Incorporated †		47,191		2,119,348

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 71

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Road & Rail: 1.48%
Quality Distribution Incorporated †		139,900	$	1,710,977
Ryder System Incorporated		19,506		1,362,299
				3,073,276
Trading Companies & Distributors: 0.92%
Titan Machinery Incorporated †«		107,533		1,915,163
Information Technology: 13.12%
Communications Equipment: 1.89%
ARRIS Group Incorporated †		120,850		2,479,842
Black Box Corporation		51,946		1,455,007
				3,934,849
Computers & Peripherals: 0.82%
QLogic Corporation †		137,730		1,709,229
Electronic Equipment, Instruments & Components: 3.34%
Itron Incorporated †		36,310		1,537,729
Multi-Fineline Electronix Incorporated †		71,135		1,004,426
Plexus Corporation †		55,319		2,233,228
Sanmina Corporation †		139,545		2,160,157
				6,935,540
Internet Software & Services: 0.89%
EarthLink Incorporated		338,242		1,843,419
Semiconductors & Semiconductor Equipment: 5.59%
Cirrus Logic Incorporated †«		106,590		2,150,986
Integrated Silicon Solution Incorporated †		148,163		1,754,250
Kulicke & Soffa Industries Incorporated †		186,646		2,355,473
MagnaChip Semiconductor Corporation †		98,976		2,009,213
OmniVision Technologies Incorporated †		90,984		1,458,474
Photronics Incorporated †		217,754		1,881,395
				11,609,791
Software: 0.59%
EPIQ Systems Incorporated		72,582		1,214,297
Materials: 5.33%
Chemicals: 1.66%
Kraton Performance Polymers Incorporated †		85,391		1,988,756
Zep Incorporated		75,616		1,456,364
				3,445,120
Metals & Mining: 3.67%
A.M. Castle & Company †		56,966		796,954
Commercial Metals Company		115,670		2,246,311
Horsehead Holding Corporation †		149,262		2,234,452
Suncoke Energy Incorporated †		103,939		2,356,297
				7,634,014

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

72 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name						Shares		Value
Telecommunication Services: 0.80%
Diversified Telecommunication Services: 0.80%
Iridium Communications Incorporated †							270,575	$	1,664,036
Utilities: 3.30%
Electric Utilities: 3.30%
El Paso Electric Company							63,350		2,282,501
PNM Resources Incorporated							86,704		2,017,602
Portland General Electric Company							85,697		2,554,624
									6,854,727
Total Common Stocks (Cost $147,320,398)									202,090,977
				Expiration date
Warrants: 0.01%
Health Care: 0.01%
Health Care Equipment & Supplies: 0.01%
EnteroMedics Incorporated †(a)					5-14-2016		9,104		10,778
Total Warrants (Cost $0)									10,778
	Yield
Short-Term Investments: 7.42%
Investment Companies: 7.42%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				6,438,413		6,438,413
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08					8,987,147		8,987,147
Total Short-Term Investments (Cost $15,425,560)									15,425,560

Total investments in securities
(Cost $162,745,958) *	104.73	%		217,527,315
Other assets and liabilities, net	(4.73	)		(9,829,453	)
Total net assets	100.00	%	$	207,697,862

† Non-income-earning security

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

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $164,900,485 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	58,250,533
Gross unrealized depreciation		(5,623,703	)
Net unrealized appreciation	$	52,626,830

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 73

CORE BOND PORTFOLIO

The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website:

http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/corebond.pdf or by calling

Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSRS, is also available on the SEC’s website at sec.gov.

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Agency Securities: 35.37%
FHLMC		0.87-7.50	%		8-1-2017 to 3-25-2044	$	173,924,636	$	181,042,032		6.19	%
FHLMC ±		2.24			7-1-2043		23,278,559		23,569,893		0.81
FHLMC		2.50			5-1-2028		12,513,622		12,531,467		0.43
FHLMC		4.00			6-1-2042		40,489,966		41,785,852		1.43
FHLMC		5.00			8-1-2039		18,018,076		19,889,238		0.68
FHLMC		5.00			8-1-2041		20,249,431		22,158,409		0.76
FNMA ±		1.98			4-1-2043		11,467,494		11,522,648		0.39
FNMA		1.99-7.50			9-1-2016 to 1-1-2044		255,764,291		263,240,752		9.00
FNMA ±		2.07			7-1-2043		13,681,802		13,704,305		0.47
FNMA		2.50			10-1-2027		11,804,385		11,825,510		0.41
FNMA		2.50			11-1-2027		15,003,607		15,067,957		0.52
FNMA %%		2.50			12-1-2028		22,400,000		22,360,625		0.77
FNMA %%		2.50			1-1-2029		15,100,000		15,038,656		0.52
FNMA		3.00			1-1-2043		16,293,677		15,525,375		0.53
FNMA		3.00			3-1-2043		17,551,721		16,724,636		0.57
FNMA %%		3.00			12-1-2043		31,500,000		30,376,581		1.04
FNMA		3.50			9-1-2042		31,802,633		31,653,947		1.08
FNMA		3.50			2-1-2043		14,478,427		14,410,778		0.49
FNMA %%		3.50			1-1-2044		29,300,000		29,456,800		1.01
FNMA		4.00			6-1-2042		13,523,103		14,000,446		0.48
FNMA		5.00			7-1-2041		13,374,316		14,796,750		0.51
FNMA		6.00			3-1-2034		24,451,502		27,287,807		0.93
FNMA Series 416 Class A350		3.50			11-25-2042		13,576,515		13,724,095		0.47
FNMA Series 2012-130 Class DC		3.00			12-25-2042		37,626,024		36,009,045		1.23
FNMA Series 2013-121 Class LB (a)		3.00			12-25-2043		13,276,000		13,707,588		0.47
GNMA		2.50-8.05			7-15-2019 to 1-1-2044		21,098,033		21,373,197		0.71
GNMA %%		3.50			12-1-2043		12,200,000		12,436,375		0.43
GNMA %%		4.00			12-1-2043		10,800,000		11,385,141		0.39
GNMA %%		4.00			1-1-2044		41,600,000		43,717,376		1.50
GNMA %%		4.50			12-1-2043		31,200,000		33,518,063		1.15
Total Agency Securities (Cost $1,043,435,825)									1,033,841,344		35.37
Asset-Backed Securities: 14.85%
Ally Auto Receivables Trust		0.74-2.23			5-15-2015 to 2-15-2018		46,207,266		46,379,568		1.58
American Express Credit Corporation		0.45-0.60			2-15-2019 to 5-17-2021		21,262,000		21,262,196		0.73
AmeriCredit Automobile Receivables Trust Series 2013-3 Class A2		0.68			10-11-2016		11,156,000		11,163,084		0.38
Bank of America Credit Card Trust Series 2007-A10 Class A10 ±		0.24			12-15-2016		8,216,000		8,215,482		0.28
Capital Auto Receivables Asset Trust		0.79-1.68			9-20-2016 to 7-20-2018		33,057,000		33,151,544		1.13
Capital One Multi-Asset Execution Trust Series 2007-A1 Class A1 ±		0.22			11-15-2019		11,267,000		11,166,127		0.38
Citibank Credit Card Issuance Trust Series 2013-A10 Class A10		0.73			2-7-2018		17,764,000		17,787,040		0.61

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

74 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2013 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Asset-Backed Securities (continued)
Nelnet Student Loan Trust		0.25-0.97	%		11-27-2018 to 4-25-2046	$	34,927,980	$	33,944,288		1.16	%
Nelnet Student Loan Trust Series 2006-2 Class A4 ±		0.32			10-26-2026		10,721,284		10,689,795		0.37
Nelnet Student Loan Trust Series 2007-2A Class A3L ±144A		0.60			3-25-2026		17,148,000		16,939,995		0.58
Santander Drive Auto Receivables Trust Series 2013-2 Class A3		0.70			9-15-2017		10,752,000		10,761,107		0.37
SLM Student Loan Trust		0.34-3.42			9-25-2019 to 6-15-2045		99,920,959		99,775,371		3.42
SLM Student Loan Trust Series 2012-E Class A1 ±144A		0.92			10-16-2023		12,018,631		12,027,813		0.41
SLM Student Loan Trust Series 2013-B Class A2A 144A		1.85			6-17-2030		11,683,000		11,382,058		0.39
Other securities									89,478,754		3.06
Total Asset-Backed Securities (Cost $433,125,939)									434,124,222		14.85
Corporate Bonds and Notes: 18.99%
Consumer Discretionary: 2.19%
Auto Components: 0.13%
Other securities									3,865,788		0.13
Automobiles: 1.23%
Other securities									36,016,466		1.23
Media: 0.64%
Other securities									18,773,746		0.64
Specialty Retail: 0.19%
Other securities									5,453,067		0.19
Consumer Staples: 1.10%
Beverages: 0.29%
Other securities									8,516,732		0.29
Food Products: 0.72%
Other securities									20,984,102		0.72
Tobacco: 0.09%
Other securities									2,650,156		0.09
Energy: 1.70%
Energy Equipment & Services: 0.24%
Other securities									7,109,207		0.24
Oil, Gas & Consumable Fuels: 1.46%
Other securities									42,589,480		1.46

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 75

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Financials: 8.11%
Capital Markets: 1.15%
Morgan Stanley		5.00-5.50	%		10-15-2015 to 11-24-2025	$	9,048,000	$	9,648,808		0.33	%
Other securities									24,025,225		0.82
									33,674,033		1.15
Commercial Banks: 0.34%
Other securities									9,878,938		0.34
Consumer Finance: 0.60%
American Express Credit Corporation		1.75			6-12-2015		7,664,000		7,798,220		0.27
Other securities									9,787,403		0.33
									17,585,623		0.60
Diversified Financial Services: 3.32%
Bank of America Corporation		1.13			11-14-2016		12,070,000		12,097,025		0.41
Bank of America Corporation		1.50			10-9-2015		12,066,000		12,186,624		0.42
Bank of America Corporation		2.60-6.00			9-1-2017 to 7-24-2023		20,880,000		21,593,445		0.74
JPMorgan Chase & Company		3.20-6.00			10-1-2017 to 5-1-2023		13,928,000		14,748,855		0.51
Other securities									36,529,117		1.24
									97,155,066		3.32
Insurance: 1.39%
Other securities									40,527,858		1.39
REITs: 1.31%
Other securities									38,198,247		1.31
Health Care: 1.31%
Biotechnology: 0.34%
Other securities									9,801,121		0.34
Health Care Equipment & Supplies: 0.13%
Other securities									3,920,985		0.13
Health Care Providers & Services: 0.36%
Other securities									10,457,193		0.36
Pharmaceuticals: 0.48%
Other securities									14,080,601		0.48
Industrials: 0.46%
Aerospace & Defense: 0.26%
Other securities									7,673,912		0.26
Machinery: 0.06%
Other securities									1,797,252		0.06
Road & Rail: 0.14%
Other securities									3,887,234		0.14

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

76 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2013 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Information Technology: 0.64%
Computers & Peripherals: 0.17%
Other securities								$	4,905,887		0.17	%
Semiconductors & Semiconductor Equipment: 0.08%
Other securities									2,275,988		0.08
Software: 0.39%
Other securities									11,586,202		0.39
Materials: 0.08%
Chemicals: 0.08%
Other securities									2,435,967		0.08
Telecommunication Services: 1.34%
Diversified Telecommunication Services: 1.34%
Verizon Communications Incorporated		2.50-6.55	%		9-15-2016 to 9-15-2043	$	31,063,000		33,544,785		1.15
Other securities									5,667,726		0.19
									39,212,511		1.34
Utilities: 2.06%
Electric Utilities: 0.96%
Other securities									28,034,317		0.96
Gas Utilities: 0.25%
Other securities									7,265,579		0.25
Multi-Utilities: 0.85%
Other securities									24,797,766		0.85
Total Corporate Bonds and Notes (Cost $552,322,555)									555,111,024		18.99
Municipal Obligations: 1.01%
California: 0.26%
Other securities									7,679,498		0.26
Illinois: 0.13%
Other securities									3,887,469		0.13
Nevada: 0.14%
Other securities									3,927,132		0.14
New Jersey: 0.17%
Other securities									5,006,252		0.17
New York: 0.13%
Other securities									3,625,999		0.13

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 77

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Ohio: 0.04%
Other securities								$	1,093,618		0.04	%
Texas: 0.14%
Other securities									4,209,590		0.14
Total Municipal Obligations (Cost $25,833,149)									29,429,558		1.01
Non-Agency Mortgage Backed Securities: 7.34%
Commercial Mortgage Trust		1.30-4.26	%		12-10-2044 to 10-10-2046	$	29,294,531		30,254,358		1.04
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			8-25-2024		10,957,525		12,268,286		0.42
JPMorgan Chase & Company		1.08-5.72			11-15-2017 to 5-15-2047		58,205,792		60,994,764		2.08
Morgan Stanley		0.28-4.97			4-14-2040 to 2-25-2047		34,507,225		35,043,949		1.20
Other securities									75,906,523		2.60
Total Non-Agency Mortgage Backed Securities (Cost $213,464,578)									214,467,880		7.34
U.S. Treasury Securities: 18.95%
U.S. Treasury Bond		2.75-3.75			11-15-2041 to 11-15-2043		16,780,000		14,859,189		0.50
U.S. Treasury Bond		3.13			2-15-2043		22,362,000		19,601,679		0.67
U.S. Treasury Bond		3.63			8-15-2043		18,809,000		18,174,196		0.62
U.S. Treasury Note		0.25			9-30-2015		24,408,000		24,404,192		0.84
U.S. Treasury Note		0.25			10-31-2015		28,464,000		28,451,760		0.97
U.S. Treasury Note		0.38			8-31-2015		71,293,000		71,443,357		2.45
U.S. Treasury Note ##		0.63			8-15-2016		33,136,000		33,270,598		1.14
U.S. Treasury Note		0.63			10-15-2016		59,869,000		60,037,352		2.06
U.S. Treasury Note ##		0.63			11-15-2016		131,711,000		132,009,457		4.52
U.S. Treasury Note		1.25-2.50			11-30-2018 to 8-15-2023		21,221,000		20,946,724		0.71
U.S. Treasury Note		2.38			7-31-2017		22,264,000		23,479,815		0.80
U.S. Treasury Note		2.75			11-15-2023		23,517,000		23,524,337		0.81
U.S. Treasury Note ##		3.13			4-30-2017		77,368,000		83,551,405		2.86
Total U.S. Treasury Securities (Cost $553,760,297)									553,754,061		18.95
Yankee Corporate Bonds and Notes: 6.54%
Consumer Discretionary: 0.19%
Textiles, Apparel & Luxury Goods: 0.19%
Other securities									5,525,338		0.19
Consumer Staples: 0.37%
Beverages: 0.37%
Other securities									10,836,652		0.37
Energy: 1.45%
Energy Equipment & Services: 0.10%
Other securities									2,869,841		0.10

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

78 Wells Fargo Advantage Allocation Funds Summary portfolio of investments—November 30, 2013 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Oil, Gas & Consumable Fuels: 1.35%
Other securities								$	39,615,086		1.35	%
Financials: 2.21%
Commercial Banks: 1.64%
Norddeutsche Landesbank Pfandbriefe 144A		2.00	%		2-5-2019	$	13,100,000		13,107,860		0.45
Other securities									34,684,019		1.19
									47,791,879		1.64
Diversified Financial Services: 0.51%
Other securities									14,877,582		0.51
Insurance: 0.06%
Other securities									1,802,651		0.06
Health Care: 0.49%
Health Care Equipment & Supplies: 0.18%
Other securities									5,335,196		0.18
Pharmaceuticals: 0.31%
Other securities									8,935,823		0.31
Information Technology: 0.12%
Internet Software & Services: 0.12%
Other securities									3,405,058		0.12
Materials: 0.66%
Chemicals: 0.10%
Other securities									2,934,996		0.10
Metals & Mining: 0.56%
Other securities									16,450,232		0.56
Telecommunication Services: 0.93%
Diversified Telecommunication Services: 0.20%
Other securities									5,759,677		0.20
Wireless Telecommunication Services: 0.73%
Other securities									21,299,889		0.73
Utilities: 0.12%
Electric Utilities: 0.12%
Other securities									3,560,152		0.12
Total Yankee Corporate Bonds and Notes (Cost $193,375,955)									191,000,052		6.54
Yankee Government Bonds: 2.00%
Other securities									58,409,823		2.00
Total Yankee Government Bonds (Cost $60,183,937)									58,409,823		2.00

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 79

CORE BOND PORTFOLIO

Security name	Yield			Maturity date	Shares		Value			Percent of net assets
Short-Term Investments: 2.31%
Investment Companies: 2.31%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%			67,603,250	$	67,603,250			2.31	%
Total Short-Term Investments (Cost $67,603,250)								67,603,250			2.31
Total investments in securities
(Cost $3,143,105,485) *								3,137,741,214			107.36	%
Other assets and liabilities, net								(215,149,848	)		(7.36	)
Total net assets							$	2,922,591,366			100.00	%

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

%% Security issued on a when-issued basis

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

144A Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

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

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

* Cost for federal income tax purposes is $3,149,708,027 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	30,693,980
Gross unrealized depreciation		(42,660,793	)
Net unrealized depreciation	$	(11,966,813	)

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

80 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

INFLATION-PROTECTED BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities: 98.98%
TIPS		0.13	%		4-15-2016	$	2,917,173	$	2,991,925
TIPS		0.13			4-15-2017		3,097,855		3,196,115
TIPS		0.13			4-15-2018		445,689		459,617
TIPS		0.13			1-15-2022		3,253,597		3,183,950
TIPS		0.13			7-15-2022		2,703,321		2,634,681
TIPS		0.13			1-15-2023		2,145,477		2,060,832
TIPS		0.38			7-15-2023		1,116,827		1,095,799
TIPS		0.50			4-15-2015		1,010,230		1,028,936
TIPS		0.63			7-15-2021		2,701,114		2,791,645
TIPS		0.63			2-15-2043		1,135,549		894,068
TIPS		0.75			2-15-2042		1,367,837		1,124,939
TIPS		1.13			1-15-2021		2,756,229		2,947,227
TIPS		1.25			7-15-2020		2,243,949		2,442,223
TIPS		1.38			7-15-2018		1,672,178		1,834,955
TIPS		1.38			1-15-2020		1,629,599		1,778,554
TIPS		1.63			1-15-2015		1,097,503		1,127,684
TIPS		1.63			1-15-2018		1,207,094		1,325,541
TIPS		1.75			1-15-2028		1,067,384		1,165,617
TIPS		1.88			7-15-2015		1,390,377		1,461,417
TIPS		1.88			7-15-2019		1,118,552		1,262,741
TIPS		2.00			1-15-2016		1,350,791		1,439,014
TIPS		2.00			1-15-2026		1,232,818		1,392,314
TIPS		2.13			1-15-2019		1,183,290		1,339,799
TIPS		2.13			2-15-2040		498,327		570,896
TIPS		2.13			2-15-2041		785,877		900,566
TIPS		2.38	��		1-15-2017		1,079,804		1,194,281
TIPS		2.38			1-15-2025		1,726,644		2,025,029
TIPS		2.38			1-15-2027		1,027,556		1,207,138
TIPS		2.50			7-15-2016		1,234,793		1,357,789
TIPS		2.50			1-15-2029		992,437		1,188,443
TIPS		2.63			7-15-2017		587,475		665,086
TIPS		3.38			4-15-2032		481,490		654,450
TIPS		3.63			4-15-2028		1,042,337		1,404,954
TIPS		3.88			4-15-2029		1,046,875		1,462,272
Total U.S. Treasury Securities (Cost $52,182,123)									53,610,497
	Yield					Shares
Short-Term Investments: 0.70%
Investment Companies: 0.70%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)		0.01					378,253		378,253
Total Short-Term Investments (Cost $378,253)									378,253

Total investments in securities
(Cost $52,560,376) *	99.68	%		53,988,750
Other assets and liabilities, net	0.32			173,717
Total net assets	100.00	%	$	54,162,467

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

* Cost for federal income tax purposes is $52,560,376 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	2,688,880
Gross unrealized depreciation		(1,260,506	)
Net unrealized appreciation	$	1,428,374

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 81

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 29.15%
FHLMC		3.50	%		9-1-2032	$	1,341,737	$	1,367,377
FHLMC Series K701 ±		3.88			11-25-2017		1,200,000		1,302,940
FHLMC Series K712		1.87			11-25-2019		850,000		833,307
FHLMC Series T-20 Class A6		7.99			9-25-2029		158,409		175,408
FHLMC Series T-58 Class 4A		7.50			9-25-2043		1,394,258		1,655,309
FNMA %%		2.50			12-1-2028		500,000		499,121
FNMA		2.57			9-1-2019		548,694		561,861
FNMA		2.57			9-1-2019		548,734		562,548
FNMA		2.78			10-1-2020		550,000		552,283
FNMA		3.00			12-1-2032		92,234		92,253
FNMA		3.50			9-1-2032		2,672,669		2,718,634
FNMA		3.50			10-1-2032		1,204,332		1,225,050
FNMA		3.50			11-1-2042		464,496		468,976
FNMA		3.50			11-1-2042		728,043		734,876
FNMA		3.50			2-1-2043		365,712		369,144
FNMA		5.00			9-1-2033		485,521		529,365
FNMA		5.50			2-1-2036		1,201,063		1,275,994
FNMA Grantor Trust Series 2002-T4 Class A2		7.00			12-25-2041		274,831		315,895
FNMA Grantor Trust Series 2004-T2 Class 1A1		6.00			11-25-2043		1,121,253		1,268,198
FNMA Grantor Trust Series 2004-T3 Class A1		6.00			2-25-2044		1,600,273		1,836,431
FNMA Series 2002-90 Class A2		6.50			11-25-2042		570,679		654,484
FNMA Series 2002-W4 Class A4		6.25			5-25-2042		2,557,660		2,878,436
FNMA Series 2003-86 Class PT		4.50			9-25-2018		609,053		646,903
FNMA Series 2003-97 Class CA		5.00			10-25-2018		1,078,532		1,156,041
FNMA Series 2003-W4 Class 3A ±		6.64			10-25-2042		478,401		554,066
FNMA Series 2004-W1 Class 2A2		7.00			12-25-2033		261,754		302,857
FNMA Series 2004-W11 Class 1A3		7.00			5-25-2044		1,419,554		1,703,681
FNMA Series 2004-W8 Class 3A		7.50			6-25-2044		663,287		783,984
FNMA Series 2006-M2 Class A2F ±		5.26			5-25-2020		2,373,621		2,680,794
GNMA		6.50			10-15-2023		51,195		57,085
GNMA		6.50			11-15-2023		25,900		28,867
GNMA		6.50			11-15-2023		26,556		29,607
GNMA		6.50			12-15-2023		33,514		37,370
GNMA		6.50			1-15-2024		74,945		83,550
GNMA		7.00			8-15-2027		153,077		180,757
SBA Participation Certificates Series 2006-20B Class 1		5.35			2-1-2026		1,123,113		1,222,732
SBA Participation Certificates Series 2006-20H Class 1		5.70			8-1-2026		557,706		614,652
SBA Participation Certificates Series 2007-20J Class 1		5.57			10-1-2027		1,089,151		1,207,620
SBA Participation Certificates Series 2013-20A Class 1		2.13			1-1-2033		611,848		575,137
Total Agency Securities (Cost $32,116,515)									33,743,593
Asset-Backed Securities: 0.21%
Green Tree Financial Corporation Series 1997-7 Class A8 ±		6.86			7-15-2028		178,650		182,814
GSAMP Trust Series 2005-SEA1 Class A ±144A		0.51			1-25-2035		58,159		58,018
Total Asset-Backed Securities (Cost $236,731)									240,832

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

82 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 29.29%
Consumer Discretionary: 2.87%
Automobiles: 0.58%
Daimler Finance North America LLC 144A		2.38	%		8-1-2018	$	260,000	$	261,400
General Motors Corporation 144A		4.88			10-2-2023		400,000		402,500
									663,900
Diversified Consumer Services: 1.82%
Dartmouth College		4.75			6-1-2019		440,000		500,369
Massachusetts Institute of Technology		7.25			11-2-2096		500,000		647,399
Pepperdine University		5.45			8-1-2019		600,000		676,051
President and Fellows of Harvard College		3.53			10-1-2031		250,000		222,550
Stewart Enterprises Incorporated		6.50			4-15-2019		60,000		63,600
									2,109,969
Media: 0.47%
DIRECTV Holdings LLC		2.40			3-15-2017		400,000		408,992
Time Warner Incorporated		3.40			6-15-2022		140,000		136,587
									545,579
Consumer Staples: 2.40%
Food & Staples Retailing: 0.69%
SABMiller Holdings Incorporated 144A		3.75			1-15-2022		500,000		506,408
Wal-Mart Stores Incorporated		5.80			2-15-2018		250,000		292,428
									798,836
Food Products: 1.71%
Archer-Daniels-Midland Company		4.48			3-1-2021		400,000		427,578
Cargill Incorporated 144A		4.31			5-14-2021		419,000		440,527
Kellogg Company		4.00			12-15-2020		500,000		525,764
Kraft Foods Group Incorporated		3.50			6-6-2022		300,000		293,162
McCormick & Company Incorporated		5.75			12-15-2017		250,000		288,517
									1,975,548
Energy: 2.04%
Energy Equipment & Services: 0.27%
Halliburton Company		3.25			11-15-2021		315,000		315,077
Oil, Gas & Consumable Fuels: 1.77%
Apache Corporation		3.25			4-15-2022		250,000		248,250
Chevron Corporation		3.19			6-24-2023		250,000		243,445
ConocoPhillips Company		6.00			1-15-2020		300,000		353,289
Devon Energy Corporation		1.88			5-15-2017		300,000		303,359
EQT Corporation		8.13			6-1-2019		400,000		491,874
Phillips 66		2.95			5-1-2017		390,000		407,495
									2,047,712

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 83

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Financials: 12.11%
Capital Markets: 0.95%
Charles Schwab Corporation		4.45	%		7-22-2020	$	100,000	$	109,060
Charles Schwab Corporation		6.38			9-1-2017		250,000		289,602
Goldman Sachs Capital II ±		4.00			12-31-2049		115,000		83,950
Goldman Sachs Group Incorporated		5.75			1-24-2022		200,000		225,635
Morgan Stanley		5.50			7-24-2020		350,000		394,971
									1,103,218
Commercial Banks: 4.28%
Chase Capital VI ±		0.87			8-1-2028		1,000,000		810,000
CoreStates Capital Trust II ±144A		0.89			1-15-2027		750,000		622,500
Manufacturers & Traders Trust Company ±		5.59			12-28-2020		758,000		779,613
National Capital Commerce Incorporated ±(i)		1.23			4-1-2027		400,000		324,000
National City Bank ±		0.63			6-7-2017		500,000		493,459
NTC Capital Trust Series A ±		0.76			1-15-2027		450,000		371,813
Regions Financial Corporation		5.75			6-15-2015		760,000		812,079
UBS Preferred Funding Trust V Series 1 ±«		6.24			5-29-2049		700,000		743,750
									4,957,214
Consumer Finance: 0.13%
Caterpillar Financial Services Corporation		3.75			11-24-2023		150,000		150,666
Diversified Financial Services: 3.08%
ABB Treasury Center (USA) Incorporated 144A		4.00			6-15-2021		510,000		529,143
Bank of America Corporation		2.60			1-15-2019		155,000		156,617
Citigroup Incorporated		6.13			11-21-2017		435,000		506,259
Deutsche Bank Capital Funding Trust VII ±144A«		5.63			12-31-2049		500,000		518,750
General Electric Capital Corporation ±		0.62			5-5-2026		450,000		409,578
Toll Road Investors Partnership II LP 144A¤		0.00			2-15-2015		1,500,000		1,440,702
									3,561,049
Insurance: 1.18%
Minnesota Life Insurance Company 144A		8.25			9-15-2025		650,000		796,532
NLV Financial Corporation 144A		7.50			8-15-2033		565,000		569,803
									1,366,335
REITs: 2.49%
AvalonBay Communities Incorporated		2.95			9-15-2022		190,000		176,329
AvalonBay Communities Incorporated		3.63			10-1-2020		40,000		40,812
Boston Properties LP		3.70			11-15-2018		180,000		191,639
Boston Properties LP		5.88			10-15-2019		200,000		232,541
Duke Realty LP		3.88			10-15-2022		150,000		143,772
Duke Realty LP		6.75			3-15-2020		250,000		290,143
ERP Operation LP		4.63			12-15-2021		470,000		501,915
Liberty Property LP		6.63			10-1-2017		400,000		462,310
Potlatch Corporation		7.50			11-1-2019		160,000		180,800
Realty Income Corporation		4.65			8-1-2023		130,000		132,817
Simon Property Group LP		2.15			9-15-2017		250,000		256,069
UDR Incorporated		4.63			1-10-2022		260,000		270,389
									2,879,536

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

84 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 0.34%
Health Care Providers & Services: 0.34%
Howard Hughes Medical Institute		3.50	%		9-1-2023	$	120,000	$	119,342
Roche Holdings Incorporated 144A		6.00			3-1-2019		228,000		271,506
									390,848
Industrials: 3.08%
Aerospace & Defense: 0.62%
Lockheed Martin Corporation		4.25			11-15-2019		500,000		545,405
United Technologies Corporation		3.10			6-1-2022		180,000		176,746
									722,151
Commercial Services & Supplies: 0.32%
Black & Decker		5.75			11-15-2016		325,000		366,707
Machinery: 0.52%
Caterpillar Incorporated		1.50			6-26-2017		170,000		170,929
Caterpillar Incorporated		3.90			5-27-2021		100,000		104,920
Deere & Company		2.60			6-8-2022		340,000		321,583
									597,432
Road & Rail: 1.29%
Burlington Northern Santa Fe LLC		3.05			9-1-2022		100,000		94,560
Burlington Northern Santa Fe LLC		3.45			9-15-2021		250,000		249,040
Burlington Northern Santa Fe LLC		5.65			5-1-2017		200,000		227,673
Norfolk Southern Corporation		3.00			4-1-2022		500,000		478,699
Union Pacific Corporation		2.95			1-15-2023		250,000		234,743
Union Pacific Corporation		7.88			1-15-2019		171,000		212,145
									1,496,860
Transportation Infrastructure: 0.33%
Vessel Management Service		3.43			8-15-2036		391,000		379,996
Information Technology: 1.45%
Electronic Equipment, Instruments & Components: 0.25%
Jabil Circuit Incorporated		8.25			3-15-2018		250,000		296,250
IT Services: 1.06%
Fiserv Incorporated		3.13			10-1-2015		500,000		518,955
Fiserv Incorporated		4.75			6-15-2021		100,000		102,891
IBM Corporation		1.88			8-1-2022		680,000		601,059
									1,222,905
Software: 0.14%
Oracle Corporation		2.38			1-15-2019		160,000		162,571

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 85

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Materials: 1.42%
Chemicals: 1.05%
Praxair Incorporated		4.05	%		3-15-2021	$	400,000	$	421,477
Valspar Corporation		5.10			8-1-2015		750,000		792,488
									1,213,965
Metals & Mining: 0.09%
International Steel Group		6.50			4-15-2014		100,000		101,498
Paper & Forest Products: 0.28%
Georgia Pacific LLC 144A		3.73			7-15-2023		340,000		330,540
Telecommunication Services: 0.61%
Diversified Telecommunication Services: 0.61%
AT&T Incorporated		1.60			2-15-2017		330,000		331,618
Verizon Communications Incorporated		5.15			9-15-2023		350,000		373,347
									704,965
Utilities: 2.97%
Electric Utilities: 2.77%
Atlantic City Electric Company		7.75			11-15-2018		255,000		319,058
Connecticut Light & Power		5.38			3-1-2017		250,000		279,336
Duke Energy Ohio Incorporated		3.80			9-1-2023		330,000		335,199
Duke Energy Progress Incorporated		3.00			9-15-2021		220,000		218,539
Entergy Texas Incorporated		7.13			2-1-2019		250,000		297,978
Great River Energy 144A		5.83			7-1-2017		535,657		570,662
Kentucky Utilities Company		3.25			11-1-2020		250,000		255,496
Monongahela Power Company 144A		4.10			4-15-2024		380,000		379,811
Otter Tail Corporation (i)		9.00			12-15-2016		350,000		421,031
Public Service Company of New Hampshire		3.50			11-1-2023		90,000		89,060
Wisconsin Electric Power Company		2.95			9-15-2021		50,000		49,394
									3,215,564
Multi-Utilities: 0.20%
Black Hills Corporation		4.25			11-30-2023		230,000		230,055
Total Corporate Bonds and Notes (Cost $32,791,736)									33,906,946
Municipal Obligations: 8.32%
Arizona: 0.79%
Maricopa County AZ Elementary School District #28 Kyrene Elementary Build America Bonds Series D (GO)		5.38			7-1-2019		800,000		909,416
California: 0.20%
California Build America Bonds (GO)		6.88			11-1-2026		200,000		234,742
Georgia: 0.49%
Cherokee County GA School System Build America Bonds (GO)		5.87			8-1-2028		500,000		565,155

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

86 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Indiana: 0.35%
Indiana Housing & CDA Series A-2 (Housing Revenue, GNMA/FNMA Insured)		5.51	%		1-1-2039	$	390,000	$	403,244
Kentucky: 0.23%
Kentucky Housing Corporation Series D (Housing Revenue)		5.75			7-1-2037		265,000		271,190
Maryland: 0.23%
Baltimore County MD (GO)		3.57			8-1-2032		300,000		266,079
Massachusetts: 0.79%
Boston MA Series C Qualified School Construction Bonds (GO)		4.40			4-1-2026		400,000		425,772
Massachusetts Build America Bonds Series D (GO)		4.50			8-1-2031		500,000		486,885
									912,657
Minnesota: 0.25%
Minnesota Housing Finance Agency Series H (Housing Revenue)		5.85			7-1-2036		35,000		35,052
Minnetonka MN Independent School District #276 Series E (GO)		2.55			1-1-2024		290,000		256,479
									291,531
Missouri: 0.46%
Missouri Higher Education Loan Authority Notes Class A-1 (Education Revenue) ±		1.09			8-27-2029		523,369		529,095
New Hampshire: 0.39%
New Hampshire HFA SFMR Series D (Housing Revenue)		5.53			7-1-2037		445,000		451,341
New Jersey: 1.03%
Hudson County NJ Improvement Authority Hudson County Lease Project (Lease Revenue, FSA Insured)		7.40			12-1-2025		1,030,000		1,197,736
North Carolina: 0.30%
Duke University North Carolina Series A (Education Revenue)		5.85			4-1-2037		300,000		349,029
Ohio: 0.35%
Ohio Housing Finance Agency Series O (Housing Revenue, GNMA/FNMA Insured)		5.47			9-1-2025		395,000		410,938
Oregon: 0.29%
Oregon University Series D (GO)		2.03			8-1-2020		350,000		333,890
Texas: 0.73%
Clear Creek TX Independent School District Taxable Refunding Series B (GO)		3.40			2-15-2022		375,000		373,789
Harris County TX Taxable Refunding Permanent Improvement Series B (GO)		2.12			10-1-2021		500,000		465,895
									839,684
Washington: 0.60%
King County WA Build America Bonds Recovery Zone Economic Development Taxable Series C (GO)		5.03			12-1-2023		230,000		254,171
King County WA School District #210 Federal Way Build America Bonds (GO)		4.90			12-1-2022		400,000		436,504
									690,675

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 87

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
West Virginia: 0.43%
Ohio County WV Special District Excise Tax Series A (Tax Revenue)		8.25	%		3-1-2035	$	500,000	$	498,630
Wisconsin: 0.41%
Wisconsin Housing & EDA Home Ownership Revenue Series F (Housing Revenue)		5.73			9-1-2037		465,000		475,267
Total Municipal Obligations (Cost $9,436,955)									9,630,299
Non-Agency Mortgage Backed Securities: 8.84%
Credit Suisse First Boston Commercial Mortgage Trust Series 2004-AR5 Class 10A1 ±		2.54			6-25-2034		926,744		928,182
Credit Suisse Mortgage Trust Series 2007-C1 Class AAB		5.34			2-15-2040		1,229,514		1,265,375
GS Mortgage Securities Trust Series 2011-GC3 Class A4 144A		4.75			3-10-2044		500,000		550,025
JPMorgan Chase Commercial Mortgage Securities Trust Series 2006-LDP7 Class ASB ±		6.06			4-15-2045		1,094,024		1,138,695
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C12 Class ASB		3.16			7-15-2045		550,000		558,021
Nomura Asset Acceptance Corporation Series 2004-R2 Class A1 ±144A		6.50			10-25-2034		1,315,826		1,345,917
Sequoia Mortgage Trust Series 10 Class 1A ±		0.97			10-20-2027		441,898		423,819
Small Business Administration Series 2013-10B Class1		3.64			9-10-2023		1,000,000		1,034,171
Structured Asset Securities Corporation Series 2007-RM1 Class A1 ±144A		0.45			5-25-2047		2,384,788		1,378,169
Wachovia Bank Commercial Mortgage Trust Series 2005-C16 Class A4 ±		4.85			10-15-2041		1,475,000		1,519,753
Washington Mutual Commercial Mortgage Securities Trust Series 2007-SL3 Class A1 ±144A		6.10			3-23-2045		88,921		88,747
Total Non-Agency Mortgage Backed Securities (Cost $11,100,441)									10,230,874
Term Loans: 0.02%
Aramark Corporation		1.88			1-26-2014		26,337		26,353
Total Term Loans (Cost $26,337)									26,353
U.S. Treasury Securities: 11.97%
TIPS		0.63			2-15-2043		1,273,038		1,002,318
TIPS		0.75			2-15-2042		1,267,322		1,042,273
U.S. Treasury Bond		2.75			11-15-2042		350,000		283,336
U.S. Treasury Bond		2.88			5-15-2043		1,250,000		1,036,719
U.S. Treasury Bond		3.13			2-15-2043		764,000		669,693
U.S. Treasury Bond		3.88			8-15-2040		375,000		383,672
U.S. Treasury Bond		4.25			11-15-2040		2,105,000		2,291,490
U.S. Treasury Bond		4.50			2-15-2036		500,000		567,344
U.S. Treasury Note		0.88			1-31-2018		575,000		570,643
U.S. Treasury Note		1.25			10-31-2018		1,045,000		1,040,428
U.S. Treasury Note		1.75			10-31-2020		1,045,000		1,022,957
U.S. Treasury Note		1.75			5-15-2023		2,450,000		2,255,722
U.S. Treasury Note		2.00			2-15-2023		675,000		639,720
U.S. Treasury Note		2.75			11-15-2023		1,045,000		1,045,326
Total U.S. Treasury Securities (Cost $14,393,317)									13,851,641
Yankee Corporate Bonds and Notes: 5.24%
Consumer Discretionary: 0.32%
Media: 0.32%
Pearson Dollar Finance Two plc 144A		6.25			5-6-2018		325,000		374,358

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

88 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

MANAGED FIXED INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Energy: 1.78%
Energy Equipment & Services: 0.70%
Ensco plc		4.70	%		3-15-2021	$	200,000	$	213,227
Schlumberger Norge AS 144A		4.20			1-15-2021		380,000		405,333
Weatherford International Limited		4.50			4-15-2022		190,000		191,978
									810,538
Oil, Gas & Consumable Fuels: 1.08%
BP Capital Markets plc		4.50			10-1-2020		350,000		381,352
Petroleos Mexicanos		2.29			2-15-2024		275,000		274,955
Petroleos Mexicanos		2.83			2-15-2024		575,000		590,730
									1,247,037
Financials: 1.54%
Commercial Banks: 0.28%
RaboBank Nederland		4.50			1-11-2021		300,000		319,367
Diversified Financial Services: 1.26%
Shell International Finance BV		3.40			8-12-2023		370,000		363,791
Siemens Financieringsmaatschappij NV 144A		5.75			10-17-2016		250,000		283,328
Total Capital International SA		2.88			2-17-2022		190,000		182,691
Total Capital International SA		3.70			1-15-2024		200,000		199,724
Tyco Electronics Group SA		3.50			2-3-2022		450,000		431,521
									1,461,055
Industrials: 0.43%
Aerospace & Defense: 0.43%
BAE Systems plc 144A		4.75			10-11-2021		470,000		492,038
Information Technology: 0.32%
Semiconductors & Semiconductor Equipment: 0.32%
TSMC Global Limited 144A		1.63			4-3-2018		380,000		368,375
Materials: 0.53%
Metals & Mining: 0.53%
Rio Tinto Finance (USA) Limited		3.75			9-20-2021		370,000		371,818
Teck Resources Limited		3.00			3-1-2019		240,000		239,851
									611,669
Telecommunication Services: 0.32%
Wireless Telecommunication Services: 0.32%
Rogers Communications Incorporated		4.10			10-1-2023		370,000		374,277
Total Yankee Corporate Bonds and Notes (Cost $5,975,966)									6,058,714
Yankee Government Bonds: 0.41%
Hashemite Kingdom of Jordan		2.50			10-30-2020		475,000		473,509
Total Yankee Government Bonds (Cost $475,000)									473,509

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 89

MANAGED FIXED INCOME PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 7.23%
Investment Companies: 7.23%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		7,207,312	$	7,207,312
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08			1,165,688		1,165,688
Total Short-Term Investments (Cost $8,373,000)							8,373,000

Total investments in securities
(Cost $114,925,998) *	100.68	%		116,535,761
Other assets and liabilities, net	(0.68	)		(788,595	)
Total net assets	100.00	%	$	115,747,166

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

%% Security issued on a when-issued basis.

144A Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

(i) Illiquid security

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

¤ Security issued in zero coupon form with no periodic interest payments.

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $114,925,998 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	4,943,971
Gross unrealized depreciation		(3,334,208	)
Net unrealized appreciation	$	1,609,763

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

90 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 39.86%
FHLMC		6.00	%		7-1-2017	$	62,628	$	65,803
FHLMC		7.50			7-17-2017		61,587		64,694
FHLMC Series T-54 Class 4A ±		3.02			2-25-2043		575,008		604,620
FHLMC Series T-57 Class 1A2		7.00			7-25-2043		666,819		774,840
FHLMC Series T-63 Class 1A1 ±		1.35			2-25-2045		494,393		507,004
FHLMC Structured Pass-Through Securities Series T-54 Class 3A		7.00			2-25-2043		501,180		583,754
FHLMC Structured Pass-Through Securities Series T-55 Class 1A2		7.00			3-25-2043		796,049		899,032
FHLMC Structured Pass-Through Securities Series T-58 Class 4A		7.50			9-25-2043		819,126		972,494
FNMA ±		1.35			10-1-2034		327,968		333,509
FNMA ±		1.35			4-1-2044		239,361		243,386
FNMA ±		1.35			10-1-2044		314,553		319,970
FNMA ±		1.36			4-1-2037		282,249		293,520
FNMA ±		1.75			9-1-2033		202,083		208,391
FNMA ±		1.78			10-1-2033		546,472		569,540
FNMA ±		1.95			6-1-2033		426,470		454,354
FNMA ±		2.09			6-1-2033		300,437		315,615
FNMA ±		2.11			12-1-2033		318,460		335,717
FNMA ±		2.16			8-1-2035		396,288		417,200
FNMA ±		2.20			4-1-2034		455,919		479,930
FNMA ±		2.27			1-1-2036		225,851		239,706
FNMA ±		2.33			7-1-2035		239,635		254,009
FNMA ±		2.72			7-1-2017		19,057		19,413
FNMA		5.50			2-1-2017		116,426		123,268
FNMA		6.50			12-1-2015		11,057		11,190
FNMA Series 2003-W4 Class 3A ±		6.64			10-25-2042		399,730		462,953
FNMA Series 2004-W2 Class 2A2		7.00			2-25-2044		301,964		353,474
FNMA Series 2007-88 Class HC ±		2.41			9-25-2037		350,419		362,797
Total Agency Securities (Cost $9,658,649)									10,270,183
Asset-Backed Securities: 9.53%
Ally Auto Receivables Trust Series 2013-2 Class A3		0.79			1-15-2018		115,000		115,176
AmeriCredit Automobile Receivables Trust Series 2012-4 Class A3		0.67			6-8-2017		175,000		175,015
AmeriCredit Automobile Receivables Trust Series 2013-5 Class A3		0.90			9-10-2018		116,000		116,200
Ford Credit Auto Owner Trust Series 2013-B Class A3		0.76			9-15-2016		114,000		114,130
Ford Credit Auto Owner Trust Series 2013-A Class A3		0.55			7-15-2017		100,000		100,082
GSAMP Trust Series 2005-SEA2 Class A1 ±144A		0.52			1-25-2045		353,664		340,723
Honda Auto Receivables Owner Trust Series 2012-4 Class A3		0.52			8-18-2016		100,000		100,148
Honda Auto Receivables Owner Trust Series 2013-4 Class A3		0.69			9-18-2017		110,000		110,136
Household Home Equity Loan Trust Series 2006-1 Class A1 ±		0.33			1-20-2036		581,904		566,301
Hyundai Auto Receivables Trust Series 2013-C Class A3		1.01			2-15-2018		125,000		126,060
M&T Bank Auto Receivables Trust Series 2013-1A Class A3 144A		1.06			11-15-2017		130,000		130,765
Mercedes Benz Auto Receivables Trust Series 2013-B Class A3		0.62			7-15-2016		115,000		114,994
Santander Drive Auto Receivables Trust Series 2013-5 Class A2A		0.64			4-17-2017		120,000		120,023
Toyota Auto Receivables Owner Trust Series 2013-B Class A3		0.89			7-17-2017		125,000		125,792
World Omni Automobile Receivables Securitization Series 2013-A Class A2A		0.73			5-16-2016		100,000		100,144
Total Asset-Backed Securities (Cost $2,479,796)									2,455,689

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 91

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 21.08%
Consumer Discretionary: 0.83%
Automobiles: 0.59%
Daimler Finance North America LLC 144A		1.88	%		9-15-2014	$	150,000	$	151,495
Diversified Consumer Services: 0.24%
Yale University		2.90			10-15-2014		60,000		61,237
Consumer Staples: 3.97%
Beverages: 1.69%
Anheuser-Busch Companies Incorporated		5.00			1-15-2015		80,000		84,019
Brown-Forman Corporation		2.50			1-15-2016		70,000		72,568
Coca-Cola Company		0.75			3-13-2015		100,000		100,441
PepsiCo Americas Incorporated		4.38			2-15-2014		177,000		178,430
									435,458
Food Products: 2.28%
Campbell Soup Company		3.38			8-15-2014		250,000		255,220
General Mills Incorporated		5.20			3-17-2015		150,000		158,820
Ingredion Incorporated		3.20			11-1-2015		70,000		72,670
Kraft Foods Group Incorporated		1.63			6-4-2015		100,000		101,449
									588,159
Energy: 0.14%
Oil, Gas & Consumable Fuels: 0.14%
Devon Energy Corporation		5.63			1-15-2014		35,000		35,209
Financials: 7.81%
Capital Markets: 0.38%
Goldman Sachs Group Incorporated		5.35			1-15-2016		90,000		98,073
Commercial Banks: 2.30%
Ally Bank		0.90			9-18-2015		74,000		73,973
Branch Banking & Trust Company ±		0.57			9-13-2016		250,000		248,086
HSBC USA Incorporated		2.38			2-13-2015		100,000		102,210
KeyBank NA		4.95			9-15-2015		157,000		167,417
									591,686
Consumer Finance: 2.94%
American Honda Finance Corporation		1.13			10-7-2016		50,000		50,304
BMW Bank of North America		1.00			7-18-2014		245,000		245,667
Discover Bank		0.85			9-25-2015		125,000		124,825
Sallie Mae Bank		0.85			10-30-2015		175,000		174,616
Unilever Capital Corporation		3.65			2-15-2014		160,000		161,024
									756,436
Diversified Financial Services: 1.59%
Bank of America Corporation		4.50			4-1-2015		80,000		83,879
Citigroup Incorporated		4.59			12-15-2015		90,000		96,336

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

92 Wells Fargo Advantage Allocation Funds Portfolio of investments—November 30, 2013 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services (continued)
General Electric Capital Corporation ±		0.89	%		7-12-2016	$	50,000	$	50,324
JPMorgan Chase & Company		4.65			6-1-2014		175,000		178,611
									409,150
REITs: 0.60%
ERP Operating LP		5.25			9-15-2014		150,000		155,400
Health Care: 1.07%
Life Sciences Tools & Services: 0.72%
Thermo Fisher Scientific Incorporated		5.00			6-1-2015		175,000		185,224
Pharmaceuticals: 0.35%
AbbVie Incorporated		1.20			11-6-2015		90,000		90,836
Industrials: 1.98%
Aerospace & Defense: 0.74%
BAE Systems Holdings Incorporated 144A		4.95			6-1-2014		75,000		76,595
United Technologies Corporation		4.88			5-1-2015		108,000		114,666
									191,261
Industrial Conglomerates: 0.24%
General Electric Company		0.85			10-9-2015		60,000		60,327
Machinery: 0.41%
Caterpillar Incorporated		4.63			6-1-2015		100,000		105,980
Road & Rail: 0.59%
Union Pacific Corporation		5.38			5-1-2014		150,000		152,902
Materials: 1.71%
Chemicals: 1.22%
Ecolab Incorporated		2.38			12-8-2014		65,000		66,213
Ecolab Incorporated		4.88			2-15-2015		125,000		131,113
Sherwin-Williams Company		3.13			12-15-2014		115,000		118,012
									315,338
Metals & Mining: 0.49%
Alcan Incorporated		5.20			1-15-2014		125,000		125,701
Utilities: 3.57%
Electric Utilities: 2.37%
Monongahela Power Company 144A		7.95			12-15-2013		85,000		85,182
PECO Energy Company		5.00			10-1-2014		160,000		165,832
Southern California Edison Company		4.15			9-15-2014		61,000		62,788
Westar Energy Incorporated		6.00			7-1-2014		140,000		144,422
Wisconsin Electric Power Company		6.00			4-1-2014		150,000		152,680
									610,904

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 93

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Gas Utilities: 1.20%
Atmos Energy Corporation		4.95	%		10-15-2014	$	125,000	$	129,551
MidAmerican Energy Company		4.65			10-1-2014		100,000		103,502
Questar Corporation		2.75			2-1-2016		74,000		76,601
									309,654
Total Corporate Bonds and Notes (Cost $5,412,014)									5,430,430
Municipal Obligations: 2.96%
Colorado: 0.40%
Colorado Build America Bonds Building Excellent Schools Series E (Miscellaneous Revenue)		3.73			3-15-2015		100,000		103,189
Illinois: 0.78%
Cook County Ill School District #135 Series A (GO, National/FGIC Insured)		4.75			5-1-2014		100,000		100,261
Illinois (GO)		4.07			1-1-2014		100,000		100,317
									200,578
Maine: 0.76%
Lewiston ME Series C (GO)		3.00			4-1-2015		190,000		195,373
Texas: 1.02%
Austin TX Independent School District Series B (GO)		0.44			8-1-2014		105,000		105,213
Brazos TX Higher Education Authority Incorporated Series 2011-2 Class A1 (Education Revenue) ±		0.79			1-27-2020		7,785		7,790
Brazos TX Higher Education Authority Incorporated Series 2005-1 (Education Revenue) ±		0.35			12-26-2018		49,910		49,855
Galveston County TX Build America Bonds (GO)		3.01			2-1-2014		100,000		100,501
									263,359
Total Municipal Obligations (Cost $762,138)									762,499
Non-Agency Mortgage Backed Securities: 5.16%
Bear Stearns Commercial Mortgage Securities Incorporated Series 2005-PWR8 Class A4		4.67			6-11-2041		123,319		128,619
CIT Equipment Series 2013-VT1 Class A2 144A		0.65			3-21-2016		116,000		115,993
CNH Equipment Trust Series 2012-C Class A3		0.57			12-15-2017		175,000		175,126
GE Equipment LLC Series 2012-1 Class A3		0.60			5-23-2016		150,000		149,947
GE Equipment LLC Series 2012-2 Class A2		0.47			4-24-2015		114,528		114,516
GE Equipment LLC Series 2013-1 Class A2		0.64			3-22-2016		110,000		110,081
GE Equipment LLC Series 2013-2 Class A2		0.61			6-24-2016		115,000		115,050
GE Equipment LLC Series 2013-2 Class A3		0.92			9-25-2017		120,000		120,195
SLMA Series 2012-7 Class A1 ±		0.33			2-27-2017		101,571		101,480
Structured Asset Securities Corporation Series 2006-RF3 Class 1A1 144A		6.00			10-25-2036		198,405		199,081
Total Non-Agency Mortgage Backed Securities (Cost $1,330,664)									1,330,088
Yankee Corporate Bonds and Notes: 2.41%
Consumer Staples: 0.44%
Beverages: 0.44%
SABMiller plc 144A		6.50			7-1-2016		100,000		113,514

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

94 Wells Fargo Advantage Stable Income Portfolio Portfolio of investments—November 30, 2013 (unaudited)

STABLE INCOME PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
Energy: 1.27%
Oil, Gas & Consumable Fuels: 1.27%
BP Capital Markets plc		3.63	%		5-8-2014	$	45,000	$	45,641
Schlumberger SA 144A		2.65			1-15-2016		100,000		103,791
Shell International Finance BV		4.00			3-21-2014		175,000		176,931
									326,363
Financials: 0.39%
Commercial Banks: 0.39%
Royal Bank of Canada		0.80			10-30-2015		100,000		100,127
Health Care: 0.31%
Health Care Equipment & Supplies: 0.31%
Covidien International Finance SA		1.35			5-29-2015		80,000		80,752
Total Yankee Corporate Bonds and Notes (Cost $619,371)									620,756
	Yield					Shares
Short-Term Investments: 18.16%
Investment Companies: 13.40%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08					3,452,523		3,452,523
						Principal
U.S. Treasury Securities: 4.76%
U.S. Treasury Bill (z)		0.06			2-27-2014	$	1,225,000		1,224,822
Total Short-Term Investments (Cost $4,677,354)									4,677,345

Total investments in securities (Cost $24,939,986) *	99.16	%		25,546,990
Other assets and liabilities, net	0.84			215,495
Total net assets	100.00	%	$	25,762,485

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

144A Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(z) Zero coupon security. Rate represents yield to maturity at time of purchase.

* Cost for federal income tax purposes is $24,940,666 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	642,336
Gross unrealized depreciation		(36,012	)
Net unrealized appreciation	$	606,324

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

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96 Wells Fargo Advantage Allocation Funds Statements of assets and liabilities—November 30, 2013 (unaudited)

	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	334,001,637	$	152,315,144
In affiliated securities, at value (see cost below)		16,519,640		5,224,757
Total investments, at value (see cost below)		350,521,277		157,539,901
Cash		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		0		210,527
Receivable for dividends		735,986		128,954
Receivable for securities lending income		3,790		1,130
Prepaid expenses and other assets		1,817		788
Total assets		351,262,870		157,881,300
Liabilities
Payable for investments purchased		0		249,277
Payable upon receipt of securities loaned		0		4,148,421
Payable for daily variation margin on open futures contracts		0		0
Advisory fee payable		191,820		72,151
Professional fees payable		16,632		19,112
Contingent tax liability		0		0
Accrued expenses and other liabilities		4,778		6,455
Total liabilities		213,230		4,495,416
Total net assets	$	351,049,640	$	153,385,884
Investments in unaffiliated securities (including securities on loan), at cost	$	229,794,795	$	104,838,269
Investments in affiliated securities, at cost	$	16,519,640	$	5,224,757
Total investments, at cost	$	246,314,435	$	110,063,026
Securities on loan, at value	$	0	$	4,055,923
Foreign currency, at cost	$	0	$	0

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

Statements of assets and liabilities—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 97

Emerging Growth Portfolio		Index Portfolio		International Growth Portfolio		International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio		Small Company Value Portfolio
$	1,217,490,452	$	2,773,006,007	$	149,055,032	$	466,529,043	$	99,489,473	$	231,460,391	$	202,101,755
	45,044,489		79,059,831		6,859,247		12,090,564		4,905,357		22,271,311		15,425,560
	1,262,534,941		2,852,065,838		155,914,279		478,619,607		104,394,830		253,731,702		217,527,315
	0		24,610		0		0		0		68,396		0
	0		0		114,497		7,563,642		0		0		0
	5,072,716		687,657		1,216,929		0		0		3,250,935		71,635
	1,018		6,084,107		163,571		1,321,318		155,945		64,718		115,502
	104,730		4,536		7,239		16,945		1,732		11,503		13,602
	10,524		14,289		1,924		13,359		1,761		2,034		2,912
	1,267,723,929		2,858,881,037		157,418,439		487,534,871		104,554,268		257,129,288		217,730,966
	4,704,890		0		2,068,091		0		0		2,301,740		879,783
	31,741,350		9,164,555		765,419		9,341,704		2,575,400		12,598,600		8,987,147
	0		4,430		0		0		0		0		0
	802,493		200,707		109,465		341,611		55,975		157,968		138,030
	10,510		13,867		16,685		18,477		17,825		18,817		18,704
	0		0		45,316		0		0		0		0
	10,623		23,878		26,362		0		7,481		10,211		9,440
	37,269,866		9,407,437		3,031,338		9,701,792		2,656,681		15,087,336		10,033,104
$	1,230,454,063	$	2,849,473,600	$	154,387,101	$	477,833,079	$	101,897,587	$	242,041,952	$	207,697,862
$	798,977,657	$	1,662,832,574	$	113,387,594	$	431,268,328	$	82,169,991	$	166,366,873	$	147,320,398
$	45,044,489	$	69,826,099	$	6,859,247	$	12,090,564	$	4,905,357	$	22,271,311	$	15,425,560
$	844,022,146	$	1,732,658,673	$	120,246,841	$	443,358,892	$	87,075,348	$	188,638,184	$	162,745,958
$	30,955,510	$	8,899,585	$	730,218	$	8,854,230	$	2,516,705	$	12,245,453	$	8,776,029
$	0	$	0	$	114,739	$	7,562,268	$	0	$	0	$	0

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

98 Wells Fargo Advantage Allocation Funds Statements of assets and liabilities—November 30, 2013 (unaudited)

	Core Bond Portfolio		Inflation-Protected Bond Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	3,070,137,964	$	53,610,497
In affiliated securities, at value (see cost below)		67,603,250		378,253
Total investments, at value (see cost below)		3,137,741,214		53,988,750
Cash		165,867		0
Segregated cash		0		0
Receivable for investments sold		534,915,288		0
Principal paydown receivable		139,908		0
Receivable for interest		12,556,704		209,205
Receivable for daily variation margin on open futures contracts		0		0
Receivable for securities lending income		284		0
Prepaid expenses and other assets		12,113		1,842
Total assets		3,685,531,378		54,199,797
Liabilities
Payable for investments purchased		762,001,229		0
Payable upon receipt of securities loaned		0		0
Advisory fee payable		837,632		14,246
Shareholder report expenses payable		6,925		2,707
Custodian and accounting fees payable		58,006		3,191
Professional fees payable		36,220		16,035
Accrued expenses and other liabilities		0		1,151
Total liabilities		762,940,012		37,330
Total net assets	$	2,922,591,366	$	54,162,467
Investments in unaffiliated securities (including securities on loan), at cost	$	3,075,502,235	$	52,182,123
Investments in affiliated securities, at cost	$	67,603,250	$	378,253
Total investments, at cost	$	3,143,105,485	$	52,560,376
Securities on loan, at value	$	0	$	0

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

Statements of assets and liabilities—November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 99

Managed Fixed Income Portfolio		Stable Income Portfolio
$	108,162,761	$	22,094,467
	8,373,000		3,452,523
	116,535,761		25,546,990
	0		0
	0		18,000
	112,536		115,063
	0		0
	820,951		101,553
	0		1,094
	859		0
	3,561		3,882
	117,473,668		25,786,582
	499,149		0
	1,165,688		0
	30,091		1,357
	2,137		492
	5,212		4,677
	24,225		16,860
	0		711
	1,726,502		24,097
$	115,747,166	$	25,762,485
$	106,552,998	$	21,487,463
$	8,373,000	$	3,452,523
$	114,925,998	$	24,939,986
$	1,141,600	$	0

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

100 Wells Fargo Advantage Allocation Funds Statements of operations—six months ended November 30, 2013 (unaudited)

	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio			Emerging Growth Portfolio			Index Portfolio
Investment income
Dividends*	$	3,520,363	$	607,305		$	612,385		$	28,228,572
Income from affiliated securities		7,017		492			6,574			16,633
Securities lending income, net		6,223		7,309			387,518			31,800
Interest		0		0			0			612
Total investment income		3,533,603		615,106			1,006,477			28,277,617
Expenses
Advisory fee		1,104,441		484,377			4,453,275			1,129,369
Custody and accounting fees		12,835		12,716			34,439			71,777
Professional fees		23,928		23,046			30,372			38,378
Shareholder report expenses		790		2,877			970			5,411
Trustees’ fees and expenses		5,547		5,243			5,287			5,030
Other fees and expenses		5,868		3,796			12,801			29,732
Total expenses		1,153,409		532,055			4,537,144			1,279,697
Less: Fee waivers and/or expense reimbursements		0		(68,470	)		0			0
Net expenses		1,153,409		463,585			4,537,144			1,279,697
Net investment income (loss)		2,380,194		151,521			(3,530,667	)		26,997,920
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		21,465,517		6,521,085			89,132,120			(13,212,779	)
Affiliated securities		0		0			0			(5,489,503	)
Futures transactions		0		0			0			6,192,875
Net realized gain (losses) on investments		21,465,517		6,521,085			89,132,120			(12,509,407	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		13,685,125		17,953,571			184,460,846			283,715,260
Affiliated securities		0		0			0			8,471,069
Futures transactions		0		0			0			(1,487,605	)
Net change in unrealized gains (losses) on investments		13,685,125		17,953,571			184,460,846			290,698,724
Net realized and unrealized gains (losses) on investments		35,150,642		24,474,656			273,592,966			278,189,317
Net increase in net assets resulting from operations	$	37,530,836	$	24,626,177		$	270,062,299		$	305,187,237
* Net of foreign dividend withholding taxes in the amount of		$4,015		$0			$0			$8,705

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

Statements of operations—six months ended November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 101

International Growth Portfolio			International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio			Small Company Value Portfolio
$	971,778		$	5,514,111	$	835,741	$	319,211		$	2,042,480
	1,739			1,456		779		3,472			2,669
	22,359			150,739		12,873		178,893			90,742
	0			418		0		0			0
	995,876			5,666,724		849,393		501,576			2,135,891
	611,832			1,895,654		322,545		858,468			829,713
	82,746			69,717		5,634		12,831			17,363
	23,378			26,252		22,561		21,886			22,580
	211			2,783		1,895		824			3,030
	4,419			4,244		3,767		5,071			4,399
	15,338			22,677		3,230		4,176			4,704
	737,924			2,021,327		359,632		903,256			881,789
	0			0		0		0			0
	737,924			2,021,327		359,632		903,256			881,789
	257,952			3,645,397		489,761		(401,680	)		1,254,102
	3,220,646			4,561,826		5,946,885		14,912,362			15,007,141
	0			0		0		0			0
	0			0		0		0			0
	3,220,646			4,561,826		5,946,885		14,912,362			15,007,141
	14,254,583	1		45,940,372		6,127,552		25,744,178			13,426,498
	0			0		0		0			0
	0			0		0		0			0
	14,254,583			45,940,372		6,127,552		25,744,178			13,426,498
	17,475,229			50,502,198		12,074,437		40,656,540			28,433,639
$	17,733,181		$	54,147,595	$	12,564,198	$	40,254,860		$	29,687,741
	$59,849			$568,387		$5,309		$2,926			$0

1. Net of foreign capital gains tax in the amount of $39,316.

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

102 Wells Fargo Advantage Allocation Funds Statements of operations—six months ended November 30, 2013 (unaudited)

	Core Bond Portfolio			Inflation-Protected Bond Portfolio
Investment income
Interest**	$	34,469,823		$	488,200
Income from affiliated securities		36,697			16
Securities lending income, net		10,228			0
Total investment income		34,516,748			488,216
Expenses
Advisory fee		5,436,799			116,720
Custody and accounting fees		98,169			4,878
Professional fees		39,272			20,475
Shareholder report expenses		5,786			921
Trustees’ fees and expenses		5,029			5,760
Other fees and expenses		31,103			4,349
Total expenses		5,616,158			153,103
Less: Fee waivers and/or expense reimbursements		(373,637	)		(25,119	)
Net expenses		5,242,521			127,984
Net investment income		29,274,227			360,232
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(41,557,005	)		471,728
Futures transactions		0			(16,061	)
TBA sale commitments		75,320			0
Net realized gain (losses) on investments		(41,481,685	)		455,667
Net change in unrealized gains (losses) on:
Unaffiliated securities		(8,824,874	)		(3,349,091	)
Futures transactions		0			0
TBA sale commitments		46,020			0
Net change in unrealized gains (losses) on investments		(8,778,854	)		(3,349,091	)
Net realized and unrealized gains (losses) on investments		(50,260,539	)		(2,893,424	)
Net increase (decrease) in net assets resulting from operations	$	(20,986,312	)	$	(2,533,192	)
** Net of foreign interest withholding taxes in the amount of		$10,617			$0

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

Statements of operations—six months ended November 30, 2013 (unaudited) Wells Fargo Advantage Allocation Funds 103

Managed Fixed Income Portfolio			Stable Income Portfolio
$	2,065,340		$	227,959
	3,399			1,462
	3,339			0
	2,072,078			229,421
	221,625			37,865
	8,890			5,244
	28,066			28,080
	1,210			308
	5,027			5,797
	3,393			3,335
	268,211			80,629
	(52,793	)		(30,683	)
	215,418			49,946
	1,856,660			179,475
	(2,082,998	)		12,747
	0			(1,723	)
	0			0
	(2,082,998	)		11,024
	(525,012	)		(5,693	)
	0			(4,063	)
	0			0
	(525,012	)		(9,756	)
	(2,608,010	)		1,268
$	(751,350	)	$	180,743
	$162			$0

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

104 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	C&B Large Cap Value Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	2,380,194		$	5,797,743
Net realized gains on investments		21,465,517			25,557,380
Net change in unrealized gains (losses) on investments		13,685,125			54,634,553
Net increase in net assets resulting from operations		37,530,836			85,989,676
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		20,925,715			19,812,149
Withdrawals		(54,561,450	)		(83,570,402	)
Net decrease in net assets resulting from capital share transactions		(33,635,735	)		(63,758,253	)
Total increase in net assets		3,895,101			22,231,423
Net assets
Beginning of period		347,154,539			324,923,116
End of period	$	351,049,640		$	347,154,539

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

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 105

	Diversified Large Cap Growth Portfolio
	Six months ended November 30, 2013 (unaudited)				Year ended May 31, 2013
Operations
Net investment income		$	151,521			$	768,223
Net realized gains on investments			6,521,085				15,571,692
Net change in unrealized gains (losses) on investments			17,953,571				11,859,205
Net increase in net assets resulting from operations			24,626,177				28,199,120
Capital share transactions
Transactions in investors’ beneficial interests
Contributions			922,518				4,046,616
Withdrawals			(20,008,204	)			(42,558,624	)
Net decrease in net assets resulting from capital share transactions			(19,085,686	)			(38,512,008	)
Total increase (decrease) in net assets			5,540,491				(10,312,888	)
Net assets
Beginning of period			147,845,393				158,158,281
End of period		$	153,385,884			$	147,845,393

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

106 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Emerging Growth Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment loss	$	(3,530,667	)	$	(4,657,230	)
Net realized gains on investments		89,132,120			8,468,821
Net change in unrealized gains (losses) on investments		184,460,846			182,265,995
Net increase in net assets resulting from operations		270,062,299			186,077,586
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		30,984,030			43,331,221
Withdrawals		(116,464,343	)		(182,428,836	)
Net decrease in net assets resulting from capital share transactions		(85,480,313	)		(139,097,615	)
Total increase in net assets		184,581,986			46,979,971
Net assets
Beginning of period		1,045,872,077			998,892,106
End of period	$	1,230,454,063		$	1,045,872,077

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

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 107

	Index Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	26,997,920		$	55,499,759
Net realized gains (losses) on investments		(12,509,407	)		84,257,080
Net change in unrealized gains (losses) on investments		290,698,724			466,355,999
Net increase in net assets resulting from operations		305,187,237			606,112,838
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		58,471,795			103,522,576
Withdrawals		(127,074,546	)		(480,245,028	)
Net decrease in net assets resulting from capital share transactions		(68,602,751	)		(376,722,452	)
Total increase in net assets		236,584,486			229,390,386
Net assets
Beginning of period		2,612,889,114			2,383,498,728
End of period	$	2,849,473,600		$	2,612,889,114

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

108 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	International Growth Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	257,952		$	1,895,888
Net realized gains on investments		3,220,646			8,384,099
Net change in unrealized gains (losses) on investments		14,254,583			20,174,725
Net increase in net assets resulting from operations		17,733,181			30,454,712
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		8,194,851			29,169,783	1
Withdrawals		(9,935,671	)		(29,751,222	)
Net decrease in net assets resulting from capital share transactions		(1,740,820	)		(581,439	)
Total increase in net assets		15,992,361			29,873,273
Net assets
Beginning of period		138,394,740			108,521,467
End of period	$	154,387,101		$	138,394,740

1. Amount includes $22,586,786 related to an acquisition during the period. See Notes to Financial Statements for a discussion of the acquisition.

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

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 109

	International Value Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	3,645,397		$	11,001,522
Net realized gains (losses) on investments		4,561,826			(3,085,904	)
Net change in unrealized gains (losses) on investments		45,940,372			80,132,934
Net increase in net assets resulting from operations		54,147,595			88,048,552
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		12,384,981			74,737,541	1
Withdrawals		(11,430,349	)		(29,346,621	)
Net increase in net assets resulting from capital share transactions		954,632			45,390,920
Total increase in net assets		55,102,227			133,439,472
Net assets
Beginning of period		422,730,852			289,291,380
End of period	$	477,833,079		$	422,730,852

1. Amount includes $22,429,789 related to an acquisition during the period. See Notes to Financial Statements for a discussion of the acquisition.

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

110 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Large Company Value Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	489,761		$	848,345
Net realized gains on investments		5,946,885			8,490,528
Net change in unrealized gains (losses) on investments		6,127,552			6,509,832
Net increase in net assets resulting from operations		12,564,198			15,848,705
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		552,049			51,038,318	1
Withdrawals		(9,624,252	)		(21,361,580	)
Net increase (decrease) in net assets resulting from capital share transactions		(9,072,203	)		29,676,738
Total increase in net assets		3,491,995			45,525,443
Net assets
Beginning of period		98,405,592			52,880,149
End of period	$	101,897,587		$	98,405,592

1. Amount includes $50,059,057 related to an acquisition during the period. See Notes to Financial Statements for a discussion of the acquisition.

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

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 111

		Small Company Growth Portfolio
		Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment loss		$	(401,680	)	$	(28,119	)
Net realized gains on investments			14,912,362			14,699,969
Net change in unrealized gains (losses) on investments			25,744,178			28,484,637
Net increase in net assets resulting from operations			40,254,860			43,156,487
Capital share transactions
Transactions in investors’ beneficial interests
Contributions			36,159,000			64,117,058
Withdrawals			(30,857,904	)		(73,747,010	)
	��
Net increase (decrease) in net assets resulting from capital share transactions			5,301,096			(9,629,952	)
Total increase in net assets			45,555,956			33,526,535
Net assets
Beginning of period			196,485,996			162,959,461
End of period		$	242,041,952		$	196,485,996

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

112 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Small Company Value Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	1,254,102		$	1,093,425
Net realized gains on investments		15,007,141			13,278,991
Net change in unrealized gains (losses) on investments		13,426,498			36,327,755
Net increase in net assets resulting from operations		29,687,741			50,700,171
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		10,845,252			40,236,818	1
Withdrawals		(36,672,386	)		(86,362,160	)
Net decrease in net assets resulting from capital share transactions		(25,827,134	)		(46,125,342	)
Total increase in net assets		3,860,607			4,574,829
Net assets
Beginning of period		203,837,255			199,262,426
End of period	$	207,697,862		$	203,837,255

1. Amount includes $14,416,889 related to an acquisition during the period. See Notes to Financial Statements for a discussion of the acquisition.

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

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 113

	Core Bond Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	29,274,227		$	65,763,655
Net realized gains (losses) on investments		(41,481,685	)		129,092,808
Net change in unrealized gains (losses) on investments		(8,778,854	)		(90,545,176	)
Net increase (decrease) in net assets resulting from operations		(20,986,312	)		104,311,287
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		92,659,414			720,766,231
Withdrawals		(497,518,530	)		(1,290,176,868	)
Net decrease in net assets resulting from capital share transactions		(404,859,116	)		(569,410,637	)
Total decrease in net assets		(425,845,428	)		(465,099,350	)
Net assets
Beginning of period		3,348,436,794			3,813,536,144
End of period	$	2,922,591,366		$	3,348,436,794

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

114 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Inflation-Protected Bond Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	360,232		$	1,198,434
Net realized gains on investments		455,667			3,992,715
Net change in unrealized gains (losses) on investments		(3,349,091	)		(6,233,421	)
Net decrease in net assets resulting from operations		(2,533,192	)		(1,042,272	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		3,860,948			14,419,386
Withdrawals		(13,797,507	)		(30,194,206	)
Net decrease in net assets resulting from capital share transactions		(9,936,559	)		(15,774,820	)
Total decrease in net assets		(12,469,751	)		(16,817,092	)
Net assets
Beginning of period		66,632,218			83,449,310
End of period	$	54,162,467		$	66,632,218

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

Statements of changes in net assets Wells Fargo Advantage Allocation Funds 115

	Managed Fixed Income Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	1,856,660		$	4,255,294
Net realized gains (losses) on investments		(2,082,998	)		1,250,409
Net change in unrealized gains (losses) on investments		(525,012	)		638,890
Net increase (decrease) in net assets resulting from operations		(751,350	)		6,144,593
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		14,330,164			33,069,218
Withdrawals		(7,094,803	)		(71,853,951	)
Net increase (decrease) in net assets resulting from capital share transactions		7,235,361			(38,784,733	)
Total increase (decrease) in net assets		6,484,011			(32,640,140	)
Net assets
Beginning of period		109,263,155			141,903,295
End of period	$	115,747,166		$	109,263,155

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

116 Wells Fargo Advantage Allocation Funds Statements of changes in net assets

	Stable Income Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	179,475		$	515,102
Net realized gains (losses) on investments		11,024			(477,986	)
Net change in unrealized gains (losses) on investments		(9,756	)		937,982
Net increase in net assets resulting from operations		180,743			975,098
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		2,716,214			5,341,489
Withdrawals		(1,198,679	)		(19,993,019	)
Net increase (decrease) in net assets resulting from capital share transactions		1,517,535			(14,651,530	)
Total increase (decrease) in net assets		1,698,278			(13,676,432	)
Net assets
Beginning of period		24,064,207			37,740,639
End of period	$	25,762,485		$	24,064,207

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

Financial highlights Wells Fargo Advantage Allocation Funds 117

	Ratio to average net assets (annualized)									Total return1			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses
C&B Large Cap Value Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.40	%		0.68	%		0.68	%		11.52	%		11	%
June 1, 2012 to May 31, 2013		1.73	%		0.68	%		0.68	%		29.30	%		18	%
June 1, 2011 to May 31, 2012		1.81	%		0.68	%		0.68	%		(4.61	)%		21	%
October 1, 2010 to May 31, 20112		1.27	%		0.67	%		0.67	%		18.08	%		17	%
October 1, 2009 to September 30, 2010		1.40	%		0.70	%		0.68	%		7.49	%		13	%
October 1, 2008 to September 30, 2009		2.19	%		0.73	%		0.64	%		(5.53	)%		28	%
October 1, 2007 to September 30, 2008		1.71	%		0.73	%		0.68	%		(20.18	)%		21	%
Diversified Large Cap Growth Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		0.20	%		0.71	%		0.62	%		17.80	%		28	%
June 1, 2012 to May 31, 2013		0.51	%		0.71	%		0.62	%		20.30	%		56	%
June 1, 2011 to May 31, 2012		0.24	%		0.71	%		0.62	%		1.26	%		79	%
October 1, 2010 to May 31, 20112,3		0.40	%		0.69	%		0.62	%		22.78	%		101	%
October 1, 2009 to September 30, 20103		0.66	%		0.70	%		0.62	%		7.51	%		11	%
October 1, 2008 to September 30, 20093		0.97	%		0.70	%		0.62	%		3.31	%		13	%
October 1, 2007 to September 30, 20083		0.48	%		0.68	%		0.67	%		(22.59	)%		7	%
Emerging Growth Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		(0.62	)%		0.80	%		0.80	%		27.20	%		33	%
June 1, 2012 to May 31, 2013		(0.47	)%		0.80	%		0.80	%		20.53	%		65	%
June 1, 2011 to May 31, 2012		(0.57	)%		0.80	%		0.80	%		(4.83	)%		75	%
October 1, 2010 to May 31, 20112		(0.77	)%		0.94	%		0.91	%		37.91	%		59	%
October 1, 2009 to September 30, 2010		(0.66	)%		1.02	%		0.94	%		20.49	%		97	%
October 1, 2008 to September 30, 2009		(0.53	)%		0.94	%		0.91	%		(5.70	)%		147	%
October 1, 2007 to September 30, 2008		(0.49	)%		0.93	%		0.92	%		(30.95	)%		191	%
October 1, 2007 to September 30, 2008		(0.49	)%		0.93	%		0.92	%		(30.95	)%		191	%
Index Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		2.02	%		0.10	%		0.10	%		11.86	%		3	%
June 1, 2012 to May 31, 2013		2.20	%		0.09	%		0.09	%		27.22	%		4	%
June 1, 2011 to May 31, 2012		2.09	%		0.10	%		0.10	%		0.52	%		9	%
October 1, 2010 to May 31, 20112		1.93	%		0.10	%		0.10	%		19.39	%		3	%
October 1, 2009 to September 30, 2010		2.01	%		0.10	%		0.10	%		9.97	%		22	%
October 1, 2008 to September 30, 2009		2.61	%		0.12	%		0.10	%		(7.00	)%		10	%
October 1, 2007 to September 30, 2008		2.07	%		0.11	%		0.11	%		(22.28	)%		5	%
International Growth Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		0.36	%		1.03	%		1.03	%		12.75	%		22	%
June 1, 2012 to May 31, 2013		1.63	%		1.04	%		1.04	%		30.34	%		46	%
June 1, 2011 to May 31, 2012		2.04	%		0.97	%		0.90	%		(9.44	)%		69	%
October 1, 2010 to May 31, 20112		1.62	%		1.10	%		1.10	%		14.50	%		53	%
October 1, 2009 to September 30, 2010		0.89	%		1.42	%		1.20	%		3.25	%		89	%
October 1, 2008 to September 30, 2009		1.71	%		1.14	%		1.11	%		6.23	%		95	%
October 1, 2007 to September 30, 2008		1.17	%		1.08	%		1.05	%		(28.68	)%		57	%
International Value Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.63	%		0.91	%		0.91	%		12.69	%		6	%
June 1, 2012 to May 31, 2013		3.04	%		0.91	%		0.91	%		29.45	%		16	%
June 1, 2011 to May 31, 2012		3.44	%		0.91	%		0.85	%		(21.07	)%		9	%
October 1, 2010 to May 31, 20112		3.14	%		0.94	%		0.94	%		14.00	%		16	%
October 1, 2009 to September 30, 2010		2.41	%		1.20	%		1.06	%		0.92	%		27	%
October 1, 2008 to September 30, 2009		2.72	%		1.08	%		1.03	%		5.26	%		41	%
October 1, 2007 to September 30, 2008		3.68	%		1.07	%		1.01	%		(34.21	)%		23	%

Please see footnotes on page 118.

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

118 Wells Fargo Advantage Allocation Funds Financial highlights

	Ratio to average net assets (annualized)									Total return1			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses
Large Company Value Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		0.99	%		0.72	%		0.72	%		13.38	%		36	%
June 1, 2012 to May 31, 2013		1.49	%		0.78	%		0.74	%		28.91	%		95	%
June 1, 2011 to May 31, 2012		1.67	%		0.77	%		0.74	%		(6.06	)%		104	%
October 1, 2010 to May 31, 20112		1.58	%		0.78	%		0.74	%		21.46	%		38	%
October 1, 2009 to September 30, 2010		1.73	%		0.73	%		0.72	%		7.02	%		46	%
October 1, 2008 to September 30, 2009		2.69	%		0.75	%		0.69	%		(9.66	)%		11	%
October 1, 2007 to September 30, 2008		2.16	%		0.75	%		0.57	%		(23.18	)%		8	%
Small Company Growth Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		(0.37	)%		0.84	%		0.84	%		20.63	%		51	%
June 1, 2012 to May 31, 2013		(0.02	)%		0.86	%		0.86	%		31.39	%		109	%
June 1, 2011 to May 31, 2012		(0.12	)%		0.83	%		0.83	%		(10.75	)%		107	%
October 1, 2010 to May 31, 20112		(0.42	)%		0.83	%		0.83	%		39.64	%		70	%
October 1, 2009 to September 30, 2010		(0.48	)%		0.87	%		0.86	%		15.25	%		129	%
October 1, 2008 to September 30, 2009		(0.53	)%		0.89	%		0.87	%		1.75	%		169	%
October 1, 2007 to September 30, 2008		(0.53	)%		0.89	%		0.89	%		(27.50	)%		150	%
Small Company Value Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.21	%		0.85	%		0.85	%		15.59	%		25	%
June 1, 2012 to May 31, 2013		0.58	%		0.85	%		0.85	%		30.76	%		57	%
June 1, 2011 to May 31, 2012		0.69	%		0.84	%		0.84	%		(7.17	)%		60	%
October 1, 2010 to May 31, 20112		1.60	%		0.84	%		0.84	%		26.72	%		47	%
October 1, 2009 to September 30, 2010		0.31	%		0.89	%		0.89	%		16.38	%		60	%
October 1, 2008 to September 30, 2009		1.16	%		0.90	%		0.88	%		(6.28	)%		99	%
October 1, 2007 to September 30, 2008		1.02	%		0.90	%		0.89	%		(22.01	)%		82	%

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

2. For the eight months ended May 31, 2011. The Portfolio changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

3. After the close of business on January 28, 2011, the Diversified Large Cap Growth Portfolio acquired the net assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio. Wells Fargo Advantage Large Company Growth Portfolio became the accounting and performance survivor in the transaction. The information for the periods prior to January 31, 2011 is that of the Wells Fargo Advantage Large Company Growth Portfolio.

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

Financial highlights Wells Fargo Advantage Allocation Funds 119

	Ratio to average net assets (annualized)									Total Return1			Portfolio turnover rate
	Net investment income			Gross expenses			Net expenses
Core Bond Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.95	%		0.37	%		0.35	%		(0.56	)%		342	%
June 1, 2012 to May 31, 2013		1.75	%		0.37	%		0.35	%		2.61	%		547	%
June 1, 2011 to May 31, 2012		2.33	%		0.37	%		0.35	%		8.20	%		803	%
June 1, 2010 to May 31, 2011		2.99	%		0.37	%		0.35	%		7.02	%		789	%
June 1, 2009 to May 31, 2010		3.78	%		0.38	%		0.34	%		10.87	%		638	%
June 1, 2008 to May 31, 2009		4.92	%		0.40	%		0.39	%		6.58	%		633	%
Inflation-Protected Bond Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.23	%		0.52	%		0.44	%		(3.91	)%		4	%
June 1, 2012 to May 31, 2013		1.52	%		0.50	%		0.44	%		(1.86	)%		15	%
June 1, 2011 to May 31, 2012		3.00	%		0.48	%		0.44	%		12.62	%		23	%
June 1, 2010 to May 31, 2011		3.25	%		0.44	%		0.43	%		8.19	%		19	%
June 1, 2009 to May 31, 2010		3.53	%		0.45	%		0.44	%		8.28	%		31	%
June 1, 2008 to May 31, 2009		1.70	%		0.45	%		0.37	%		(1.33	)%		53	%
Managed Fixed Income Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		3.35	%		0.48	%		0.39	%		(0.80	)%		10	%
June 1, 2012 to May 31, 2013		3.42	%		0.47	%		0.39	%		4.81	%		49	%
June 1, 2011 to May 31, 2012		3.83	%		0.46	%		0.39	%		6.97	%		51	%
June 1, 2010 to May 31, 2011		3.97	%		0.45	%		0.39	%		8.84	%		104	%
June 1, 2009 to May 31, 2010		3.64	%		0.42	%		0.38	%		14.58	%		59	%
June 1, 2008 to May 31, 2009		5.09	%		0.43	%		0.34	%		(1.72	)%		132	%
Stable Income Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.46	%		0.65	%		0.41	%		0.79	%		17	%
June 1, 2012 to May 31, 2013		1.50	%		0.58	%		0.41	%		2.78	%		20	%
June 1, 2011 to May 31, 2012		1.76	%		0.59	%		0.41	%		1.71	%		11	%
June 1, 2010 to May 31, 2011		2.02	%		0.54	%		0.40	%		2.97	%		14	%
June 1, 2009 to May 31, 2010		1.90	%		0.43	%		0.40	%		9.94	%		10	%
June 1, 2008 to May 31, 2009		3.74	%		0.43	%		0.42	%		(2.73	)%		7	%

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

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

120 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Master 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”). These financial statements report on the following portfolios: the Wells Fargo Advantage C&B Large Cap Value Portfolio (“C&B Large Cap Value Portfolio”), the Wells Fargo Advantage Diversified Large Cap Growth Portfolio (“Diversified Large Cap Growth Portfolio”), the Wells Fargo Advantage Emerging Growth Portfolio (“Emerging Growth Portfolio”), the Wells Fargo Advantage Index Portfolio (“Index Portfolio”), the Wells Fargo Advantage International Growth Portfolio (“International Growth Portfolio”), the Wells Fargo Advantage International Value Portfolio (“International Value Portfolio”), the Wells Fargo Advantage Large Company Value Portfolio (“Large Company Value Portfolio”), the Wells Fargo Advantage Small Company Growth Portfolio (“Small Company Growth Portfolio”), the Wells Fargo Advantage Small Company Value Portfolio (“Small Company Value Portfolio”), the Wells Fargo Advantage Core Bond Portfolio (“Core Bond Portfolio”), the Wells Fargo Advantage Inflation-Protected Bond Portfolio (“Inflation-Protected Bond Portfolio”), the Wells Fargo Advantage Managed Fixed Income Portfolio (“Managed Fixed Income Portfolio”), and the Wells Fargo Advantage Stable Income Portfolio (“Stable Income Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust.

The Portfolios, which are master portfolios in a master/feeder structure, offer their shares to multiple feeder funds and other master portfolios rather than directly to the public.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies will be converted to U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolios are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On November 30, 2013, such fair value pricing was not used in pricing foreign securities.

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices provided by an independent pricing service which may utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If prices are not available from the independent pricing service or prices received are deemed not representative of market value, prices will be obtained from an independent broker-dealer or otherwise determined based on the Portfolios’ Valuation Procedures.

Short-term securities, with maturities of 60 days or less at time of purchase, generally are valued at amortized cost which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

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

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 121

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

Valuations of fair valued securities are compared to the next actual sales price when available, or other appropriate market values, to assess the continued appropriateness of the fair valuation methodologies used. These securities are fair valued on a day-to-day basis, taking into consideration changes to appropriate market information and any significant changes to the inputs considered in the valuation process until there is a readily available price provided on an exchange or by an independent pricing service. Valuations received from an independent pricing service or independent broker-dealer quotes are periodically validated by comparisons to most recent trades and valuations provided by other independent pricing services in addition to the review of prices by the adviser 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.

Foreign currency translation

The accounting records of the Portfolios are maintained in U.S. dollars. The value of other assets and liabilities denominated in foreign currencies will be converted to U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Security loans

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

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

122 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

When-issued transactions

Each Portfolio may purchase securities on a forward commitment or when-issued basis. A Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio 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.

Term loans

Each Portfolio may invest in term loans. The Portfolio begins earning interest when the loans are funded. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. The Portfolio assumes the credit risk of the borrower and there could be potential loss to the Portfolio in the event of default by the borrower.

Futures contracts

Each Portfolio may be subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives. The Portfolio 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 Portfolio and the prices of futures contracts, and the possibility of an illiquid market.

Futures contracts are valued based upon their quoted daily settlement prices when available. 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 Statements of Assets and Liabilities as an asset or liability and in the Statements 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 Portfolio since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

TBA sale commitments

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

Inflation-indexed bonds and TIPS

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

Credit default swaps

Each Portfolio may be subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swap contracts for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or for investment gains. Credit default swaps involve an exchange of a stream of payments for protection against the loss in value of an underlying security or index.

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 123

Under the terms of the swap, one party acts as a guarantor (referred to as the seller of protection) and receives a periodic stream of payments, provided that there is no credit event, from another party (referred to as the buyer of protection) that is a fixed percentage applied to a notional principal amount over the term of the swap. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. A credit event includes bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium, and restructuring. The Portfolio may enter into credit default swaps as either the seller of protection or the buyer of protection. As the seller of protection, the Portfolio is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Portfolio could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates. The maximum potential amount of future payments (undiscounted) that the Portfolio as the seller of protection could be required to make under the credit default swap contract would be an amount equal to the notional amount of the swap contract. The Portfolio’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty and by having the counterparty post collateral to cover the Portfolio’s exposure to the counterparty.

If the Portfolio is the seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of protection the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is the buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will receive from the seller of protection the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index.

Any premiums paid or received on the transactions are recorded as an asset or liability on the Statements of Assets and Liabilities and amortized. The value of the swap contract is marked-to-market daily based on quotations from an independent pricing service or market makers and any change in value is recorded as an unrealized gain or loss. Periodic payments made or received are recorded as realized gains or losses. In addition, payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.

Certain credit default swap contracts entered into by the Portfolio provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements. Any election by the counterparty to terminate early may impact the amounts reported on the financial statements.

Mortgage dollar roll transactions

Each Portfolio may engage in mortgage dollar roll transactions through TBA mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, a Portfolio foregoes principal and interest paid on the securities. A Portfolio is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolios account for TBA dollar roll transactions as purchases and sales.

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, except for certain dividends from foreign securities, which are recorded as soon as the Portfolio is informed of the ex-dividend date.

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

124 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

Federal and other taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. The Portfolios are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal income tax purposes. All interest, dividends, gains and losses of a Portfolio are deemed to have been “passed through” to the interestholders in proportion to their holdings of the Portfolio regardless of whether such interest, dividends and gains have been distributed by the Portfolio.

Each Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed each Portfolio’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.

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 each Portfolio’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). Each Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

n Level 3 – significant unobservable inputs (including the Portfolio’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.

As of November 30, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
C&B Large Cap Value Portfolio
Equity securities
Common stocks	$	326,379,392	$	6,077,001	$	0	$	332,456,393
Preferred stocks		0		1,545,244		0		1,545,244
Short-term investments
Investment companies		16,519,640		0		0		16,519,640
Total	$	342,899,032	$	7,622,245	$	0	$	350,521,277
Diversified Large Cap Growth Portfolio
Equity securities
Common stocks	$	152,315,144	$	0	$	0	$	152,315,144
Short-term investments
Investment companies		1,076,336		4,148,421		0		5,224,757
Total	$	153,391,480	$	4,148,421	$	0	$	157,539,901
Emerging Growth Portfolio
Equity securities
Common stocks	$	1,217,490,452	$	0	$	0	$	1,217,490,452
Short-term investments
Investment companies		13,303,139		31,741,350		0	$	45,044,489
Total	$	1,230,793,591	$	31,741,350	$	0	$	1,262,534,941

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 125

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Index Portfolio
Equity securities
Common stocks	$	2,807,726,588	$	0	$	0	$	2,807,726,588
Short-term investments
Investment companies		32,725,140		9,164,555		0		41,889,695
U.S. Treasury securities		699,994		1,749,561		0		2,449,555
Total	$	2,841,151,722	$	10,914,116	$	0	$	2,852,065,838
International Growth Portfolio
Equity securities
Common stocks	$	146,205,671	$	25,468	$	0	$	146,231,139
Participatory notes		0		573,788		0		573,788
Preferred stocks		2,250,105		0		0		2,250,105
Short-term investments								0
Investment companies		6,093,828		765,419		0		6,859,247
Total	$	154,549,604	$	1,364,675	$	0	$	155,914,279
International Value Portfolio
Equity securities
Common stocks	$	458,406,633	$	5,026,282	$	0	$	463,432,915
Preferred stocks		3,096,128		0		0		3,096,128
Short-term investments
Investment companies		2,748,860		9,341,704		0		12,090,564
Total	$	464,251,621	$	14,367,986	$	0	$	478,619,607
Large Company Value Portfolio
Equity securities
Common stocks	$	99,489,473	$	0	$	0	$	99,489,473
Short-term investments
Investment companies		2,329,957		2,575,400		0		4,905,357
Total	$	101,819,430	$	2,575,400	$	0	$	104,394,830
Small Company Growth Portfolio
Equity securities
Common stocks	$	231,460,391	$	0	$	0	$	231,460,391
Short-term investments
Investment companies		9,672,711		12,598,600		0		22,271,311
Total	$	241,133,102	$	12,598,600	$	0	$	253,731,702
Small Company Value Portfolio
Equity securities
Common stocks	$	202,090,977	$	0	$	0	$	202,090,977
Warrants		0		10,778		0		10,778
Short-term investments
Investment companies		6,438,413		8,987,147		0		15,425,560
Total	$	208,529,390	$	8,997,925	$	0	$	217,527,315

126 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Core Bond Portfolio
Agency securities	$	0	$	1,033,841,344	$	0	$	1,033,841,344
Asset-backed securities		0		434,124,222		0		434,124,222
Corporate bonds and notes		0		555,111,024		0		555,111,024
Municipal obligations		0		29,429,558		0		29,429,558
Non-agency mortgage backed securities		0		214,467,880		0		214,467,880
U.S. Treasury securities		553,754,061		0		0		553,754,061
Yankee corporate bonds and notes		0		191,000,052		0		191,000,052
Yankee government bonds		0		58,409,823		0		58,409,823
Short-term investments
Investment companies		67,603,250		0		0		67,603,250
Total	$	621,357,311	$	2,516,383,903	$	0	$	3,137,741,214
Inflation-Protected Bond Portfolio
U.S. Treasury securities	$	53,610,497	$	0	$	0	$	53,610,497
Short-term investments
Investment companies		378,253		0		0		378,253
Total	$	53,988,750	$	0	$	0	$	53,988,750
Managed Fixed Income Portfolio
Agency securities	$	0	$	33,743,593	$	0	$	33,743,593
Asset-backed securities		0		240,832		0		240,832
Corporate bonds and notes		0		33,906,946		0		33,906,946
Municipal obligations		0		9,630,299		0		9,630,299
Non-agency mortgage backed securities		0		8,852,705		1,378,169		10,230,874
Term loans		0		26,353		0		26,353
U.S. Treasury securities		10,742,930		3,108,711		0		13,851,641
Yankee corporate bonds and notes		0		6,058,714		0		6,058,714
Yankee government bonds		0		473,509		0		473,509
Short-term investments
Investment companies		7,207,312		1,165,688		0		8,373,000
Total	$	17,950,242	$	97,207,350	$	1,378,169	$	116,535,761
Stable Income Portfolio
Agency securities	$	0	$	10,270,183	$	0	$	10,270,183
Asset-backed securities		0		2,455,689		0		2,455,689
Corporate bonds and notes		0		5,430,430		0		5,430,430
Municipal obligations		0		762,499		0		762,499
Non-agency mortgage backed securities		0		1,330,088		0		1,330,088
Yankee corporate bonds and notes		0		620,756		0		620,756
Short-term investments
Investment companies		3,452,523		0		0		3,452,523
U.S. Treasury securities		1,224,822		0		0		1,224,822
Total	$	4,677,345	$	20,869,645	$	0	$	25,546,990

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 127

As of November 30, 2013, the inputs used in valuing each Portfolio’s other financial instruments, which are carried at fair value, were as follows:

Future contracts	Quoted prices (Level 1)			Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Index Portfolio	$	1,280,490	+	$	0	$	0	$	1,280,490
Stable Income Portfolio		(978	)+		0		0		(978	)

+ Amount represents the net unrealized gains (losses).

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended November 30, 2013, the Portfolios did not have any transfers into/out of Level 1 or Level 2.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

	Managed Fixed Income Portfolio
	Non-agency mortgage backed securities
Balance as of May 31, 2013	$	1,482,769
Accrued discounts (premiums)		0
Realized gains (losses)		0
Change in unrealized gains (losses)		67,110
Purchases		0
Sales		(171,710	)
Transfers into Level 3		0
Transfers out of Level 3		0
Balance as of November 30, 2013	$	1,378,169
Change in unrealized gains (losses) relating to securities still held at November 30, 2013	$	(5,008	)

The investment type categorized above was valued using indicative broker quotes and are therefore considered Level 3 inputs. Quantitative unobservable inputs used by the brokers are often proprietary and not provided to the Portfolio and therefore the disclosure that would address these inputs is not included above.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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 subadvisers, who are responsible for day-to-day portfolio management of the Portfolios.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management for the Portfolios. Funds Management has engaged WellsCap (an affiliate of Funds Management and an indirect wholly on subsidiary of Wells Fargo), Peregrine Capital Management, Inc. (an affiliate of Funds Management and an indirect wholly on subsidiary of Wells Fargo), Artisan Partners Limited Partnership, Cooke & Bieler, L.P., Galliard Capital Management, Inc. (an affiliate of Funds Management and an indirect wholly on subsidiary of Wells Fargo), Golden Capital Management, LLC (an affiliate of Funds Management), LSV Asset Management and Phocas Financial Corporation as subadvisers.

128 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

The fees for sub-advisory services are borne by Funds Management. The subadvisers are each entitled to receive from Funds Management an annual subadvisory fee which is calculated based on the average daily net assets of each subadvisers’ portion the Portfolio.

The annual advisory and subadvisory fee rates for each Portfolio is as follows:

	Advisory fee						Effective rate for the six months ended November 30, 2013			Subadviser	Subadvisory fee
	starting at			declining to							starting at	declining to
C&B Large Cap Value Portfolio		0.65	%		0.55	%		0.65	%	Cooke & Bieler, L.P.	0.38%		0.30	%
Diversified Large Cap Growth Portfolio		0.65	%		0.55	%		0.65	%	WellsCap	0.30%		0.20	%
Emerging Growth Portfolio		0.80	%1		0.68	%1		0.78	%	WellsCap	0.55%		0.40	%
Index Portfolio		0.10	%		0.05	%		0.08	%	Golden Capital Management, LLC	0.05%		0.02	%
International Growth Portfolio		0.85	%		0.70	%		0.85	%	Artisan Partners Limited Partnership	0.80%		0.50	%
International Value Portfolio		0.85	%		0.70	%		0.85	%	LSV Asset Management	0.35%		0.30	%
Large Company Value Portfolio		0.65	%		0.55	%		0.65	%	Phocas Financial Corporation	0.29%		0.20	%
Small Company Growth Portfolio		0.80	%1		0.68	%1		0.80	%	Peregrine Capital Management, Inc.	0.50%		0.45	%
Small Company Value Portfolio		0.80	%1		0.68	%1		0.80	%	Peregrine Capital Management, Inc.	0.45%		0.40	%
Core Bond Portfolio		0.40	%		0.30	%		0.36	%	WellsCap	0.20%		0.10	%
Inflation-Protected Bond Portfolio		0.40	%		0.30	%		0.40	%	WellsCap	0.20%		0.10	%
Managed Fixed Income Portfolio		0.40	%		0.30	%		0.40	%	Galliard Capital Management, Inc.	0.20%		0.10	%
Stable Income Portfolio		0.30	%2		0.225	%2		0.31	%	Galliard Capital Management, Inc.	0.15%		0.05	%

1. Prior to July 1, 2013, Funds Management received an annual advisory fee which started at 0.80% and declined to 0.70% as the average daily net assets of the Portfolio increased.

2. Prior to July 1, 2013, Funds Management received an annual advisory fee which started at 0.35% and declined to 0.25% as the average daily net assets of the Portfolio increased.

Funds Management has voluntarily waived its advisory fee and/or reimbursed expenses to the extent necessary to maintain certain net operating expense ratios for the Portfolios.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2013 were as follows:

	Purchases at cost				Sales proceeds
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
C&B Large Cap Value Portfolio	$	0	$	36,671,105	$	0	$	80,038,855
Diversified Large Cap Growth Portfolio		0		41,688,955		0		60,426,571
Emerging Growth Portfolio		0		367,162,900		0		451,967,497
Index Portfolio		0		67,375,415		0		74,393,351
International Growth Portfolio		0		30,252,427		0		32,416,207
International Value Portfolio		0		32,477,956		0		25,273,270
Large Company Value Portfolio		0		34,846,395		0		44,214,455
Small Company Growth Portfolio		0		107,828,070		0		104,700,905
Small Company Value Portfolio		0		50,499,950		0		76,509,569
Core Bond Portfolio		9,502,705,522		1,281,586,707		9,499,008,748		1,347,369,267
Inflation-Protected Bond Portfolio		2,452,437		0		11,910,032		0
Managed Fixed Income Portfolio		9,954,909		13,401,605		6,775,863		4,131,371
Stable Income Portfolio		0		3,429,927		0		3,858,273

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 129

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2013, Index Portfolio used uninvested cash to enter into futures contracts to gain market exposure. During the six months ended November 30, 2013, Inflation-Protected Bond Portfolio and Stable Income Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of each portfolio.

At November 30, 2013, the Portfolios had long and short futures contracts outstanding as follows:

	Expiration date	Contracts	Type	Contract value at November 30, 2013		Unrealized gains (losses)
Index Portfolio	12-19-2013	92 Long	S&P 500 Index	$	41,494,300	$	1,280,490
Stable Income Portfolio	3-31-2014	20 Short	5 Year U.S. Treasury Notes		2,418,438		(978	)

At November 30, 2013, Inflation-Protected Bond Portfolio did not have any open futures contracts.

At November 30, 2013, Stable Income Portfolio had segregated $18,000 as cash collateral for open futures contracts.

The Portfolios had average notional amounts in futures contracts outstanding during the six months ended November 30, 2013 as follows:

	Long contracts		Short contracts
Index Portfolio	$	45,194,517	$	0
Inflation-Protected Bond Portfolio		21,268		0
Stable Income Portfolio		0		2,436,632

The receivable/payable for daily variation margin on open futures contracts reflected in the Statements of Assets and Liabilities only represents the current day’s variation margin. The realized gains or losses and change in unrealized gains or losses on derivative instruments are reflected in the Statements of Operations.

For certain types of derivative transactions, the Portfolios have 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 each Portfolio 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. Cash collateral that has been pledged to cover obligations of each Portfolio under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in each 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 Statements of Assets and Liabilities are not offset across transactions between each Portfolio and the applicable counterparty. As of November 30, 2013, the Portfolios have transactions subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

		Gross amounts of assets in the Statements of Assets and Liabilities		Amounts subject to netting arrangements	Collateral		Net amount (not less than $0)
Stable Income Portfolio	Futures – variation margin	$	1,094	$0	$	18,000	$	0
		Gross amounts of liabilities in the Statements of Assets and Liabilities		Amounts subject to netting arrangements	Collateral		Net amount (not less than $0)
Index Portfolio	Futures – variation margin	$	4,430	$0	$	2,449,555	$	0

130 Wells Fargo Advantage Allocation Funds Notes to financial statements (unaudited)

7. ACQUISITIONS

After the close of business on April 19, 2013, International Growth Portfolio acquired the net assets of Wells Fargo Advantage International Index Portfolio. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The investment portfolio of Wells Fargo Advantage International Index Portfolio with a fair value of $22,535,457, identified cost of $21,854,655, and unrealized gains of $680,802 at April 19, 2013 were the principal assets acquired by International Growth Portfolio. For financial reporting purposes, assets received by International Growth Portfolio was recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage International Index Portfolio was carried forward to align ongoing reporting of International Growth Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed June 1, 2012, the beginning of the annual reporting period for International Growth Portfolio, the pro forma results of operations for the year ended May 31, 2013 would have been:

Net investment income	$	2,276,123
Net realized and unrealized gains (losses) on investments	$	31,301,977
Net increase in net assets resulting from operations	$	33,578,100

After the close of business on April 19, 2013, International Value Portfolio acquired the net assets of Wells Fargo Advantage International Equity Portfolio. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The investment portfolio of Wells Fargo Advantage International Equity Portfolio with a fair value of $22,369,294, identified cost of $22,824,592 and unrealized losses of $455,298 at April 19, 2013 were the principal assets acquired by International Value Portfolio. For financial reporting purposes, assets received by International Value Portfolio were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage International Equity Portfolio was carried forward to align ongoing reporting of International Value Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed June 1, 2012, the beginning of the annual reporting period for International Value Portfolio, the pro forma results of operations for the year ended May 31, 2013 would have been:

Net investment income	$	21,429,816
Net realized and unrealized gains (losses) on investments	$	71,515,531
Net increase in net assets resulting from operations	$	92,945,347

After the close of business on April 19, 2013, Large Company Value Portfolio acquired the net assets of Wells Fargo Advantage Equity Value Portfolio. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The investment portfolio of Wells Fargo Advantage Equity Value Portfolio with a fair value of $49,782,607, identified cost of $48,925,675 and unrealized gains of $856,932 at April 19, 2013 were the principal assets acquired by Large Company Value Portfolio. For financial reporting purposes, assets received by Large Company Value Portfolio were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Equity Value Portfolio was carried forward to align ongoing reporting of Large Company Value Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed June 1, 2012, the beginning of the annual reporting period for Large Company Value Portfolio, the pro forma results of operations for the year ended May 31, 2013 would have been:

Net investment loss	$	(3,466,147	)
Net realized and unrealized gains (losses) on investments	$	21,864,877
Net increase in net assets resulting from operations	$	18,218,730

After the close of business on April 19, 2013, Small Company Value Portfolio acquired the net assets of Wells Fargo Advantage Small Cap Value Portfolio. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The investment portfolio of Wells Fargo Advantage Small Cap Value Portfolio with a fair value of $14,404,707, identified cost of $14,875,954 and unrealized losses of $471,247 at April 19, 2013 were the principal assets acquired by Small Company Value Portfolio. For financial reporting purposes, assets received by Small Company Value Portfolio were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Small Cap Value Portfolio was carried forward to align ongoing reporting of Small Company Value Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Notes to financial statements (unaudited) Wells Fargo Advantage Allocation Funds 131

Assuming the acquisitions had been completed June 1, 2012, the beginning of the annual reporting period for Small Company Value Portfolio, the pro forma results of operations for the year ended May 31, 2013 would have been

Net investment income	$	1,370,856
Net realized and unrealized gains (losses) on investments	$	53,680,718
Net increase in net assets resulting from operations	$	55,051,574

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

132 Wells Fargo Advantage Allocation Funds Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available without charge on the website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information is publicly available on the website on a monthly, seven-day or more delayed basis. Each Fund and Portfolio 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 without charge by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Advantage Allocation Funds 133

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ 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. All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other directorships during past five years
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. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe 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
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO 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

134 Wells Fargo Advantage Allocation Funds Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
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 (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
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. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
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. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of Growth Balanced Fund, Moderate Balanced Fund, International Growth Portfolio, and International Value Portfolio and Assistant Treasurer of the remaining funds in this shareholder report. In addition, Jeremy DePalma acts as Treasurer of 54 other funds and Assistant Treasurer of 62 other funds in the Fund Complex. Nancy Wiser serves as Treasurer of the remaining funds in this shareholder report as well as 62 other funds in the Fund Complex.

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

List of abbreviations Wells Fargo Advantage Allocation Funds 135

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

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

LIQ —  Liquidity agreement

LLC —  Limited liability company

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

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

221299 01-14 SAAFNLD/SAR109 11-13

Wells Fargo Advantage Equity Gateway Funds

Semi-Annual Report

November 30, 2013

n Wells Fargo Advantage C&B Large Cap Value Fund

n Wells Fargo Advantage Diversified Equity Fund

n Wells Fargo Advantage Emerging Growth Fund

n Wells Fargo Advantage Index Fund

n Wells Fargo Advantage International Value Fund

n Wells Fargo Advantage Small Company Growth Fund

n Wells Fargo Advantage Small Company Value Fund

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

Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	18
Portfolios of investments
Wells Fargo Advantage C&B Large Cap Value Fund	21
Wells Fargo Advantage Diversified Equity Fund	22
Wells Fargo Advantage Emerging Growth Fund	23
Wells Fargo Advantage Index Fund	24
Wells Fargo Advantage International Value Fund	25
Wells Fargo Advantage Small Company Growth Fund	26
Wells Fargo Advantage Small Company Value Fund	27
Financial statements
Statements of assets and liabilities	28
Statements of operations	30
Statements of changes in net assets	32
Financial highlights	40
Notes to financial statements	52

Master portfolios
Portfolios of investments
Wells Fargo Advantage C&B Large Cap Value Portfolio	59
Wells Fargo Advantage Diversified Large Cap Growth Portfolio	62
Wells Fargo Advantage Emerging Growth Portfolio	68
Wells Fargo Advantage Index Portfolio (Summary portfolio of investments)	72
Wells Fargo Advantage International Growth Portfolio	79
Wells Fargo Advantage International Value Portfolio	83
Wells Fargo Advantage Large Company Value Portfolio	90
Wells Fargo Advantage Small Company Growth Portfolio	94
Wells Fargo Advantage Small Company Value Portfolio	100
Financial statements
Statements of assets and liabilities	106
Statements of operations	108
Statements of changes in net assets	110
Financial highlights	119
Notes to financial statements	121
Other information	129
List of abbreviations	132

The views expressed and any forward-looking statements are as of November 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Funds disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

2 Wells Fargo Advantage Equity Gateway Funds Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Equity Gateway Funds for the six-month period that ended November 30, 2013. Much of the period was marked by monetary easing by global central banks. Investor concerns that the U.S. Federal Reserve (Fed) would end its bond-buying program initially led to higher interest rates, resulting in losses for bond indexes and volatility for global stock indexes. These fears dissipated in late September 2013 but were soon followed by concerns about a shutdown of the U.S. government. Nonetheless, increased confidence that the global economy was staging a fragile recovery resulted in double-digit returns for domestic and foreign developed stock market indexes for the six-month reporting period.

Central banks continued to provide stimulus.

Major central banks continued to inject liquidity into the banks and the markets through various quantitative easing policies. Throughout the reporting period, the Federal Open Market Committee (FOMC)—the Fed’s monetary policymaking body—kept its key interest rate near zero in order to support the economy and the financial system. Well before the reporting period began, after its September 2012 meeting, the FOMC announced its intention to keep interest rates low until at least mid-2015 and to make open-ended purchases of $40 billion per month in mortgage-backed securities to support the housing market. In December 2012, the Fed increased its quantitative easing program by adding purchases of $45 billion per month in long-term U.S. Treasuries. In May 2013, just before the start of the reporting period, indications that the FOMC might reduce (or taper) its bond-buying program caused a rise in interest rates and a subsequent sell-off in both stocks and bonds that depressed market returns through August 2013. After its September 2013 meeting, however, the FOMC surprisingly signaled that tapering would be delayed, resulting in a stock and bond market rally that lasted through the end of the reporting period.

European markets continued to benefit from the European Central Bank’s (ECB’s) earlier announcement that it would purchase an unlimited amount of one- to three-year sovereign debt from countries that had formally applied for a bailout. Just prior to the beginning of the reporting period, in May 2013, the ECB cut its key rate to a historic low of 0.5%. The ECB’s aggressive actions helped ease investor worries about a eurozone sovereign debt default. Given the substantial ties between the U.S. and Europe, the improved sentiment about the eurozone helped provide a tailwind for U.S. markets.

Finally, prodded by Prime Minister Shinzo Abe to aggressively fight Japan’s long-lived deflation, the Bank of Japan announced an aggressive bond-buying program aimed at achieving a 2% annual inflation rate.

U.S. and developed foreign market stocks benefited from improving economic news.

For most of the period, U.S. economic data remained moderately positive. Reported gross domestic product growth came in at a solid 2.5% annualized rate in the second quarter of 2013 and an even better 4.1% annualized rate in the third quarter. The most significant negative effect was the ongoing fight in Washington, D.C. over the federal budget and debt limit. The Budget Control Act of 2011, which was passed to resolve a previous fight over the federal debt ceiling, mandated budget sequestration that took effect on March 1, 2013, and was an overhang on economic growth throughout the reporting period. Most recently, Congress was unable to pass a resolution to continue to fund the federal government, and thus the federal government underwent a partial shutdown from September 30, 2013,

Letter to shareholders (unaudited) Wells Fargo Advantage Equity Gateway Funds 3

through October 16, 2013. The government reopened after the president and Congress reached a deal that funded the government through January 15, 2014, and raised the debt limit through February 7, 2014.

Despite political headwinds, the relatively positive outlook for the U.S. economy contributed to a strong domestic stock market for much of the reporting period. Economically sensitive sectors, such as industrials and consumer discretionary, outperformed. Judging by various Russell indexes, small-cap stocks outperformed large-cap stocks, and growth stocks outperformed value stocks.

Overseas, European economies gained on strength in northern economies, such as Germany and the United Kingdom, and on signs of a fragile recovery in southern European economies, such as Spain. Meanwhile, the Japanese economy responded favorably to a series of aggressive actions that included both monetary and fiscal stimulus. The MSCI EAFE Index¹, which measures developed market stocks, ended the period with a double-digit return.

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

Periods of uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Economically sensitive sectors, such as industrials and consumer discretionary, outperformed.

Notice to shareholders of Wells Fargo Advantage Emerging Growth Fund (the “Emerging Growth Fund”)

At its November 18-20, 2013 meeting, the Board of Trustees unanimously approved a change to the Emerging Growth Fund’s definition of small-capitalization companies. Effective April 1, 2014, the Emerging Growth Fund will consider small-capitalization companies to be those with market capitalizations within the range of the Russell 2000^® Index².

Please contact your investment professional or call us directly at 1-800-222-8222 if you have any questions on this Notice to Shareholders.

1. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

2. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

4 Wells Fargo Advantage Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Advantage C&B Large Cap Value Fund¹

Investment objective

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser for master portfolio

Cooke & Bieler, L.P.

Portfolio managers

Daren C. Heitman, CFA

Steve Lyons, CFA

Michael M. Myers, CFA

Edward W. O’Connor, CFA

R. James O’Neil, CFA

Mehul Trivedi, CFA

William Weber, CFA

Average annual total returns² (%) as of November 30, 2013

		Including sales charge						Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year			5 year		10 year		Gross		Net4
Class A (CBEAX)	7-26-2004		26.74		15.64		6.02		34.49			17.00		6.65		1.30		1.15
Class B (CBEBX)*	7-26-2004		28.45		15.91		6.11		33.45			16.13		6.11		2.05		1.90
Class C (CBECX)	7-26-2004		32.44		16.14		5.86		33.44			16.14		5.86		2.05		1.90
Administrator Class (CBLLX)	7-26-2004		–		–		–		34.74			17.24		6.86		1.14		0.95
Institutional Class (CBLSX)	7-26-2004								35.05			17.52		7.13		0.87		0.70
Investor Class (CBEQX)	5-15-1990		–		–		–		34.38			16.98		6.63		1.36		1.20
Russell 1000® Value Index5	–		–		–		–		31.92	��		16.40		7.96		–		–

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

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

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

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A Fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Equity Gateway Funds 5

Wells Fargo Advantage C&B Large Cap Value Fund (continued)

Ten largest equity holdings6 (%) as of November 30, 2013
State Street Corporation	3.70
JPMorgan Chase & Company	3.23
Omnicom Group Incorporated	3.15
3M Company	2.85
American Express Company	2.81
Ball Corporation	2.72
Cardinal Health Incorporated	2.59
Johnson & Johnson	2.48
NVR Incorporated	2.40
Quest Diagnostics Incorporated	2.29

Sector distribution⁷ as of November 30, 2013

1. The Fund is a gateway feeder fund that invests all of its assets in a single master portfolio of the Wells Fargo Master Trust with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests.

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

3. Reflects the expense ratios as stated in the most recent prospectuses.

4. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

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

6. The ten largest equity holdings are calculated based on the value of the securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

7. Sector distribution is subject to change and represents the sector distribution of the master portfolio which is calculated based on total long-term investment of the master portfolio.

6 Wells Fargo Advantage Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Advantage Diversified Equity Fund¹

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadvisers for master portfolios

Artisan Partners Limited Partnership Cooke & Bieler, L.P. Golden Capital Management, LLC LSV Asset Management Peregrine Capital Management, Inc. Phocas Financial Corporation Wells Capital Management Incorporated

Portfolio managers

Thomas C. Biwer, CFA

Andrew Owen, CFA

Erik Sens, CFA

Average annual total returns (%) as of November 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios2 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross			Net3
Class A (NVDAX)	5-2-1996		23.63		15.70		6.08		31.17		17.07		6.71		1.42			1.25
Class B (NVDBX)*	5-6-1996		25.21		15.97		6.16		30.21		16.20		6.16		2.17			2.00
Class C (WFDEX)	10-1-1998		29.19		16.19		5.91		30.19		16.19		5.91		2.17	��		2.00
Administrator Class (NVDEX)	11-11-1994		–		–		–		31.47		17.36		6.98		1.26			1.00
Diversified Equity Composite Index4	–		–		–		–		30.85		17.74		8.03		–			–
MSCI EAFE Index (Net) (USD)5	–		–		–		–		24.84		13.42		7.56		–			–
Russell 1000® Growth Index6	–		–		–		–		29.74		20.14		7.89		–			–
Russell 1000® Value Index7	–		–		–		–		31.92		16.40		7.96		–			–
Russell 2000® Index8	–		–		–		–		40.99		20.97		9.08		–			–
S&P 500 Index9	–		–		–		–		30.30		17.60		7.69		–			–

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

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

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

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A Fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Advantage Equity Gateway Funds 7

Wells Fargo Advantage Diversified Equity Fund (continued)

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

Ten largest equity holdings10 (%) as of November 30, 2013
Apple Incorporated	1.75
Google Incorporated	1.63
Exxon Mobil Corporation	1.26
Johnson & Johnson	0.99
Amazon.com Incorporated	0.97
Bank of America Corporation	0.87
JPMorgan Chase & Company	0.86
Gilead Sciences Incorporated	0.83
Chevron Corporation	0.76
General Electric Company	0.71

Sector distribution¹¹ as of November 30, 2013

1. The Fund is a gateway blended fund that invests all of its assets in two or more master portfolios of the Wells Fargo Master Trust in varying proportions. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolios in which it invests.

2. Reflects the expense ratios as stated in the most recent prospectuses.

3. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolios are included in the cap. Without this cap, the Fund’s returns would have been lower.

4. Source: Wells Fargo Funds Management, LLC. The Diversified Equity Composite Index is weighted 25% in the Russell 1000^® Value Index, 25% in the S&P 500 Index, 25% in the Russell 1000^® Growth Index, 15% in the MSCI EAFE Index (Net) (USD), and 10% in the Russell 2000^® Index. You cannot invest directly in an index.

5. The Morgan Stanley Capital International Europe, Australasia, and Far East (MSCI EAFE) Index (Net) (USD) is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia, and the Far East. Calculations for EAFE use net dividends, which reflect the deduction of withholding taxes. You cannot invest directly in an index.

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

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

8. The Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. You cannot invest directly in an index.

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

10. The ten largest equity holdings are calculated based on the value of the securities of the master portfolios allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

11. Sector distribution is subject to change and represents the sector distribution of the master portfolios which is calculated based on total long-term investments of the master portfolios.

8 Wells Fargo Advantage Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Advantage Emerging Growth Fund¹

The Fund is closed to new investors².

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser for master portfolio

Wells Capital Management Incorporated

Portfolio managers

Joseph M. Eberhardy, CFA, CPA

Thomas C. Ognar, CFA

Bruce C. Olson, CFA

Average annual total returns³ (%) as of November 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios4 (%)
	Inception date	1 year		5 year		Since Inception		1 year		5 year		Since Inception		Gross		Net5
Class A (WEMAX)	3-31-2008		41.92		23.64		8.92		50.58		25.11		9.86		1.40		1.37
Class C (WEMCX)	3-31-2008		48.51		24.19		9.06		49.51		24.19		9.06		2.15		2.12
Administrator Class (WFGDX)	1-31-2007		–		–		–		50.82		25.39		10.12		1.24		1.20
Institutional Class (WEMIX)	3-31-2008								51.31		25.74		10.37		0.97		0.90
Investor Class (WFGTX)	1-31-2007		–		–		–		50.54		25.09		9.85		1.46		1.43
Russell 2000® Growth Index6	–		–		–		–		44.47		23.38		8.55		–		–

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

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

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A Fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 9.

Performance highlights (unaudited) Wells Fargo Advantage Equity Gateway Funds 9

Wells Fargo Advantage Emerging Growth Fund (continued)

Ten largest equity holdings7 (%) as of November 30, 2013
MarketAxess Holdings Incorporated	2.88
Financial Engines Incorporated	2.59
SPS Commerce Incorporated	2.51
On Assignment Incorporated	2.39
Medidata Solutions Incorporated	2.32
Portfolio Recovery Associates Incorporated	2.32
Acadia Healthcare Company Incorporated	2.23
IMAX Corporation	2.16
DexCom Incorporated	2.03
Envestnet Incorporated	2.02

Sector distribution⁸ as of November 30, 2013

1. The Fund is a gateway feeder fund that invests all of its assets in a single master portfolio of the Wells Fargo Master Trust with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests.

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

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

4. Reflects the expense ratios as stated in the most recent prospectuses.

5. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

6. The Russell 2000^® Growth Index measures the performance of those Russell 2000^® companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

7. The ten largest equity holdings are calculated based on the value of the securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

8. Sector distribution is subject to change and represents the sector distribution of the master portfolio which is calculated based on total long-term investment of the master portfolio.

10 Wells Fargo Advantage Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Advantage Index Fund¹

Investment objective

The Fund seeks to replicate the total return of S&P 500 Index, before fees and expenses.

Adviser

Wells Fargo Funds Management, LLC

Subadviser for master portfolio

Golden Capital Management, LLC

Portfolio managers

John R. Campbell, CFA

Justin Carr, CFA

David Neal, CFA

Average annual total returns² (%) as of November 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (WFILX)*	11-4-1998		22.16		15.63		6.49		29.60		17.01		7.12		0.66		0.56
Class B (WFIMX)*	11-3-1998		23.62		15.91		6.56		28.62		16.13		6.56		1.41		1.31
Class C (WFINX)*	4-30-1999		27.64		16.13		6.32		28.64		16.13		6.32		1.41		1.31
Administrator Class (WFIOX)	2-14-1985		–		–		–		30.01		17.35		7.42		0.35		0.25
Investor Class (WFIRX)	7-16-2010		–		–		–		29.73		17.08		7.18		0.72		0.45
S&P 500 Index5	–		–		–		–		30.30		17.60		7.69		–		–

*Class A, B, and C are closed to new investors. Please see the Fund’s current Statement of Additional Information for further details.

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

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

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A Fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

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

Please see footnotes on page 11.

Performance highlights (unaudited) Wells Fargo Advantage Equity Gateway Funds 11

Wells Fargo Advantage Index Fund (continued)

Ten largest equity holdings6 (%) as of November 30, 2013
Apple Incorporated	3.10
Exxon Mobil Corporation	2.52
Google Incorporated Class A	1.82
Microsoft Corporation	1.77
General Electric Company	1.66
Johnson & Johnson	1.64
Chevron Corporation	1.45
Procter & Gamble Company	1.41
JPMorgan Chase & Company	1.32
Wells Fargo & Company	1.30

Sector distribution⁷ as of November 30, 2013

1. The Fund is a gateway feeder fund that invests all of its assets in a single master portfolio of the Wells Fargo Master Trust with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests.

2. Historical performance shown for Investor Class shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect the higher expenses applicable to Investor Class shares. Historical performance shown for all classes of the Fund prior to July 19, 2010, is based on the performance of the Fund’s predecessor, Evergreen Equity Index Fund.

3. Reflects the expense ratios as stated in the most recent prospectuses.

4. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

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

6. The ten largest equity holdings are calculated based on the value of the securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

7. Sector distribution is subject to change and represents the sector distribution of the master portfolio which is calculated based on total long-term investment of the master portfolio.

12 Wells Fargo Advantage Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Advantage International Value Fund¹

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser for master portfolio

LSV Asset Management

Portfolio managers

Josef Lakonishok

Puneed Mansharamani, CFA

Menno Vermeulen, CFA

Average annual total returns² (%) as of November 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (WFFAX)	10-31-2003		16.68		11.58		5.90		23.80		12.91		6.53		1.51		1.50
Class B (WFVBX)*	4-8-2005		17.85		11.77		5.96		22.85		12.03		5.96		2.26		2.25
Class C (WFVCX)	4-8-2005		21.82		12.02		5.71		22.82		12.02		5.71		2.26		2.25
Administrator Class (WFVDX)	4-8-2005		–		–		–		24.16		13.14		6.73		1.35		1.25
Institutional Class (WFVIX)	8-31-2006								24.42		13.37		6.89		1.08		1.05
MSCI EAFE Value Index (Net)5	–		–		–		–		26.20		12.92		7.52		–		–

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

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

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

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

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. 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 smaller-company securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 13.

Performance highlights (unaudited) Wells Fargo Advantage Equity Gateway Funds 13

Wells Fargo Advantage International Value Fund (continued)

Ten largest equity holdings6 (%) as of November 30, 2013
Royal Dutch Shell plc Class B	1.94
AstraZeneca plc	1.81
KDDI Corporation	1.57
Vodafone Group plc	1.52
BT Group plc	1.43
BP plc	1.39
Sanofi-Aventis SA	1.36
Allianz AG	1.30
Volkswagen AG	1.23
Daimler AG	1.20

Sector distribution⁷ as of November 30, 2013

1. The Fund is a gateway feeder fund that invests all of its assets in a single master portfolio of the Wells Fargo Master Trust with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests.

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

3. Reflects the expense ratios as stated in the most recent prospectuses.

4. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

5. The Morgan Stanley Capital International Europe, Australasia, and Far East Value Index (Net) (MSCI EAFE Value Index (Net)) is an unmanaged market capitalization index designed to measure the performance of value securities within developed equity markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI. You cannot invest directly in an index.

6. The ten largest equity holdings are calculated based on the value of the securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

7. Sector distribution is subject to change and represents the sector distribution of the master portfolio which is calculated based on total long-term investment of the master portfolio.

14 Wells Fargo Advantage Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Advantage Small Company Growth Fund¹

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser for master portfolio

Peregrine Capital Management, Inc.

Portfolio managers

William A. Grierson, CFA

Daniel J. Hagen, CFA

Robert B. Mersky, CFA

James P. Ross, CFA

Paul E. von Kuster, CFA

Average annual total returns² (%) as of November 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (WFSAX)	1-30-2004		37.71		25.50		8.37		46.11		27.00		9.01		1.53		1.40
Class B (WFSBX)*	1-30-2004		40.03		25.90		8.45		45.03		26.06		8.45		2.28		2.15
Class C (WSMCX)	1-30-2004		44.06		26.09		8.29		45.06		26.09		8.29		2.28		2.15
Administrator Class (NVSCX)	11-11-1994		–		–		–		46.45		27.34		9.29		1.37		1.20
Institutional Class (WSCGX)	3-31-2008								46.83		27.64		9.44		1.10		0.95
Russell 2000® Growth Index5	–		–		–		–		44.47		23.38		9.23		–		–

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

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

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

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A Fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 15.

Performance highlights (unaudited) Wells Fargo Advantage Equity Gateway Funds 15

Wells Fargo Advantage Small Company Growth Fund (continued)

Ten largest equity holdings6 (%) as of November 30, 2013
Hanesbrands Incorporated	1.55
On Assignment Incorporated	1.49
SS&C Technologies Holdings	1.48
Evercore Partners Incorporated Class A	1.26
Silver Spring Networks Incorporated	1.22
OSI Systems Incorporated	1.20
Argo Group International Holdings Limited	1.16
Tutor Prini Corporation	1.16
Wabash National Corporation	1.16
A.O. Smith Corporation	1.13

Sector distribution⁷ as of November 30, 2013

1. The Fund is a gateway feeder fund that invests all of its assets in a single master portfolio of the Wells Fargo Master Trust with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests.

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

3. Reflects the expense ratios as stated in the most recent prospectuses.

4. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

5. The Russell 2000^® Growth Index measures the performance shown of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

6. The ten largest equity holdings are calculated based on the value of the securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

7. Sector distribution is subject to change and represents the sector distribution of the master portfolio which is calculated based on total long-term investment of the master portfolio.

16 Wells Fargo Advantage Equity Gateway Funds Performance highlights (unaudited)

Wells Fargo Advantage Small Company Value Fund¹

Investment objective

The Fund seeks long-term capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser for master portfolio

Peregrine Capital Management, Inc.

Portfolio managers

Jason R. Ballsrud, CFA

Tasso H. Coin, Jr., CFA

Douglas G. Pugh, CFA

Average annual total returns² (%) as of November 30, 2013

		Including sales charge						Excluding sales charge						Expense ratios3 (%)
	Inception date	1 year		5 year		10 year		1 year		5 year		10 year		Gross		Net4
Class A (SCVAX)	1-31-2002		32.41		23.09		7.95		40.48		24.56		8.59		1.56		1.40
Class B (SCVBX)*	1-31-2002		34.32		23.48		8.05		39.32		23.66		8.05		2.31		2.15
Class C (SCVFX)	8-30-2002		38.32		23.66		7.80		39.32		23.66		7.80		2.31		2.15
Administrator Class (SCVIX)	1-31-2002		–		–		–		40.71		24.90		8.88		1.40		1.20
Institutional Class (SCVNX)	7-30-2010								41.06		25.07		8.96		1.13		1.00
Russell 2000® Value Index5	–		–		–		–		37.60		18.61		8.79		–		–

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

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

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

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

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A Fund’s performance, especially for very short time periods, should not be the sole factor in making your investment decision.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Smaller-company stocks tend to be more volatile and less liquid than those of larger companies. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 17.

Performance highlights (unaudited) Wells Fargo Advantage Equity Gateway Funds 17

Wells Fargo Advantage Small Company Value Fund (continued)

Ten largest equity holdings6 (%) as of November 30, 2013
Western Alliance Bancorp	1.52
CNO Financial Group Incorporated	1.50
BancorpSouth Incorporated	1.50
Amtrust Financial Services Incorporated	1.37
Asbury Automotive Group Incorporated	1.33
American Axle & Manufacturing Holdings Incorporated	1.32
PrivateBancorp Incorporated	1.32
Employers Holdings Incorporated	1.30
Apollo Group Incorporated Class A	1.29
WellCare Health Plans Incorporated	1.28

Sector distribution⁷ as of November 30, 2013

1. The Fund is a gateway feeder fund that invests all of its assets in a single master portfolio of the Wells Fargo Master Trust with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests.

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

3. Reflects the expense ratios as stated in the most recent prospectuses.

4. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

5. The Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to- book ratios and lower forecasted growth values. You cannot invest directly in an index.

6. The ten largest equity holdings are calculated based on the value of the securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

7. Sector distribution is subject to change and represents the sector distribution of the master portfolio which is calculated based on total long-term investment of the master portfolio.

18 Wells Fargo Advantage Equity Gateway Funds Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2013 to November 30, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Wells Fargo Advantage C&B Large Cap Value Fund	Beginning account vlue 6-1-2013		Ending account value 11-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,113.37	$	6.09		1.15	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.30	$	5.82		1.15	%
Class B
Actual	$	1,000.00	$	1,109.30	$	10.05		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Class C
Actual	$	1,000.00	$	1,108.84	$	10.04		1.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.54	$	9.60		1.90	%
Administrator Class
Actual	$	1,000.00	$	1,114.34	$	5.04		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Institutional Class
Actual	$	1,000.00	$	1,115.94	$	3.71		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55		0.70	%
Investor Class
Actual	$	1,000.00	$	1,112.29	$	6.35		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%

Please see footnote on page 20.

Fund expenses (unaudited) Wells Fargo Advantage Equity Gateway Funds 19

Wells Fargo Advantage Diversified Equity Fund	Beginning account value 6-1-2013		Ending account value 11-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,141.27	$	6.71		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Class B
Actual	$	1,000.00	$	1,137.00	$	10.71		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.04	$	10.10		2.00	%
Class C
Actual	$	1,000.00	$	1,136.97	$	10.71		2.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,015.04	$	10.10		2.00	%
Administrator Class
Actual	$	1,000.00	$	1,142.35	$	5.37		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Wells Fargo Advantage Emerging Growth Fund
Class A
Actual	$	1,000.00	$	1,268.09	$	7.79		1.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.20	$	6.93		1.37	%
Class C
Actual	$	1,000.00	$	1,262.73	$	12.03		2.12	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.44	$	10.71		2.12	%
Administrator Class
Actual	$	1,000.00	$	1,268.91	$	6.83		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,271.22	$	5.12		0.90	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.56	$	4.56		0.90	%
Investor Class
Actual	$	1,000.00	$	1,267.81	$	8.13		1.43	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	7.23		1.43	%
Wells Fargo Advantage Index Fund
Class A
Actual	$	1,000.00	$	1,115.93	$	2.97		0.56	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.26	$	2.84		0.56	%
Class B
Actual	$	1,000.00	$	1,111.78	$	6.94		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.63		1.31	%
Class C
Actual	$	1,000.00	$	1,111.95	$	6.94		1.31	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.50	$	6.63		1.31	%
Administrator Class
Actual	$	1,000.00	$	1,117.78	$	1.33		0.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.82	$	1.27		0.25	%
Investor Class
Actual	$	1,000.00	$	1,116.51	$	2.39		0.45	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.81	$	2.28		0.45	%

Please see footnote on page 20.

20 Wells Fargo Advantage Equity Gateway Funds Fund expenses (unaudited)

Wells Fargo Advantage International Value Fund	Beginning account value 6-1-2013		Ending account value 11-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	1,123.88	$	7.99		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Class B
Actual	$	1,000.00	$	1,119.14	$	11.95		2.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.79	$	11.36		2.25	%
Class C
Actual	$	1,000.00	$	1,119.12	$	11.95		2.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,013.79	$	11.36		2.25	%
Administrator Class
Actual	$	1,000.00	$	1,125.47	$	6.66		1.25	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.80	$	6.33		1.25	%
Institutional Class
Actual	$	1,000.00	$	1,126.78	$	5.60		1.05	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.80	$	5.32		1.05	%
Wells Fargo Advantage Small Company Growth Fund
Class A
Actual	$	1,000.00	$	1,201.58	$	7.89		1.43	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	7.23		1.43	%
Class B
Actual	$	1,000.00	$	1,197.46	$	12.01		2.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.14	$	11.01		2.18	%
Class C
Actual	$	1,000.00	$	1,197.43	$	12.01		2.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.14	$	11.01		2.18	%
Administrator Class
Actual	$	1,000.00	$	1,202.96	$	6.63		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,204.46	$	5.25		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Wells Fargo Advantage Small Company Value Fund
Class A
Actual	$	1,000.00	$	1,152.63	$	7.72		1.43	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.90	$	7.23		1.43	%
Class B
Actual	$	1,000.00	$	1,148.03	$	11.79		2.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.09	$	11.06		2.19	%
Class C
Actual	$	1,000.00	$	1,147.96	$	11.74		2.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,014.14	$	11.01		2.18	%
Administrator Class
Actual	$	1,000.00	$	1,153.27	$	6.48		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Class
Actual	$	1,000.00	$	1,154.73	$	5.40		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 21

C&B LARGE CAP VALUE FUND

Security name	Value
Investment Companies: 100.07%
Affiliated Master Portfolios: 100.07%
Wells Fargo Advantage C&B Large Cap Value Portfolio	$	300,101,321
Total Investment Companies (Cost $211,181,220)		300,101,321

Total investments in securities
(Cost $211,181,220) *	100.07	%		300,101,321
Other assets and liabilities, net	(0.07	)		(204,735	)
Total net assets	100.00	%	$	299,896,586

* Cost for federal income tax purposes is $218,628,673 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	81,472,648
Gross unrealized depreciation		0
Net unrealized appreciation	$	81,472,648

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

22 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

DIVERSIFIED EQUITY FUND

Security name	Value
Investment Companies: 100.13%
Affiliated Master Portfolios: 100.13%
Wells Fargo Advantage C&B Large Cap Value Portfolio	$	31,242,861
Wells Fargo Advantage Diversified Large Cap Growth Portfolio		94,049,819
Wells Fargo Advantage Emerging Growth Portfolio		9,409,376
Wells Fargo Advantage Index Portfolio		93,958,633
Wells Fargo Advantage International Growth Portfolio		28,295,342
Wells Fargo Advantage International Value Portfolio		27,903,347
Wells Fargo Advantage Large Company Value Portfolio		62,505,370
Wells Fargo Advantage Small Company Growth Portfolio		9,425,776
Wells Fargo Advantage Small Company Value Portfolio		18,839,324
Total Investment Companies (Cost $298,475,886)		375,629,848

Total investments in securities
(Cost $298,475,886) *	100.13	%		375,629,848
Other assets and liabilities, net	(0.13	)		(487,180	)
Total net assets	100.00	%	$	375,142,668

* Cost for federal income tax purposes is $306,920,842 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	77,153,962
Gross unrealized depreciation		(8,444,956	)
Net unrealized appreciation	$	68,709,006

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 23

EMERGING GROWTH FUND

Security name	Value
Investment Companies: 99.95%
Affiliated Master Portfolios: 99.95%
Wells Fargo Advantage Emerging Growth Portfolio	$	1,148,967,131
Total Investment Companies (Cost $774,906,435)		1,148,967,131

Total investments in securities
(Cost $774,906,435) *	99.95	%		1,148,967,131
Other assets and liabilities, net	0.05			539,410
Total net assets	100.00	%	$	1,149,506,541

* Cost for federal income tax purposes is $773,551,991 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	375,415,140
Gross unrealized depreciation		0
Net unrealized appreciation	$	375,415,140

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

24 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

INDEX FUND

Security name	Value
Investment Companies: 99.98%
Affiliated Master Portfolios: 99.98%
Wells Fargo Advantage Index Portfolio	$	2,696,317,314
Total Investment Companies (Cost $1,423,507,797)		2,696,317,314

Total investments in securities
(Cost $1,423,507,797) *	99.98	%		2,696,317,314
Other assets and liabilities, net	0.02			661,095
Total net assets	100.00	%	$	2,696,978,409

* Cost for federal income tax purposes is $1,512,480,783 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	1,183,836,531
Gross unrealized depreciation		0
Net unrealized appreciation	$	1,183,836,531

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 25

INTERNATIONAL VALUE FUND

Security name	Value
Investment Companies: 99.90%
Affiliated Master Portfolios: 99.90%
Wells Fargo Advantage International Value Portfolio	$	432,420,678
Total Investment Companies (Cost $399,911,235)		432,420,678

Total investments in securities
(Cost $399,911,235) *	99.90	%		432,420,678
Other assets and liabilities, net	0.10			449,843
Total net assets	100.00	%	$	432,870,521

* Cost for federal income tax purposes is $400,827,377 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	31,593,301
Gross unrealized depreciation		0
Net unrealized appreciation	$	31,593,301

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

26 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY GROWTH FUND

Security name	Value
Investment Companies: 99.56%
Affiliated Master Portfolios: 99.56%
Wells Fargo Advantage Small Company Growth Portfolio	$	226,693,669
Total Investment Companies (Cost $208,676,836)		226,693,669

Total investments in securities
(Cost $208,676,836) *	99.56	%		226,693,669
Other assets and liabilities, net	0.44			997,202
Total net assets	100.00	%	$	227,690,871

* Cost for federal income tax purposes is $208,414,682 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	18,278,987
Gross unrealized depreciation		0
Net unrealized appreciation	$	18,278,987

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 27

SMALL COMPANY VALUE FUND

Security name	Value
Investment Companies: 99.80%
Affiliated Master Portfolios: 99.80%
Wells Fargo Advantage Small Company Value Portfolio	$	109,960,038
Total Investment Companies (Cost $85,652,138)		109,960,038

Total investments in securities
(Cost $85,652,138) *	99.80	%		109,960,038
Other assets and liabilities, net	0.20			223,170
Total net assets	100.00	%	$	110,183,208

* Cost for federal income tax purposes is $91,699,698 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	18,260,340
Gross unrealized depreciation		0
Net unrealized appreciation	$	18,260,340

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

28 Wells Fargo Advantage Equity Gateway Funds Statements of assets and liabilities—November 30, 2013 (unaudited)

	C&B Large Cap Value Fund			Diversified Equity Fund
Assets
Investments in affiliated Master Portfolio(s), at value (see cost below)	$	300,101,321		$	375,629,848
Receivable for Fund shares sold		113,155			430,908
Receivable from administrator		42,912			0
Prepaid expenses and other assets		34,504			28,957
Total assets		300,291,892			376,089,713
Liabilities
Payable for Fund shares redeemed		260,375			760,806
Advisory fee payable		N/A			550
Distribution fees payable		4,765			3,837
Due to other related parties		54,877			59,314
Shareholder report expenses payable		29,826			27,648
Shareholder servicing fees payable		35,366			78,663
Professional fees payable		9,951			10,412
Accrued expenses and other liabilities		146			5,815
Total liabilities		395,306			947,045
Total net assets	$	299,896,586		$	375,142,668
NET ASSETS CONSIST OF
Paid-in capital	$	270,373,812		$	266,366,065
Undistributed (accumulated) net investment income (loss)		2,898,312			1,805,015
Accumulated net realized gains (losses) on investments		(62,295,639	)		29,817,626
Net unrealized gains on investments		88,920,101			77,153,962
Total net assets	$	299,896,586		$	375,142,668
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	28,672,400		$	82,512,875
Shares outstanding – Class A		2,495,818			2,359,042
Net asset value per share – Class A		$11.49			$34.98
Maximum offering price per share – Class A2		$12.19			$37.11
Net assets – Class B	$	909,840		$	1,470,273
Shares outstanding – Class B		78,669			45,313
Net asset value per share – Class B		$11.57			$32.45
Net assets – Class C	$	6,667,015		$	4,632,937
Shares outstanding – Class C		584,308			139,886
Net asset value per share – Class C		$11.41			$33.12
Net assets – Administrator Class	$	57,836,353		$	286,526,583
Shares outstanding – Administrator Class		5,031,388			8,169,032
Net asset value per share – Administrator Class		$11.50			$35.07
Net assets – Institutional Class	$	128,335,525			N/A
Shares outstanding – Institutional Class		11,114,199			N/A
Net asset value per share – Institutional Class		$11.55			N/A
Net assets – Investor Class	$	77,475,453			N/A
Shares outstanding – Investor Class		6,741,827			N/A
Net asset value per share – Investor Class		$11.49			N/A
Investments in affiliated Master Portfolio(s), at cost	$	211,181,220		$	298,475,886

1. Each Fund has an unlimited number of authorized shares.

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

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

Statements of assets and liabilities—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 29

Emerging Growth Fund			Index Fund			International Value Fund			Small Company Growth Fund			Small Company Value Fund
$	1,148,967,131		$	2,696,317,314		$	432,420,678		$	226,693,669		$	109,960,038
	1,163,965			3,100,690			1,218,814			1,110,662			364,257
	37,707			276,312			32,651			14,023			16,539
	28,257			60,902			27,378			28,186			32,517
	1,150,197,060			2,699,755,218			433,699,521			227,846,540			110,373,351
	360,439			1,901,143			655,775			59,677			120,380
	N/A			N/A			N/A			N/A			N/A
	3,740			51,424			566			3,074			1,410
	162,507			441,235			55,572			29,699			17,232
	59,567			28,842			16,028			24,376			22,382
	90,298			312,795			88,842			25,970			20,438
	9,573			9,072			11,011			9,382			8,288
	4,395			32,298			1,206			3,491			13
	690,519			2,776,809			829,000			155,669			190,143
$	1,149,506,541		$	2,696,978,409		$	432,870,521		$	227,690,871		$	110,183,208
$	699,012,535		$	1,418,756,606		$	443,983,749		$	192,398,455		$	184,174,797
	(7,824,580	)		39,778,537			8,535,652			(943,824	)		395,592
	84,257,890			(34,366,251	)		(52,158,323	)		18,219,407			(98,695,081	)
	374,060,696			1,272,809,517			32,509,443			18,016,833			24,307,900
$	1,149,506,541		$	2,696,978,409		$	432,870,521		$	227,690,871		$	110,183,208
$	155,715,779		$	439,474,581		$	6,521,345		$	22,611,938		$	26,999,137
	8,706,525			7,293,000			433,077			549,743			1,369,881
	$17.88			$60.26			$15.06			$41.13			$19.71
	$18.97			$63.94			$15.98			$43.64			$20.91
	N/A		$	4,459,101		$	65,967		$	204,421		$	123,834
	N/A			73,500			4,389			5,411			6,854
	N/A			$60.67			$15.03			$37.78			$18.07
$	5,967,910		$	77,251,954		$	826,966		$	4,842,823		$	2,149,119
	348,724			1,281,414			56,054			126,752			119,391
	$17.11			$60.29			$14.75			$38.21			$18.00
$	233,875,262		$	2,003,000,416		$	423,136,663		$	100,871,188		$	70,156,587
	12,906,842			32,978,251			28,255,091			2,386,659			3,491,858
	$18.12			$60.74			$14.98			$42.26			$20.09
$	706,318,251			N/A		$	2,319,580		$	99,160,501		$	10,754,531
	38,354,821			N/A			154,462			2,321,708			533,761
	$18.42			N/A			$15.02			$42.71			$20.15
$	47,629,339		$	172,792,357			N/A			N/A			N/A
	2,676,275			2,857,411			N/A			N/A			N/A
	$17.80			$60.47			N/A			N/A			N/A
$	774,906,435		$	1,423,507,797		$	399,911,235		$	208,676,836		$	85,652,138

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

30 Wells Fargo Advantage Equity Gateway Funds Statements of operations—six months ended November 30, 2013 (unaudited)

	C&B Large Cap Value Fund			Diversified Equity Fund
Investment income
Dividends allocated from affiliated Master Portfolio(s)*	$	3,013,917		$	2,919,357
Securities lending income allocated from affiliated Master Portfolio(s)		5,322			46,874
Interest allocated from affiliated Master Portfolio(s)		0			231
Expenses allocated from affiliated Master Portfolio(s)		(985,188	)		(1,122,661	)
Waivers allocated from affiliated Master Portfolio(s)		0			42,526
Total investment income (loss)		2,034,051			1,886,327
Expenses
Advisory fee		N/A			461,593
Administration fees
Fund level		72,555			92,319
Class A		33,265			101,378
Class B		1,143			2,179
Class C		8,211			4,770
Administrator Class		30,073			142,973
Institutional Class		50,165			N/A
Investor Class		115,008			N/A
Shareholder servicing fees
Class A		31,986			97,479
Class B		1,099			2,095
Class C		7,895			4,587
Administrator Class		72,797			356,353
Investor Class		89,850			N/A
Distribution fees
Class B		3,296			6,286
Class C		23,684			13,759
Custody and accounting fees		6,401			7,901
Professional fees		15,856			14,527
Registration fees		29,051			18,744
Shareholder report expenses		32,687			22,741
Trustees’ fees and expenses		5,029			5,058
Other fees and expenses		8,328			6,241
Total expenses		638,379			1,360,983
Less: Fee waivers and/or expense reimbursements		(252,166	)		(470,540	)
Net expenses		386,213			890,443
Net investment income (loss)		1,647,838			995,884
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on securities transaction allocated from Master Portfolio(s)		18,367,782			12,661,395
Net change in unrealized gains (losses) on securities transactions allocated from Master Portfolio(s)		11,657,204			35,627,427
Net realized and unrealized gains (losses) on investments		30,024,986			48,288,822
Net increase in net assets resulting from operations	$	31,672,824		$	49,284,706
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolio(s) in the amount of		$3,396			$46,736

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

Statements of operations—six months ended November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 31

Emerging Growth Fund			Index Fund			International Value Fund			Small Company Growth Fund			Small Company Value Fund
$	566,551		$	26,678,872		$	4,955,168		$	300,330		$	1,015,714
	356,673			30,030			135,739			166,218			43,731
	0			579			376			0			0
	(4,165,965	)		(1,208,710	)		(1,820,619	)		(840,715	)		(425,463	)
	0			0			0			0			0
	(3,242,741	)		25,500,771			3,270,664			(374,167	)		633,982
	N/A			N/A			N/A			N/A			N/A
	261,235			632,803			100,528			50,039			24,995
	183,596			537,882			7,937			17,788			31,447
	N/A			6,143			89			229			216
	7,046			94,402			916			4,499			2,580
	110,590			941,066			196,562			50,160			32,181
	253,543			N/A			845			33,007			3,711
	69,210			252,768			N/A			N/A			N/A
	176,534			517,194			7,632			17,103			30,238
	N/A			5,907			86			221			207
	6,775			90,771			881			4,326			2,481
	265,888			940,132			474,278			124,709			79,909
	54,070			195,161			N/A			N/A			N/A
	N/A			17,721			257			661			622
	20,324			272,313			2,643			12,977			7,443
	20,499			48,368			7,540			3,929			2,686
	16,238			16,746			14,791			15,521			15,611
	72,736			46,841			33,841			17,029			31,214
	96,212			70,709			22,532			16,127			19,900
	5,069			7,060			6,270			5,665			5,674
	16,759			32,330			7,713			3,660			5,082
	1,636,324			4,726,317			885,341			377,650			296,197
	(288,708	)		(1,561,799	)		(183,363	)		(87,242	)		(92,421	)
	1,347,616			3,164,518			701,978			290,408			203,776
	(4,590,357	)		22,336,253			2,568,686			(664,575	)		430,206
	81,616,745			(11,812,277	)		4,002,856			13,909,932			7,130,599
	169,148,979			274,731,537			41,404,077			23,904,528			6,894,421
	250,765,724			262,919,260			45,406,933			37,814,460			14,025,020
$	246,175,367		$	285,255,513		$	47,975,619		$	37,149,885		$	14,455,226
	$0			$8,226			$509,326			$2,723			$0

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

32 Wells Fargo Advantage Equity Gateway Funds Statements of changes in net assets

	C&B Large Cap Value Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment income				$	1,647,838					$	4,133,617
Net realized gains on investments					18,367,782						21,701,070
Net change in unrealized gains (losses) on investments					11,657,204						46,268,197
Net increase in net assets resulting from operations					31,672,824						72,102,884
Distributions to shareholders from
Net investment income
Class A					0						(309,062	)
Class C					0						(37,733	)
Administrator Class					0						(1,427,995	)
Institutional Class					0						(1,883,492	)
Investor Class					0						(824,601	)
Total distributions to shareholders					0						(4,482,883	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		435,065			4,715,565			291,674			2,637,491
Class B		27,207			302,706			2,312			22,667
Class C		54,414			572,380			27,383			252,547
Administrator Class		863,890			9,270,346			1,105,606			9,867,121
Institutional Class		1,041,712			10,989,441			3,790,042			34,607,927
Investor Class		935,982			9,962,192			469,858			4,381,044
					35,812,630						51,768,797
Reinvestment of distributions
Class A		0			0			35,129			304,920
Class C		0			0			4,280			37,152
Administrator Class		0			0			161,899			1,403,666
Institutional Class		0			0			50,013			434,613
Investor Class		0			0			92,192			801,146
					0						2,981,497
Payment for shares redeemed
Class A		(223,260	)		(2,407,495	)		(670,989	)		(6,052,714	)
Class B		(60,464	)		(644,815	)		(186,755	)		(1,648,260	)
Class C		(35,647	)		(386,981	)		(147,478	)		(1,340,767	)
Administrator Class		(2,688,195	)		(28,404,201	)		(4,494,794	)		(41,391,366	)
Institutional Class		(2,489,186	)		(26,706,224	)		(3,123,096	)		(28,416,440	)
Investor Class		(616,369	)		(6,653,133	)		(2,005,819	)		(17,887,686	)
					(65,202,849	)					(96,737,233	)
Net decrease in net assets resulting from capital share transactions					(29,390,219	)					(41,986,939	)
Total increase in net assets					2,282,605						25,633,062
Net assets
Beginning of period					297,613,981						271,980,919
End of period				$	299,896,586					$	297,613,981
Undistributed net investment income				$	2,898,312					$	1,250,474

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

Statements of changes in net assets Wells Fargo Advantage Equity Gateway Funds 33

	Diversified Equity Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment income				$	995,884					$	3,846,204
Net realized gains on investments					12,661,395						38,777,269
Net change in unrealized gains (losses) on investments					35,627,427						45,510,158
Net increase in net assets resulting from operations					49,284,706						88,133,631
Distributions to shareholders from
Net investment income
Class A					0						(629,304	)
Class C					0						(5,554	)
Administrator Class					0						(3,351,609	)
Net realized gains
Class A					0						(3,927,968	)
Class B					0						(139,177	)
Class C					0						(152,475	)
Administrator Class					0						(15,928,177	)
Total distributions to shareholders					0						(24,134,264	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		43,579			1,396,290			81,715			2,335,295
Class B		208			6,166			3,935			110,645
Class C		55,742			1,710,262			8,570			234,020
Administrator Class		329,724			10,669,307			988,350			27,984,640
					13,782,025						30,664,600
Reinvestment of distributions
Class A		0			0			168,023			4,528,687
Class B		0			0			5,575			139,160
Class C		0			0			6,091			155,536
Administrator Class		0			0			705,389			19,060,534
					0						23,883,917
Payment for shares redeemed
Class A		(152,329	)		(4,917,628	)		(686,991	)		(19,541,360	)
Class B		(25,967	)		(769,289	)		(58,405	)		(1,536,261	)
Class C		(7,399	)		(224,912	)		(23,579	)		(656,254	)
Administrator Class		(1,607,814	)		(52,358,108	)		(3,499,737	)		(101,535,999	)
					(58,269,937	)					(123,269,874	)
Net decrease in net assets resulting from capital share transactions					(44,487,912	)					(68,721,357	)
Total increase (decrease) in net assets					4,796,794						(4,721,990	)
Net assets
Beginning of period					370,345,874						375,067,864
End of period				$	375,142,668					$	370,345,874
Undistributed net investment income				$	1,805,015					$	809,131

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

34 Wells Fargo Advantage Equity Gateway Funds Statements of changes in net assets

	Emerging Growth Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment loss				$	(4,590,357	)				$	(6,480,293	)
Net realized gains on investments					81,616,745						7,867,171
Net change in unrealized gains (losses) on investments					169,148,979						164,230,293
Net increase in net assets resulting from operations					246,175,367						165,617,171
Distributions to shareholders from
Net realized gains
Class A					0						(6,258,070	)
Class C					0						(253,161	)
Administrator Class					0						(9,461,964	)
Institutional Class					0						(26,267,527	)
Investor Class					0						(1,868,319	)
Total distributions to shareholders					0						(44,109,041	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		634,447			10,408,180			789,069			10,141,118
Class C		16,873			279,380			11,685			144,196
Administrator Class		1,749,708			28,730,843			3,186,127			41,409,579
Institutional Class		4,862,274			81,971,631			8,997,601			118,146,813
Investor Class		132,788			2,108,886			157,979			2,045,724
					123,498,920						171,887,430
Reinvestment of distributions
Class A		0			0			519,089			6,099,290
Class C		0			0			19,371			219,472
Administrator Class		0			0			601,763			7,154,974
Institutional Class		0			0			2,093,490			25,226,558
Investor Class		0			0			154,248			1,804,703
					0						40,504,997
Payment for shares redeemed
Class A		(795,930	)		(12,827,882	)		(2,497,741	)		(32,288,795	)
Class C		(28,259	)		(437,720	)		(94,896	)		(1,167,202	)
Administrator Class		(2,861,449	)		(47,051,663	)		(4,554,854	)		(59,197,036	)
Institutional Class		(6,461,878	)		(104,182,110	)		(12,620,896	)		(166,587,989	)
Investor Class		(150,027	)		(2,408,901	)		(581,498	)		(7,469,569	)
					(166,908,276	)					(266,710,591	)
Net decrease in net assets resulting from capital share transactions					(43,409,356	)					(54,318,164	)
Total increase in net assets					202,766,011						67,189,966
Net assets
Beginning of period					946,740,530						879,550,564
End of period				$	1,149,506,541					$	946,740,530
Accumulated net investment loss				$	(7,824,580	)				$	(3,234,223	)

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

Statements of changes in net assets Wells Fargo Advantage Equity Gateway Funds 35

	Index Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment income				$	22,336,253					$	46,222,520
Net realized gains (losses) on investments					(11,812,277	)					79,008,299
Net change in unrealized gains (losses) on investments					274,731,537						438,217,865
Net increase in net assets resulting from operations					285,255,513						563,448,684
Distributions to shareholders from
Net investment income
Class A					0						(6,284,365	)
Class B					0						(36,909	)
Class C					0						(595,173	)
Administrator Class					0						(36,647,876	)
Investor Class					0						(2,381,555	)
Net realized gains
Class A					0						(7,020,039	)
Class B					0						(128,054	)
Class C					0						(1,252,243	)
Administrator Class					0						(34,676,378	)
Investor Class					0						(2,490,608	)
Total distributions to shareholders					0						(91,513,200	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		216,085			12,148,739			470,958			23,153,090
Class B		373			20,882			2,282			113,844
Class C		38,873			2,193,869			39,777			1,970,230
Administrator Class		2,701,225			152,888,982			6,677,445			330,495,644
Investor Class		280,735			15,845,762			482,667			23,784,938
					183,098,234						379,517,746
Reinvestment of distributions
Class A		0			0			275,383			13,007,883
Class B		0			0			3,197			152,083
Class C		0			0			23,012			1,090,765
Administrator Class		0			0			1,430,770			67,984,649
Investor Class		0			0			101,258			4,796,474
					0						87,031,854
Payment for shares redeemed
Class A		(470,366	)		(26,247,956	)		(1,049,374	)		(51,117,695	)
Class B		(26,811	)		(1,495,827	)		(104,714	)		(5,096,345	)
Class C		(54,352	)		(3,068,167	)		(234,919	)		(11,352,488	)
Administrator Class		(3,445,798	)		(195,535,310	)		(12,182,766	)		(604,079,226	)
Investor Class		(186,331	)		(10,496,975	)		(501,758	)		(24,783,891	)
					(236,844,235	)					(696,429,645	)
Net decrease in net assets resulting from capital share transactions					(53,746,001	)					(229,880,045	)
Total increase in net assets					231,509,512						242,055,439
Net assets
Beginning of period					2,465,468,897						2,223,413,458
End of period				$	2,696,978,409					$	2,465,468,897
Undistributed net investment income				$	39,778,537					$	17,442,284

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

36 Wells Fargo Advantage Equity Gateway Funds Statements of changes in net assets

	International Value Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment income				$	2,568,686					$	8,954,013
Net realized gains (losses) on investments					4,002,856						(1,707,272	)
Net change in unrealized gains (losses) on investments					41,404,077						73,178,617
Net increase in net assets resulting from operations					47,975,619						80,425,358
Distributions to shareholders from
Net investment income
Class A					0						(115,858	)
Class B					0						(595	)
Class C					0						(7,526	)
Administrator Class					0						(7,826,405	)
Institutional Class					0						(46,009	)
Total distributions to shareholders					0						(7,996,393	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		44,135			628,212			159,600			1,914,960
Class B		0			0			306			4,003
Class C		12,129			168,081			12,328			148,805
Administrator Class		2,996,222			41,908,964			8,384,637			103,370,617
Institutional Class		11,741			162,992			13,271			166,106
					42,868,249						105,604,491
Reinvestment of distributions
Class A		0			0			9,132			114,428
Class B		0			0			47			592
Class C		0			0			552			6,827
Administrator Class		0			0			620,383			7,717,567
Institutional Class		0			0			3,696			46,009
					0						7,885,423
Payment for shares redeemed
Class A		(52,927	)		(746,760	)		(172,652	)		(2,133,267	)
Class B		(810	)		(11,589	)		(5,574	)		(67,421	)
Class C		(1,196	)		(16,523	)		(9,912	)		(120,268	)
Administrator Class		(2,699,672	)		(37,872,195	)		(5,646,981	)		(69,477,366	)
Institutional Class		(2,809	)		(40,252	)		(13,641	)		(174,211	)
					(38,687,319	)					(71,972,533	)
Net increase in net assets resulting from capital share transactions					4,180,930						41,517,381
Total increase in net assets					52,156,549						113,946,346
Net assets
Beginning of period					380,713,972						266,767,626
End of period				$	432,870,521					$	380,713,972
Undistributed net investment income				$	8,535,652					$	5,966,966

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

Statements of changes in net assets Wells Fargo Advantage Equity Gateway Funds 37

	Small Company Growth Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment loss				$	(664,575	)				$	(420,859	)
Net realized gains on investments					13,909,932						12,668,016
Net change in unrealized gains (losses) on investments					23,904,528						23,943,421
Net increase in net assets resulting from operations					37,149,885						36,190,578
Distributions to shareholders from
Net investment income
Administrator Class					0						(205,578	)
Institutional Class					0						(67,592	)
Total distributions to shareholders					0						(273,170	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		304,069			11,809,385			103,921			3,276,612
Class B		1,373			47,023			1,450			42,974
Class C		60,735			2,141,372			17,766			517,792
Administrator Class		280,595			11,018,619			505,748			16,294,917
Institutional Class		511,891			19,994,414			1,543,651			50,360,099
					45,010,813						70,492,394
Reinvestment of distributions
Administrator Class		0			0			6,412			187,042
Institutional Class		0			0			1,707			50,198
					0						237,240
Payment for shares redeemed
Class A		(27,712	)		(1,057,219	)		(76,600	)		(2,327,179	)
Class B		(1,156	)		(37,891	)		(4,182	)		(113,538	)
Class C		(9,395	)		(324,866	)		(8,467	)		(231,544	)
Administrator Class		(696,384	)		(27,143,496	)		(1,344,959	)		(41,596,358	)
Institutional Class		(202,086	)		(7,614,950	)		(191,557	)		(6,279,267	)
					(36,178,422	)					(50,547,886	)
Net asset value of shares issued in acquisition Institutional Class		0			0			301,128			9,870,350
Net increase in net assets resulting from capital share transactions					8,832,391						30,052,098
Total increase in net assets					45,982,276						65,969,506
Net assets
Beginning of period					181,708,595						115,739,089
End of period				$	227,690,871					$	181,708,595
Accumulated net investment loss				$	(943,824	)				$	(279,249	)

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

38 Wells Fargo Advantage Equity Gateway Funds Statements of changes in net assets

	Small Company Value Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment income				$	430,206					$	130,320
Net realized gains on investments					7,130,599						6,000,704
Net change in unrealized gains (losses) on investments					6,894,421						16,292,369
Net increase in net assets resulting from operations					14,455,226						22,423,393
Distributions to shareholders from
Net investment income
Administrator Class					0						(51,523	)
Institutional Class					0						(4,542	)
Total distributions to shareholders					0						(56,065	)
	Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		229,476			4,202,882			254,500			3,825,267
Class B		221			3,721			560			7,860
Class C		12,758			212,563			24,528			327,523
Administrator Class		324,274			6,029,177			592,211			9,067,170
Institutional Class		96,635			1,804,448			502,808			7,911,700
					12,252,791						21,139,520
Reinvestment of distributions
Administrator Class		0			0			3,523			51,372
Institutional Class		0			0			311			4,542
					0						55,914
Payment for shares redeemed
Class A		(125,656	)		(2,306,096	)		(401,296	)		(5,883,056	)
Class B		(5,908	)		(98,885	)		(28,979	)		(373,574	)
Class C		(9,071	)		(151,776	)		(36,792	)		(487,296	)
Administrator Class		(309,155	)		(5,765,948	)		(1,625,401	)		(24,888,529	)
Institutional Class		(31,955	)		(600,304	)		(38,697	)		(589,477	)
					(8,923,009	)					(32,221,932	)
Net increase (decrease) in net assets resulting from capital share transactions					3,329,782						(11,026,498	)
Total increase in net assets					17,785,008						11,340,830
Net assets
Beginning of period					92,398,200						81,057,370
End of period				$	110,183,208					$	92,398,200
Undistributed (overdistributed) net investment income				$	395,592					$	(34,614	)

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

This page is intentionally left blank.

40 Wells Fargo Advantage Equity Gateway Funds Financial highlights

	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains
C&B Large Cap Value Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	10.32		0.05	5		1.12			0.00			0.00
June 1, 2012 to May 31, 2013	$	8.13		0.12			2.20			(0.13	)		0.00
June 1, 2011 to May 31, 2012	$	8.70		0.12			(0.58	)		(0.11	)		0.00
October 1, 2010 to May 31, 20114	$	7.48		0.06			1.26			(0.10	)		0.00
October 1, 2009 to September 30, 2010	$	7.06		0.08			0.42			(0.08	)		0.00
October 1, 2008 to September 30, 2009	$	7.69		0.10	5		(0.60	)		(0.13	)		(0.00	)6
October 1, 2007 to September 30, 2008	$	10.19		0.11	5		(2.12	)		(0.09	)		(0.40	)
Class B
June 1, 2013 to November 30, 2013 (unaudited)	$	10.43		0.01			1.13			0.00			0.00
June 1, 2012 to May 31, 2013	$	8.16		0.05	5		2.22			0.00			0.00
June 1, 2011 to May 31, 2012	$	8.68		0.05	5		(0.56	)		(0.01	)		0.00
October 1, 2010 to May 31, 20114	$	7.44		0.01			1.26			(0.03	)		0.00
October 1, 2009 to September 30, 2010	$	7.02		0.03			0.42			(0.03	)		0.00
October 1, 2008 to September 30, 2009	$	7.61		0.05	5		(0.58	)		(0.06	)		(0.00	)6
October 1, 2007 to September 30, 2008	$	10.08		0.04	5		(2.11	)		0.00			(0.40	)
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	10.29		0.01			1.11			0.00			0.00
June 1, 2012 to May 31, 2013	$	8.11		0.04			2.20			(0.06	)		0.00
June 1, 2011 to May 31, 2012	$	8.66		0.05			(0.56	)		(0.04	)		0.00
October 1, 2010 to May 31, 20114	$	7.43		0.00	6		1.27			(0.04	)		0.00
October 1, 2009 to September 30, 2010	$	7.02		0.02	��		0.42			(0.03	)		0.00
October 1, 2008 to September 30, 2009	$	7.60		0.05	5		(0.57	)		(0.06	)		(0.00	)6
October 1, 2007 to September 30, 2008	$	10.08		0.04	5		(2.11	)		(0.01	)		(0.40	)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	10.32		0.06			1.12			0.00			0.00
June 1, 2012 to May 31, 2013	$	8.13		0.13	5		2.21			(0.15	)		0.00
June 1, 2011 to May 31, 2012	$	8.69		0.13	5		(0.56	)		(0.13	)		0.00
October 1, 2010 to May 31, 20114	$	7.47		0.05	5		1.28			(0.11	)		0.00
October 1, 2009 to September 30, 2010	$	7.06		0.08	5		0.42			(0.09	)		0.00
October 1, 2008 to September 30, 2009	$	7.70		0.11	5		(0.60	)		(0.15	)		(0.00	)6
October 1, 2007 to September 30, 2008	$	10.22		0.13	5		(2.13	)		(0.12	)		(0.40	)
Institutional Class
June 1, 2013 to November 30, 2013 (unaudited)	$	10.35		0.08			1.12			0.00			0.00
June 1, 2012 to May 31, 2013	$	8.16		0.17			2.19			(0.17	)		0.00
June 1, 2011 to May 31, 2012	$	8.73		0.14			(0.56	)		(0.15	)		0.00
October 1, 2010 to May 31, 20114	$	7.51		0.07			1.28			(0.13	)		0.00
October 1, 2009 to September 30, 2010	$	7.09		0.11	5		0.42			(0.11	)		0.00
October 1, 2008 to September 30, 2009	$	7.75		0.12	5		(0.61	)		(0.17	)		(0.00	)6
October 1, 2007 to September 30, 2008	$	10.27		0.15	5		(2.13	)		(0.14	)		(0.40	)
Investor Class
June 1, 2013 to November 30, 2013 (unaudited)	$	10.33		0.05			1.11			0.00			0.00
June 1, 2012 to May 31, 2013	$	8.14		0.10			2.21			(0.12	)		0.00
June 1, 2011 to May 31, 2012	$	8.70		0.10			(0.56	)		(0.10	)		0.00
October 1, 2010 to May 31, 20114	$	7.46		0.04			1.28			(0.08	)		0.00
October 1, 2009 to September 30, 2010	$	7.04		0.06			0.44			(0.08	)		0.00
October 1, 2008 to September 30, 2009	$	7.68		0.09	5		(0.59	)		(0.14	)		(0.00	)6
October 1, 2007 to September 30, 20087	$	10.19		0.11	5		(2.13	)		(0.09	)		(0.40	)

Please see footnotes on page 50.

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

Financial highlights Wells Fargo Advantage Equity Gateway Funds 41

Ending net asset value per share		Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
		Net investment income1			Gross expenses1			Net expenses1
$	11.49		0.91	%		1.31	%		1.15	%		11.34	%		11	%	$	28,672
$	10.32		1.25	%		1.30	%		1.15	%		28.82	%		18	%	$	23,571
$	8.13		1.33	%		1.30	%		1.15	%		(5.23	)%		21	%	$	21,380
$	8.70		0.78	%		1.31	%		1.15	%		17.73	%		17	%	$	25,912
$	7.48		0.96	%		1.32	%		1.15	%		7.14	%		13	%	$	31,038
$	7.06		1.66	%		1.30	%		1.15	%		(6.05	)%		28	%	$	33,784
$	7.69		1.20	%		1.32	%		1.19	%		(20.51	)%		21	%	$	40,157
$	11.57		0.20	%		2.06	%		1.90	%		10.93	%		11	%	$	910
$	10.43		0.57	%		2.03	%		1.89	%		27.82	%		18	%	$	1,167
$	8.16		0.61	%		2.05	%		1.90	%		(5.84	)%		21	%	$	2,418
$	8.68		0.04	%		2.06	%		1.90	%		17.15	%		17	%	$	6,607
$	7.44		0.20	%		2.07	%		1.90	%		6.36	%		13	%	$	6,951
$	7.02		0.91	%		2.04	%		1.90	%		(6.73	)%		28	%	$	8,773
$	7.61		0.43	%		2.07	%		1.94	%		(21.19	)%		21	%	$	13,461
$	11.41		0.16	%		2.06	%		1.90	%		10.88	%		11	%	$	6,667
$	10.29		0.51	%		2.05	%		1.90	%		27.76	%		18	%	$	5,818
$	8.11		0.58	%		2.05	%		1.90	%		(5.81	)%		21	%	$	5,524
$	8.66		0.05	%		2.07	%		1.90	%		17.15	%		17	%	$	7,046
$	7.43		0.21	%		2.07	%		1.90	%		6.29	%		13	%	$	6,607
$	7.02		0.90	%		2.04	%		1.90	%		(6.62	)%		28	%	$	6,852
$	7.60		0.44	%		2.06	%		1.94	%		(21.21	)%		21	%	$	9,424
$	11.50		1.13	%		1.14	%		0.95	%		11.43	%		11	%	$	57,836
$	10.32		1.48	%		1.13	%		0.95	%		29.09	%		18	%	$	70,727
$	8.13		1.54	%		1.13	%		0.95	%		(4.90	)%		21	%	$	81,999
$	8.69		1.00	%		1.15	%		0.95	%		17.74	%		17	%	$	120,613
$	7.47		1.13	%		1.13	%		0.95	%		7.33	%		13	%	$	114,664
$	7.06		1.89	%		1.11	%		0.95	%		(5.83	)%		28	%	$	222,489
$	7.70		1.43	%		1.13	%		0.95	%		(20.42	)%		21	%	$	260,883
$	11.55		1.40	%		0.88	%		0.70	%		11.59	%		11	%	$	128,336
$	10.35		1.68	%		0.87	%		0.70	%		29.32	%		18	%	$	130,015
$	8.16		1.78	%		0.87	%		0.70	%		(4.72	)%		21	%	$	96,653
$	8.73		1.25	%		0.88	%		0.70	%		18.16	%		17	%	$	110,061
$	7.51		1.48	%		0.88	%		0.70	%		7.51	%		13	%	$	95,466
$	7.09		2.11	%		0.85	%		0.70	%		(5.62	)%		28	%	$	26,582
$	7.75		1.68	%		0.87	%		0.70	%		(20.10	)%		21	%	$	27,494
$	11.49		0.86	%		1.37	%		1.20	%		11.23	%		11	%	$	77,475
$	10.33		1.21	%		1.36	%		1.20	%		28.68	%		18	%	$	66,315
$	8.14		1.29	%		1.37	%		1.20	%		(5.17	)%		21	%	$	64,007
$	8.70		0.75	%		1.39	%		1.20	%		17.77	%		17	%	$	86,624
$	7.46		0.87	%		1.41	%		1.20	%		7.15	%		13	%	$	85,256
$	7.04		1.62	%		1.40	%		1.20	%		(6.06	)%		28	%	$	199,654
$	7.68		1.20	%		1.35	%		1.20	%		(20.59	)%		21	%	$	153,917

Please see footnotes on page 50.

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

42 Wells Fargo Advantage Equity Gateway Funds Financial highlights

	Beginning net asset value per share		Net investment income (loss)1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains
Diversified Equity Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	30.65		0.06	5		4.27			0.00			0.00
June 1, 2012 to May 31, 2013	$	26.08		0.23	5		6.14			(0.24	)		(1.56	)
June 1, 2011 to May 31, 2012	$	29.71		0.15			(2.01	)		(0.18	)		(1.59	)
October 1, 2010 to May 31, 20114	$	24.89		0.12			4.85			(0.15	)		0.00
October 1, 2009 to September 30, 2010	$	23.41		0.18			1.66			(0.36	)		0.00
October 1, 2008 to September 30, 2009	$	27.70		0.23	5		(2.30	)		(0.26	)		(1.96	)
October 1, 2007 to September 30, 2008	$	42.92		0.27	5		(9.47	)		(0.25	)		(5.77	)
Class B
June 1, 2013 to November 30, 2013 (unaudited)	$	28.54		(0.06	)5		3.97			0.00			0.00
June 1, 2012 to May 31, 2013	$	24.36		0.01	5		5.73			0.00			(1.56	)
June 1, 2011 to May 31, 2012	$	27.87		(0.01	)5		(1.91	)		0.00			(1.59	)
October 1, 2010 to May 31, 20114	$	23.35		(0.05	)5		4.57			0.00			0.00
October 1, 2009 to September 30, 2010	$	21.96		(0.01	)5		1.57			(0.17	)		0.00
October 1, 2008 to September 30, 2009	$	26.00		0.08	5		(2.16	)		0.00			(1.96	)
October 1, 2007 to September 30, 2008	$	40.68		0.01	5		(8.92	)		0.00			(5.77	)
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	29.13		(0.06	)5		4.05			0.00			0.00
June 1, 2012 to May 31, 2013	$	24.88		0.02	5		5.84			(0.05	)		(1.56	)
June 1, 2011 to May 31, 2012	$	28.43		(0.59	)		(1.37	)		0.00			(1.59	)
October 1, 2010 to May 31, 20114	$	23.81		(0.04	)5		4.66			0.00			0.00
October 1, 2009 to September 30, 2010	$	22.43		(0.01	)5		1.60			(0.21	)		0.00
October 1, 2008 to September 30, 2009	$	26.53		0.08	5		(2.20	)		(0.02	)		(1.96	)
October 1, 2007 to September 30, 2008	$	41.38		0.02	5		(9.10	)		0.00			(5.77	)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	30.70		0.10	5		4.27			0.00			0.00
June 1, 2012 to May 31, 2013	$	26.12		0.30	5		6.15			(0.31	)		(1.56	)
June 1, 2011 to May 31, 2012	$	29.78		0.33			(2.13	)		(0.27	)		(1.59	)
October 1, 2010 to May 31, 20114	$	24.98		0.14	5		4.89			(0.23	)		0.00
October 1, 2009 to September 30, 2010	$	23.47		0.20	5		1.70			(0.39	)		0.00
October 1, 2008 to September 30, 2009	$	27.79		0.28	5		(2.32	)		(0.32	)		(1.96	)
October 1, 2007 to September 30, 2008	$	43.03		0.36	5		(9.49	)		(0.34	)		(5.77	)
Emerging Growth Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	14.10		(0.10	)		3.88			0.00			0.00
June 1, 2012 to May 31, 2013	$	12.44		(0.15	)		2.49			0.00			(0.68	)
June 1, 2011 to May 31, 2012	$	13.12		(0.14	)5		(0.54	)		0.00			0.00
October 1, 2010 to May 31, 20114	$	9.50		(0.11	)5		3.73			0.00			0.00
October 1, 2009 to September 30, 2010	$	7.93		(0.12	)		1.69			0.00			0.00
October 1, 2008 to September 30, 2009	$	8.51		(0.07	)5		(0.51	)		0.00			0.00
March 31, 20088 to September 30, 2008	$	9.43		(0.05	)		(0.87	)		0.00			0.00
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	13.55		(0.16	)		3.72			0.00			0.00
June 1, 2012 to May 31, 2013	$	12.06		(0.27	)		2.44			0.00			(0.68	)
June 1, 2011 to May 31, 2012	$	12.81		(0.23	)5		(0.52	)		0.00			0.00
October 1, 2010 to May 31, 20114	$	9.32		(0.16	)5		3.65			0.00			0.00
October 1, 2009 to September 30, 2010	$	7.85		(0.16	)5		1.63			0.00			0.00
October 1, 2008 to September 30, 2009	$	8.48		(0.12	)5		(0.51	)		0.00			0.00
March 31, 20088 to September 30, 2008	$	9.43		(0.09	)5		(0.86	)		0.00			0.00

Please see footnotes on page 50.

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

Financial highlights Wells Fargo Advantage Equity Gateway Funds 43

Ending net asset value per share		Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
		Net investment income (loss)1			Gross expenses1			Net expenses1
$	34.98		0.36	%		1.44	%		1.25	%		14.13	%		20	%	$	82,513
$	30.65		0.81	%		1.43	%		1.25	%		25.42	%		44	%	$	75,640
$	26.08		0.74	%		1.41	%		1.25	%		(5.91	)%		57	%	$	75,751
$	29.71		0.59	%		1.40	%		1.25	%		20.04	%		48	%	$	95,532
$	24.89		0.71	%		1.48	%		1.25	%		7.90	%		44	%	$	85,735
$	23.41		1.16	%		1.43	%		1.25	%		(5.33	)%		48	%	$	85,504
$	27.70		0.81	%		1.42	%		1.25	%		(24.44	)%		37	%	$	90,444
$	32.45		(0.41	)%		2.18	%		2.00	%		13.70	%		20	%	$	1,470
$	28.54		0.04	%		2.18	%		2.00	%		24.48	%		44	%	$	2,029
$	24.36		(0.05	)%		2.16	%		2.00	%		(6.61	)%		57	%	$	2,922
$	27.87		(0.20	)%		2.15	%		2.00	%		19.36	%		48	%	$	5,754
$	23.35		(0.04	)%		2.23	%		2.00	%		7.15	%		44	%	$	7,825
$	21.96		0.43	%		2.18	%		1.99	%		(6.03	)%		48	%	$	10,839
$	26.00		0.03	%		2.17	%		2.00	%		(25.01	)%		37	%	$	19,054
$	33.12		(0.38	)%		2.19	%		2.00	%		13.70	%		20	%	$	4,633
$	29.13		0.07	%		2.18	%		2.00	%		24.50	%		44	%	$	2,667
$	24.88		(0.02	)%		2.16	%		2.00	%		(6.62	)%		57	%	$	2,499
$	28.43		(0.17	)%		2.15	%		2.00	%		19.40	%		48	%	$	3,383
$	23.81		(0.05	)%		2.23	%		2.00	%		7.10	%		44	%	$	3,280
$	22.43		0.41	%		2.17	%		2.00	%		(6.02	)%		48	%	$	2,958
$	26.53		0.05	%		2.15	%		2.00	%		(25.00	)%		37	%	$	3,491
$	35.07		0.61	%		1.27	%		1.00	%		14.23	%		20	%	$	286,527
$	30.70		1.06	%		1.27	%		1.00	%		25.75	%		44	%	$	290,011
$	26.12		0.99	%		1.25	%		1.00	%		(5.67	)%		57	%	$	293,895
$	29.78		0.84	%		1.24	%		1.00	%		20.22	%		48	%	$	386,429
$	24.98		0.83	%		1.29	%		1.00	%		8.18	%		44	%	$	359,109
$	23.47		1.41	%		1.25	%		1.00	%		(5.09	)%		48	%	$	596,298
$	27.79		1.05	%		1.24	%		1.00	%		(24.24	)%		37	%	$	678,818
$	17.88		(1.19	)%		1.40	%		1.37	%		26.81	%		33	%	$	155,716
$	14.10		(1.04	)%		1.40	%		1.37	%		19.89	%		65	%	$	125,070
$	12.44		(1.13	)%		1.41	%		1.37	%		(5.18	)%		75	%	$	125,113
$	13.12		(1.32	)%		3.03	%		1.45	%		38.11	%		59	%	$	3,425
$	9.50		(1.17	)%		4.65	%		1.46	%		19.80	%		97	%	$	142
$	7.93		(1.09	)%		8.23	%		1.45	%		(6.82	)%		147	%	$	44
$	8.51		(1.05	)%		4.16	%		1.45	%		(9.76	)%		191	%	$	14
$	17.11		(1.94	)%		2.15	%		2.12	%		26.27	%		33	%	$	5,968
$	13.55		(1.79	)%		2.15	%		2.12	%		19.09	%		65	%	$	4,878
$	12.06		(1.89	)%		2.17	%		2.12	%		(5.85	)%		75	%	$	5,114
$	12.81		(2.05	)%		3.83	%		2.20	%		37.30	%		59	%	$	516
$	9.32		(1.93	)%		5.40	%		2.22	%		18.85	%		97	%	$	58
$	7.85		(1.84	)%		7.93	%		2.20	%		(7.43	)%		147	%	$	8
$	8.48		(1.82	)%		4.85	%		2.20	%		(10.07	)%		191	%	$	9

Please see footnotes on page 50.

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

44 Wells Fargo Advantage Equity Gateway Funds Financial highlights

	Beginning net asset value per share		Net investment income (loss)1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains
Emerging Growth Fund (continued)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	14.28		(0.08	)5		3.92			0.00			0.00
June 1, 2012 to May 31, 2013	$	12.56		(0.12	)		2.52			0.00			(0.68	)
June 1, 2011 to May 31, 2012	$	13.22		(0.12	)5		(0.54	)		0.00			0.00
October 1, 2010 to May 31, 20114	$	9.56		(0.09	)5		3.75			0.00			0.00
October 1, 2009 to September 30, 2010	$	8.08		(0.01	)		1.49			0.00			0.00
October 1, 2008 to September 30, 2009	$	8.53		(0.05	)5		(0.40	)		0.00			0.00
October 1, 2007 to September 30, 2008	$	12.40		(0.07	)		(3.70	)		0.00			(0.06	)
Institutional Class
June 1, 2013 to November 30, 2013 (unaudited)	$	14.49		(0.06	)		3.99			0.00			0.00
June 1, 2012 to May 31, 2013	$	12.70		(0.08	)		2.55			0.00			(0.68	)
June 1, 2011 to May 31, 2012	$	13.33		(0.08	)5		(0.55	)		0.00			0.00
October 1, 2010 to May 31, 20114	$	9.62		(0.07	)5		3.78			0.00			0.00
October 1, 2009 to September 30, 2010	$	8.00		(0.07	)		1.69			0.00			0.00
October 1, 2008 to September 30, 2009	$	8.53		(0.04	)5		(0.49	)		0.00			0.00
March 31, 20088 to September 30, 2008	$	9.43		(0.03	)		(0.87	)		0.00			0.00
Investor Class
June 1, 2013 to November 30, 2013 (unaudited)	$	14.04		(0.10	)		3.86			0.00			0.00
June 1, 2012 to May 31, 2013	$	12.39		(0.16	)		2.49			0.00			(0.68	)
June 1, 2011 to May 31, 2012	$	13.07		(0.15	)5		(0.53	)		0.00			0.00
October 1, 2010 to May 31, 20114	$	9.47		(0.11	)5		3.71			0.00			0.00
October 1, 2009 to September 30, 2010	$	7.91		(0.09	)		1.65			0.00			0.00
October 1, 2008 to September 30, 2009	$	8.49		(0.07	)5		(0.51	)		0.00			0.00
October 1, 2007 to September 30, 2008	$	12.38		(0.13	)		(3.66	)		0.00			(0.06	)
Index Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	54.00		0.45			5.81			0.00			0.00
June 1, 2012 to May 31, 2013	$	44.25		0.86			10.66			(0.83	)		(0.94	)
June 1, 2011 to May 31, 2012	$	47.17		0.73			(1.35	)		(0.65	)		(1.65	)
August 1, 2010 to May 31, 20119	$	40.42		0.56			8.77			(0.70	)		(1.88	)
August 1, 2009 to July 31, 201010	$	41.72		0.64			4.89			(0.63	)		(6.20	)
August 1, 2008 to July 31, 200910	$	56.53		0.91			(12.80	)		(0.91	)		(2.01	)
August 1, 2007 to July 31, 200810	$	65.01		1.04			(8.50	)		(1.02	)		0.00
Class B
June 1, 2013 to November 30, 2013 (unaudited)	$	54.57		0.22	5		5.88			0.00			0.00
June 1, 2012 to May 31, 2013	$	44.53		0.47	5		10.78			(0.27	)		(0.94	)
June 1, 2011 to May 31, 2012	$	47.23		0.38	5		(1.29	)		(0.14	)		(1.65	)
August 1, 2010 to May 31, 20119	$	40.32		0.29	5		8.76			(0.26	)		(1.88	)
August 1, 2009 to July 31, 201010	$	41.63		0.28			4.88			(0.27	)		(6.20	)
August 1, 2008 to July 31, 200910	$	56.42		0.63	5		(12.82	)		(0.59	)		(2.01	)
August 1, 2007 to July 31, 200810	$	64.86		0.57	5		(8.48	)		(0.53	)		0.00
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	54.22		0.22	5		5.85			0.00			0.00
June 1, 2012 to May 31, 2013	$	44.41		0.48	5		10.71			(0.44	)		(0.94	)
June 1, 2011 to May 31, 2012	$	47.27		0.39	5		(1.31	)		(0.29	)		(1.65	)
August 1, 2010 to May 31, 20119	$	40.32		0.27			8.78			(0.22	)		(1.88	)
August 1, 2009 to July 31, 201010	$	41.62		0.30			4.88			(0.28	)		(6.20	)
August 1, 2008 to July 31, 200910	$	56.36		0.59			(12.76	)		(0.56	)		(2.01	)
August 1, 2007 to July 31, 200810	$	64.80		0.55			(8.44	)		(0.55	)		0.00

Please see footnotes on page 50.

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

Financial highlights Wells Fargo Advantage Equity Gateway Funds 45

Distributions from tax basis return of capital			Ending net asset value per share		Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
					Net investment income (loss)1			Gross expenses1			Net expenses1
	0.00		$	18.12		(1.02	)%		1.23	%		1.20	%		26.89	%		33	%	$	233,875
	0.00		$	14.28		(0.87	)%		1.23	%		1.20	%		20.19	%		65	%	$	200,140
	0.00		$	12.56		(0.95	)%		1.22	%		1.19	%		(4.99	)%		75	%	$	185,744
	0.00		$	13.22		(1.08	)%		2.41	%		1.20	%		38.28	%		59	%	$	1,915
	0.00		$	9.56		(0.78	)%		4.54	%		1.20	%		19.95	%		97	%	$	51
	0.00		$	8.08		(0.79	)%		6.89	%		1.20	%		(5.28	)%		147	%	$	17
	(0.04	)	$	8.53		(0.76	)%		3.87	%		1.20	%		(30.63	)%		191	%	$	59
	0.00		$	18.42		(0.72	)%		0.97	%		0.90	%		27.12	%		33	%	$	706,318
	0.00		$	14.49		(0.57	)%		0.97	%		0.90	%		20.52	%		65	%	$	578,841
	0.00		$	12.70		(0.67	)%		0.98	%		0.90	%		(4.73	)%		75	%	$	526,865
	0.00		$	13.33		(0.82	)%		1.98	%		0.95	%		38.57	%		59	%	$	8,170
	0.00		$	9.62		(0.67	)%		4.32	%		0.95	%		20.40	%		97	%	$	10
	0.00		$	8.00		(0.58	)%		6.74	%		0.95	%		(6.33	)%		147	%	$	8
	0.00		$	8.53		(0.56	)%		3.64	%		0.95	%		(9.54	)%		191	%	$	9
	0.00		$	17.80		(1.25	)%		1.46	%		1.43	%		26.78	%		33	%	$	47,629
	0.00		$	14.04		(1.10	)%		1.46	%		1.43	%		19.89	%		65	%	$	37,812
	0.00		$	12.39		(1.21	)%		1.52	%		1.45	%		(5.20	)%		75	%	$	36,715
	0.00		$	13.07		(1.35	)%		3.20	%		1.49	%		38.01	%		59	%	$	15,626
	0.00		$	9.47		(1.22	)%		4.85	%		1.50	%		19.72	%		97	%	$	3,705
	0.00		$	7.91		(1.11	)%		7.23	%		1.49	%		(6.83	)%		147	%	$	2,862
	(0.04	)	$	8.49		(1.05	)%		3.92	%		1.49	%		(30.84	)%		191	%	$	3,665
	0.00		$	60.26		1.55	%		0.67	%		0.56	%		11.59	%		3	%	$	439,475
	0.00		$	54.00		1.72	%		0.67	%		0.56	%		26.63	%		4	%	$	407,533
	0.00		$	44.25		1.63	%		0.68	%		0.56	%		(0.95	)%		9	%	$	347,412
	0.00		$	47.17		1.53	%		0.67	%		0.56	%		23.66	%		3	%	$	388,113
	0.00		$	40.42		1.49	%		1.00	%		0.60	%		13.29	%		7	%	$	358,953
	0.00		$	41.72		2.22	%		1.05	%		0.52	%		(20.30	)%		6	%	$	172,687
	0.00		$	56.53		1.64	%		0.90	%		0.50	%		(11.60	)%		7	%	$	262,336
	0.00		$	60.67		0.79	%		1.42	%		1.31	%		11.18	%		3	%	$	4,459
	0.00		$	54.57		0.95	%		1.42	%		1.31	%		25.66	%		4	%	$	5,453
	0.00		$	44.53		0.85	%		1.43	%		1.31	%		(1.68	)%		9	%	$	8,869
	0.00		$	47.23		0.78	%		1.42	%		1.31	%		22.90	%		3	%	$	19,894
	0.00		$	40.32		0.69	%		1.76	%		1.35	%		12.44	%		7	%	$	26,295
	0.00		$	41.63		1.51	%		1.79	%		1.26	%		(20.91	)%		6	%	$	28,008
	0.00		$	56.42		0.89	%		1.66	%		1.26	%		(12.26	)%		7	%	$	68,025
	0.00		$	60.29		0.80	%		1.42	%		1.31	%		11.20	%		3	%	$	77,252
	0.00		$	54.22		0.97	%		1.42	%		1.31	%		25.67	%		4	%	$	70,322
	0.00		$	44.41		0.87	%		1.43	%		1.31	%		(1.67	)%		9	%	$	65,245
	0.00		$	47.27		0.78	%		1.42	%		1.31	%		22.89	%		3	%	$	80,981
	0.00		$	40.32		0.68	%		1.76	%		1.35	%		12.44	%		7	%	$	81,848
	0.00		$	41.62		1.48	%		1.80	%		1.27	%		(20.91	)%		6	%	$	89,159
	0.00		$	56.36		0.89	%		1.65	%		1.25	%		(12.25	)%		7	%	$	137,044

Please see footnotes on page 50.

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

46 Wells Fargo Advantage Equity Gateway Funds Financial highlights

	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains
Index Fund (continued)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	54.34		0.54			5.86			0.00			0.00
June 1, 2012 to May 31, 2013	$	44.52		1.02			10.71			(0.97	)		(0.94	)
June 1, 2011 to May 31, 2012	$	47.45		0.83			(1.32	)		(0.79	)		(1.65	)
August 1, 2010 to May 31, 20119	$	40.56		0.67			8.82			(0.72	)		(1.88	)
August 1, 2009 to July 31, 201010	$	41.88		0.87	5		4.76			(0.75	)		(6.20	)
August 1, 2008 to July 31, 200910	$	56.88		1.02	5		(12.90	)		(1.11	)		(2.01	)
August 1, 2007 to July 31, 200810	$	65.42		1.20	5		(8.54	)		(1.20	)		0.00
Investor Class
June 1, 2013 to November 30, 2013 (unaudited)	$	54.16		0.45			5.86			0.00			0.00
June 1, 2012 to May 31, 2013	$	44.38		0.90			10.70			(0.88	)		(0.94	)
June 1, 2011 to May 31, 2012	$	47.30		0.77			(1.33	)		(0.71	)		(1.65	)
August 1, 2010 to May 31, 20119	$	40.48		0.60			8.80			(0.70	)		(1.88	)
July 16, 20108,11 to July 31, 2010	$	39.19		0.03			1.26			0.00			0.00
International Value Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	13.40		0.08			1.58			0.00			0.00
June 1, 2012 to May 31, 2013	$	10.64		0.31			2.71			(0.26	)		0.00
June 1, 2011 to May 31, 2012	$	14.03		0.34			(3.36	)		(0.37	)		0.00
October 1, 2010 to May 31, 20114	$	12.58		0.22	5		1.46			(0.23	)		0.00
October 1, 2009 to September 30, 2010	$	12.67		0.23	5		(0.17	)		(0.15	)		0.00
October 1, 2008 to September 30, 2009	$	12.66		0.23	5		0.22			(0.44	)		0.00
October 1, 2007 to September 30, 2008	$	20.21		0.51	5		(7.24	)		(0.36	)		(0.46	)
Class B
June 1, 2013 to November 30, 2013 (unaudited)	$	13.43		0.02	5		1.58			0.00			0.00
June 1, 2012 to May 31, 2013	$	10.60		0.17	5		2.76			(0.10	)		0.00
June 1, 2011 to May 31, 2012	$	13.94		0.21	5		(3.29	)		(0.26	)		0.00
October 1, 2010 to May 31, 20114	$	12.42		0.11	5		1.49			(0.08	)		0.00
October 1, 2009 to September 30, 2010	$	12.57		0.12	5		(0.14	)		(0.13	)		0.00
October 1, 2008 to September 30, 2009	$	12.42		0.14	5		0.25			(0.24	)		0.00
October 1, 2007 to September 30, 2008	$	19.82		0.38	5		(7.11	)		(0.21	)		(0.46	)
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	13.18		0.02	5		1.55			0.00			0.00
June 1, 2012 to May 31, 2013	$	10.47		0.19			2.70			(0.18	)		0.00
June 1, 2011 to May 31, 2012	$	13.79		0.23	5		(3.28	)		(0.27	)		0.00
October 1, 2010 to May 31, 20114	$	12.33		0.15	5		1.44			(0.13	)		0.00
October 1, 2009 to September 30, 2010	$	12.51		0.15			(0.18	)		(0.15	)		0.00
October 1, 2008 to September 30, 2009	$	12.44		0.15	5		0.23			(0.31	)		0.00
October 1, 2007 to September 30, 2008	$	19.90		0.38	5		(7.13	)		(0.25	)		(0.46	)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	13.31		0.09			1.58			0.00			0.00
June 1, 2012 to May 31, 2013	$	10.57		0.33	5		2.70			(0.29	)		0.00
June 1, 2011 to May 31, 2012	$	13.95		0.35			(3.33	)		(0.40	)		0.00
October 1, 2010 to May 31, 20114	$	12.52		0.24	5		1.46			(0.27	)		0.00
October 1, 2009 to September 30, 2010	$	12.68		0.25			(0.15	)		(0.26	)		0.00
October 1, 2008 to September 30, 2009	$	12.69		0.25	5		0.20			(0.46	)		0.00
October 1, 2007 to September 30, 2008	$	20.23		0.58	5		(7.27	)		(0.39	)		(0.46	)

Please see footnotes on page 50.

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

Financial highlights Wells Fargo Advantage Equity Gateway Funds 47

Ending net asset value per share		Ratio to average net assets (annualized)										Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
		Net investment income1			Gross expenses1			Net expenses1
$	60.74		1.86	%		0.36	%		0.25	%			11.78	%		3	%	$	2,003,000
$	54.34		2.03	%		0.36	%		0.25	%			27.02	%		4	%	$	1,832,524
$	44.52		1.94	%		0.37	%		0.25	%			(0.63	)%		9	%	$	1,682,905
$	47.45		1.84	%		0.37	%		0.25	%			23.98	%		3	%	$	1,709,455
$	40.56		1.94	%		0.63	%		0.31	%			13.55	%		7	%	$	1,404,098
$	41.88		2.49	%		0.80	%		0.27	%			(20.09	)%		6	%	$	115,745
$	56.88		1.89	%		0.65	%		0.25	%			(11.37	)%		7	%	$	212,661
$	60.47		1.66	%		0.73	%		0.45	%			11.65	%		3	%	$	172,792
$	54.16		1.83	%		0.73	%		0.45	%			26.77	%		4	%	$	149,637
$	44.38		1.74	%		0.75	%		0.45	%			(0.82	)%		9	%	$	118,982
$	47.30		1.64	%		0.74	%		0.45	%			23.78	%		3	%	$	131,141
$	40.48		2.13	%		0.79	%		0.45	%			3.29	%		7	%	$	111,126
$	15.06		1.04	%		1.51	%		1.50	%			12.39	%		6	%	$	6,521
$	13.40		2.35	%		1.51	%		1.50	%			28.58	%		16	%	$	5,922
$	10.64		2.81	%		1.46	%		1.46	%			(21.53	)%		9	%	$	4,742
$	14.03		2.41	%		1.55	%		1.47	%			13.55	%		16	%	$	6,213
$	12.58		1.92	%		1.69	%		1.46	%			0.52	%		27	%	$	6,792
$	12.67		2.28	%		1.68	%		1.50	%			4.82	%		41	%	$	8,769
$	12.66		3.04	%		1.74	%		1.50	%			(34.48	)%		23	%	$	16,903
$	15.03		0.30	%		2.26	%		2.25	%			11.91	%		6	%	$	66
$	13.43		1.34	%		2.26	%		2.25	%			27.69	%		16	%	$	70
$	10.60		1.79	%		2.21	%		2.21	%			(22.15	)%		9	%	$	110
$	13.94		1.28	%		2.32	%		2.22	%			12.97	%		16	%	$	194
$	12.42		0.99	%		2.44	%		2.21	%			(0.16	)%		27	%	$	339
$	12.57		1.39	%		2.44	%		2.25	%			3.82	%		41	%	$	581
$	12.42		2.24	%		2.49	%		2.25	%			(34.97	)%		23	%	$	951
$	14.75		0.29	%		2.26	%		2.25	%			11.91	%		6	%	$	827
$	13.18		1.67	%		2.26	%		2.25	%			27.67	%		16	%	$	595
$	10.47		1.96	%		2.21	%		2.21	%	��		(22.14	)%		9	%	$	441
$	13.79		1.75	%		2.30	%		2.22	%			13.00	%		16	%	$	665
$	12.33		1.11	%		2.45	%		2.21	%			(0.21	)%		27	%	$	665
$	12.51		1.56	%		2.43	%		2.25	%			3.90	%		41	%	$	791
$	12.44		2.29	%		2.46	%		2.25	%			(34.99	)%		23	%	$	799
$	14.98		1.28	%		1.34	%		1.25	%			12.55	%		6	%	$	423,137
$	13.31		2.67	%		1.34	%		1.25	%			28.90	%		16	%	$	372,187
$	10.57		3.04	%		1.29	%		1.25	%			(21.37	)%		9	%	$	259,969
$	13.95		2.84	%		1.38	%		1.25	%			13.73	%		16	%	$	313,423
$	12.52		2.26	%		1.53	%		1.21	%			0.80	%		27	%	$	259,768
$	12.68		2.50	%		1.50	%		1.25	%			4.89	%		41	%	$	231,537
$	12.69		3.50	%		1.56	%		1.25	%			(34.30	)%		23	%	$	206,603

Please see footnotes on page 50.

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

48 Wells Fargo Advantage Equity Gateway Funds Financial highlights

	Beginning net asset value per share		Net investment income (loss)1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains
International Value Fund (continued)
Institutional Class
June 1, 2013 to November 30, 2013 (unaudited)	$	13.34		0.10			1.58			0.00			0.00
June 1, 2012 to May 31, 2013	$	10.58		0.35			2.73			(0.32	)		0.00
June 1, 2011 to May 31, 2012	$	13.98		0.36			(3.33	)		(0.43	)		0.00
October 1, 2010 to May 31, 20114	$	12.58		0.28			1.44			(0.32	)		0.00
October 1, 2009 to September 30, 2010	$	12.71		0.32			(0.20	)		(0.25	)		0.00
October 1, 2008 to September 30, 2009	$	12.72		0.28	5		0.20			(0.49	)		0.00
October 1, 2007 to September 30, 2008	$	20.28		0.62	5		(7.31	)		(0.41	)		(0.46	)
Small Company Growth Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	34.23		(0.19	)5		7.09			0.00			0.00
June 1, 2012 to May 31, 2013	$	26.21		(0.15	)		8.17			0.00			0.00
June 1, 2011 to May 31, 2012	$	29.53		(0.18	)5		(3.14	)		0.00			0.00
October 1, 2010 to May 31, 20114	$	21.23		(0.15	)		8.45			0.00			0.00
October 1, 2009 to September 30, 2010	$	18.56		(0.21	)5		2.88			0.00			0.00
October 1, 2008 to September 30, 2009	$	18.38		(0.17	)5		0.35			0.00			0.00
October 1, 2007 to September 30, 2008	$	30.20		(0.24	)5		(7.24	)		0.00			(4.17	)
Class B
June 1, 2013 to November 30, 2013 (unaudited)	$	31.55		(0.30	)5		6.53			0.00			0.00
June 1, 2012 to May 31, 2013	$	24.35		(0.36	)5		7.56			0.00			0.00
June 1, 2011 to May 31, 2012	$	27.63		(0.37	)5		(2.91	)		0.00			0.00
October 1, 2010 to May 31, 20114	$	19.97		(0.29	)5		7.95			0.00			0.00
October 1, 2009 to September 30, 2010	$	17.58		(0.34	)5		2.73			0.00			0.00
October 1, 2008 to September 30, 2009	$	17.55		(0.25	)5		0.28			0.00			0.00
October 1, 2007 to September 30, 2008	$	29.24		(0.40	)5		(6.95	)		0.00			(4.17	)
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	31.91		(0.30	)5		6.60			0.00			0.00
June 1, 2012 to May 31, 2013	$	24.62		(0.37	)5		7.66			0.00			0.00
June 1, 2011 to May 31, 2012	$	27.95		(0.36	)5		(2.97	)		0.00			0.00
October 1, 2010 to May 31, 20114	$	20.19		(0.30	)5		8.06			0.00			0.00
October 1, 2009 to September 30, 2010	$	17.77		(0.34	)5		2.76			0.00			0.00
October 1, 2008 to September 30, 2009	$	17.73		(0.26	)5		0.30			0.00			0.00
October 1, 2007 to September 30, 2008	$	29.49		(0.39	)5		(7.03	)		0.00			(4.17	)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	35.13		(0.14	)5		7.27			0.00			0.00
June 1, 2012 to May 31, 2013	$	26.90		(0.09	)5		8.38			(0.06	)		0.00
June 1, 2011 to May 31, 2012	$	30.22		(0.13	)5		(3.19	)		0.00			0.00
October 1, 2010 to May 31, 20114	$	21.70		(0.14	)5		8.66			0.00			0.00
October 1, 2009 to September 30, 2010	$	18.90		(0.16	)5		2.96			0.00			0.00
October 1, 2008 to September 30, 2009	$	18.68		(0.12	)5		0.34			0.00			0.00
October 1, 2007 to September 30, 2008	$	30.54		(0.19	)5		(7.33	)		0.00			(4.17	)
Institutional Class
June 1, 2013 to November 30, 2013 (unaudited)	$	35.46		(0.09	)5		7.34			0.00			0.00
June 1, 2012 to May 31, 2013	$	27.15		(0.06	)5		8.51			(0.14	)		0.00
June 1, 2011 to May 31, 2012	$	30.44		(0.07	)5		(3.22	)		0.00			0.00
October 1, 2010 to May 31, 20114	$	21.81		(0.12	)5		8.75			0.00			0.00
October 1, 2009 to September 30, 2010	$	18.94		(0.05	)5		2.92			0.00			0.00
October 1, 2008 to September 30, 2009	$	18.70		(0.08	)5		0.32			0.00			0.00
March 31, 20088 to September 30, 2008	$	20.18		(0.05	)5		(1.43	)		0.00			0.00

Please see footnotes on page 50.

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

Financial highlights Wells Fargo Advantage Equity Gateway Funds 49

Distributions from tax basis return of capital			Ending net asset value per share		Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
					Net investment income (loss)1			Gross expenses1			Net expenses1
	0.00		$	15.02		1.48	%		1.08	%		1.05	%		12.68	%		6	%	$	2,320
	0.00		$	13.34		2.81	%		1.08	%		1.05	%		29.20	%		16	%	$	1,941
	0.00		$	10.58		3.20	%		1.03	%		1.03	%		(21.26	)%		9	%	$	1,505
	0.00		$	13.98		3.04	%		1.11	%		1.03	%		13.92	%		16	%	$	1,797
	0.00		$	12.58		2.51	%		1.08	%		1.01	%		1.01	%		27	%	$	1,518
	0.00		$	12.71		2.79	%		1.23	%		1.05	%		5.15	%		41	%	$	1,766
	0.00		$	12.72		3.83	%		1.29	%		1.05	%		(34.22	)%		23	%	$	786
	0.00		$	41.13		(0.98	)%		1.46	%		1.43	%		20.16	%		51	%	$	22,612
	0.00		$	34.23		(0.58	)%		1.53	%		1.45	%		30.55	%		109	%	$	9,357
	0.00		$	26.21		(0.70	)%		1.46	%		1.44	%		(11.18	)%		107	%	$	6,450
	0.00		$	29.53		(1.04	)%		1.45	%		1.44	%		39.11	%		70	%	$	7,201
	0.00		$	21.23		(1.05	)%		1.50	%		1.45	%		14.39	%		129	%	$	4,042
	0.00		$	18.56		(1.13	)%		1.54	%		1.44	%		0.92	%		169	%	$	2,408
	(0.17	)	$	18.38		(1.09	)%		1.53	%		1.45	%		(27.91	)%		150	%	$	2,109
	0.00		$	37.78		(1.72	)%		2.21	%		2.18	%		19.75	%		51	%	$	204
	0.00		$	31.55		(1.33	)%		2.28	%		2.20	%		29.57	%		109	%	$	164
	0.00		$	24.35		(1.48	)%		2.21	%		2.19	%		(11.87	)%		107	%	$	193
	0.00		$	27.63		(1.78	)%		2.19	%		2.19	%		38.43	%		70	%	$	380
	0.00		$	19.97		(1.83	)%		2.24	%		2.20	%		13.54	%		129	%	$	251
	0.00		$	17.58		(1.85	)%		2.29	%		2.19	%		0.17	%		169	%	$	312
	(0.17	)	$	17.55		(1.85	)%		2.28	%		2.20	%		(28.45	)%		150	%	$	344
	0.00		$	38.21		(1.73	)%		2.21	%		2.18	%		19.74	%		51	%	$	4,843
	0.00		$	31.91		(1.31	)%		2.28	%		2.20	%		29.56	%		109	%	$	2,406
	0.00		$	24.62		(1.45	)%		2.22	%		2.19	%		(11.85	)%		107	%	$	1,628
	0.00		$	27.95		(1.80	)%		2.20	%		2.19	%		38.39	%		70	%	$	1,736
	0.00		$	20.19		(1.81	)%		2.24	%		2.20	%		13.62	%		129	%	$	820
	0.00		$	17.77		(1.87	)%		2.29	%		2.19	%		0.23	%		169	%	$	605
	(0.17	)	$	17.73		(1.85	)%		2.23	%		2.20	%		(28.44	)%		150	%	$	231
	0.00		$	42.26		(0.73	)%		1.30	%		1.20	%		20.30	%		51	%	$	100,871
	0.00		$	35.13		(0.30	)%		1.37	%		1.20	%		30.89	%		109	%	$	98,445
	0.00		$	26.90		(0.48	)%		1.30	%		1.20	%		(10.99	)%		107	%	$	97,776
	0.00		$	30.22		(0.78	)%		1.28	%		1.20	%		39.33	%		70	%	$	177,938
	0.00		$	21.70		(0.82	)%		1.32	%		1.20	%		14.76	%		129	%	$	237,761
	0.00		$	18.90		(0.85	)%		1.35	%		1.19	%		1.18	%		169	%	$	229,380
	(0.17	)	$	18.68		(0.84	)%		1.34	%		1.20	%		(27.70	)%		150	%	$	242,802
	0.00		$	42.71		(0.49	)%		1.03	%		0.95	%		20.45	%		51	%	$	99,161
	0.00		$	35.46		(0.19	)%		1.10	%		0.95	%		31.25	%		109	%	$	71,336
	0.00		$	27.15		(0.27	)%		1.03	%		0.95	%		(10.78	)%		107	%	$	9,692
	0.00		$	30.44		(0.61	)%		1.01	%		0.95	%		39.59	%		70	%	$	91,704
	0.00		$	21.81		(0.25	)%		1.05	%		0.95	%		14.98	%		129	%	$	1,175
	0.00		$	18.94		(0.57	)%		1.09	%		0.95	%		1.39	%		169	%	$	9
	0.00		$	18.70		(0.59	)%		1.08	%		0.95	%		(7.33	)%		150	%	$	54,827

Please see footnotes on page 50.

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

50 Wells Fargo Advantage Equity Gateway Funds Financial highlights

	Beginning net asset value per share		Net investment income (loss)1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income			Distributions from net realized gains
Small Company Value Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	17.10		0.06			2.55			0.00			0.00
June 1, 2012 to May 31, 2013	$	13.17		(0.00	)6		3.93			0.00			0.00
June 1, 2011 to May 31, 2012	$	14.36		0.03			(1.11	)		(0.11	)		0.00
October 1, 2010 to May 31, 20114	$	11.38		0.11			2.87			0.00			0.00
October 1, 2009 to September 30, 2010	$	9.84		(0.02	)		1.56			0.00			0.00
October 1, 2008 to September 30, 2009	$	10.55		0.04	5		(0.71	)		(0.04	)		0.00
October 1, 2007 to September 30, 2008	$	15.35		0.05	5		(3.36	)		0.00			(1.49	)
Class B
June 1, 2013 to November 30, 2013 (unaudited)	$	15.74		(0.03	)5		2.36			0.00			0.00
June 1, 2012 to May 31, 2013	$	12.21		(0.10	)5		3.63			0.00			0.00
June 1, 2011 to May 31, 2012	$	13.30		(0.08	)5		(1.01	)		0.00			0.00
October 1, 2010 to May 31, 20114	$	10.59		0.04	5		2.67			0.00			0.00
October 1, 2009 to September 30, 2010	$	9.20		(0.10	)5		1.49			0.00			0.00
October 1, 2008 to September 30, 2009	$	9.89		(0.01	)5		(0.68	)		0.00			0.00
October 1, 2007 to September 30, 2008	$	14.59		(0.04	)5		(3.17	)		0.00			(1.49	)
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	15.68		(0.01	)5		2.33			0.00			0.00
June 1, 2012 to May 31, 2013	$	12.16		(0.10	)5		3.62			0.00			0.00
June 1, 2011 to May 31, 2012	$	13.30		(0.08	)5		(1.02	)		(0.04	)		0.00
October 1, 2010 to May 31, 20114	$	10.59		0.02	5		2.69			0.00			0.00
October 1, 2009 to September 30, 2010	$	9.20		(0.09	)5		1.48			0.00			0.00
October 1, 2008 to September 30, 2009	$	9.89		(0.02	)5		(0.67	)		0.00			0.00
October 1, 2007 to September 30, 2008	$	14.59		(0.04	)5		(3.17	)		0.00			(1.49	)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	17.42		0.08			2.59			0.00			0.00
June 1, 2012 to May 31, 2013	$	13.39		0.03	5		4.01			(0.01	)		0.00
June 1, 2011 to May 31, 2012	$	14.60		0.06			(1.13	)		(0.14	)		0.00
October 1, 2010 to May 31, 20114	$	11.55		0.12	5		2.93			0.00			0.00
October 1, 2009 to September 30, 2010	$	9.94		(0.02	)		1.63			0.00			0.00
October 1, 2008 to September 30, 2009	$	10.69		0.06	5		(0.74	)		(0.07	)		0.00
October 1, 2007 to September 30, 2008	$	15.54		0.08	5		(3.39	)		(0.05	)		(1.49	)
Institutional Class
June 1, 2013 to November 30, 2013 (unaudited)	$	17.45		0.11			2.59			0.00			0.00
June 1, 2012 to May 31, 2013	$	13.41		0.06	5		4.03			(0.05	)		0.00
June 1, 2011 to May 31, 2012	$	14.63		0.11			(1.17	)		(0.16	)		0.00
October 1, 2010 to May 31, 20114	$	11.55		0.13	5		2.95			0.00			0.00
July 30, 20108 to September 30, 2010	$	11.26		0.02			0.27			0.00			0.00

1. Includes net expenses allocated from the affiliated Master Portfolio(s) in which the Fund invests.

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective Master Portfolio by the corresponding Master Portfolio’s portfolio turnover rate.

4. For the eight months ended May 31, 2011. The Fund changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

5. Calculated based upon average shares outstanding

6. Amount is less than $0.005.

7. On June 20, 2008, Class D was renamed Investor Class.

8. Commencement of class operations

9. For the ten months ended May 31, 2011. The Fund changed its fiscal year end from July 31 to May 31, effective May 31, 2011.

10. At the close of business on July 16, 2010, the Fund acquired the net assets of Evergreen Equity Index Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to July 19, 2010 is that of Evergreen Equity Index Fund. The per share information has been adjusted to give effect to this transaction.

11. Investor Class of Evergreen Equity Index Fund, the accounting and performance survivor, did not exist prior to the reorganization. As a result, accounting and performance information for Investor Class commenced operation on July 16, 2010.

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

Financial highlights Wells Fargo Advantage Equity Gateway Funds 51

Ending net asset value per share		Ratio to average net assets (annualized)									Total return2			Portfolio turnover rate3			Net assets at end of period (000s omitted)
		Net investment income (loss)1			Gross expenses1			Net expenses1
$	19.71		0.69	%		1.57	%		1.43	%		15.26	%		25	%	$	26,999
$	17.10		(0.02	)%		1.57	%		1.45	%		29.84	%		57	%	$	21,652
$	13.17		0.08	%		1.50	%		1.45	%		(7.44	)%		60	%	$	18,605
$	14.36		1.07	%		1.49	%		1.42	%		26.19	%		47	%	$	26,222
$	11.38		(0.21	)%		1.65	%		1.45	%		15.53	%		60	%	$	22,492
$	9.84		0.55	%		1.55	%		1.45	%		(6.14	)%		99	%	$	20,202
$	10.55		0.42	%		1.52	%		1.45	%		(22.58	)%		82	%	$	34,964
$	18.07		(0.31	)%		2.32	%		2.19	%		14.80	%		25	%	$	124
$	15.74		(0.75	)%		2.31	%		2.20	%		28.91	%		57	%	$	197
$	12.21		(0.67	)%		2.25	%		2.20	%		(8.20	)%		60	%	$	500
$	13.30		0.45	%		2.25	%		2.17	%		25.59	%		47	%	$	1,340
$	10.59		(0.99	)%		2.40	%		2.20	%		14.98	%		60	%	$	2,079
$	9.20		(0.20	)%		2.30	%		2.20	%		(6.88	)%		99	%	$	2,792
$	9.89		(0.33	)%		2.31	%		2.20	%		(23.16	)%		82	%	$	5,086
$	18.00		(0.07	)%		2.32	%		2.18	%		14.80	%		25	%	$	2,149
$	15.68		(0.76	)%		2.32	%		2.20	%		28.95	%		57	%	$	1,814
$	12.16		(0.68	)%		2.25	%		2.20	%		(8.20	)%		60	%	$	1,557
$	13.30		0.29	%		2.24	%		2.17	%		25.59	%		47	%	$	2,150
$	10.59		(0.94	)%		2.40	%		2.20	%		14.98	%		60	%	$	1,763
$	9.20		(0.26	)%		2.30	%		2.20	%		(6.88	)%		99	%	$	1,437
$	9.89		(0.33	)%		2.30	%		2.20	%		(23.15	)%		82	%	$	1,728
$	20.09		0.91	%		1.41	%		1.20	%		15.33	%		25	%	$	70,157
$	17.42		0.23	%		1.40	%		1.20	%		30.21	%		57	%	$	60,550
$	13.39		0.32	%		1.33	%		1.20	%		(7.24	)%		60	%	$	60,333
$	14.60		1.34	%		1.33	%		1.20	%		26.41	%		47	%	$	70,022
$	11.55		(0.05	)%		1.47	%		1.20	%		16.20	%		60	%	$	60,081
$	9.94		0.85	%		1.37	%		1.20	%		(6.06	)%		99	%	$	124,072
$	10.69		0.71	%		1.38	%		1.20	%		(22.33	)%		82	%	$	252,275
$	20.15		1.17	%		1.14	%		1.00	%		15.47	%		25	%	$	10,755
$	17.45		0.40	%		1.14	%		1.00	%		30.54	%		57	%	$	8,185
$	13.41		0.59	%		1.05	%		1.00	%		(7.14	)%		60	%	$	62
$	14.63		1.42	%		1.02	%		0.96	%		26.67	%		47	%	$	16
$	11.55		1.02	%		1.15	%		1.00	%		2.58	%		60	%	$	10

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

52 Wells Fargo Advantage Equity Gateway Funds Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: the Wells Fargo Advantage C&B Large Cap Value Fund (“C&B Large Cap Value Fund”), the Wells Fargo Advantage Diversified Equity Fund (“Diversified Equity Fund”), the Wells Fargo Advantage Emerging Growth Fund (“Emerging Growth Fund”), the Wells Fargo Advantage Index Fund (“Index Fund”), the Wells Fargo Advantage International Value Fund (“International Value Fund”), the Wells Fargo Advantage Small Company Growth Fund (“Small Company Growth Fund”), and the Wells Fargo Advantage Small Company Value Fund (“Small Company Value Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

The Funds each seek to achieve its investment objective by investing all investable assets in one or more separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the six months ended November 30, 2013, are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2013, the Funds own the following percentages of the affiliated Master Portfolios:

	C&B Large Cap Value Fund	Diversified Equity Fund	Emerging Growth Fund	Index Fund	International Value Fund	Small Company Growth Fund	Small Company Value Fund
Wells Fargo Advantage C&B Large Cap Value Portfolio	86%	9%	N/A	N/A	N/A	N/A	N/A
Wells Fargo Advantage Diversified Large Cap Growth Portfolio	N/A	61%	N/A	N/A	N/A	N/A	N/A
Wells Fargo Advantage Emerging Growth Portfolio	N/A	1%	93%	N/A	N/A	N/A	N/A
Wells Fargo Advantage Index Portfolio	N/A	3%	N/A	95%	N/A	N/A	N/A
Wells Fargo Advantage International Growth Portfolio	N/A	18%	N/A	N/A	N/A	N/A	N/A
Wells Fargo Advantage International Value Portfolio	N/A	6%	N/A	N/A	91%	N/A	N/A
Wells Fargo Advantage Large Company Value Portfolio	N/A	61%	N/A	N/A	N/A	N/A	N/A
Wells Fargo Advantage Small Company Growth Portfolio	N/A	4%	N/A	N/A	N/A	94%	N/A
Wells Fargo Advantage Small Company Value Portfolio	N/A	9%	N/A	N/A	N/A	N/A	53%

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each 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).

Investments in the affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily. Securities held in the affiliated Master Portfolios are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolios, which are included elsewhere in this report.

Notes to financial statements (unaudited) Wells Fargo Advantage Equity Gateway Funds 53

Security transactions and income recognition

Securities transactions are recorded on a trade date basis in each affiliated Master Portfolio. Realized gains or losses in each affiliated Master Portfolio 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 by each affiliated Master Portfolio. 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 in each affiliated Master Portfolio is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the affiliated Master Portfolio is informed of the ex-dividend date. Dividend income from foreign securities in each affiliated Master Portfolio is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Each Fund records daily its proportionate share of each affiliated Master Portfolio’s interest and dividend income and realized and unrealized gains or losses.

Distributions to shareholders

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

Federal and other taxes

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

Each 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 each 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.

At May 31, 2013, net capital loss carryforwards available to offset future net realized capital gains were as follows through the indicated expiration dates:

									No expiration
	2016		2017		2018		2019		Long-term
C&B Large Cap Value Fund	$	0	$	4,858,463	$	52,060,627	$	16,296,879	$	0
International Value Fund		0		6,753,262		39,532,291		4,561,591		3,424,543
Small Company Growth Fund		820,227		273,409		0		0		0
Small Company Value Fund		0		19,365,293		80,412,918		0		0

At May 31, 2013, deferred post-October capital losses and late-year ordinary losses, which were recognized on the first day of the current fiscal year, were as follows:

	Deferred post-October capital loss		Late-year ordinary loss
Emerging Growth Fund	$	0	$	3,234,223
International Value Fund		1,203,684		0
Small Company Growth Fund		0		383,228
Small Company Value Fund		0		34,585

54 Wells Fargo Advantage Equity Gateway Funds Notes to financial statements (unaudited)

Class allocations

The separate classes of shares offered by each Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of a Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing, and administration fees.

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

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

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

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

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

At November 30, 2013, each Fund’s investments in an affiliated Master Portfolio carried at fair value were designated as Level 2 inputs. Further details on the investments of the affiliated Master Portfolios can be found in the Portfolio of Investments or Summary Portfolio of Investments of each affiliated Master Portfolio which is contained elsewhere in this report.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended November 30, 2013, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fees

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“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 Funds.

For each Fund that invests all of its assets in a single affiliated Master Portfolio, Funds Management does not currently receive an advisory fee. For Diversified Equity Fund which invests in multiple affiliated Master Portfolios, Funds Management is entitled to receive an annual advisory fee for providing such advisory services, including the determination of the asset allocations of its investments in the various affiliated Master Portfolios. Funds Management receives an annual advisory fee starting at 0.25% and declining to 0.19% as the average daily net assets of Diversified Equity Fund increase. For the six months ended November 30, 2013, the advisory fee for Diversified Equity Fund was equivalent to an annual rate of 0.25% of its average daily net assets.

Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from each Fund an annual

Notes to financial statements (unaudited) Wells Fargo Advantage Equity Gateway Funds 55

fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of each Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class B, Class C	0.26%
Administrator Class	0.10
Institutional Class	0.08
Investor Class	0.32

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Funds. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:

	Class A	Class B	Class C	Administrator Class			Institutional Class			Investor Class
C&B Large Cap Value Fund	1.15%	1.90%	1.90%		0.95	%		0.70	%		1.20	%
Diversified Equity Fund	1.25	2.00	2.00		1..00			N/A			N/A
Emerging Growth Fund	1.37	N/A	2.12		1.20			0.90			1.43
Index Fund	0.56	1.31	1.31		0.25			N/A			0.45
International Value Fund	1.50	2.25	2.25		1.25			1.05			N/A
Small Company Growth Fund	1.40	2.15	2.15		1.20			0.95			N/A
Small Company Value Fund	1.40	2.15	2.15		1.20			1.00			N/A

Prior to the following dates, the expense caps for the following Funds and classes were as follows:

	Prior to		Class A			Class B			Class C
Small Company Growth Fund		October 1, 2013		1.45	%		2.20	%		2.20	%
Small Company Value Fund		October 1, 2013		1.45	%		2.20	%		2.20	%

Distribution fees

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

For the six months ended November 30, 2013, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.

	Front-end sales charges		Contingent deferred sales charges
	Class A		Class C
C&B Large Cap Value Fund	$	1,636	$	0
Diversified Equity Fund		2,310		17
Emerging Growth Fund		449		0
Index Fund		3,340		121
International Value Fund		382		0
Small Company Growth Fund		11,924		10
Small Company Value Fund		2,318		0

56 Wells Fargo Advantage Equity Gateway Funds Notes to financial statements (unaudited)

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. Government obligations (if any) and short-term securities, for the six months ended November 30, 2013 were as follows:

	Purchases at cost*		Sales proceeds*
C&B Large Cap Value Fund	$	31,349,037	$	68,422,836
Diversified Equity Fund		71,449,424		95,637,790
Emerging Growth Fund		342,847,504		422,035,908
Index Fund		63,754,055		70,394,784
International Value Fund		29,391,309		22,871,344
Small Company Growth Fund		100,990,513		98,061,646
Small Company Value Fund		26,735,838		40,505,930

* The Funds seek to achieve their investment objective by investing all of their investable assets in one or more affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying each Fund’s ownership percentage of the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.

6. ACQUISITIONS

After the close of business on March 1, 2013, Small Company Growth Fund acquired the net assets of Wells Fargo Advantage Diversified Small Cap Fund. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. Shareholders holding Administrator Class shares of Wells Fargo Advantage Diversified Small Cap Fund received Institutional Class shares of Small Company Growth Fund in the reorganization. The acquisition was accomplished by a tax-free exchange of all of the shares of Wells Fargo Advantage Diversified Small Cap Fund for 301,128 Institutional Class shares of Small Company Growth Fund valued at $9,870,350 at an exchange ratio of 0.46. The investment portfolio of Wells Fargo Advantage Diversified Small Cap Fund with a fair value of $9,643,858, identified cost of $9,890,123 and unrealized losses of $246,265 at March 1, 2013 were the principal assets acquired by Small Company Growth Fund. The aggregate net assets of Wells Fargo Advantage Diversified Small Cap Fund and Small Company Growth Fund immediately prior to the acquisition were $9,870,350 and $152,550,197, respectively. The aggregate net assets of Small Company Growth Fund immediately after the acquisition were $162,420,547. For financial reporting purposes, assets received and shares issued by Small Company Growth Fund were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Diversified Small Cap Fund was carried forward to align ongoing reporting of Small Company Growth Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed June 1, 2012, the beginning of the annual reporting period for Small Company Growth Fund, the pro forma results of operations for the year ended May 31, 2013 would have been:

Net investment loss	$	(381,440	)
Net realized and unrealized gains (losses) on investments	$	41,583,507
Net increase in net assets resulting from operations	$	41,202,067

7. BANK BORROWINGS

The Trust (excluding Diversified Equity Fund, the money market funds, and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company. Diversified Equity Fund and certain other funds in the Trust are parties to a $25,000,000 revolving credit agreement with Bank of New York Mellon. Under each agreement, the Funds are permitted to use bank borrowings for temporary or

Notes to financial statements (unaudited) Wells Fargo Advantage Equity Gateway Funds 57

emergency purposes, such as to fund shareholder redemption requests. Interest under each credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, the applicable Funds pay an annual commitment fee equal to 0.10% under the credit agreement with State Street Bank and Trust Company and an annual commitment fee equal to 0.15% under the credit agreement with Bank of New York Mellon. The annual commitment fee applied on the unused balance is allocated to each participating fund. For the six months ended November 30, 2013, the Funds paid the following amounts in commitment fees:

	Commitment fee
C&B Large Cap Value Fund	$	243
Diversified Equity Fund		507
Emerging Growth Fund		802
Index Fund		2,035
International Value Fund		399
Small Company Growth Fund		191
Small Company Value Fund		98

For the six months ended November 30, 2013, there were no borrowings by the Funds under the agreement.

8. CONCENTRATION RISK

Concentration risks result from exposure to a limited number of sectors. Through their investments in affiliated Master Portfolio(s), Funds that invest a substantial portion of their assets in a sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

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

10. SUBSEQUENT DISTRIBUTIONS

On December 11, 2013, the following Funds declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 10, 2013. The per share amounts payable on December 12, 2013 were as follows:

	Diversified Equity Fund		Emerging Growth Fund		Index Fund		Small Company Growth Fund
Short-term capital gains
Class A	$	1.07336	$	0.00000	$	0.08535	$	1.36451
Class B		1.07336		N/A		0.08535		1.36451
Class C		1.07336		0.00000		0.08535		1.36451
Administrator Class		1.07336		0.00000		0.08535		1.36451
Institutional Class		N/A		0.00000		N/A		1.36451
Investor Class		N/A		0.00000		0.08535		N/A
Long-term capital gains
Class A	$	2.26819	$	1.18024	$	1.41324	$	1.03829
Class B		2.26819		N/A		1.41324		1.03829
Class C		2.26819		1.18024		1.41324		1.03829
Administrator Class		2.26819		1.18024		1.41324		1.03829
Institutional Class		N/A		1.18024		N/A		1.03829
Investor Class		N/A		1.18024		1.41324		N/A

58 Wells Fargo Advantage Equity Gateway Funds Notes to financial statements (unaudited)

On December 19, 2013, the following Funds declared distributions from net investment income to shareholders of record on December 18, 2013. The per share amounts payable on December 20, 2013, were as follows

	C&B Large Cap Value Fund		Diversified Equity Fund		Index Fund		International Value Fund
Net investment income
Class A	$	0.10479	$	0.16932	$	0.84501	$	0.28300
Class B		0.00000		0.00000		0.23298		0.13161
Class C		0.02493		0.01350		0.43802		0.20683
Administrator Class		0.11839		0.24161		1.01535		0.31937
Institutional Class		0.15033		N/A		N/A		0.34654
Investor Class		0.09837		N/A		0.91433		N/A

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the tax year-end of each Fund.

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 59

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.70%
Consumer Discretionary: 14.00%
Hotels, Restaurants & Leisure: 4.40%
Carnival Corporation		211,600	$	7,640,876
McDonald’s Corporation		80,300		7,818,811
				15,459,687
Household Durables: 2.40%
NVR Incorporated †		8,670		8,409,727
Media: 5.14%
Omnicom Group Incorporated		154,700		11,053,315
Twenty-First Century Fox Incorporated		209,200		7,006,108
				18,059,423
Multiline Retail: 2.06%
Kohl’s Corporation		130,600		7,219,568
Consumer Staples: 11.94%
Beverages: 2.45%
Coca-Cola Enterprises Incorporated		106,700		4,474,998
Diageo plc ADR		32,300		4,123,741
				8,598,739
Food Products: 1.97%
Unilever NV ADR		176,300		6,921,538
Household Products: 4.61%
Colgate-Palmolive Company		80,600		5,304,286
Henkel AG & Company KGaA ADR		61,200		6,077,001
Procter & Gamble Company		57,000		4,800,540
				16,181,827
Personal Products: 1.12%
Avon Products Incorporated		219,700		3,917,251
Tobacco: 1.79%
Philip Morris International		73,600		6,295,744
Energy: 5.62%
Oil, Gas & Consumable Fuels: 5.62%
Chevron Corporation		45,700		5,595,508
Devon Energy Corporation		128,900		7,813,918
Exxon Mobil Corporation		67,600		6,319,248
				19,728,674
Financials: 23.71%
Capital Markets: 5.15%
Charles Schwab Corporation		208,800		5,111,424
State Street Corporation		178,600		12,968,146
				18,079,570
Commercial Banks: 1.99%
PNC Financial Services Group Incorporated		90,900		6,994,755

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

60 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

C&B LARGE CAP VALUE PORTFOLIO

Security name	Shares		Value
Consumer Finance: 2.81%
American Express Company		114,800	$	9,849,840
Diversified Financial Services: 6.79%
Bank of America Corporation		355,800		5,628,756
Berkshire Hathaway Incorporated Class B †		59,100		6,886,923
JPMorgan Chase & Company		197,800		11,318,116
				23,833,795
Insurance: 6.97%
Axis Capital Holdings Limited		128,150		6,296,010
RenaissanceRe Holdings Limited		80,500		7,623,350
The Progressive Corporation		184,800		5,161,464
Willis Group Holdings plc		120,300		5,387,034
				24,467,858
Health Care: 12.55%
Health Care Equipment & Supplies: 3.37%
Baxter International Incorporated		113,500		7,769,075
Becton Dickinson & Company		37,400		4,061,266
				11,830,341
Health Care Providers & Services: 6.70%
Cardinal Health Incorporated		140,600		9,082,760
Quest Diagnostics Incorporated		131,600		8,019,704
UnitedHealth Group Incorporated		86,000		6,405,280
				23,507,744
Pharmaceuticals: 2.48%
Johnson & Johnson		92,000		8,708,720
Industrials: 10.77%
Aerospace & Defense: 1.03%
Raytheon Company		40,900		3,627,012
Air Freight & Logistics: 1.53%
United Parcel Service Incorporated Class B		52,300		5,354,474
Commercial Services & Supplies: 1.97%
Cintas Corporation		124,900		6,931,950
Industrial Conglomerates: 2.85%
3M Company		74,900		9,999,899
Machinery: 3.39%
Illinois Tool Works Incorporated		69,300		5,514,894
Parker Hannifin Corporation		54,100		6,375,144
				11,890,038
Information Technology: 8.13%
Electronic Equipment, Instruments & Components: 1.00%
TE Connectivity Limited		67,000		3,532,240

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 61

C&B LARGE CAP VALUE PORTFOLIO

Security name				Shares		Value
IT Services: 4.16%
Fiserv Incorporated †					66,800	$	7,340,652
Western Union Company					436,100		7,269,787
							14,610,439
Semiconductors & Semiconductor Equipment: 1.42%
Lam Research Corporation †					95,600		4,981,716
Software: 1.55%
Microsoft Corporation					142,500		5,433,525
Materials: 6.58%
Containers & Packaging: 6.58%
Ball Corporation					190,700		9,531,186
Crown Holdings Incorporated †					160,100		7,066,814
Rock-Tenn Company Class A					69,100		6,524,422
							23,122,422
Utilities: 1.40%
Electric Utilities: 1.40%
Entergy Corporation					79,300		4,907,877
Total Common Stocks (Cost $229,197,778)							332,456,393
	Dividend yield
Preferred Stocks: 0.44%
Consumer Staples: 0.44%
Household Products: 0.44%
Henkel AG & Company KGaA ADR ±		1.09	%		13,600		1,545,244
Total Preferred Stocks (Cost $597,017)							1,545,244
	Yield
Short-Term Investments: 4.71%
Investment Companies: 4.71%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			16,519,640		16,519,640
Total Short-Term Investments (Cost $16,519,640)							16,519,640

Total investments in securities
(Cost $246,314,435) *	99.85	%		350,521,277
Other assets and liabilities, net	0.15			528,363
Total net assets	100.00	%	$	351,049,640

† Non-income-earning security

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

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

* Cost for federal income tax purposes is $255,710,903 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	105,190,272
Gross unrealized depreciation		(10,379,898	)
Net unrealized appreciation	$	94,810,374

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

62 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 99.30%
Consumer Discretionary: 24.69%
Auto Components: 0.66%
Delphi Automotive plc		17,370	$	1,017,014
Distributors: 0.22%
LKQ Corporation †		10,160		336,804
Hotels, Restaurants & Leisure: 4.22%
Chipotle Mexican Grill Incorporated †		3,000		1,571,580
Marriott International Incorporated Class A		11,890		559,068
Starbucks Corporation		43,701		3,559,883
Wynn Resorts Limited		4,700		779,589
				6,470,120
Internet & Catalog Retail: 4.99%
Amazon.com Incorporated †		11,610		4,569,928
Netflix Incorporated †		2,660		973,028
priceline.com Incorporated †		1,770		2,110,424
				7,653,380
Media: 3.17%
CBS Corporation Class B		13,250		775,920
Discovery Communications Incorporated Class A †		13,730		1,198,217
Liberty Global plc Class C †		16,210		1,320,305
Sirius XM Holdings Incorporated		274,060		1,033,206
Twenty-First Century Fox Incorporated		13,760		460,822
Walt Disney Company		1,100		77,594
				4,866,064
Multiline Retail: 2.85%
Dollar General Corporation †		6,030		343,348
Dollar Tree Incorporated †		47,150		2,623,898
Nordstrom Incorporated		22,610		1,406,568
				4,373,814
Specialty Retail: 5.36%
Bed Bath & Beyond Incorporated †		3,150		245,795
Best Buy Company Incorporated		23,540		954,547
Cabela’s Incorporated †		6,900		422,625
CarMax Incorporated †		33,150		1,669,103
GNC Holdings Incorporated Class A		3,030		182,345
Home Depot Incorporated		11,700		943,839
O’Reilly Automotive Incorporated †		5,100		637,296
Ross Stores Incorporated		7,970		609,386
TJX Companies Incorporated		18,920		1,189,690
Tractor Supply Company		10,880		796,525
Ulta Salon Cosmetics & Fragrance Incorporated †		4,440		563,614
				8,214,765

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 63

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Textiles, Apparel & Luxury Goods: 3.22%
lululemon athletica incorporated †		14,990	$	1,045,103
Michael Kors Holdings Limited †		21,765		1,774,936
Nike Incorporated Class B		11,430		904,570
Under Armour Incorporated Class A †		6,140		495,498
VF Corporation		3,050		715,469
				4,935,576
Consumer Staples: 5.47%
Beverages: 1.49%
Constellation Brands Incorporated Class A †		26,530		1,867,977
The Coca-Cola Company		10,320		414,761
				2,282,738
Food & Staples Retailing: 3.49%
Costco Wholesale Corporation		12,290		1,541,535
Sprouts Farmers Market Incorporated †		3,819		144,511
Walgreen Company		12,500		740,000
Whole Foods Market Incorporated		51,710		2,926,786
				5,352,832
Household Products: 0.12%
Colgate-Palmolive Company		2,900		190,849
Personal Products: 0.37%
Estee Lauder Companies Incorporated Class A		7,510		562,950
Energy: 4.15%
Energy Equipment & Services: 0.73%
National Oilwell Varco Incorporated		5,765		469,848
Schlumberger Limited		7,300		645,466
				1,115,314
Oil, Gas & Consumable Fuels: 3.42%
Antero Resources Corporation †«		4,576		251,222
Concho Resources Incorporated †		15,790		1,641,055
Continental Resources Incorporated †«		3,810		409,613
EOG Resources Incorporated		400		66,000
Pioneer Natural Resources Company		16,220		2,883,105
				5,250,995
Financials: 6.06%
Capital Markets: 2.10%
Affiliated Managers Group Incorporated †		4,270		855,068
Ameriprise Financial Incorporated		5,010		542,333
Northern Trust Corporation		5,210		307,338
TD Ameritrade Holding Corporation		52,750		1,518,145
				3,222,884

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

64 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Consumer Finance: 1.86%
American Express Company		16,614	$	1,425,481
Discover Financial Services		26,910		1,434,303
				2,859,784
Diversified Financial Services: 1.30%
CME Group Incorporated		3,360		275,352
Intercontinental Exchange Incorporated †		8,020		1,710,586
				1,985,938
Insurance: 0.70%
Aon plc		13,210		1,078,464
REITs: 0.10%
American Tower Corporation		2,000		155,540
Health Care: 16.03%
Biotechnology: 9.27%
Alexion Pharmaceuticals Incorporated †		20,940		2,607,030
Biogen Idec Incorporated †		8,820		2,566,355
BioMarin Pharmaceutical Incorporated †		3,990		280,816
Celgene Corporation †		19,580		3,167,457
Gilead Sciences Incorporated †		53,800		4,024,778
Medivation Incorporated †		1,500		94,515
Quintiles Transnational Holdings Incorporated †		5,383		232,492
Regeneron Pharmaceuticals Incorporated †		3,280		963,861
Vertex Pharmaceuticals Incorporated †		4,050		281,151
				14,218,455
Health Care Equipment & Supplies: 1.35%
Boston Scientific Corporation †		80,530		932,537
Covidien plc		16,780		1,145,403
				2,077,940
Health Care Providers & Services: 1.92%
AmerisourceBergen Corporation		17,823		1,257,056
Catamaran Corporation †		19,120		872,446
Envision Healthcare Holdings Incorporated †		5,875		174,018
Express Scripts Holding Company †		9,480		638,478
				2,941,998
Health Care Technology: 0.93%
Cerner Corporation †		24,950		1,433,877
Life Sciences Tools & Services: 0.37%
Mettler-Toledo International Incorporated †		2,280		562,180
Pharmaceuticals: 2.19%
Actavis plc †		6,540		1,066,478
Allergan Incorporated		2,550		247,478

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 65

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Pharmaceuticals (continued)
Bristol-Myers Squibb Company		1,500	$	77,070
Mallinckrodt plc †		1,332		69,211
Merck & Company Incorporated		2,100		104,643
Mylan Laboratories Incorporated †		1,400		61,782
Perrigo Company «		6,940		1,081,877
Shire plc ADR		2,440		331,376
Zoetis Incorporated		10,130		315,550
				3,355,465
Industrials: 10.63%
Aerospace & Defense: 3.23%
Precision Castparts Corporation		9,683		2,502,571
The Boeing Company		7,810		1,048,493
United Technologies Corporation		12,720		1,410,139
				4,961,203
Air Freight & Logistics: 0.65%
United Parcel Service Incorporated Class B		9,780		1,001,276
Airlines: 0.76%
Delta Air Lines Incorporated		37,540		1,087,909
Southwest Airlines Company		4,000		74,360
				1,162,269
Building Products: 0.17%
Fortune Brands Home & Security Incorporated		5,920		258,112
Electrical Equipment: 0.62%
Eaton Corporation plc		13,160		956,206
Industrial Conglomerates: 0.73%
Danaher Corporation		15,020		1,123,496
Machinery: 0.33%
Flowserve Corporation		6,330		451,835
Pentair Limited		700		49,504
				501,339
Professional Services: 0.24%
Verisk Analytics Incorporated Class A †		5,630		366,569
Road & Rail: 3.35%
CSX Corporation		10,000		272,700
Genesee & Wyoming Incorporated †		500		48,100
J.B. Hunt Transport Services Incorporated		1,730		130,079
Kansas City Southern		19,070		2,307,851
Norfolk Southern Corporation		9,350		819,902
Union Pacific Corporation		9,660		1,565,306
				5,143,938

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

66 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name	Shares		Value
Trading Companies & Distributors: 0.55%
W.W. Grainger Incorporated		3,250	$	838,240
Information Technology: 28.75%
Communications Equipment: 1.38%
F5 Networks Incorporated †		2,500		205,650
QUALCOMM Incorporated		25,961		1,910,210
				2,115,860
Computers & Peripherals: 3.13%
Apple Incorporated		8,641		4,805,001
Electronic Equipment, Instruments & Components: 0.02%
Trimble Navigation Limited †		800		25,520
Internet Software & Services: 10.20%
Akamai Technologies Incorporated †		7,050		315,276
Baidu Incorporated ADR †		3,270		544,684
eBay Incorporated †		50,040		2,528,021
Facebook Incorporated Class A †		52,900		2,486,829
Google Incorporated Class A †		6,774		7,177,663
LinkedIn Corporation Class A †		5,410		1,212,002
MercadoLibre Incorporated «		4,880		540,265
Pandora Media Incorporated †		4,800		136,320
Rackspace Hosting Incorporated †«		18,510		707,267
				15,648,327
IT Services: 8.29%
Accenture plc		9,680		749,910
Alliance Data Systems Corporation †		11,470		2,778,722
Cognizant Technology Solutions Corporation Class A †		19,730		1,852,450
MasterCard Incorporated Class A		4,596		3,496,683
Vantiv Incorporated Class A †		30,470		923,241
Visa Incorporated Class A		14,280		2,905,409
				12,706,415
Semiconductors & Semiconductor Equipment: 2.75%
ARM Holdings plc		22,210		1,108,279
ASML Holding NV		10,480		978,622
Avago Technologies Limited		6,670		298,349
Linear Technology Corporation		5,170		219,984
Microchip Technology Incorporated «		33,010		1,429,003
Xilinx Incorporated		4,150		184,385
				4,218,622
Software: 2.98%
Adobe Systems Incorporated †		16,730		949,929
Fortinet Incorporated †		13,140		224,694
NetSuite Incorporated †		2,620		251,730
Salesforce.com Incorporated †		42,404		2,208,824

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 67

DIVERSIFIED LARGE CAP GROWTH PORTFOLIO

Security name				Shares		Value
Software (continued)
ServiceNow Incorporated †					17,690	$	939,516
							4,574,693
Materials: 3.52%
Chemicals: 3.52%
Airgas Incorporated					2,970		322,631
Ecolab Incorporated					6,200		664,452
Monsanto Company					22,750		2,578,253
Praxair Incorporated					14,470		1,826,982
							5,392,318
Total Common Stocks (Cost $104,838,269)							152,315,144
	Yield
Short-Term Investments: 3.41%
Investment Companies: 3.41%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		1,076,336		1,076,336
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08			4,148,421		4,148,421
Total Short-Term Investments (Cost $5,224,757)							5,224,757

Total investments in securities
(Cost $110,063,026)*	102.71	%		157,539,901
Other assets and liabilities, net	(2.71	)		(4,154,017	)
Total net assets	100.00	%	$	153,385,884

† Non-income-earning security

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

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $110,318,822 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	47,759,364
Gross unrealized depreciation		(538,285	)
Net unrealized appreciation	$	47,221,079

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

68 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 98.95%
Consumer Discretionary: 15.23%
Auto Components: 0.42%
Fox Factory Holding Corporation †		282,500	$	5,192,350
Diversified Consumer Services: 1.85%
Grand Canyon Education Incorporated †		255,100		11,617,254
LifeLock Incorporated †		642,800		11,069,016
				22,686,270
Hotels, Restaurants & Leisure: 2.87%
Fiesta Restaurant Group Incorporated †		392,965		19,243,496
Multimedia Games Holding Company †		555,500		16,109,500
				35,352,996
Internet & Catalog Retail: 3.83%
HomeAway Incorporated †		505,945		18,466,993
RetailMeNot Incorporated †		162,450		4,657,442
Shutterfly Incorporated †		506,485		23,921,287
				47,045,722
Media: 2.16%
IMAX Corporation †«		863,010		26,606,598
Specialty Retail: 4.10%
Asbury Automotive Group Incorporated †		131,100		6,806,712
Conn’s Incorporated †		79,800		4,814,334
DSW Incorporated Class A		547,500		24,544,425
Five Below Incorporated †		268,797		14,289,249
				50,454,720
Consumer Staples: 3.00%
Food & Staples Retailing: 1.59%
The Fresh Market Incorporated †		264,270		10,758,432
United Natural Foods Incorporated †		127,500		8,778,375
				19,536,807
Food Products: 1.41%
Annie’s Incorporated †		377,000		17,323,150
Energy: 5.68%
Oil, Gas & Consumable Fuels: 5.68%
Athlon Energy Incorporated †		166,105		5,418,345
Bonanza Creek Energy Incorporated †		401,900		18,435,153
Diamondback Energy Incorporated †		315,157		15,675,909
Kodiak Oil & Gas Corporation †		518,100		5,875,254
Laredo Petroleum Holdings Incorporated †		318,831		8,605,249
Oasis Petroleum Incorporated †		343,300		15,836,429
				69,846,339

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 69

EMERGING GROWTH PORTFOLIO

Security name	Shares		Value
Financials: 8.20%
Capital Markets: 2.59%
Financial Engines Incorporated		471,030	$	31,912,283
Consumer Finance: 2.72%
Encore Capital Group Incorporated †		103,300		4,926,377
Portfolio Recovery Associates Incorporated †		489,800		28,604,319
				33,530,696
Diversified Financial Services: 2.89%
MarketAxess Holdings Incorporated		504,651		35,512,291
Health Care: 23.24%
Biotechnology: 2.25%
Aegerion Pharmaceuticals Incorporated †		14,347		1,017,633
Exact Sciences Corporation †		344,753		4,233,567
Hyperion Therapeutics Incorporated †		102,923		2,628,653
Ligand Pharmaceuticals Incorporated †«		81,900		4,560,192
NPS Pharmaceuticals Incorporated †		485,900		12,832,619
Onconova Therapeutics Incorporated †«		162,698		2,386,780
				27,659,444
Health Care Equipment & Supplies: 9.88%
Align Technology Incorporated †		146,900		8,026,616
Cardiovascular Systems Incorporated †		283,758		9,420,766
Cynosure Incorporated Class A †		710,778		18,402,042
DexCom Incorporated †		756,070		25,018,356
Endologix Incorporated †		1,169,794		20,904,219
Novadaq Technologies Incorporated †		213,524		3,555,175
NxStage Medical Incorporated †		685,960		7,003,652
Spectranetics Corporation †		641,214		14,914,638
Tandem Diabetes Care Incorporated †		245,137		5,395,465
TearLab Corporation †«		488,037		4,572,907
Veracyte Incorporated †		337,325		4,378,479
				121,592,315
Health Care Providers & Services: 4.36%
Acadia Healthcare Company Incorporated †		594,200		27,452,040
ExamWorks Group Incorporated †		60,200		1,776,502
MWI Veterinary Supply Incorporated †		58,500		10,656,945
Team Health Holdings Incorporated †		295,000		13,785,350
				53,670,837
Health Care Technology: 2.32%
Medidata Solutions Incorporated †		240,600		28,609,746
Life Sciences Tools & Services: 1.10%
Cambrex Corporation †		190,100		3,706,950
ICON plc ADR †		257,400		9,817,236
				13,524,186

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

70 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

EMERGING GROWTH PORTFOLIO

Security name	Shares			Value
Pharmaceuticals: 3.33%
AcelRx Pharmaceuticals Incorporated †«		545,130		$	5,331,371
Akorn Incorporated †		830,235			21,378,551
Jazz Pharmaceuticals plc †		96,180			11,245,366
Lannett Company Incorporated †		101,800			3,007,172
					40,962,460
Industrials: 13.79%
Building Products: 1.24%
A.O. Smith Corporation		282,500			15,297,375
Electrical Equipment: 0.90%
Power Solutions International Incorporated †		80,799			6,043,765
Powersecure International Incorporated †		282,500			4,963,525
					11,007,290
Machinery: 4.28%
Chart Industries Incorporated †		196,785			19,147,181
Proto Labs Incorporated †		125,755			9,343,597
The ExOne Company †		26,100			1,393,740
The Middleby Corporation †		103,150			22,779,646
					52,664,164
Professional Services: 4.75%
Corporate Executive Board Company		251,800			18,540,034
On Assignment Incorporated †		865,013			29,436,391
Wageworks Incorporated †		181,850			10,420,005
					58,396,430
Road & Rail: 0.98%
Roadrunner Transportation Systems Incorporated †		442,400			12,112,912
Trading Companies & Distributors: 1.64%
DXP Enterprises Incorporated †		206,116			20,195,246
Information Technology: 29.81%
Computers & Peripherals: 0.42%
Stratasys Limited †		43,600			5,134,772
Electronic Equipment, Instruments & Components: 0.66%
Methode Electronics Incorporated		281,925			8,156,090
Internet Software & Services: 10.21%
CoStar Group Incorporated †		120,900			22,516,416
Demandware Incorporated †		241,200			13,668,804
Envestnet Incorporated †		624,992			24,843,432
MercadoLibre Incorporated «		26,430			2,926,065
OpenTable Incorporated †		117,600	��		9,827,832
Pandora Media Incorporated †		230,600			6,549,040
SciQuest Incorporated †		513,218			14,349,575
SPS Commerce Incorporated †		470,732			30,960,043
					125,641,207

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 71

EMERGING GROWTH PORTFOLIO

Security name				Shares		Value
IT Services: 2.92%
InterXion Holding NV †					580,900	$	13,076,059
Maximus Incorporated					273,400		12,439,700
Wex Incorporated †					105,421		10,464,088
							35,979,847
Software: 15.60%
Aspen Technology Incorporated †					331,100		13,088,383
Ellie Mae Incorporated †					526,500		14,847,300
Fleetmatics Group plc †					641,820		24,838,434
Fortinet Incorporated †					296,300		5,066,730
Guidewire Software Incorporated †					278,601		13,297,626
Imperva Incorporated †					479,191		21,554,011
Infoblox Incorporated †					397,021		12,617,327
Proofpoint Incorporated †					550,700		16,796,350
PROS Holdings Incorporated †					409,722		15,790,686
Rally Software Development Corporation †					225,315		5,542,749
SolarWinds Incorporated †					59,626		1,993,893
Synchronoss Technologies Incorporated †					438,101		13,900,945
Tyler Technologies Incorporated †					167,325		17,169,218
Ultimate Software Group Incorporated †					98,170		15,382,257
							191,885,909
Total Common Stocks (Cost $798,977,657)							1,217,490,452
	Yield
Short-Term Investments: 3.66%
Investment Companies: 3.66%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		13,303,139		13,303,139
Wells Fargo Securities Lending Cash Investments, LLC (v)(r)(l)(u)		0.08			31,741,350		31,741,350
Total Short-Term Investments (Cost $45,044,489)							45,044,489

Total investments in securities (Cost $844,022,146) *	102.61	%		1,262,534,941
Other assets and liabilities, net	(2.61	)		(32,080,878	)
Total net assets	100.00	%	$	1,230,454,063

† Non-income-earning security

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

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(v) Security represents investment of cash collateral received from securities on loan.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

* Cost for federal income tax purposes is $845,075,916 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	431,737,779
Gross unrealized depreciation		(14,278,754	)
Net unrealized appreciation	$	417,459,025

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

72 Wells Fargo Advantage Equity Gateway Funds Summary portfolio of investments—November 30, 2013 (unaudited)

INDEX PORTFOLIO

The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website: http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/index.pdf or by calling Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSRS, is also available on the SEC’s website at sec.gov.

Security name	Shares		Value		Percent of net assets
Common Stocks: 98.53%
Consumer Discretionary: 12.42%
Auto Components: 0.42%
Other securities			$	12,028,001		0.42	%
Automobiles: 0.73%
Other securities				20,741,902		0.73
Distributors: 0.08%
Other securities				2,241,816		0.08
Diversified Consumer Services: 0.05%
Other securities				1,334,788		0.05
Hotels, Restaurants & Leisure: 1.75%
McDonald’s Corporation		174,692		17,009,760		0.60
Other securities				32,769,719		1.15
				49,779,479		1.75
Household Durables: 0.33%
Other securities				9,571,743		0.33
Internet & Catalog Retail: 1.50%
Amazon.com Incorporated †		64,672		25,456,193		0.89
Other securities				17,414,750		0.61
				42,870,943		1.50
Leisure Equipment & Products: 0.14%
Other securities				3,871,881		0.14
Media: 3.61%
Comcast Corporation Class A		457,062		22,793,682		0.80
Walt Disney Company		290,334		20,480,160		0.72
Other securities				59,662,600		2.09
				102,936,442		3.61
Multiline Retail: 0.71%
Other securities				20,256,710		0.71
Specialty Retail: 2.25%
Home Depot Incorporated		250,324		20,193,637		0.71
Other securities				43,896,649		1.54
				64,090,286		2.25

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 73

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Textiles, Apparel & Luxury Goods: 0.85%
Other securities			$	24,229,309		0.85	%
Consumer Staples: 9.91%
Beverages: 2.18%
PepsiCo Incorporated		269,507		22,762,561		0.80
The Coca-Cola Company		666,250		26,776,588		0.94
Other securities				12,475,103		0.44
				62,014,252		2.18
Food & Staples Retailing: 2.40%
CVS Caremark Corporation		214,662		14,373,768		0.50
Wal-Mart Stores Incorporated		284,451		23,043,376		0.81
Other securities				30,964,082		1.09
				68,381,226		2.40
Food Products: 1.55%
Other securities				44,250,487		1.55
Household Products: 2.10%
Procter & Gamble Company		478,608		40,308,366		1.41
Other securities				19,565,908		0.69
				59,874,274		2.10
Personal Products: 0.16%
Other securities				4,700,649		0.16
Tobacco: 1.52%
Altria Group Incorporated		350,278		12,953,280		0.45
Philip Morris International		282,847		24,194,732		0.85
Other securities				6,145,152		0.22
				43,293,164		1.52
Energy: 10.14%
Energy Equipment & Services: 1.89%
Schlumberger Limited		231,231		20,445,445		0.72
Other securities				33,403,915		1.17
				53,849,360		1.89
Oil, Gas & Consumable Fuels: 8.25%
Chevron Corporation		337,628		41,339,172		1.45
ConocoPhillips Company		213,725		15,559,180		0.55
Exxon Mobil Corporation		769,201		71,904,909		2.52
Occidental Petroleum Corporation		140,810		13,371,318		0.47
Other securities				92,841,347		3.26
				235,015,926		8.25

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

74 Wells Fargo Advantage Equity Gateway Funds Summary portfolio of investments—November 30, 2013 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Financials: 16.04%
Capital Markets: 2.18%
Other securities			$	61,981,692		2.18	%
Commercial Banks: 2.76%
Wells Fargo & Company (l)		844,392		37,170,136		1.31
Other securities				41,356,674		1.45
				78,526,810		2.76
Consumer Finance: 0.97%
American Express Company		162,140		13,911,612		0.49
Other securities				13,864,651		0.48
				27,776,263		0.97
Diversified Financial Services: 5.24%
Bank of America Corporation		1,877,399		29,700,452		1.04
Berkshire Hathaway Incorporated Class B †		314,543		36,653,696		1.29
Citigroup Incorporated		531,430		28,123,276		0.99
JPMorgan Chase & Company		657,807		37,639,717		1.32
Other securities				17,232,780		0.60
				149,349,921		5.24
Insurance: 3.02%
American International Group Incorporated		257,998		12,835,401		0.45
Other securities				73,222,629		2.57
				86,058,030		3.02
Real Estate Management & Development: 0.04%
Other securities				1,174,525		0.04
REITs: 1.77%
Other securities				50,498,845		1.77
Thrifts & Mortgage Finance: 0.06%
Other securities				1,625,483		0.06
Health Care: 13.02%
Biotechnology: 2.45%
Amgen Incorporated		131,652		15,018,860		0.53
Gilead Sciences Incorporated †		267,482		20,010,328		0.70
Other securities				34,797,090		1.22
				69,826,278		2.45
Health Care Equipment & Supplies: 2.04%
Other securities				58,188,290		2.04
Health Care Providers & Services: 2.07%
UnitedHealth Group Incorporated		177,672		13,233,011		0.46
Other securities				45,817,066		1.61
				59,050,077		2.07

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 75

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Health Care Technology: 0.10%
Other securities			$	2,963,441		0.10	%
Life Sciences Tools & Services: 0.49%
Other securities				13,961,340		0.49
Pharmaceuticals: 5.87%
Abbvie Incorporated		277,059		13,423,509		0.47
Bristol-Myers Squibb Company		287,701		14,782,077		0.52
Johnson & Johnson		492,468		46,617,021		1.64
Merck & Company Incorporated		511,394		25,482,763		0.89
Pfizer Incorporated		1,156,921		36,709,103		1.29
Other securities				30,160,740		1.06
				167,175,213		5.87
Industrials: 10.69%
Aerospace & Defense: 2.73%
Boeing Company		121,294		16,283,720		0.57
United Technologies Corporation		147,511		16,353,069		0.57
Other securities				45,205,205		1.59
				77,841,994		2.73
Air Freight & Logistics: 0.82%
United Parcel Service Incorporated Class B		126,255		12,925,987		0.45
Other securities				10,402,390		0.37
				23,328,377		0.82
Airlines: 0.23%
Other securities				6,639,219		0.23
Building Products: 0.05%
Other securities				1,398,492		0.05
Commercial Services & Supplies: 0.49%
Other securities				14,048,313		0.49
Construction & Engineering: 0.17%
Other securities				4,696,034		0.17
Electrical Equipment: 0.75%
Other securities				21,483,385		0.75
Industrial Conglomerates: 2.47%
3M Company		113,467		15,148,979		0.53
General Electric Company		1,779,651		47,445,496		1.67
Other securities				7,819,293		0.27
				70,413,768		2.47
Machinery: 1.72%
Other securities				48,877,693		1.72

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

76 Wells Fargo Advantage Equity Gateway Funds Summary portfolio of investments—November 30, 2013 (unaudited)

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Professional Services: 0.18%
Other securities			$	5,062,350		0.18	%
Road & Rail: 0.90%
Union Pacific Corporation		81,058		13,134,638		0.46
Other securities				12,605,290		0.44
				25,739,928		0.90
Trading Companies & Distributors: 0.18%
Other securities				5,008,641		0.18
Information Technology: 17.64%
Communications Equipment: 1.73%
Cisco Systems Incorporated		936,950		19,910,188		0.70
QUALCOMM Incorporated		299,777		22,057,592		0.77
Other securities				7,354,501		0.26
				49,322,281		1.73
Computers & Peripherals: 4.10%
Apple Incorporated		158,763		88,283,341		3.10
Other securities				28,543,584		1.00
				116,826,925		4.10
Electronic Equipment, Instruments & Components: 0.45%
Other securities				12,849,328		0.45
Internet Software & Services: 2.49%
Google Incorporated Class A †		48,885		51,798,057		1.82
Other securities				19,151,520		0.67
				70,949,577		2.49
IT Services: 3.43%
International Business Machines Corporation		179,944		32,332,338		1.13
MasterCard Incorporated		18,128		13,791,964		0.48
Visa Incorporated Class A		90,207		18,353,516		0.64
Other securities				33,169,122		1.18
				97,646,940		3.43
Office Electronics: 0.08%
Other securities				2,304,063		0.08
Semiconductors & Semiconductor Equipment: 1.96%
Intel Corporation		870,622		20,755,628		0.73
Other securities				34,997,584		1.23
				55,753,212		1.96

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 77

INDEX PORTFOLIO

Security name	Shares		Value		Percent of net assets
Software: 3.40%
Microsoft Corporation		1,324,677	$	50,509,934		1.77	%
Oracle Corporation		623,122		21,989,975		0.77
Other securities				24,559,684		0.86
				97,059,593		3.40
Materials: 3.40%
Chemicals: 2.49%
Other securities				70,897,607		2.49
Construction Materials: 0.04%
Other securities				1,280,219		0.04
Containers & Packaging: 0.21%
Other securities				5,943,804		0.21
Metals & Mining: 0.53%
Other securities				15,060,297		0.53
Paper & Forest Products: 0.13%
Other securities				3,635,574		0.13
Telecommunication Services: 2.34%
Diversified Telecommunication Services: 2.19%
AT&T Incorporated		928,116		32,678,964		1.15
Verizon Communications Incorporated		500,083		24,814,118		0.87
Other securities				4,876,218		0.17
				62,369,300		2.19
Wireless Telecommunication Services: 0.15%
Other securities				4,269,932		0.15
Utilities: 2.93%
Electric Utilities: 1.61%
Other securities				46,030,341		1.61
Gas Utilities: 0.11%
Other securities				3,056,989		0.11
Independent Power Producers & Energy Traders: 0.11%
Other securities				3,060,395		0.11
Multi-Utilities: 1.10%
Other securities				31,383,171		1.10
Total Common Stocks (Cost $1,688,319,423)				2,807,726,588		98.53

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

78 Wells Fargo Advantage Equity Gateway Funds Summary portfolio of investments—November 30, 2013 (unaudited)

INDEX PORTFOLIO

Security name	Yield					Shares		Value			Percent of net assets
Short-Term Investments: 1.56%
Investment Companies: 1.47%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				32,725,140	$	32,725,140			1.15	%
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(v)(r)		0.08					9,164,555		9,164,555			0.32
									41,889,695			1.47
				Maturity date		Principal
U.S. Treasury Securities: 0.09%
U.S. Treasury Bill (z)#		0.01			1-2-2014	$	700,000		699,994			0.03
U.S. Treasury Bill (z)#		0.07			4-10-2014		1,750,000		1,749,561			0.06
									2,449,555			0.09
Total Short-Term Investments (Cost $44,339,250)									44,339,250			1.56
Total investments in securities
(Cost $1,732,658,673) *									2,852,065,838			100.09	%
Other assets and liabilities, net									(2,592,238	)		(0.09	)
Total net assets								$	2,849,473,600			100.00	%

† Non-income-earning security

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(v) Security represents investment of cash collateral received from securities on loan.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(z) Zero coupon security. Rate represents yield to maturity at time of purchase.

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

* Cost for federal income tax purposes is $1,836,348,596 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	1,158,532,327
Gross unrealized depreciation		(142,815,085	)
Net unrealized appreciation	$	1,015,717,242

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 79

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 94.72%
Belgium: 4.12%
Anheuser-Busch InBev NV (Consumer Staples, Beverages)		37,003	$	3,777,683
Telenet Group Holding NV (Consumer Discretionary, Media)		22,559		1,241,179
UCB SA (Health Care, Pharmaceuticals)		19,886		1,334,412
				6,353,274
Brazil: 0.25%
BM&F Bovespa SA (Financials, Diversified Financial Services)		76,800		380,696
Canada: 0.80%
Canadian Pacific Railway Limited (Industrials, Road & Rail)		7,998		1,230,732
China: 6.46%
Baidu Incorporated ADR (Information Technology, Internet Software & Services) †		39,488		6,577,516
China Resources Land Limited (Financials, Real Estate Management & Development)		524,500		1,444,419
Tencent Holdings Limited (Information Technology, Internet Software & Services)		33,800		1,954,934
				9,976,869
Denmark: 0.37%
Rockwool International AS B Shares (Industrials, Building Products)		3,303		577,163
France: 6.93%
LVMH Moet Hennessy Louis Vuitton SA (Consumer Discretionary, Textiles, Apparel & Luxury Goods) «		4,023		758,303
Pernod-Ricard SA (Consumer Staples, Beverages)		15,019		1,702,248
Schneider Electric SA (Industrials, Electrical Equipment)		37,947		3,212,143
Unibail-Rodamco SE (Financials, REITs)		7,996		2,090,501
Zodiac Aerospace SA (Industrials, Aerospace & Defense)		17,330		2,939,319
				10,702,514
Germany: 17.38%
Allianz AG (Financials, Insurance)		7,242		1,257,821
Axel Springer AG (Consumer Discretionary, Media)		2,569		154,432
Bayer AG (Health Care, Pharmaceuticals)		42,389		5,654,892
Beiersdorf AG (Consumer Staples, Personal Products)		23,968		2,433,248
Deutsche Post AG (Industrials, Air Freight & Logistics)		120,799		4,271,665
Heidelbergcement AG (Materials, Construction Materials)		25,189		1,970,003
Linde AG (Materials, Chemicals)		29,438		6,010,726
MTU Aero Engines AG (Industrials, Aerospace & Defense)		20,344		1,911,950
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		14,459		3,162,451
				26,827,188
Hong Kong: 5.89%
AIA Group Limited (Financials, Insurance)		989,600		5,016,514
Beijing Enterprises Holdings Limited (Industrials, Industrial Conglomerates)		269,000		2,408,028
Hong Kong Land Holdings Limited (Financials, Real Estate Management & Development)		115,966		685,359
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		130,400		986,496
				9,096,397

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

80 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

Security name	Shares		Value
India: 0.21%
Coal India Limited (Energy, Oil, Gas & Consumable Fuels)		75,394	$	328,107
Indonesia: 0.57%
PT Bank Rakyat Indonesia Tbk (Financials, Commercial Banks)		1,405,000		875,005
Ireland: 2.43%
Covidien plc (Health Care, Health Care Equipment & Supplies)		54,988		3,753,481
Japan: 11.19%
Denso Corporation (Consumer Discretionary, Auto Components)		6,300		315,538
Honda Motor Company Limited (Consumer Discretionary, Automobiles)		93,600		3,956,925
Ishikawajima-Harima Heavy Industries Company Limited (Industrials, Machinery)		376,000		1,571,179
Japan Tobacco Incorporated (Consumer Staples, Tobacco)		72,300		2,442,353
NGK Insulators Limited (Industrials, Machinery)		167,000		3,057,115
Ono Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		14,900		1,128,865
ORIX Corporation (Financials, Diversified Financial Services)		40,800		742,905
Takeda Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		16,700		811,155
Toyota Motor Corporation (Consumer Discretionary, Automobiles)		52,100		3,245,282
				17,271,317
Mexico: 1.29%
Grupo Televisa SAB ADR (Consumer Discretionary, Media)		65,247		1,990,686
Netherlands: 3.81%
Nielsen Holdings NV (Industrials, Professional Services)		2,334		100,718
Unilever NV (Consumer Staples, Food Products) «		107,080		4,218,577
Ziggo NV (Telecommunication Services, Diversified Telecommunication Services)		36,504		1,564,090
				5,883,385
Nigeria: 0.49%
Nigerian Breweries plc (Consumer Staples, Beverages)		712,597		762,308
Singapore: 0.50%
Global Logistic Properties Limited (Financials, Real Estate Management & Development)		330,000		775,666
South Korea: 0.59%
Samsung Electronics Company Limited (Information Technology, Semiconductors & Semiconductor Equipment)		640		903,487
Spain: 0.62%
Grifols SA (Health Care, Biotechnology)		20,038		916,144
Grifols SA Class B (Health Care, Biotechnology)		1,237		42,205
				958,349
Switzerland: 9.28%
Actelion Limited (Health Care, Biotechnology)		8,180		681,328
Nestle SA (Consumer Staples, Food Products)		65,507		4,784,118
Roche Holdings AG (Health Care, Pharmaceuticals)		15,708		4,379,074
Swatch Group AG Class B (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		1,956		1,281,774
Swiss Reinsurance AG (Financials, Insurance)		15,694		1,396,350
UBS AG (Financials, Capital Markets)		94,916		1,809,420
				14,332,064

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 81

INTERNATIONAL GROWTH PORTFOLIO

Security name					Shares		Value
United Kingdom: 20.56%
Diageo plc (Consumer Staples, Beverages)						24,665	$	785,633
HSBC Holdings plc (Financials, Commercial Banks)						200,197		2,234,467
Imperial Tobacco Group plc (Consumer Staples, Tobacco)						88,097		3,351,143
Intercontinental Hotels Group plc (Consumer Discretionary, Hotels, Restaurants & Leisure)						28,258		880,189
Johnson Matthey plc (Materials, Chemicals)						38,520		1,998,671
Land Securities Group plc (Financials, REITs)						133,950		2,089,447
Liberty Global plc Class A (Consumer Discretionary, Media) †						31,095		2,668,262
Liberty Global plc Class C (Consumer Discretionary, Media) †						2,512		204,602
Meggitt plc (Industrials, Aerospace & Defense)						167,653		1,369,603
Prudential plc (Financials, Insurance)						58,079		1,242,483
Rolls-Royce Holdings plc (Industrials, Aerospace & Defense)						216,156		4,369,483
Rolls-Royce Holdings plc Class C Preference Shares (Industrials, Aerospace & Defense)†(a)						15,559,894		25,468
Royal Mail plc (Industrials, Air Freight & Logistics) †						116,473		1,058,069
SABMiller plc (Consumer Staples, Beverages)						73,992		3,818,603
Tesco plc (Consumer Staples, Food & Staples Retailing)						251,762		1,433,846
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)						535,205		1,986,822
WPP plc (Consumer Discretionary, Media)						100,479		2,221,910
								31,738,701
	��
United States: 0.98%
Schlumberger Limited (Energy, Energy Equipment & Services)						17,120		1,513,750
Total Common Stocks (Cost $111,347,427)								146,231,139
Participatory Notes: 0.37%
HSBC Bank plc						68,500		573,788
Total Participatory Notes (Cost $537,051)								573,788
		Dividend yield
Preferred Stocks: 1.46%
Germany: 1.46%
Henkel AG & Company KGaA (Consumer Staples, Household Products) ±			1.10	%		19,848		2,250,105
Total Preferred Stocks (Cost $1,503,116)								2,250,105
		Yield			Shares
Short-Term Investments: 4.44%
Investment Companies: 4.44%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)			0.08			6,093,828		6,093,828
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(l)(u)			0.08			765,419		765,419
Total Short-Term Investments (Cost $6,859,247)								6,859,247

Total investments in securities
(Cost $120,246,841) *	100.99	%		155,914,279
Other assets and liabilities, net	(0.99	)		(1,527,178	)
Total net assets	100.00	%	$	154,387,101

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

82 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL GROWTH PORTFOLIO

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

† Non-income-earning security

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

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

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $120,170,471 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	36,464,160
Gross unrealized depreciation		(720,352	)
Net unrealized appreciation	$	35,743,808

The following table shows the percent of total long-term investments by sector as of November 30, 2013:

Consumer Staples	21.31	%
Industrials	18.85
Financials	17.29
Consumer Discretionary	13.35
Health Care	12.55
Materials	6.70
Information Technology	6.33
Telecommunication Services	2.38
Energy	1.24
	100.00	%

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 83

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 96.98%
Australia: 5.94%
Arrium Limited (Materials, Metals & Mining)		1,531,700	$	2,197,841
Bendigo Bank Limited (Financials, Commercial Banks)		272,500		2,795,419
Boart Longyear Group Limited (Energy, Energy Equipment & Services) «		199,991		54,661
Cabcharge Australia Limited (Industrials, Commercial Services & Supplies) «		207,386		748,198
Challenger Financial Services Group Limited (Financials, Diversified Financial Services)		475,400		2,607,340
Downer EDI Limited (Industrials, Commercial Services & Supplies)		518,900		2,250,260
Leighton Holdings Limited (Industrials, Construction & Engineering) «		77,400		1,146,578
Lend Lease Corporation Limited (Financials, Real Estate Management & Development)		350,500		3,528,518
Metcash Limited (Consumer Staples, Food & Staples Retailing)		785,500		2,182,670
Mincor Resources NL (Materials, Metals & Mining) (i)		570,994		260,102
Myer Holdings Limited (Consumer Discretionary, Multiline Retail) «		577,400		1,499,214
Primary Health Care Limited (Health Care, Health Care Providers & Services)		339,000		1,544,229
Rio Tinto Limited (Materials, Metals & Mining)		66,800		4,020,287
Sally Malay Mining Limited (Materials, Metals & Mining)		368,800		80,639
Seven Network Limited (Industrials, Trading Companies & Distributors)		165,800		1,093,617
Toll Holdings Limited (Industrials, Air Freight & Logistics)		283,600		1,477,897
United Construction Group Limited (Industrials, Construction & Engineering)		152,800		897,894
				28,385,364
Austria: 1.40%
OMV AG (Energy, Oil, Gas & Consumable Fuels)		41,100		2,012,828
RHI AG (Materials, Construction Materials) (i)		64,721		2,314,146
Voestalpine AG (Materials, Metals & Mining)		47,700		2,372,020
				6,698,994
Belgium: 1.12%
Delhaize Group SA (Consumer Staples, Food & Staples Retailing)		39,400		2,295,951
KBC Groep NV (Financials, Commercial Banks)		53,400		3,046,844
				5,342,795
Brazil: 1.25%
Banco do Brasil SA (Financials, Commercial Banks)		196,000		2,141,980
Companhia de Saneamento Basico do Estado de Sao Paulo SA (Utilities, Water Utilities)		253,200		2,657,619
Companhia de Saneamento de Minas Gerais SA (Utilities, Water Utilities)		72,400		1,192,255
				5,991,854
Canada: 2.38%
Magna International Incorporated Class A (Consumer Discretionary, Auto Components) «		65,800		5,365,726
Metro Incorporated (Consumer Staples, Food & Staples Retailing)		48,400		2,851,321
WestJet Airlines Limited (Industrials, Airlines)		120,000		3,155,635
				11,372,682
China: 2.18%
China BlueChemical Limited (Materials, Chemicals)		1,984,000		1,346,100
China Communications Services Corporation Limited (Telecommunication Services, Diversified Telecommunication Services)		2,836,000		1,858,317
China Petroleum & Chemical Corporation (Energy, Oil, Gas & Consumable Fuels)		6,116,500		5,254,447

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

84 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
China (continued)
China Railway Construction Corporation Limited (Industrials, Construction & Engineering)		1,747,500	$	1,958,785
				10,417,649
Czech Republic: 0.33%
CEZ AS (Utilities, Electric Utilities)		57,500		1,595,965
Finland: 0.87%
Kesko Oyj (Consumer Staples, Food & Staples Retailing)		63,800		2,380,888
TietoEnator Oyj (Information Technology, IT Services)		82,700		1,780,715
				4,161,603
France: 9.10%
Alstom SA (Industrials, Machinery)		56,900		2,088,996
AXA SA (Financials, Insurance)		132,200		3,463,465
BNP Paribas SA (Financials, Commercial Banks)		49,100		3,685,305
Compagnie Generale des Etablissements Michelin SCA Class B (Consumer Discretionary, Auto Components)		24,000		2,606,690
Credit Agricole SA (Financials, Commercial Banks) †		219,328		2,750,144
Renault SA (Consumer Discretionary, Automobiles)		40,500		3,592,207
Sanofi-Aventis SA (Health Care, Pharmaceuticals)		61,400		6,492,782
SCOR SE (Financials, Insurance)		109,700		3,838,202
Societe Generale SA (Financials, Commercial Banks)		39,000		2,242,972
Thales SA (Industrials, Aerospace & Defense)		59,100		3,606,909
Total SA (Energy, Oil, Gas & Consumable Fuels)		93,700		5,676,562
Vivendi SA (Telecommunication Services, Diversified Telecommunication Services)		134,746		3,422,165
				43,466,399
Germany: 8.63%
Allianz AG (Financials, Insurance)		35,700		6,200,527
BASF SE (Materials, Chemicals)		46,500		4,965,182
Daimler AG (Consumer Discretionary, Automobiles)		69,300		5,742,787
Deutsche Bank AG (Financials, Capital Markets)		41,200		1,986,382
E.ON SE (Utilities, Multi-Utilities)		87,200		1,677,411
Gildemeister AG (Industrials, Machinery)		74,500		2,298,945
Hannover Rueckversicherung AG (Financials, Insurance)		31,000		2,581,136
Metro AG (Consumer Staples, Food & Staples Retailing)		49,800		2,495,730
Muenchener Rueckversicherungs-Gesellschaft AG (Financials, Insurance)		19,700		4,308,754
Norddeutsche Affinerie AG (Materials, Metals & Mining)		25,900		1,527,563
RWE AG (Utilities, Multi-Utilities)		40,900		1,570,200
Volkswagen AG (Consumer Discretionary, Automobiles)		22,600		5,884,057
				41,238,674
Hong Kong: 1.08%
Johnson Electric Holdings Limited (Industrials, Electrical Equipment)		1,133,500		1,023,457
Kingboard Laminates Holdings Limited (Information Technology, Electronic Equipment, Instruments & Components) (i)		2,204,000		955,214
Wheelock & Company Limited (Financials, Real Estate Management & Development)		379,000		1,845,466
Yue Yuen Industrial Holdings Limited (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		429,500		1,343,460
				5,167,597

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 85

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
India: 1.06%
Gail Limited (Utilities, Gas Utilities) (i)		26,700	$	821,292
Tata Motors Limited ADR (Consumer Discretionary, Automobiles)		83,800		2,720,986
Tata Steel Limited GDR (Industrials, Machinery)		245,900		1,540,564
				5,082,842
Indonesia: 0.15%
PT Japfa Comfeed Indonesia Tbk (Consumer Staples, Food Products)		6,962,500		721,714
Ireland: 0.65%
Irish Life & Permanent Group Holdings plc (Financials, Insurance) †		111,500		6,847
Smurfit Kappa Group plc (Materials, Containers & Packaging)		130,200		3,095,342
				3,102,189
Israel: 1.07%
Bank Hapoalim Limited (Financials, Commercial Banks)		542,900		3,026,126
Teva Pharmaceutical Industries Limited (Health Care, Pharmaceuticals)		51,404		2,080,378
				5,106,504
Italy: 1.43%
Enel SpA (Utilities, Electric Utilities)		688,400		3,131,021
ENI SpA (Energy, Oil, Gas & Consumable Fuels)		153,300		3,688,250
				6,819,271
Japan: 18.89%
Adeka Corporation (Materials, Chemicals)		203,200		2,259,651
Aisin Seiki Company Limited (Consumer Discretionary, Auto Components)		46,400		1,866,419
Aoyama Trading Company Limited (Consumer Discretionary, Specialty Retail)		73,100		1,963,369
Aozora Bank Limited (Financials, Commercial Banks)		588,000		1,693,532
Chiba Bank Limited (Financials, Commercial Banks)		329,000		2,287,020
DCM Japan Holdings Company Limited (Consumer Discretionary, Specialty Retail)		143,100		972,395
Eizo Nanao Corporation (Information Technology, Computers & Peripherals)		63,300		1,661,837
Fukuoka Financial Group Incorporated (Financials, Commercial Banks)		378,000		1,693,942
Hitachi Capital Corporation (Financials, Consumer Finance)		57,700		1,662,977
Itochu Corporation (Industrials, Trading Companies & Distributors)		200,700		2,531,651
JX Holdings Incorporated (Energy, Oil, Gas & Consumable Fuels)		408,000		2,123,154
Kaken Pharmaceutical Company Limited (Health Care, Pharmaceuticals)		101,000		1,529,422
KDDI Corporation (Telecommunication Services, Wireless Telecommunication Services)		120,000		7,533,317
Kyorin Company Limited (Health Care, Pharmaceuticals)		99,000		2,045,243
Maeda Road Construction Company Limited (Industrials, Construction & Engineering)		148,000		2,274,367
Marubeni Corporation (Industrials, Trading Companies & Distributors)		516,000		3,743,110
Miraca Holdings Incorporated (Health Care, Health Care Providers & Services)		25,100		1,166,473
Mitsubishi Corporation (Industrials, Trading Companies & Distributors)		35,500		698,389
Mitsui & Company Limited (Industrials, Trading Companies & Distributors)		260,300		3,606,206
Mizuho Financial Group Incorporated (Financials, Commercial Banks)		1,831,300		3,844,076
Nichirei Corporation (Consumer Staples, Food Products)		265,000		1,402,294
Nippon Electric Glass Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		107,000		575,611
Nippon Telegraph & Telephone Corporation (Telecommunication Services, Diversified Telecommunication Services)		92,700		4,651,970
Nissan Motor Company Limited (Consumer Discretionary, Automobiles)		151,400		1,383,553

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

86 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Japan (continued)
NTT DoCoMo Incorporated (Telecommunication Services, Wireless Telecommunication Services)		180,000	$	2,899,683
Otsuka Holdings Company Limited (Health Care, Pharmaceuticals)		133,900		3,911,436
Rengo Company Limited (Materials, Containers & Packaging)		208,000		1,118,946
Resona Holdings Incorporated (Financials, Commercial Banks)		598,500		2,968,396
Ryosan Company Limited (Information Technology, Electronic Equipment, Instruments & Components)		16,200		335,151
Saizeriya Company Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		99,800		1,167,297
Sankyu Incorporated (Industrials, Road & Rail)		313,000		1,182,631
Shionogi & Company Limited (Health Care, Pharmaceuticals)		79,300		1,743,555
Sojitz Corporation (Industrials, Trading Companies & Distributors)		678,000		1,251,081
Sumitomo Corporation (Industrials, Trading Companies & Distributors)		285,000		3,525,458
Sumitomo Mitsui Financial Group Incorporated (Financials, Commercial Banks)		100,400		4,969,763
The Keiyo Bank Limited (Financials, Commercial Banks)		62,000		308,108
Toshiba TEC Corporation (Information Technology, Office Electronics)		234,000		1,484,989
Toyo Tire & Rubber Company Limited (Consumer Discretionary, Auto Components)		325,000		1,919,697
Tsuruha Holdings Incorporated (Consumer Staples, Food & Staples Retailing)		13,500		1,242,909
West Japan Railway Company (Industrials, Road & Rail)		45,400		1,985,765
Yokohama Rubber Company Limited (Consumer Discretionary, Auto Components)		297,000		3,073,664
				90,258,507
Liechtenstein: 0.17%
Verwaltungs-und Privat-Bank AG (Financials, Capital Markets) (i)		7,800		795,962
Malaysia: 0.50%
Tenaga Nasional Berhad (Utilities, Electric Utilities)		772,000		2,361,750
Netherlands : 2.35%
Aegon NV (Financials, Insurance)		334,000		2,966,999
ING Groep NV (Financials, Diversified Financial Services) †		237,100		3,078,635
Koninklijke Ahold NV (Consumer Staples, Food & Staples Retailing)		285,600		5,199,034
				11,244,668
Norway: 1.50%
Atea ASA (Information Technology, IT Services)		84,900		823,902
DnB Nor ASA (Financials, Commercial Banks)		148,800		2,630,772
Statoil ASA (Energy, Oil, Gas & Consumable Fuels)		61,700		1,392,747
Yara International ASA (Materials, Chemicals)		53,600		2,336,763
				7,184,184
Poland: 0.64%
Asseco Poland SA (Information Technology, Software)		101,800		1,681,152
KGHM Polska Miedz SA (Materials, Metals & Mining)		36,500		1,396,951
				3,078,103
Russia: 1.49%
Gazprom Neft Sponsored ADR (Energy, Oil, Gas & Consumable Fuels) (i)		150,900		3,405,671
Lukoil ADR (Energy, Oil, Gas & Consumable Fuels)		60,400		3,729,881
				7,135,552

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 87

INTERNATIONAL VALUE PORTFOLIO

Security name	Shares		Value
Singapore: 0.39%
United Overseas Bank Limited (Financials, Commercial Banks)		113,000	$	1,883,558
South Africa: 0.26%
Barclays Africa Group Limited (Financials, Commercial Banks) «		92,100		1,227,880
South Korea: 2.42%
E-MART Company Limited (Consumer Staples, Food & Staples Retailing)		8,500		2,164,556
Industrial Bank of Korea (Financials, Commercial Banks)		192,500		2,082,703
SK Telecom Company Limited (Telecommunication Services, Wireless Telecommunication Services)		22,300		4,762,166
Woori Finance Holdings Company Limited (Financials, Commercial Banks)		212,200		2,536,455
				11,545,880
Spain: 2.12%
Banco Bilbao Vizcaya Argentaria SA (Financials, Commercial Banks)		185,200		2,212,519
Banco Santander Central Hispano SA (Financials, Commercial Banks)		429,681		3,819,291
Repsol YPF SA (Energy, Oil, Gas & Consumable Fuels)		123,800		3,250,964
Telefonica SA (Telecommunication Services, Diversified Telecommunication Services)		52,400		862,055
				10,144,829
Sweden: 1.49%
Boliden AB (Materials, Metals & Mining)		169,300		2,477,763
Nordea Bank AB (Financials, Commercial Banks)		177,300		2,291,956
Saab AB (Industrials, Aerospace & Defense)		113,500		2,338,885
				7,108,604
Switzerland: 5.71%
Baloise Holding AG (Financials, Insurance)		28,800		3,399,636
Credit Suisse Group AG (Financials, Capital Markets)		184,595		5,494,372
Georg Fischer AG (Industrials, Machinery)		3,000		2,068,509
Novartis AG (Health Care, Pharmaceuticals)		48,000		3,794,142
Roche Holdings AG (Health Care, Pharmaceuticals)		12,300		3,428,992
Swiss Reinsurance AG (Financials, Insurance)		48,500		4,315,213
Zurich Financial Services AG (Financials, Insurance)		17,100		4,770,908
				27,271,772
Taiwan: 0.26%
Powertech Technology Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		794,000		1,227,462
Thailand: 0.74%
Bangchak Petroleum PCL (Energy, Oil, Gas & Consumable Fuels)		2,188,900		2,266,612
Thanachart Capital PCL (Financials, Commercial Banks)		1,251,600		1,276,546
				3,543,158
United Kingdom: 19.41%
Alent plc (Materials, Chemicals)		145,400		804,409
AMEC plc (Energy, Energy Equipment & Services)		120,300		2,228,988
Amlin plc (Financials, Insurance)		279,000		2,055,003
AstraZeneca plc (Health Care, Pharmaceuticals)		150,200		8,637,850
Aviva plc (Financials, Insurance)		314,900		2,212,734
BAE Systems plc (Industrials, Aerospace & Defense)		684,100		4,785,748
Barclays plc (Financials, Commercial Banks)		715,000		3,179,721

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

88 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

INTERNATIONAL VALUE PORTFOLIO

Security name				Shares		Value
United Kingdom (continued)
BP plc (Energy, Oil, Gas & Consumable Fuels)					844,300	$	6,661,002
BT Group plc (Telecommunication Services, Diversified Telecommunication Services)					1,124,900		6,862,290
Carillion plc (Industrials, Construction & Engineering)					261,500		1,289,634
Centrica plc (Utilities, Gas Utilities)					524,600		2,904,866
Chemring Group plc (Industrials, Aerospace & Defense)					247,200		861,834
Debenhams plc (Consumer Discretionary, Media)					1,238,200		1,960,819
Firstgroup plc (Industrials, Road & Rail)					254,700		476,509
GlaxoSmithKline plc (Health Care, Pharmaceuticals)					57,700		1,528,566
Home Retail Group plc (Consumer Discretionary, Internet & Catalog Retail)					290,000		906,149
Inchcape plc (Consumer Discretionary, Distributors)					255,800		2,491,227
J Sainsbury plc (Consumer Staples, Food & Staples Retailing)					706,400		4,710,505
Darty plc (Consumer Discretionary, Specialty Retail) (i)					679,100		972,607
Marston’s plc (Consumer Discretionary, Hotels, Restaurants & Leisure)					558,800		1,369,222
Old Mutual plc (Financials, Insurance)					982,800		3,202,817
Pace plc (Consumer Discretionary, Household Durables)					374,800		1,937,347
Premier Foods plc (Consumer Staples, Food Products) †					31,510		62,793
Royal & Sun Alliance Insurance Group plc (Financials, Insurance)					443,900		773,077
Royal Dutch Shell plc Class A (Energy, Oil, Gas & Consumable Fuels)					14,300		478,379
Royal Dutch Shell plc Class B (Energy, Oil, Gas & Consumable Fuels)					264,000		9,266,713
Tesco plc (Consumer Staples, Food & Staples Retailing)					655,700		3,734,374
Tullett Prebon plc (Financials, Capital Markets)					279,500		1,532,577
Vesuvius plc (Industrials, Machinery)					145,400		1,156,159
Vodafone Group plc (Telecommunication Services, Wireless Telecommunication Services)					1,962,500		7,285,317
WH Smith plc (Consumer Discretionary, Specialty Retail)					223,600		3,465,912
William Morrison Supermarkets plc (Consumer Staples, Food & Staples Retailing)					679,700		2,953,802
							92,748,950
Total Common Stocks (Cost $426,952,922)							463,432,915
	Dividend yield
Preferred Stocks: 0.65%
Brazil: 0.65%
Banco do Estado do Rio Grande do Sul SA (Financials, Commercial Banks) ±		5.57	%		173,300		1,000,735
Companhia Energetica de Minas Gerais SA (Energy, Oil, Gas & Consumable Fuels) ±		18.81			83,399		692,939
Companhia Vale Do Rio Doce Class A (Materials, Metals & Mining) ±		5.41			100,100		1,402,454
Total Preferred Stocks (Cost $4,315,406)							3,096,128
	Yield
Short-Term Investments: 2.53%
Investment Companies: 2.53%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08			2,748,860		2,748,860
Wells Fargo Securities Lending Cash Investments, LLC (l)(r)(u)(v)		0.08			9,341,704		9,341,704
Total Short-Term Investments (Cost $12,090,564)							12,090,564

Total investments in securities (Cost $443,358,892) *	100.16	%		478,619,607
Other assets and liabilities, net	(0.16	)		(786,528	)
Total net assets	100.00	%	$	477,833,079

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 89

INTERNATIONAL VALUE PORTFOLIO

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

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

† Non-income-earning security

(i) Illiquid security

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $444,667,949 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	81,293,138
Gross unrealized depreciation		(47,341,530	)
Net unrealized appreciation	$	33,951,608

The following table shows the percent of total long-term investments by sector as of November 30, 2013:

Financials	27.49	%
Industrials	12.23
Consumer Discretionary	11.62
Energy	11.04
Telecommunication Services	8.60
Health Care	8.12
Consumer Staples	7.37
Materials	7.28
Utilities	3.99
Information Technology	2.26
	100.00	%

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

90 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.64%
Consumer Discretionary: 8.77%
Automobiles: 1.72%
General Motors Company †		45,392	$	1,758,032
Hotels, Restaurants & Leisure: 1.03%
Norwegian Cruise Line Holdings Limited †		30,660		1,045,506
Household Durables: 2.85%
Harman International Industries Incorporated		12,170		986,257
Newell Rubbermaid Incorporated		63,295		1,921,003
				2,907,260
Media: 2.21%
Lamar Advertising Company Class A †		27,401		1,367,858
Walt Disney Company		12,553		885,489
				2,253,347
Specialty Retail: 0.96%
Bed Bath & Beyond Incorporated †		12,479		973,736
Consumer Staples: 4.89%
Food & Staples Retailing: 2.32%
CVS Caremark Corporation		35,314		2,364,625
Household Products: 1.40%
Procter & Gamble Company		16,902		1,423,486
Personal Products: 1.17%
Herbalife Limited «		17,166		1,196,127
Energy: 13.34%
Energy Equipment & Services: 0.96%
Baker Hughes Incorporated		17,235		981,706
Oil, Gas & Consumable Fuels: 12.38%
Chevron Corporation		13,274		1,625,269
ConocoPhillips Company		18,151		1,321,393
Denbury Resources Incorporated †		73,783		1,230,700
EnCana Corporation		66,349		1,273,237
Exxon Mobil Corporation		31,166		2,913,398
Marathon Oil Corporation		55,250		1,991,210
Valero Energy Corporation		18,823		860,588
Whiting Petroleum Corporation †		23,110		1,395,844
				12,611,639
Financials: 31.20%
Capital Markets: 1.35%
Goldman Sachs Group Incorporated		8,139		1,375,003

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 91

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Commercial Banks: 6.76%
First Republic Bank Corporation		36,349	$	1,857,434
KeyCorp		129,016		1,644,954
SVB Financial Group †		16,992		1,720,270
Synovus Financial Corporation		476,436		1,662,762
				6,885,420
Consumer Finance: 1.25%
SLM Corporation		47,671		1,270,432
Diversified Financial Services: 7.06%
Bank of America Corporation		185,565		2,935,638
Citigroup Incorporated		50,481		2,671,455
JPMorgan Chase & Company		27,844		1,593,234
				7,200,327
Insurance: 8.61%
ACE Limited		9,789		1,006,113
American International Group Incorporated		44,026		2,190,294
MetLife Incorporated		37,028		1,932,491
The Hartford Financial Services Group Incorporated		65,234		2,324,287
The Travelers Companies Incorporated		14,597		1,324,532
				8,777,717
Real Estate Management & Development: 0.99%
Realogy Holdings Corporation †		21,244		1,006,753
REITs: 5.18%
American Tower Corporation		22,300		1,734,271
Realty Income Corporation «		36,255		1,381,678
Vornado Realty Trust		11,650		1,024,385
Weyerhaeuser Company		37,711		1,136,232
				5,276,566
Health Care: 10.94%
Health Care Equipment & Supplies: 2.51%
Medtronic Incorporated		18,368		1,052,854
Stryker Corporation		20,232		1,505,665
				2,558,519
Health Care Providers & Services: 1.73%
Cigna Corporation		20,170		1,763,867
Pharmaceuticals: 6.70%
Johnson & Johnson		24,126		2,283,767
Merck & Company Incorporated		21,599		1,076,278
Novartis AG ADR		20,476		1,620,061
Pfizer Incorporated		58,190		1,846,369
				6,826,475

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

92 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

LARGE COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Industrials: 11.92%
Airlines: 1.54%
United Continental Holdings Incorporated †		39,988	$	1,569,529
Construction & Engineering: 1.02%
URS Corporation		19,922		1,035,346
Electrical Equipment: 1.90%
Eaton Corporation plc		26,600		1,932,756
Industrial Conglomerates: 1.74%
General Electric Company		66,322		1,768,145
Machinery: 2.09%
Dover Corporation		13,881		1,259,562
Stanley Black & Decker Incorporated		10,740		874,129
				2,133,691
Road & Rail: 1.66%
Hertz Global Holdings Incorporated †		69,933		1,696,575
Trading Companies & Distributors: 1.97%
WESCO International Incorporated †		23,374		2,009,697
Information Technology: 6.94%
Communications Equipment: 0.75%
JDS Uniphase Corporation †		63,385		769,494
Computers & Peripherals: 2.55%
Apple Incorporated		2,127		1,182,761
EMC Corporation		59,180		1,411,443
				2,594,204
Semiconductors & Semiconductor Equipment: 2.35%
Maxim Integrated Products Incorporated		28,115		800,715
Skyworks Solutions Incorporated †		60,034		1,596,304
				2,397,019
Software: 1.29%
Symantec Corporation		58,318		1,311,572
Materials: 3.04%
Chemicals: 3.04%
Ashland Incorporated		13,885		1,264,646
Huntsman Corporation		43,658		1,001,078
Westlake Chemical Corporation		7,360		828,589
				3,094,313

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 93

LARGE COMPANY VALUE PORTFOLIO

Security name				Shares		Value
Telecommunication Services: 2.34%
Diversified Telecommunication Services: 2.34%
AT&T Incorporated					24,373	$	858,170
Verizon Communications Incorporated					30,653		1,521,002
							2,379,172
Utilities: 4.26%
Electric Utilities: 1.22%
Portland General Electric Company					41,532		1,238,069
Independent Power Producers & Energy Traders: 1.96%
AES Corporation					137,333		2,000,942
Water Utilities: 1.08%
Aqua America Incorporated					45,800		1,102,406
	Yield
Total Common Stocks (Cost $82,169,991)							99,489,473
Short-Term Investments: 4.81%
Investment Companies: 4.81%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%		2,329,957		2,329,957
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08			2,575,400		2,575,400
Total Short-Term Investments (Cost $4,905,357)							4,905,357

Total investments in securities (Cost $87,075,348) *	102.45	%		104,394,830
Other assets and liabilities, net	(2.45	)		(2,497,243	)
Total net assets	100.00	%	$	101,897,587

† Non-income-earning security

(u) Rate shown is the 7-day annualized yield at period end.

(l) Investment in an affiliate

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

(v) Security represents investment of cash collateral received from securities on loan.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

* Cost for federal income tax purposes is $87,920,090 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	18,065,178
Gross unrealized depreciation		(1,590,438	)
Net unrealized appreciation	$	16,474,740

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

94 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments — November 30, 2013 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Common Stocks: 95.63%
Consumer Discretionary: 14.66%
Auto Components: 0.93%
Tower International Incorporated †		104,840	$	2,253,013
Diversified Consumer Services: 0.61%
LifeLock Incorporated †		85,540		1,472,999
Hotels, Restaurants & Leisure: 1.48%
Brinker International Incorporated		43,340		2,038,273
Del Frisco’s Restaurant Group Incorporated †		72,380		1,532,285
				3,570,558
Household Durables: 0.62%
Ethan Allen Interiors Incorporated		48,440		1,496,796
Media: 1.64%
IMAX Corporation †«		59,540		1,835,618
Lions Gate Entertainment Corporation †		67,610		2,139,180
				3,974,798
Specialty Retail: 4.76%
Bebe Stores Incorporated		207,120		1,219,937
Chico’s FAS Incorporated		87,800		1,640,982
Dick’s Sporting Goods Incorporated		41,760		2,360,275
GNC Holdings Incorporated Class A		40,670		2,447,521
Pier 1 Imports Incorporated		89,350		1,991,612
Sonic Automotive Incorporated		78,950		1,872,694
				11,533,021
Textiles, Apparel & Luxury Goods: 4.62%
Deckers Outdoor Corporation †		24,050		1,987,492
Hanesbrands Incorporated		53,920		3,779,792
Movado Group Incorporated		29,050		1,322,356
Skechers U.S.A. Incorporated Class A †		69,420		2,333,900
Tumi Holdings Incorporated †		73,380		1,761,120
				11,184,660
Consumer Staples: 0.89%
Food Products: 0.89%
Whitewave Foods Company †		101,040		2,149,121
Energy: 6.42%
Energy Equipment & Services: 1.56%
Pacific Drilling SA †		141,010		1,593,413
Tidewater Incorporated		38,210		2,179,498
				3,772,911

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 95

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Oil, Gas & Consumable Fuels: 4.86%
Delek US Holdings Incorporated		82,770	$	2,504,620
Diamondback Energy Incorporated †		29,480		1,466,335
GasLog Limited		82,990		1,322,031
Gulfport Energy Corporation †		32,280		1,886,120
Oasis Petroleum Incorporated †		53,580		2,471,645
Rosetta Resources Incorporated †		41,810		2,114,332
				11,765,083
Financials: 10.58%
Capital Markets: 4.25%
Evercore Partners Incorporated Class A		55,780		3,059,533
LPL Financial Holdings Incorporated		58,330		2,500,607
Stifel Financial Corporation †		50,970		2,281,927
Virtus Investment Partners Incorporated †		11,760		2,443,728
				10,285,795
Commercial Banks: 2.52%
CapitalSource Incorporated		151,150		2,125,169
Signature Bank †		14,570		1,548,063
SVB Financial Group †		23,990		2,428,748
				6,101,980
Consumer Finance: 0.81%
Encore Capital Group Incorporated †		41,015		1,956,005
Insurance: 1.16%
Argo Group International Holdings Limited		59,542		2,815,741
REITs: 0.81%
QTS Realty Trust Incorporated Class A †		94,030		1,957,705
Thrifts & Mortgage Finance: 1.03%
Essent Group Limited †		114,570		2,490,752
Health Care: 19.43%
Biotechnology: 4.11%
Alnylam Pharmaceuticals Incorporated †		32,280		1,975,536
Exelixis Incorporated †«		222,430		1,296,767
Insys Therapeutics Incorporation †		24,980		1,101,618
InterMune Incorporated †		104,740		1,448,554
Intrexon Corporation †«		34,170		782,151
Portola Pharmaceuticals Incorporation †		49,770		1,244,250
Seattle Genetics Incorporated †		26,160		1,074,914
Theravance Incorporated †		27,250		1,028,960
				9,952,750

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

96 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Health Care Equipment & Supplies: 7.87%
Accuray Incorporated †«		213,560	$	1,704,209
ArthroCare Corporation †		49,420		1,864,122
Atricure Incorporated †		84,510		1,323,427
Cerus Corporation †«		281,570		1,883,703
DexCom Incorporated †		79,850		2,642,237
Endologix Incorporated †		106,371		1,900,850
Insulet Corporation †		50,730		1,878,025
Oxford Immunotec Global plc †		73,920		1,170,893
Spectranetics Corporation †		115,060		2,676,296
Sunshine Heart Incorporated †«		95,650		866,589
Veracyte Incorporated †		87,110		1,130,688
				19,041,039
Health Care Providers & Services: 2.38%
Capital Senior Living Corporation †		57,980		1,294,693
Ensign Group Incorporated		57,050		2,576,949
LifePoint Hospitals Incorporated †		36,830		1,886,801
				5,758,443
Health Care Technology: 0.83%
Medidata Solutions Incorporated †		12,000		1,426,920
Omnicell Incorporated †		23,890		579,333
				2,006,253
Life Sciences Tools & Services: 2.47%
Cambrex Corporation †		106,280		2,072,460
Fluidigm Corporation †		44,690		1,420,248
ICON plc ADR †		65,330		2,491,686
				5,984,394
Pharmaceuticals: 1.77%
AcelRx Pharmaceuticals Incorporated †«		131,060		1,281,767
Akorn Incorporated †		68,930		1,774,948
Pacira Pharmaceuticals Incorporated †		22,370		1,234,600
				4,291,315
Industrials: 16.45%
Aerospace & Defense: 0.73%
Esterline Technologies Corporation †		20,080		1,767,442
Air Freight & Logistics: 1.12%
Hub Group Incorporated Class A †		72,080		2,712,370
Airlines: 0.42%
Spirit Airlines Incorporated †		22,330		1,024,277
Building Products: 1.14%
A.O. Smith Corporation		51,010		2,762,192

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 97

SMALL COMPANY GROWTH PORTFOLIO

Security name	Shares		Value
Commercial Services & Supplies: 2.20%
ACCO Brands Corporation †		178,660	$	1,075,533
Copart Incorporated †		61,392		2,113,727
Kar Auction Services Incorporated		76,890		2,121,395
				5,310,655
Construction & Engineering: 1.17%
Tutor Perini Corporation †		115,450		2,827,371
Machinery: 2.02%
Actuant Corporation Class A		52,970		2,070,068
Wabash National Corporation †		232,490		2,822,429
				4,892,497
Professional Services: 2.01%
On Assignment Incorporated †		106,630		3,628,619
RPX Corporation †		75,110		1,240,817
				4,869,436
Road & Rail: 2.52%
Genesee & Wyoming Incorporated †		17,290		1,663,298
Roadrunner Transportation Systems Incorporated †		77,470		2,121,129
Swift Transportation Company †«		99,740		2,308,981
				6,093,408
Trading Companies & Distributors: 3.12%
Beacon Roofing Supply Incorporated †		63,600		2,364,648
MRC Global Incorporated †		61,020		1,866,602
MSC Industrial Direct Company		16,420		1,261,877
United Rentals Incorporated †		30,070		2,066,711
				7,559,838
Information Technology: 22.19%
Communications Equipment: 1.97%
Infinera Corporation †		143,430		1,333,899
Palo Alto Networks Incorporated †		40,310		2,013,485
Riverbed Technology Incorporated †		82,790		1,432,267
				4,779,651
Electronic Equipment, Instruments & Components: 1.84%
InvenSense Incorporated †«		89,410		1,545,899
OSI Systems Incorporated †		38,040		2,917,668
				4,463,567
Internet Software & Services: 1.03%
Endurance International Group Holdings †«		105,590		1,508,881
Zillow Incorporated Class A †«		12,490		981,964
				2,490,845

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

98 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY GROWTH PORTFOLIO

Security name		Shares		Value
IT Services: 2.43%
EVERTEC Incorporated			92,330	$	2,037,723
InterXion Holding NV †			55,580		1,251,106
Vantiv Incorporated Class A †			85,260		2,583,378
					5,872,207
Semiconductors & Semiconductor Equipment: 4.46%
Advanced Energy Industries Incorporated †			89,070		2,121,647
Applied Micro Circuits Corporation †			85,940		1,078,547
Microsemi Corporation †			73,040		1,784,367
Semtech Corporation †			68,500		2,035,820
Spansion Incorporated Class A †			125,590		1,556,060
Teradyne Incorporated †			130,780		2,227,183
					10,803,624
Software: 10.46%
Bottomline Technologies Incorporated †			58,650		2,027,531
BroadSoft Incorporated †			29,880		793,912
Cadence Design Systems Incorporated †	��		158,240		2,096,680
Concur Technologies Incorporated †			14,642		1,421,592
Infoblox Incorporated †			28,910		918,760
Jive Software Incorporated †«			159,940		1,773,735
PTC Incorporated †			69,170		2,250,792
Rally Software Development Corporation †			65,070		1,600,722
Realpage Incorporated †			71,770		1,608,366
Silver Spring Networks Incorporated †«			142,620		2,950,808
SS&C Technologies Holdings †			83,320		3,591,925
Synchronoss Technologies Incorporated †			43,510		1,380,572
Tangoe Incorporated †			85,720		1,349,233
Ultimate Software Group Incorporated †			9,830		1,540,263
					25,304,891
Materials: 5.01%
Chemicals: 1.58%
Calgon Carbon Corporation †			108,400		2,244,964
Methanex Corporation			25,750		1,581,050
					3,826,014
Containers & Packaging: 0.82%
Graphic Packaging Holding Company †			219,980		1,975,420
Metals & Mining: 1.76%
Constellium NV Class A †			121,870		2,634,829
Steel Dynamics Incorporated			89,540		1,631,419
					4,266,248
Paper & Forest Products: 0.85%
Boise Cascade Company †			79,630		2,043,306
Total Common Stocks (Cost $166,366,873)					231,460,391

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 99

SMALL COMPANY GROWTH PORTFOLIO

Security name	Yield			Shares		Value
Short-Term Investments: 9.20%
Investment Companies: 9.20%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.08	%		9,672,711	$	9,672,711
Wells Fargo Securities Lending Cash Investments, LLC (r)(v)(u)(l)		0.08			12,598,600		12,598,600
Total Short-Term Investments (Cost $22,271,311)							22,271,311

Total investments in securities (Cost $188,638,184) *	104.83	%		253,731,702
Other assets and liabilities, net	(4.83	)		(11,689,750	)
Total net assets	100.00	%	$	242,041,952

† Non-income-earning security

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

(u) Rate shown is the 7-day annualized yield at period end.

(l) Investment in an affiliate

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $189,718,823 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	66,559,918
Gross unrealized depreciation		(2,547,039	)
Net unrealized appreciation	$	64,012,879

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

100 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Common Stocks: 97.30%
Consumer Discretionary: 14.82%
Auto Components: 2.29%
American Axle & Manufacturing Holdings Incorporated †		137,365	$	2,747,300
Dana Holding Corporation		98,799		2,003,644
				4,750,944
Distributors: 0.99%
Core Mark Holding Company Incorporated		27,763		2,049,465
Diversified Consumer Services: 2.70%
Apollo Group Incorporated Class A †		102,438		2,693,095
Houghton Mifflin Harcourt Company †		75,690		1,313,978
Steiner Leisure Limited †		27,113		1,604,005
				5,611,078
Hotels, Restaurants & Leisure: 1.88%
Bob Evans Farms Incorporated		34,188		1,900,511
ClubCorp Holdings Incorporated †		120,800		2,007,696
				3,908,207
Leisure Equipment & Products: 0.71%
Arctic Cat Incorporated		26,215		1,475,118
Media: 0.78%
Scholastic Corporation		53,010		1,618,925
Specialty Retail: 2.98%
Asbury Automotive Group Incorporated †		53,503		2,777,876
Rent-A-Center Incorporated		41,318		1,407,291
Zumiez Incorporated †		72,327		2,008,521
				6,193,688
Textiles, Apparel & Luxury Goods: 2.49%
G-III Apparel Group Limited †		41,890		2,523,873
Vera Bradley Incorporated †«		105,200		2,642,624
				5,166,497
Consumer Staples: 1.83%
Food Products: 1.83%
Dean Foods Company		92,450		1,662,251
Post Holdings Incorporated †		42,096		2,132,162
				3,794,413
Energy: 3.83%
Energy Equipment & Services: 1.89%
Basic Energy Services Incorporated †		115,737		1,642,308
Key Energy Services Incorporated †		291,414		2,284,686
				3,926,994

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 101

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Oil, Gas & Consumable Fuels: 1.94%
Rex Energy Corporation †		106,300	$	2,038,834
Sanchez Energy Corporation †		77,775		1,996,484
				4,035,318
Financials: 37.39%
Capital Markets: 2.01%
Greenhill & Company Incorporated		38,605		2,112,080
Stifel Financial Corporation †		46,174		2,067,210
				4,179,290
Commercial Banks: 16.42%
Associated Banc-Corp		134,553		2,319,694
BancorpSouth Incorporated		130,211		3,113,345
Banner Corporation		48,215		2,095,424
City National Corporation		31,669		2,418,245
FirstMerit Corporation		108,890		2,500,114
IBERIABANK Corporation		41,041		2,573,271
MB Financial Incorporated		51,300		1,672,893
Old National Bancorp		104,300		1,621,865
Pacwest Bancorp «		48,969		2,014,585
PrivateBancorp Incorporated		99,000		2,745,270
Umpqua Holdings Corporation «		87,407		1,609,163
ViewPoint Financial Group Incorporated		80,400		2,040,552
Webster Financial Corporation		71,292		2,101,688
Western Alliance Bancorp †		136,439		3,168,114
Wintrust Financial Corporation		46,351		2,102,481
				34,096,704
Insurance: 7.09%
Amtrust Financial Services Incorporated «		68,366		2,858,382
CNO Financial Group Incorporated		184,061		3,114,312
Employers Holdings Incorporated		83,034		2,710,230
OneBeacon Insurance Group Limited		104,501		1,661,566
Primerica Incorporated		50,997		2,194,401
Selective Insurance Group Incorporated		77,617		2,188,023
				14,726,914
Real Estate Management & Development: 0.80%
Alexander & Baldwin Incorporated		43,980		1,662,004
REITs: 9.29%
Ashford Hospitality Prime Incorporated †		36,423		745,215
Ashford Hospitality Trust		182,117		1,495,181
Campus Crest Communities Incorporated		194,096		1,931,255
Corporate Office Properties Trust		70,300		1,562,769
Cousins Properties Incorporated		182,797		1,957,756
Education Realty Trust Incorporated		223,700		1,946,190
LaSalle Hotel Properties		64,396		2,016,883
Pebblebrook Hotel Trust		64,011		1,941,454

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

102 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
REITs (continued)
Sabra Health Care REIT Incorporated		64,528	$	1,721,607
STAG Industrial Incorporated		94,800		2,055,264
Sunstone Hotel Investors Incorporated		147,221		1,924,178
				19,297,752
Thrifts & Mortgage Finance: 1.78%
BankUnited Incorporated		66,646		2,151,333
Washington Federal Incorporated		66,426		1,553,704
				3,705,037
Health Care: 5.38%
Health Care Equipment & Supplies: 1.13%
Alere Incorporated †		71,943		2,353,975
Health Care Providers & Services: 3.01%
Ensign Group Incorporated		35,864		1,619,977
LifePoint Hospitals Incorporated †		38,191		1,956,525
WellCare Health Plans Incorporated †		35,880		2,665,884
				6,242,386
Health Care Technology: 1.24%
Medassets Incorporated †		119,297		2,569,657
Industrials: 11.50%
Air Freight & Logistics: 1.46%
Air Transport Services Group †		138,038		1,073,936
Atlas Air Worldwide Holdings Incorporated †		50,989		1,957,978
				3,031,914
Commercial Services & Supplies: 1.57%
ACCO Brands Corporation †		268,340		1,615,407
Quad Graphics Incorporated		62,877		1,637,946
				3,253,353
Construction & Engineering: 2.03%
Great Lakes Dredge & Dock Company		212,722		1,895,353
Tutor Perini Corporation †		94,941		2,325,105
				4,220,458
Machinery: 3.02%
Briggs & Stratton Corporation		70,394		1,423,367
Global Brass & Copper Holdings Incorporated		72,663		1,198,940
Kadant Incorporated		48,452		2,006,882
Wabash National Corporation †		134,999		1,638,888
				6,268,077
Professional Services: 1.02%
FTI Consulting Incorporated †		47,191		2,119,348

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 103

SMALL COMPANY VALUE PORTFOLIO

Security name	Shares		Value
Road & Rail: 1.48%
Quality Distribution Incorporated †		139,900	$	1,710,977
Ryder System Incorporated		19,506		1,362,299
				3,073,276
Trading Companies & Distributors: 0.92%
Titan Machinery Incorporated †«		107,533		1,915,163
Information Technology: 13.12%
Communications Equipment: 1.89%
ARRIS Group Incorporated †		120,850		2,479,842
Black Box Corporation		51,946		1,455,007
				3,934,849
Computers & Peripherals: 0.82%
QLogic Corporation †		137,730		1,709,229
Electronic Equipment, Instruments & Components: 3.34%
Itron Incorporated †		36,310		1,537,729
Multi-Fineline Electronix Incorporated †		71,135		1,004,426
Plexus Corporation †		55,319		2,233,228
Sanmina Corporation †		139,545		2,160,157
				6,935,540
Internet Software & Services: 0.89%
EarthLink Incorporated		338,242		1,843,419
Semiconductors & Semiconductor Equipment: 5.59%
Cirrus Logic Incorporated †«		106,590		2,150,986
Integrated Silicon Solution Incorporated †		148,163		1,754,250
Kulicke & Soffa Industries Incorporated †		186,646		2,355,473
MagnaChip Semiconductor Corporation †		98,976		2,009,213
OmniVision Technologies Incorporated †		90,984		1,458,474
Photronics Incorporated †		217,754		1,881,395
				11,609,791
Software: 0.59%
EPIQ Systems Incorporated		72,582		1,214,297
Materials: 5.33%
Chemicals: 1.66%
Kraton Performance Polymers Incorporated †		85,391		1,988,756
Zep Incorporated		75,616		1,456,364
				3,445,120
Metals & Mining: 3.67%
A.M. Castle & Company †		56,966		796,954
Commercial Metals Company		115,670		2,246,311
Horsehead Holding Corporation †		149,262		2,234,452
Suncoke Energy Incorporated †		103,939		2,356,297
				7,634,014

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

104 Wells Fargo Advantage Equity Gateway Funds Portfolio of investments—November 30, 2013 (unaudited)

SMALL COMPANY VALUE PORTFOLIO

Security name						Shares		Value
Telecommunication Services: 0.80%
Diversified Telecommunication Services: 0.80%
Iridium Communications Incorporated †							270,575	$	1,664,036
Utilities: 3.30%
Electric Utilities: 3.30%
El Paso Electric Company							63,350		2,282,501
PNM Resources Incorporated							86,704		2,017,602
Portland General Electric Company							85,697		2,554,624
									6,854,727
Total Common Stocks (Cost $147,320,398)									202,090,977
				Expiration date
Warrants: 0.01%
Health Care: 0.01%
Health Care Equipment & Supplies: 0.01%
EnteroMedics Incorporated †(a)					5-14-2016		9,104		10,778
Total Warrants (Cost $0)									10,778
	Yield
Short-Term Investments: 7.42%
Investment Companies: 7.42%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				6,438,413		6,438,413
Wells Fargo Securities Lending Cash Investments, LLC (l)(u)(r)(v)		0.08					8,987,147		8,987,147
Total Short-Term Investments (Cost $15,425,560)									15,425,560

Total investments in securities
(Cost $162,745,958) *	104.73	%		217,527,315
Other assets and liabilities, net	(4.73	)		(9,829,453	)
Total net assets	100.00	%	$	207,697,862

† Non-income-earning security

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

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

(r) The investment company is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended.

(v) Security represents investment of cash collateral received from securities on loan.

* Cost for federal income tax purposes is $164,900,485 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	58,250,533
Gross unrealized depreciation		(5,623,703	)
Net unrealized appreciation	$	52,626,830

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

This page is intentionally left blank.

106 Wells Fargo Advantage Equity Gateway Funds Statements of assets and liabilities—November 30, 2013 (unaudited)

	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	334,001,637	$	152,315,144
In affiliated securities, at value (see cost below)		16,519,640		5,224,757
Total investments, at value (see cost below)		350,521,277		157,539,901
Cash		0		0
Foreign currency, at value (see cost below)		0		0
Receivable for investments sold		0		210,527
Receivable for dividends		735,986		128,954
Receivable for securities lending income		3,790		1,130
Prepaid expenses and other assets		1,817		788
Total assets		351,262,870		157,881,300
Liabilities
Payable for investments purchased		0		249,277
Payable upon receipt of securities loaned		0		4,148,421
Payable for daily variation margin on open futures contracts		0		0
Advisory fee payable		191,820		72,151
Professional fees payable		16,632		19,112
Contingent tax liability		0		0
Accrued expenses and other liabilities		4,778		6,455
Total liabilities		213,230		4,495,416
Total net assets	$	351,049,640	$	153,385,884
Investments in unaffiliated securities (including securities on loan), at cost	$	229,794,795	$	104,838,269
Investments in affiliated securities, at cost	$	16,519,640	$	5,224,757
Total investments, at cost	$	246,314,435	$	110,063,026
Securities on loan, at value	$	0	$	4,055,923
Foreign currency, at cost	$	0	$	0

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

Statements of assets and liabilities—November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 107

Emerging Growth Portfolio		Index Portfolio		International Growth Portfolio		International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio		Small Company Value Portfolio
$	1,217,490,452	$	2,773,006,007	$	149,055,032	$	466,529,043	$	99,489,473	$	231,460,391	$	202,101,755
	45,044,489		79,059,831		6,859,247		12,090,564		4,905,357		22,271,311		15,425,560
	1,262,534,941		2,852,065,838		155,914,279		478,619,607		104,394,830		253,731,702		217,527,315
	0		24,610		0		0		0		68,396		0
	0		0		114,497		7,563,642		0		0		0
	5,072,716		687,657		1,216,929		0		0		3,250,935		71,635
	1,018		6,084,107		163,571		1,321,318		155,945		64,718		115,502
	104,730		4,536		7,239		16,945		1,732		11,503		13,602
	10,524		14,289		1,924		13,359		1,761		2,034		2,912
	1,267,723,929		2,858,881,037		157,418,439		487,534,871		104,554,268		257,129,288		217,730,966
	4,704,890		0		2,068,091		0		0		2,301,740		879,783
	31,741,350		9,164,555		765,419		9,341,704		2,575,400		12,598,600		8,987,147
	0		4,430		0		0		0		0		0
	802,493		200,707		109,465		341,611		55,975		157,968		138,030
	10,510		13,867		16,685		18,477		17,825		18,817		18,704
	0		0		45,316		0		0		0		0
	10,623		23,878		26,362		0		7,481		10,211		9,440
	37,269,866		9,407,437		3,031,338		9,701,792		2,656,681		15,087,336		10,033,104
$	1,230,454,063	$	2,849,473,600	$	154,387,101	$	477,833,079	$	101,897,587	$	242,041,952	$	207,697,862
$	798,977,657	$	1,662,832,574	$	113,387,594	$	431,268,328	$	82,169,991	$	166,366,873	$	147,320,398
$	45,044,489	$	69,826,099	$	6,859,247	$	12,090,564	$	4,905,357	$	22,271,311	$	15,425,560
$	844,022,146	$	1,732,658,673	$	120,246,841	$	443,358,892	$	87,075,348	$	188,638,184	$	162,745,958
$	30,955,510	$	8,899,585	$	730,218	$	8,854,230	$	2,516,705	$	12,245,453	$	8,776,029
$	0	$	0	$	114,739	$	7,562,268	$	0	$	0	$	0

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

108 Wells Fargo Advantage Equity Gateway Funds Statements of operations—six months ended November 30, 2013 (unaudited)

	C&B Large Cap Value Portfolio		Diversified Large Cap Growth Portfolio			Emerging Growth Portfolio			Index Portfolio
Investment income
Dividends*	$	3,520,363	$	607,305		$	612,385		$	28,228,572
Income from affiliated securities		7,017		492			6,574			16,633
Securities lending income, net		6,223		7,309			387,518			31,800
Interest		0		0			0			612
Total investment income		3,533,603		615,106			1,006,477			28,277,617
Expenses
Advisory fee		1,104,441		484,377			4,453,275			1,129,369
Custody and accounting fees		12,835		12,716			34,439			71,777
Professional fees		23,928		23,046			30,372			38,378
Shareholder report expenses		790		2,877			970			5,411
Trustees’ fees and expenses		5,547		5,243			5,287			5,030
Other fees and expenses		5,868		3,796			12,801			29,732
Total expenses		1,153,409		532,055			4,537,144			1,279,697
Less: Fee waivers and/or expense reimbursements		0		(68,470	)		0			0
Net expenses		1,153,409		463,585			4,537,144			1,279,697
Net investment income (loss)		2,380,194		151,521			(3,530,667	)		26,997,920
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		21,465,517		6,521,085			89,132,120			(13,212,779	)
Affiliated securities		0		0			0			(5,489,503	)
Futures transactions		0		0			0			6,192,875
Net realized gain (losses) on investments		21,465,517		6,521,085			89,132,120			(12,509,407	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		13,685,125		17,953,571			184,460,846			283,715,260
Affiliated securities		0		0			0			8,471,069
Futures transactions		0		0			0			(1,487,605	)
Net change in unrealized gains (losses) on investments		13,685,125		17,953,571			184,460,846			290,698,724
Net realized and unrealized gains (losses) on investments		35,150,642		24,474,656			273,592,966			278,189,317
Net increase in net assets resulting from operations	$	37,530,836	$	24,626,177		$	270,062,299		$	305,187,237
* Net of foreign dividend withholding taxes in the amount of		$4,015		$0			$0			$8,705

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

Statements of operations—six months ended November 30, 2013 (unaudited) Wells Fargo Advantage Equity Gateway Funds 109

International Growth Portfolio			International Value Portfolio		Large Company Value Portfolio		Small Company Growth Portfolio			Small Company Value Portfolio
$	971,778		$	5,514,111	$	835,741	$	319,211		$	2,042,480
	1,739			1,456		779		3,472			2,669
	22,359			150,739		12,873		178,893			90,742
	0			418		0		0			0
	995,876			5,666,724		849,393		501,576			2,135,891
	611,832			1,895,654		322,545		858,468			829,713
	82,746			69,717		5,634		12,831			17,363
	23,378			26,252		22,561		21,886			22,580
	211			2,783		1,895		824			3,030
	4,419			4,244		3,767		5,071			4,399
	15,338			22,677		3,230		4,176			4,704
	737,924			2,021,327		359,632		903,256			881,789
	0			0		0		0			0
	737,924			2,021,327		359,632		903,256			881,789
	257,952			3,645,397		489,761		(401,680	)		1,254,102
	3,220,646			4,561,826		5,946,885		14,912,362			15,007,141
	0			0		0		0			0
	0			0		0		0			0
	3,220,646			4,561,826		5,946,885		14,912,362			15,007,141
	14,254,583	1		45,940,372		6,127,552		25,744,178			13,426,498
	0			0		0		0			0
	0			0		0		0			0
	14,254,583			45,940,372		6,127,552		25,744,178			13,426,498
	17,475,229			50,502,198		12,074,437		40,656,540			28,433,639
$	17,733,181		$	54,147,595	$	12,564,198	$	40,254,860		$	29,687,741
	$59,849			$568,387		$5,309		$2,926			$0

1. Net of foreign capital gains tax in the amount of $39,316.

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

110 Wells Fargo Advantage Equity Gateway Funds Statements of changes in net assets

	C&B Large Cap Value Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	2,380,194		$	5,797,743
Net realized gains on investments		21,465,517			25,557,380
Net change in unrealized gains (losses) on investments		13,685,125			54,634,553
Net increase in net assets resulting from operations		37,530,836			85,989,676
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		20,925,715			19,812,149
Withdrawals		(54,561,450	)		(83,570,402	)
Net decrease in net assets resulting from capital share transactions		(33,635,735	)		(63,758,253	)
Total increase in net assets		3,895,101			22,231,423
Net assets
Beginning of period		347,154,539			324,923,116
End of period	$	351,049,640		$	347,154,539

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

Statements of changes in net assets Wells Fargo Advantage Equity Gateway Funds 111

	Diversified Large Cap Growth Portfolio
	Six months ended November 30, 2013 (unaudited)				Year ended May 31, 2013
Operations
Net investment income		$	151,521			$	768,223
Net realized gains on investments			6,521,085				15,571,692
Net change in unrealized gains (losses) on investments			17,953,571				11,859,205
Net increase in net assets resulting from operations			24,626,177				28,199,120
Capital share transactions
Transactions in investors’ beneficial interests
Contributions			922,518				4,046,616
Withdrawals			(20,008,204	)			(42,558,624	)
Net decrease in net assets resulting from capital share transactions			(19,085,686	)			(38,512,008	)
Total increase (decrease) in net assets			5,540,491				(10,312,888	)
Net assets
Beginning of period			147,845,393				158,158,281
End of period		$	153,385,884			$	147,845,393

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

112 Wells Fargo Advantage Equity Gateway Funds Statements of changes in net assets

	Emerging Growth Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment loss	$	(3,530,667	)	$	(4,657,230	)
Net realized gains on investments		89,132,120			8,468,821
Net change in unrealized gains (losses) on investments		184,460,846			182,265,995
Net increase in net assets resulting from operations		270,062,299			186,077,586
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		30,984,030			43,331,221
Withdrawals		(116,464,343	)		(182,428,836	)
Net decrease in net assets resulting from capital share transactions		(85,480,313	)		(139,097,615	)
Total increase in net assets		184,581,986			46,979,971
Net assets
Beginning of period		1,045,872,077			998,892,106
End of period	$	1,230,454,063		$	1,045,872,077

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

Statements of changes in net assets Wells Fargo Advantage Equity Gateway Funds 113

	Index Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	26,997,920		$	55,499,759
Net realized gains (losses) on investments		(12,509,407	)		84,257,080
Net change in unrealized gains (losses) on investments		290,698,724			466,355,999
Net increase in net assets resulting from operations		305,187,237			606,112,838
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		58,471,795			103,522,576
Withdrawals		(127,074,546	)		(480,245,028	)
Net decrease in net assets resulting from capital share transactions		(68,602,751	)		(376,722,452	)
Total increase in net assets		236,584,486			229,390,386
Net assets
Beginning of period		2,612,889,114			2,383,498,728
End of period	$	2,849,473,600		$	2,612,889,114

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

114 Wells Fargo Advantage Equity Gateway Funds Statements of changes in net assets

	International Growth Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	257,952		$	1,895,888
Net realized gains on investments		3,220,646			8,384,099
Net change in unrealized gains (losses) on investments		14,254,583			20,174,725
Net increase in net assets resulting from operations		17,733,181			30,454,712
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		8,194,851			29,169,783	1
Withdrawals		(9,935,671	)		(29,751,222	)
Net decrease in net assets resulting from capital share transactions		(1,740,820	)		(581,439	)
Total increase in net assets		15,992,361			29,873,273
Net assets
Beginning of period		138,394,740			108,521,467
End of period	$	154,387,101		$	138,394,740

1. Amount includes $22,586,786 related to an acquisition during the period. See Notes to Financial Statements for a discussion of the acquisition.

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

Statements of changes in net assets Wells Fargo Advantage Equity Gateway Funds 115

	International Value Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	3,645,397		$	11,001,522
Net realized gains (losses) on investments		4,561,826			(3,085,904	)
Net change in unrealized gains (losses) on investments		45,940,372			80,132,934
Net increase in net assets resulting from operations		54,147,595			88,048,552
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		12,384,981			74,737,541	1
Withdrawals		(11,430,349	)		(29,346,621	)
Net increase in net assets resulting from capital share transactions		954,632			45,390,920
Total increase in net assets		55,102,227			133,439,472
Net assets
Beginning of period		422,730,852			289,291,380
End of period	$	477,833,079		$	422,730,852

1. Amount includes $22,429,789 related to an acquisition during the period. See Notes to Financial Statements for a discussion of the acquisition.

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

116 Wells Fargo Advantage Equity Gateway Funds Statements of changes in net assets

	Large Company Value Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	489,761		$	848,345
Net realized gains on investments		5,946,885			8,490,528
Net change in unrealized gains (losses) on investments		6,127,552			6,509,832
Net increase in net assets resulting from operations		12,564,198			15,848,705
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		552,049			51,038,318	1
Withdrawals		(9,624,252	)		(21,361,580	)
Net increase (decrease) in net assets resulting from capital share transactions		(9,072,203	)		29,676,738
Total increase in net assets		3,491,995			45,525,443
Net assets
Beginning of period		98,405,592			52,880,149
End of period	$	101,897,587		$	98,405,592

1. Amount includes $50,059,057 related to an acquisition during the period. See Notes to Financial Statements for a discussion of the acquisition.

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

Statements of changes in net assets Wells Fargo Advantage Equity Gateway Funds 117

	Small Company Growth Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment loss	$	(401,680	)	$	(28,119	)
Net realized gains on investments		14,912,362			14,699,969
Net change in unrealized gains (losses) on investments		25,744,178			28,484,637
Net increase in net assets resulting from operations		40,254,860			43,156,487
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		36,159,000			64,117,058
Withdrawals		(30,857,904	)		(73,747,010	)
Net increase (decrease) in net assets resulting from capital share transactions		5,301,096			(9,629,952	)
Total increase in net assets		45,555,956			33,526,535
Net assets
Beginning of period		196,485,996			162,959,461
End of period	$	242,041,952		$	196,485,996

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

118 Wells Fargo Advantage Equity Gateway Funds Statements of changes in net assets

	Small Company Value Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	1,254,102		$	1,093,425
Net realized gains on investments		15,007,141			13,278,991
Net change in unrealized gains (losses) on investments		13,426,498			36,327,755
Net increase in net assets resulting from operations		29,687,741			50,700,171
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		10,845,252			40,236,818	1
Withdrawals		(36,672,386	)		(86,362,160	)
Net decrease in net assets resulting from capital share transactions		(25,827,134	)		(46,125,342	)
Total increase in net assets		3,860,607			4,574,829
Net assets
Beginning of period		203,837,255			199,262,426
End of period	$	207,697,862		$	203,837,255

1. Amount includes $14,416,889 related to an acquisition during the period. See Notes to Financial Statements for a discussion of the acquisition.

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

Financial highlights Wells Fargo Advantage Equity Gateway Funds 119

	Ratio to average net assets (annualized)									Total return1			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses
C&B Large Cap Value Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.40	%		0.68	%		0.68	%		11.52	%		11	%
June 1, 2012 to May 31, 2013		1.73	%		0.68	%		0.68	%		29.30	%		18	%
June 1, 2011 to May 31, 2012		1.81	%		0.68	%		0.68	%		(4.61	)%		21	%
October 1, 2010 to May 31, 20112		1.27	%		0.67	%		0.67	%		18.08	%		17	%
October 1, 2009 to September 30, 2010		1.40	%		0.70	%		0.68	%		7.49	%		13	%
October 1, 2008 to September 30, 2009		2.19	%		0.73	%		0.64	%		(5.53	)%		28	%
October 1, 2007 to September 30, 2008		1.71	%		0.73	%		0.68	%		(20.18	)%		21	%
Diversified Large Cap Growth Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		0.20	%		0.71	%		0.62	%		17.80	%		28	%
June 1, 2012 to May 31, 2013		0.51	%		0.71	%		0.62	%		20.30	%		56	%
June 1, 2011 to May 31, 2012		0.24	%		0.71	%		0.62	%		1.26	%		79	%
October 1, 2010 to May 31, 20112,3		0.40	%		0.69	%		0.62	%		22.78	%		101	%
October 1, 2009 to September 30, 20103		0.66	%		0.70	%		0.62	%		7.51	%		11	%
October 1, 2008 to September 30, 20093		0.97	%		0.70	%		0.62	%		3.31	%		13	%
October 1, 2007 to September 30, 20083		0.48	%		0.68	%		0.67	%		(22.59	)%		7	%
Emerging Growth Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		(0.62	)%		0.80	%		0.80	%		27.20	%		33	%
June 1, 2012 to May 31, 2013		(0.47	)%		0.80	%		0.80	%		20.53	%		65	%
June 1, 2011 to May 31, 2012		(0.57	)%		0.80	%		0.80	%		(4.83	)%		75	%
October 1, 2010 to May 31, 20112		(0.77	)%		0.94	%		0.91	%		37.91	%		59	%
October 1, 2009 to September 30, 2010		(0.66	)%		1.02	%		0.94	%		20.49	%		97	%
October 1, 2008 to September 30, 2009		(0.53	)%		0.94	%		0.91	%		(5.70	)%		147	%
October 1, 2007 to September 30, 2008		(0.49	)%		0.93	%		0.92	%		(30.95	)%		191	%
October 1, 2007 to September 30, 2008		(0.49	)%		0.93	%		0.92	%		(30.95	)%		191	%
Index Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		2.02	%		0.10	%		0.10	%		11.86	%		3	%
June 1, 2012 to May 31, 2013		2.20	%		0.09	%		0.09	%		27.22	%		4	%
June 1, 2011 to May 31, 2012		2.09	%		0.10	%		0.10	%		0.52	%		9	%
October 1, 2010 to May 31, 20112		1.93	%		0.10	%		0.10	%		19.39	%		3	%
October 1, 2009 to September 30, 2010		2.01	%		0.10	%		0.10	%		9.97	%		22	%
October 1, 2008 to September 30, 2009		2.61	%		0.12	%		0.10	%		(7.00	)%		10	%
October 1, 2007 to September 30, 2008		2.07	%		0.11	%		0.11	%		(22.28	)%		5	%
International Growth Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		0.36	%		1.03	%		1.03	%		12.75	%		22	%
June 1, 2012 to May 31, 2013		1.63	%		1.04	%		1.04	%		30.34	%		46	%
June 1, 2011 to May 31, 2012		2.04	%		0.97	%		0.90	%		(9.44	)%		69	%
October 1, 2010 to May 31, 20112		1.62	%		1.10	%		1.10	%		14.50	%		53	%
October 1, 2009 to September 30, 2010		0.89	%		1.42	%		1.20	%		3.25	%		89	%
October 1, 2008 to September 30, 2009		1.71	%		1.14	%		1.11	%		6.23	%		95	%
October 1, 2007 to September 30, 2008		1.17	%		1.08	%		1.05	%		(28.68	)%		57	%
International Value Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.63	%		0.91	%		0.91	%		12.69	%		6	%
June 1, 2012 to May 31, 2013		3.04	%		0.91	%		0.91	%		29.45	%		16	%
June 1, 2011 to May 31, 2012		3.44	%		0.91	%		0.85	%		(21.07	)%		9	%
October 1, 2010 to May 31, 20112		3.14	%		0.94	%		0.94	%		14.00	%		16	%
October 1, 2009 to September 30, 2010		2.41	%		1.20	%		1.06	%		0.92	%		27	%
October 1, 2008 to September 30, 2009		2.72	%		1.08	%		1.03	%		5.26	%		41	%
October 1, 2007 to September 30, 2008		3.68	%		1.07	%		1.01	%		(34.21	)%		23	%

Please see footnotes on page 120.

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

120 Wells Fargo Advantage Equity Gateway Funds Financial highlights

	Ratio to average net assets (annualized)									Total return1			Portfolio turnover rate
	Net investment income (loss)			Gross expenses			Net expenses
Large Company Value Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		0.99	%		0.72	%		0.72	%		13.38	%		36	%
June 1, 2012 to May 31, 2013		1.49	%		0.78	%		0.74	%		28.91	%		95	%
June 1, 2011 to May 31, 2012		1.67	%		0.77	%		0.74	%		(6.06	)%		104	%
October 1, 2010 to May 31, 20112		1.58	%		0.78	%		0.74	%		21.46	%		38	%
October 1, 2009 to September 30, 2010		1.73	%		0.73	%		0.72	%		7.02	%		46	%
October 1, 2008 to September 30, 2009		2.69	%		0.75	%		0.69	%		(9.66	)%		11	%
October 1, 2007 to September 30, 2008		2.16	%		0.75	%		0.57	%		(23.18	)%		8	%
Small Company Growth Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		(0.37	)%		0.84	%		0.84	%		20.63	%		51	%
June 1, 2012 to May 31, 2013		(0.02	)%		0.86	%		0.86	%		31.39	%		109	%
June 1, 2011 to May 31, 2012		(0.12	)%		0.83	%		0.83	%		(10.75	)%		107	%
October 1, 2010 to May 31, 20112		(0.42	)%		0.83	%		0.83	%		39.64	%		70	%
October 1, 2009 to September 30, 2010		(0.48	)%		0.87	%		0.86	%		15.25	%		129	%
October 1, 2008 to September 30, 2009		(0.53	)%		0.89	%		0.87	%		1.75	%		169	%
October 1, 2007 to September 30, 2008		(0.53	)%		0.89	%		0.89	%		(27.50	)%		150	%
Small Company Value Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.21	%		0.85	%		0.85	%		15.59	%		25	%
June 1, 2012 to May 31, 2013		0.58	%		0.85	%		0.85	%		30.76	%		57	%
June 1, 2011 to May 31, 2012		0.69	%		0.84	%		0.84	%		(7.17	)%		60	%
October 1, 2010 to May 31, 20112		1.60	%		0.84	%		0.84	%		26.72	%		47	%
October 1, 2009 to September 30, 2010		0.31	%		0.89	%		0.89	%		16.38	%		60	%
October 1, 2008 to September 30, 2009		1.16	%		0.90	%		0.88	%		(6.28	)%		99	%
October 1, 2007 to September 30, 2008		1.02	%		0.90	%		0.89	%		(22.01	)%		82	%

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

2. For the eight months ended May 31, 2011. The Portfolio changed its fiscal year end from September 30 to May 31, effective May 31, 2011.

3. After the close of business on January 28, 2011, the Diversified Large Cap Growth Portfolio acquired the net assets of Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo Advantage Large Cap Appreciation Portfolio and Wells Fargo Advantage Large Company Growth Portfolio. Wells Fargo Advantage Large Company Growth Portfolio became the accounting and performance survivor in the transaction. The information for the periods prior to January 31, 2011 is that of the Wells Fargo Advantage Large Company Growth Portfolio.

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

Notes to financial statements (unaudited) Wells Fargo Advantage Equity Gateway Funds 121

1. ORGANIZATION

Wells Fargo Master 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”). These financial statements report on the following portfolios: the Wells Fargo Advantage C&B Large Cap Value Portfolio (“C&B Large Cap Value Portfolio”), the Wells Fargo Advantage Diversified Large Cap Growth Portfolio (“Diversified Large Cap Growth Portfolio”), the Wells Fargo Advantage Emerging Growth Portfolio (“Emerging Growth Portfolio”), the Wells Fargo Advantage Index Portfolio (“Index Portfolio”), the Wells Fargo Advantage International Growth Portfolio (“International Growth Portfolio”), the Wells Fargo Advantage International Value Portfolio (“International Value Portfolio”), the Wells Fargo Advantage Large Company Value Portfolio (“Large Company Value Portfolio”), the Wells Fargo Advantage Small Company Growth Portfolio (“Small Company Growth Portfolio”), and the Wells Fargo Advantage Small Company Value Portfolio (“Small Company Value Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust.

The Portfolios, which are master portfolios in a master/feeder structure, offer their shares to multiple feeder funds and other master portfolios rather than directly to the public.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

The values of securities denominated in foreign currencies will be converted to U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Portfolios are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the last reported sales price or latest quoted bid price. On November 30, 2013, such fair value pricing was not used in pricing foreign securities.

Short-term securities, with maturities of 60 days or less at time of purchase, generally are valued at amortized cost which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles are fair 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. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

122 Wells Fargo Advantage Equity Gateway Funds Notes to financial statements (unaudited)

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 adviser 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.

Foreign currency translation

The accounting records of the Portfolios are maintained in U.S. dollars. The value of other assets and liabilities denominated in foreign currencies will be converted to U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Management Valuation Team. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates.

The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are recorded with net realized and unrealized gains or losses from investments. Gains and losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes.

Security loans

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

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

Futures contracts

Each Portfolio may be subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives. The Portfolio 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 Portfolio and the prices of futures contracts, and the possibility of an illiquid market.

Notes to financial statements (unaudited) Wells Fargo Advantage Equity Gateway Funds 123

Futures contracts are valued based upon their quoted daily settlement prices when available. 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 Statements of Assets and Liabilities as an asset or liability and in the Statements 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 Portfolio 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, except for certain dividends from foreign securities, which are recorded as soon as the Portfolio is informed of the ex-dividend date.

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

Federal and other taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. The Portfolios are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal income tax purposes. All interest, dividends, gains and losses of a Portfolio are deemed to have been “passed through” to the interestholders in proportion to their holdings of the Portfolio regardless of whether such interest, dividends and gains have been distributed by the Portfolio.

Each Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed each Portfolio’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.

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 each Portfolio’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). Each Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

n Level 3 – significant unobservable inputs (including the Portfolio’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.

124 Wells Fargo Advantage Equity Gateway Funds Notes to financial statements (unaudited)

As of November 30, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
C&B Large Cap Value Portfolio
Equity securities
Common stocks	$	326,379,392	$	6,077,001	$	0	$	332,456,393
Preferred stocks		0		1,545,244		0		1,545,244
Short-term investments
Investment companies		16,519,640		0		0		16,519,640
Total	$	342,899,032	$	7,622,245	$	0	$	350,521,277
Diversified Large Cap Growth Portfolio
Equity securities
Common stocks	$	152,315,144	$	0	$	0	$	152,315,144
Short-term investments
Investment companies		1,076,336		4,148,421		0		5,224,757
Total	$	153,391,480	$	4,148,421	$	0	$	157,539,901
Emerging Growth Portfolio
Equity securities
Common stocks	$	1,217,490,452	$	0	$	0	$	1,217,490,452
Short-term investments
Investment companies		13,303,139		31,741,350		0		45,044,489
Total	$	1,230,793,591	$	31,741,350	$	0	$	1,262,534,941
Index Portfolio
Equity securities
Common stocks	$	2,807,726,588	$	0	$	0	$	2,807,726,588
Short-term investments
Investment companies		32,725,140		9,164,555		0		41,889,695
U.S. Treasury securities		699,994		1,749,561		0		2,449,555
Total	$	2,841,151,722	$	10,914,116	$	0	$	2,852,065,838
International Growth Portfolio
Equity securities
Common stocks	$	146,205,671	$	25,468	$	0	$	146,231,139
Participatory notes		0		573,788		0		573,788
Preferred stocks		2,250,105		0		0		2,250,105
Short-term investments
Investment companies		6,093,828		765,419		0		6,859,247
Total	$	154,549,604	$	1,364,675	$	0	$	155,914,279
International Value Portfolio
Equity securities
Common stocks	$	458,406,633	$	5,026,282	$	0	$	463,432,915
Preferred stocks		3,096,128		0		0		3,096,128
Short-term investments
Investment companies		2,748,860		9,341,704		0		12,090,564
Total	$	464,251,621	$	14,367,986	$	0	$	478,619,607

Notes to financial statements (unaudited) Wells Fargo Advantage Equity Gateway Funds 125

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Large Company Value Portfolio
Equity securities
Common stocks	$	99,489,473	$	0	$	0	$	99,489,473
Short-term investments
Investment companies		2,329,957		2,575,400		0		4,905,357
Total	$	101,819,430	$	2,575,400	$	0	$	104,394,830
Small Company Growth Portfolio
Equity securities
Common stocks	$	231,460,391	$	0	$	0	$	231,460,391
Short-term investments
Investment companies		9,672,711		12,598,600		0		22,271,311
Total	$	241,133,102	$	12,598,600	$	0	$	253,731,702
Small Company Value Portfolio
Equity securities
Common stocks	$	202,090,977	$	0	$	0	$	202,090,977
Warrants		0		10,778		0		10,778
Short-term investments
Investment companies		6,438,413		8,987,147		0		15,425,560
Total	$	208,529,390	$	8,997,925	$	0	$	217,527,315

As of November 30, 2013, the inputs used in valuing each Portfolio’s other financial instruments, which are carried at fair value, were as follows:

Future contracts	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Index Portfolio	$	1,280,490+	$	0	$	0	$	1,280,490

+ Amount represents the net unrealized gains.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended November 30, 2013, the Portfolios did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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 subadvisers, who are responsible for day-to-day portfolio management of the Portfolios.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management for the Portfolios. Funds Management has engaged WellsCap (an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo), Peregrine Capital Management, Inc. (an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo), Artisan Partners Limited Partnership, Cooke & Bieler, L.P., Golden Capital Management, LLC (an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo), LSV Asset Management and Phocas Financial Corporation as subadvisers.

126 Wells Fargo Advantage Equity Gateway Funds Notes to financial statements (unaudited)

The fees for sub-advisory services are borne by Funds Management. The subadvisers are each entitled to receive from Funds Management an annual subadvisory fee which is calculated based on the average daily net assets of each Portfolio.

The annual advisory and subadvisory fee rates for each Portfolio is as follows:

	Advisory fee						Effective rate for the six months ended November 30, 2013			Subadviser	Subadvisory fee
	starting at			declining to							starting at			declining to
C&B Large Cap Value Portfolio		0.65	%		0.55	%		0.65	%	Cooke & Bieler, L.P.		0.38	%		0.30	%
Diversified Large Cap Growth Portfolio		0.65	%		0.55	%		0.65	%	WellsCap		0.30	%		0.20	%
Emerging Growth Portfolio		0.80	%1		0.68	%1		0.78	%	WellsCap		0.55	%		0.40	%
Index Portfolio		0.10	%		0.05	%		0.08	%	Golden Capital Management, LLC		0.05	%		0.02	%
International Growth Portfolio		0.85	%		0.70	%		0.85	%	Artisan Partners Limited Partnership		0.80	%		0.50	%
International Value Portfolio		0.85	%		0.70	%		0.85	%	LSV Asset Management		0.35	%		0.30	%
Large Company Value Portfolio		0.65	%		0.55	%		0.65	%	Phocas Financial Corporation		0.29	%		0.20	%
Small Company Growth Portfolio		0.80	%1		0.68	%1		0.80	%	Peregrine Capital Management, Inc.		0.50	%		0.45	%
Small Company Value Portfolio		0.80	%1		0.68	%1		0.80	%	Peregrine Capital Management, Inc.		0.45	%		0.40	%

1. Prior to July 1, 2013, Funds Management received an annual advisory fee which started at 0.80% and declined to 0.70% as the average daily net assets of the Portfolio increased.

Funds Management has voluntarily waived its advisory fee and/or reimbursed expenses to the extent necessary to maintain certain net operating expense ratios for the Portfolios.

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 November 30, 2013 were as follows:

	Purchases at cost		Sales proceeds
C&B Large Cap Value Portfolio	$	36,671,105	$	80,038,855
Diversified Large Cap Growth Portfolio		41,688,955		60,426,571
Emerging Growth Portfolio		367,162,900		451,967,497
Index Portfolio		67,375,415		74,393,351
International Growth Portfolio		30,252,427		32,416,207
International Value Portfolio		32,477,956		25,273,270
Large Company Value Portfolio		34,846,395		44,214,455
Small Company Growth Portfolio		107,828,070		104,700,905
Small Company Value Portfolio		50,499,950		76,509,569

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2013, Index Portfolio used uninvested cash to enter into futures contracts to gain market exposure.

Notes to financial statements (unaudited) Wells Fargo Advantage Equity Gateway Funds 127

At November 30, 2013, Index Portfolio had long futures contracts outstanding as follows:

	Expiration date	Contracts	Type	Contract value at November 30, 2013		Unrealized gains
Index Portfolio	12-19-2013	92 Long	S&P 500 Index	$	41,494,300	$	1,280,490

Index Portfolio had an average notional amount of $45,194,517 in long futures contracts outstanding during the six months ended November 30, 2013.

The payable for daily variation margin on open futures contracts reflected in the Statements of Assets and Liabilities only represents the current day’s variation margin. The realized gains or losses and change in unrealized gains or losses on derivative instruments are reflected in the Statements of Operations.

For certain types of derivative transactions, the Portfolios have 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 each Portfolio 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. Cash collateral that has been pledged to cover obligations of each Portfolio under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in each 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 Statements of Assets and Liabilities are not offset across transactions between each Portfolio and the applicable counterparty. As of November 30, 2013, the Porfolios have transactions subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

	Gross amounts of liabilities in the Statements of Assets and Liabilities		Amounts subject to netting arrangements		Collateral		Net amount (not less than $0)
Index Portfolio
Futures - variation margin	$	4,430	$	0	$	2,449,555	$	0

7. ACQUISITIONS

After the close of business on April 19, 2013, International Growth Portfolio acquired the net assets of Wells Fargo Advantage International Index Portfolio. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The investment portfolio of Wells Fargo Advantage International Index Portfolio with a fair value of $22,535,457, identified cost of $21,854,655, and unrealized gains of $680,802 at April 19, 2013 were the principal assets acquired by International Growth Portfolio. For financial reporting purposes, assets received by International Growth Portfolio was recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage International Index Portfolio was carried forward to align ongoing reporting of International Growth Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed June 1, 2012, the beginning of the annual reporting period for International Growth Portfolio, the pro forma results of operations for the year ended May 31, 2013 would have been:

Net investment income	$	2,276,123
Net realized and unrealized gains (losses) on investments	$	31,301,977
Net increase in net assets resulting from operations	$	33,578,100

After the close of business on April 19, 2013, International Value Portfolio acquired the net assets of Wells Fargo Advantage International Equity Portfolio. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The investment portfolio of Wells Fargo Advantage International Equity Portfolio with a fair value of $22,369,294, identified cost of $22,824,592 and unrealized losses of $455,298 at April 19, 2013 were

128 Wells Fargo Advantage Equity Gateway Funds Notes to financial statements (unaudited)

the principal assets acquired by International Value Portfolio. For financial reporting purposes, assets received by International Value Portfolio were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage International Equity Portfolio was carried forward to align ongoing reporting of International Value Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed June 1, 2012, the beginning of the annual reporting period for International Value Portfolio, the pro forma results of operations for the year ended May 31, 2013 would have been:

Net investment income	$	21,429,816
Net realized and unrealized gains (losses) on investments	$	71,515,531
Net increase in net assets resulting from operations	$	92,945,347

After the close of business on April 19, 2013, Large Company Value Portfolio acquired the net assets of Wells Fargo Advantage Equity Value Portfolio. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The investment portfolio of Wells Fargo Advantage Equity Value Portfolio with a fair value of $49,782,607, identified cost of $48,925,675 and unrealized gains of $856,932 at April 19, 2013 were the principal assets acquired by Large Company Value Portfolio. For financial reporting purposes, assets received by Large Company Value Portfolio were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Equity Value Portfolio was carried forward to align ongoing reporting of Large Company Value Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisition had been completed June 1, 2012, the beginning of the annual reporting period for Large Company Value Portfolio, the pro forma results of operations for the year ended May 31, 2013 would have been:

Net investment loss	$	(3,466,147	)
Net realized and unrealized gains (losses)on investments	$	21,864,877
Net increase in net assets resulting from operations	$	18,218,730

After the close of business on April 19, 2013, Small Company Value Portfolio acquired the net assets of Wells Fargo Advantage Small Cap Value Portfolio. The purpose of the transaction was to combine two funds with similar investment objectives and strategies. The investment portfolio of Wells Fargo Advantage Small Cap Value Portfolio with a fair value of $14,404,707 , identified cost of $14,875,954, and unrealized losses of $471,247, at April 19, 2013, were the principal assets acquired by Small Company Value Portfolio. For financial reporting purposes, assets received by Small Company Value Portfolio were recorded at fair value; however, the cost basis of the investments received from Wells Fargo Advantage Small Cap Value Portfolio was carried forward to align ongoing reporting of Small Company Value Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming the acquisitions had been completed June 1, 2012, the beginning of the annual reporting period for Small Company Value Portfolio, the pro forma results of operations for the year ended May 31, 2013 would have been

Net investment income	$	1,370,856
Net realized and unrealized gains (losses) on investments	$	53,680,718
Net increase in net assets resulting from operations	$	55,051,574

8. CONCENTRATION RISK

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

9. INDEMNIFICATION

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

Other information (unaudited) Wells Fargo Advantage Equity Gateway Funds 129

TAX INFORMATION

Pursuant to Section 853 of the Internal Revenue Code, the International Value Fund designated the following amounts as foreign taxes paid for the fiscal year ended May 31, 2013. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

Creditable foreign taxes paid	Per share amount	Foreign income as % of ordinary income distributions
$804,891	$0.02815	84.32%

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available without charge on the website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information is publicly available on the website on a monthly, seven-day or more delayed basis. Each Fund and Portfolio 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 without charge by visiting the SEC website at sec.gov. In addition, each 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.

130 Wells Fargo Advantage Equity Gateway Funds Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ 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. All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other directorships during past five years
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. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe 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
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO 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

Other information (unaudited) Wells Fargo Advantage Equity Gateway Funds 131

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
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 (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
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. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
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. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of International Value Fund, International Growth Portfolio, and International Value Portfolio and Assistant Treasurer of the remaining funds in this shareholder report. In addition, Jeremy DePalma acts as Treasurer of 55 other funds and Assistant Treasurer of 60 other funds in the Fund Complex. Nancy Wiser serves as Treasurer of the remaining funds in this shareholder report as well as 60 other funds in the Fund Complex.

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

132 Wells Fargo Advantage Equity Gateway Funds List of abbreviations

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

ACA —  ACA Financial Guaranty Corporation

ADR —  American depositary receipt

ADS —  American depositary shares

AGC —  Assured Guaranty Corporation

AGM —  Assured Guaranty Municipal

Ambac —  Ambac Financial Group Incorporated

AMT —  Alternative minimum tax

AUD —  Australian dollar

BAN —  Bond anticipation notes

BHAC —  Berkshire Hathaway Assurance Corporation

BRL —  Brazilian real

CAB —  Capital appreciation bond

CAD —  Canadian dollar

CCAB —  Convertible capital appreciation bond

CDA —  Community Development Authority

CDO —  Collateralized debt obligation

CHF —  Swiss franc

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

LIQ —  Liquidity agreement

LLC —  Limited liability company

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

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

221300 01-14 SEGF/SAR111 11-13

Wells Fargo Advantage Income Funds

Semi-Annual Report

November 30, 2013

n Wells Fargo Advantage Core Bond Fund

n Wells Fargo Advantage Inflation-Protected Bond Fund

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Contents

Letter to shareholders	2
Performance highlights	4
Fund expenses	8
Portfolios of investments
Wells Fargo Advantage Core Bond Fund	10
Wells Fargo Advantage Inflation-Protected Bond Fund	11
Financial statements
Statements of assets and liabilities	12
Statements of operations	13
Statements of changes in net assets	14
Financial highlights	18
Notes to financial statements	22

Master portfolios
Portfolios of investments
Wells Fargo Advantage Core Bond Portfolio (Summary portfolio of investments)	26
Wells Fargo Advantage Inflation-Protected Bond Portfolio	33
Financial statements
Statements of assets and liabilities	34
Statements of operations	35
Statements of changes in net assets	36
Financial highlights	38
Notes to financial statements	39
Other information	44
List of abbreviations	47

The views expressed and any forward-looking statements are as of November 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Funds disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

2 Wells Fargo Advantage Income Funds Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Fixed-income markets shifted significantly during the period as economic optimism surged in May and June 2013 and the Federal Reserve (Fed) announced intentions to taper its quantitative easing programs later in the year. This spurred a rally in equities but also a rise in U.S. Treasury yields.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage Income Funds for the six-month period that ended November 30, 2013. Fixed-income markets shifted significantly during the period as economic optimism surged in May and June 2013 and the Federal Reserve (Fed) announced intentions to taper its quantitative easing programs later in the year. This spurred a rally in equities but also a rise in U.S. Treasury yields. Most investment-grade bond sectors correspondingly experienced price declines and rising yields during much of 2013. Below investment-grade securities tended to perform better as their higher yield spreads (“spreads” are the amount of extra yield over an equivalent U.S. Treasury security’s yield) cushioned some of the yield increases from the Treasury markets and then rallied later in the period. Structured products (such as asset-backed and mortgage-backed securities) generally protected their pricing better, particularly U.S. commercial mortgage-backed securities. On the whole, structured product sectors generally provided modestly positive returns, but investment-grade corporate bonds and U.S. Treasuries declined in value during the period.

The return of economic optimism in 2013 led to declines in bond prices as yields rose higher.

Before the period began, U.S. Treasury yields initially began to rise higher in the early months of 2013, driven by optimistic expectations for a strengthening U.S. economy. Consequently, fixed-income security yields shifted higher and prices declined across much of the U.S. investment-grade bond sector. However, investment-grade fixed-income markets rebounded when equity market exuberance was reined in by some sobering mixed economic indicators in subsequent months. By May 2013, economic exuberance returned powerfully, driving equities higher and bond prices lower—this trend carried into June 2013, the opening month of the reporting period.

The month of May 2013 turned in the largest monthly losses across the investment-grade bond markets in nearly five years. Unfortunately, the month of June 2013 was nearly as bad—it became the second-largest monthly price correction in investment-grade fixed income in nearly five years. The depreciating trends for bonds deepened in mid-June 2013 on comments from Fed Chairman Bernanke that tapering of the Fed’s bond-buying programs may begin later in the year and that the programs may end completely around mid-2014. For the last two weeks of June 2013, that debate appeared to play out daily, as volatility buffeted both the equity and bond markets, finally capitulating to yet another sustained rally in equities and a modest retreat in bond prices. High-yield bonds posted their worst monthly return of the year in June 2013 and investment grade securities had their largest quarterly decline in nine years during the second quarter.

In July and August 2013, equity exuberance quieted a bit and fixed-income markets stabilized. Returns were more mixed, with slightly negative returns in the highest-quality securities with modestly positive returns in the lowest-rated credit tiers. In September and October 2013, investment-grade and high-yield bond markets began generating positive returns yet again, as the Fed backtracked on its intentions to taper quantitative easing, postponing it until 2014 at the earliest. Bond markets rallied on the news through October 2013 before finally correcting again in November 2013 on strengthening employment figures.

Letter to shareholders (unaudited) Wells Fargo Advantage Income Funds 3

On the whole, the declines in bond prices during June and August 2013 culminated in slightly negative returns across the investment-grade markets during the full period, despite some positive returns during September and October 2013. Thus, the theme for the period was a persistent increase in U.S. Treasury yields that pressured fixed-income security prices before relaxing in September and October 2013. Investment-grade securities generally declined, while lower-rated securities benefited from yield cushioning and a stronger investor appetite for equity-correlated returns.

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

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

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

The theme for the period was a persistent increase in U.S. Treasury yields that pressured fixed-income security prices before relaxing in September and October 2013. Investment-grade securities generally declined, while lower-rated securities benefited from yield cushioning and a stronger investor appetite for equity-correlated returns.

4 Wells Fargo Advantage Income Funds Performance highlights (unaudited)

Wells Fargo Advantage Core Bond Fund¹

Investment objective

The Fund seeks total return, consisting of income and capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser for master portfolio

Wells Capital Management Incorporated

Portfolio managers

Troy Ludgood

Thomas O’Connor, CFA

Average annual total returns² (%) as of November 30, 2013

		Including sales charge							Excluding sales charge							Expense ratios3 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		Net4
Class A (MBFAX)	10-31-2001		(6.11	)		5.94		4.54		(1.69	)		6.92		5.02		0.85		0.78
Class B (MBFBX)*	10-31-2001		(7.43	)		5.73		4.42		(2.43	)		6.05		4.42		1.60		1.53
Class C (MBFCX)	10-31-2001		(3.45	)		6.04		4.20		(2.45	)		6.04		4.20		1.60		1.53
Class R (WTRRX)	7-9-2010		–			–		–		(1.93	)		6.58		4.77		1.10		1.03
Class R4 (MBFRX)	11-30-2012		–			–		–		(1.43	)		7.15		5.33		0.62		0.52
Class R6 (WTRIX)	11-30-2012		–			–		–		(1.29	)		7.27		5.44		0.47		0.37
Administrator Class (MNTRX)	6-30-1997		–			–		–		(1.61	)		6.97		5.16		0.79		0.70
Institutional Class (MBFIX)	10-31-2001		–			–		–		(1.41	)		7.24		5.43		0.52		0.42
Investor Class (WTRZX)	4-8-2005		–			–		–		(1.71	)		6.81		4.95		0.88		0.81
Barclays U.S. Aggregate Bond Index5	–		–			–		–		(1.61	)		5.33		4.71		–		–

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

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

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

For Class A shares, the maximum front-end sales charge is 4.50%. For Class B shares, the maximum contingent deferred sales charge is 5.00%. For Class C shares, the maximum contingent deferred sales charge is 1.00%. Performance including sales charge assumes the sales charge for the corresponding time period. Class R, Class R4, Class R6, Administrator Class, Institutional Class, and Investor Class shares are sold without a front-end sales charge or contingent deferred sales charge.

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). The Fund is exposed to foreign investment risk and mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage Income Funds 5

Wells Fargo Advantage Core Bond Fund (continued)

Ten largest long-term holdings6 (%) as of November 30, 2013
U.S. Treasury Note, 0.63%, 11-15-2016	4.52
U.S. Treasury Note, 3.13%, 4-30-2017	2.86
U.S. Treasury Note, 0.38%, 8-31-2015	2.45
U.S. Treasury Note, 0.63%, 10-15-2016	2.06
GNMA, 4.00%, 1-1-2044	1.50
FHLMC, 4.00%, 6-1-2042	1.43
FNMA Series 2012-130 Class DC, 3.00%, 12-25-2042	1.23
GNMA, 4.50%, 12-1-2043	1.15
U.S. Treasury Note, 0.63%, 8-15-2016	1.14
FNMA, 3.50%, 9-1-2042	1.08

Portfolio allocation⁷ as of November 30, 2013

1. The Fund is a gateway feeder fund that invests all of its assets in a single master portfolio of the Wells Fargo Master Trust with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests.

2. Historical performance shown for Class R4 shares prior to their inception reflects the performance of Institutional Class shares, adjusted to reflect the higher expenses applicable to Class R4 shares. Historical performance shown for Class R6 shares prior to their inception reflects the performance of Institutional Class shares and includes the higher expenses applicable to Institutional Class shares. If these expenses had not been included, returns would be higher. Historical performance shown for Class R and Investor Class shares prior to their inception reflects the performance of Administrator Class shares, adjusted to reflect the higher expenses applicable to Class R and Investor Class shares. Effective June 20, 2008, Class Z was renamed Investor Class and modified to assume the features and attributes of the Investor Class.

3. Reflects the expense ratios as stated in the most recent prospectuses.

4. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

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

6. The ten largest long-term holdings are calculated based on the value of the securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

7. Portfolio allocation is subject to change and represents the portfolio allocation of the master portfolio which is calculated based on the total long-term investments of the master portfolio.

6 Wells Fargo Advantage Income Funds Performance highlights (unaudited)

Wells Fargo Advantage Inflation-Protected Bond Fund¹

Investment objective

The Fund seeks returns that exceed the rate of inflation over the long-term.

Adviser

Wells Fargo Funds Management, LLC

Subadviser for master portfolio

Wells Capital Management Incorporated

Portfolio managers

Michael J. Bray, CFA Jay N. Mueller, CFA

Average annual total returns (%) as of November 30, 2013

		Including sales charge							Excluding sales charge							Expense ratios2 (%)
	Inception date	1 year			5 year		10 year		1 year			5 year		10 year		Gross		��	Net3
Class A (IPBAX)	2-28-2003		(12.68	)		5.00		3.75		(8.56	)		5.97		4.23		1.14			0.85
Class B (IPBBX)*	2-28-2003		(14.22	)		4.94		3.70		(9.22	)		5.27		3.70		1.89			1.60
Class C (IPBCX)	2-28-2003		(10.28	)		5.26		3.48		(9.28	)		5.26		3.48		1.89			1.60
Administrator Class (IPBIX)	2-28-2003		–			–		–		(8.36	)		6.30		4.50		1.08			0.60
Barclays U.S. Treasury Inflation-Protected Securities Index4	–		–			–		–		(7.85	)		6.97		5.11		–			–

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

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

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

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

Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The principal value of and interest payments on inflation-protected debt securities tend to fall with the rate of inflation. 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 mortgage- and asset-backed securities risk. Consult the Fund’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Advantage Income Funds 7

Wells Fargo Advantage Inflation-Protected Bond Fund (continued)

Ten largest long-term holdings5 (%) as of  November 30, 2013
TIPS, 0.13%, 4-15-2017	5.91
TIPS, 0.13%, 1-15-2022	5.88
TIPS, 0.13%, 4-15-2016	5.53
TIPS, 1.13%, 1-15-2021	5.45
TIPS, 0.63%, 7-15-2021	5.16
TIPS, 0.13%, 7-15-2022	4.87
TIPS, 1.25%, 7-15-2020	4.51
TIPS, 0.13%, 1-15-2023	3.81
TIPS, 2.38%, 1-15-2025	3.74
TIPS, 1.38%, 7-15-2018	3.39

Effective maturity distribution⁶ as of November 30, 2013

1. The Fund is a gateway feeder fund that invests all of its assets in a single master portfolio of the Wells Fargo Master Trust with a substantially similar investment objective and substantially similar investment strategies. References to the investment activities of the Fund are intended to refer to the investment activities of the master portfolio in which it invests.

2. Reflects the expense ratios as stated in the most recent prospectuses.

3. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at the amounts shown. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Fees from the underlying master portfolio are included in the cap. Without this cap, the Fund’s returns would have been lower.

4. The Barclays U.S. Treasury Inflation-Protected Securities Index is an index of inflation-indexed linked U.S. Treasury securities. You cannot invest directly in an index.

5. The ten largest long-term holdings are calculated based on the value of the securities of the master portfolio allocable to the Fund divided by the total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

6. Effective maturity represents the effective maturity of the master portfolio and is calculated based on the total long-term investments of the master portfolio. It is subject to change and may have changed since the date specified.

8 Wells Fargo Advantage Income Funds Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2013 to November 30, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Wells Fargo Advantage Core Bond Fund	Beginning account value 6-1-2013		Ending account value 11-30-2013		Expenses paid during the period¹		Net annual expense ratio
Class A
Actual	$	1,000.00	$	992.33	$	3.90		0.78	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.16	$	3.95		0.78	%
Class B
Actual	$	1,000.00	$	988.56	$	7.63		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Class C
Actual	$	1,000.00	$	988.47	$	7.63		1.53	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.40	$	7.74		1.53	%
Class R
Actual	$	1,000.00	$	991.50	$	5.14		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.90	$	5.22		1.03	%
Class R4
Actual	$	1,000.00	$	994.01	$	2.60		0.52	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.46	$	2.64		0.52	%
Class R6
Actual	$	1,000.00	$	994.78	$	1.85		0.37	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.21	$	1.88		0.37	%

Please see footnote on page 9.

Fund expenses (unaudited) Wells Fargo Advantage Income Funds 9

Wells Fargo Advantage Core Bond Fund	Beginning account value 6-1-2013		Ending account value 11-30-2013		Expenses paid during the period¹		Net annual expense ratio
Administrator Class
Actual	$	1,000.00	$	993.14	$	3.50		0.70	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.56	$	3.55		0.70	%
Institutional Class
Actual	$	1,000.00	$	993.73	$	2.10		0.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.96	$	2.13		0.42	%
Investor Class
Actual	$	1,000.00	$	992.60	$	4.05		0.81	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.01	$	4.10		0.81	%
Wells Fargo Advantage Inflation-Protected Bond Fund
Class A
Actual	$	1,000.00	$	958.19	$	4.17		0.85	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.81	$	4.31		0.85	%
Class B
Actual	$	1,000.00	$	955.10	$	7.84		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.05	$	8.09		1.60	%
Class C
Actual	$	1,000.00	$	955.15	$	7.84		1.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.05	$	8.09		1.60	%
Administrator Class
Actual	$	1,000.00	$	959.58	$	2.95		0.60	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06	$	3.04		0.60	%

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

10 Wells Fargo Advantage Income Funds Portfolio of investments—November 30, 2013 (unaudited)

CORE BOND FUND

Security name	Value
Investment Companies: 99.98%
Affiliated Master Portfolios: 99.98%
Wells Fargo Advantage Core Bond Portfolio	$	2,538,750,734
Total Investment Companies (Cost $2,548,579,022)		2,538,750,734

Total investments in securities
(Cost $2,548,579,022) *	99.98	%		2,538,750,734
Other assets and liabilities, net	0.02			610,253
Total net assets	100.00	%	$	2,539,360,987

* Cost for federal income tax purposes is $2,556,293,093 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	0
Gross unrealized depreciation		(17,542,359	)
Net unrealized depreciation	$	(17,542,359	)

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Income Funds 11

INFLATION-PROTECTED BOND FUND

Security name	Value
Investment Companies: 100.07%
Affiliated Master Portfolios: 100.07%
Wells Fargo Advantage Inflation-Protected Bond Portfolio	$	37,650,474
Total Investment Companies (Cost $37,216,143)		37,650,474

Total investments in securities
(Cost $37,216,143) *	100.07	%		37,650,474
Other assets and liabilities, net	(0.07	)		(25,502	)
Total net assets	100.00	%	$	37,624,972

* Cost for federal income tax purposes is $37,087,193 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	563,281
Gross unrealized depreciation		0
Net unrealized appreciation	$	563,281

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

12 Wells Fargo Advantage Income Funds Statements of assets and liabilities—November 30, 2013 (unaudited)

	Core Bond Fund			Inflation-Protected Bond Fund
Assets
Investment in affiliated Master Portfolio, at value (see cost below)	$	2,538,750,734		$	37,650,474
Receivable for Fund shares sold		4,044,068			32,009
Receivable from administrator		155,261			12,624
Prepaid expenses and other assets		89,040			18,552
Total assets		2,543,039,103			37,713,659
Liabilities
Dividends payable		485,868			0
Payable for Fund shares redeemed		2,468,242			41,728
Distribution fees payable		67,178			7,016
Due to other related parties		314,660			6,470
Shareholder report expenses payable		0			16,891
Shareholder servicing fees payable		209,797			7,920
Professional fees payable		11,822			8,280
Accrued expenses and other liabilities		120,549			382
Total liabilities		3,678,116			88,687
Total net assets	$	2,539,360,987		$	37,624,972
NET ASSETS CONSIST OF
Paid-in capital	$	2,630,558,648		$	34,944,096
Undistributed net investment income		2,159,331			107,208
Accumulated net realized gains (losses) on investments		(83,528,704	)		2,139,337
Net unrealized gains (losses) on investments		(9,828,288	)		434,331
Total net assets	$	2,539,360,987		$	37,624,972
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets – Class A	$	348,881,088		$	19,886,181
Shares outstanding – Class A		27,209,866			1,915,671
Net asset value per share – Class A		$12.82			$10.38
Maximum offering price per share – Class A2		$13.42			$10.87
Net assets – Class B	$	5,930,808		$	309,320
Shares outstanding – Class B		463,915			30,162
Net asset value per share – Class B		$12.78			$10.26
Net assets – Class C	$	92,346,062		$	10,484,028
Shares outstanding – Class C		7,270,742			1,021,100
Net asset value per share – Class C		$12.70			$10.27
Net assets – Class R	$	16,685,951			N/A
Shares outstanding – Class R		1,332,587			N/A
Net asset value per share – Class R		$12.52			N/A
Net assets – Class R4	$	9,856			N/A
Share outstanding – Class R4		788			N/A
Net asset value per share – Class R4		$12.51			N/A
Net assets – Class R6	$	287,145,477			N/A
Share outstanding – Class R6		22,956,072			N/A
Net asset value per share – Class R6		$12.51			N/A
Net assets – Administrator Class	$	451,596,341		$	6,945,443
Shares outstanding – Administrator Class		36,063,646			665,108
Net asset value per share – Administrator Class		$12.52			$10.44
Net assets – Institutional Class	$	1,260,945,408			N/A
Shares outstanding – Institutional Class		100,839,596			N/A
Net asset value per share – Institutional Class		$12.50			N/A
Net assets – Investor Class	$	75,819,996			N/A
Shares outstanding – Investor Class		6,055,044			N/A
Net asset value per share – Investor Class		$12.52			N/A
Investments in affiliated Master Portfolio, at cost	$	2,548,579,022		$	37,216,143

1. Each Fund has an unlimited number of authorized shares.

2. Maximum offering price is computed as 100/95.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statements of operations—six months ended November 30, 2013 (unaudited) Wells Fargo Advantage Income Funds 13

	Core Bond Fund			Inflation-Protected Bond Fund
Investment income
Interest allocated from affiliated Master Portfolio**	$	30,210,429		$	352,626
Securities lending income allocated from affiliated Master Portfolio		8,998			0
Expenses allocated from affiliated Master Portfolio		(4,918,008	)		(111,422	)
Waivers allocated from affiliated Master Portfolio		327,119			18,247
Total investment income		25,628,538			259,451
Expenses
Administration fees
Fund level		656,758			10,611
Class A		290,242			18,279
Class B		5,469			353
Class C		82,278			9,284
Class R		13,865			N/A
Class R4		4			N/A
Class R6		32,458			N/A
Administrator Class		235,092			3,774
Institutional Class		547,315			N/A
Investor Class		78,229			N/A
Shareholder servicing fees
Class A		453,503			28,560
Class B		8,546			551
Class C		128,559			14,507
Class R		21,664			N/A
Class R4		5			N/A
Administrator Class		582,911			9,225
Investor Class		102,674			N/A
Distribution fees
Class B		25,637			1,653
Class C		385,677			43,521
Class R		21,664			N/A
Custody and accounting fees		49,821			1,609
Professional fees		14,940			15,557
Registration fees		101,789			19,485
Shareholder report expenses		62,761			12,636
Trustees’ fees and expenses		2,410			5,878
Other fees and expenses		34,932			4,849
Total expenses		3,939,203			200,332
Less: Fee waivers and/or expense reimbursements		(933,934	)		(77,387	)
Net expenses		3,005,269			122,945
Net investment income		22,623,269			136,506
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on securities transaction allocated from affiliated Master Portfolio		(35,775,354	)		333,734
Net change in unrealized gains (losses) on securities transactions allocated from affiliated Master Portfolio		(8,277,635	)		(2,522,859	)
Net realized and unrealized gains (losses) on investments		(44,052,989	)		(2,189,125	)
Net decrease in net assets resulting from operations	$	(21,429,720	)	$	(2,052,619	)
** Net of foreign interest withholding taxes allocated from affiliated Master Portfolio in the amount of		$9,431			$0

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

14 Wells Fargo Advantage Income Funds Statements of changes in net assets

	Core Bond Fund
	Six months ended November 30, 2013 (unaudited)					Year ended May 31, 2013
Operations
Net investment income			$	22,623,269					$	51,179,118
Net realized gains (losses) on investments				(35,775,354	)					117,955,586
Net change in unrealized gains (losses) on investments				(8,277,635	)					(81,990,113	)
Net increase (decrease) in net assets resulting from operations				(21,429,720	)					87,144,591
Distributions to shareholders from
Net investment income
Class A				(2,809,600	)					(5,916,535	)
Class B				(27,373	)					(58,688	)
Class C				(411,912	)					(709,826	)
Class R				(112,518	)					(216,144	)
Class R4				(88	)					(72	)1
Class R6				(2,135,761	)					(1,667,009	)1
Administrator Class				(3,830,561	)					(9,534,192	)
Institutional Class				(13,044,900	)					(32,053,757	)
Investor Class				(625,565	)					(1,184,456	)
Net realized gains
Class A				0						(18,956,863	)
Class B				0						(425,601	)
Class C				0						(5,458,374	)
Class R				0						(858,020	)
Class R4				0						(417	)1
Class R6				0						(9,270,451	)1
Administrator Class				0						(26,829,353	)
Institutional Class				0						(71,947,246	)
Investor Class				0						(4,238,164	)
Total distributions to shareholders				(22,998,278	)					(189,325,168	)
	Shares					Shares
Capital share transactions
Proceeds from shares sold
Class A		3,394,784		43,458,022			9,361,470			125,808,138
Class B		5,458		69,668			93,346			1,258,174
Class C		535,750		6,777,261			2,866,231			38,164,758
Class R		243,939		3,040,953			891,651			11,691,710
Class R4		0		0			743	1		10,000	1
Class R6		7,091,072		89,079,010			17,117,948	1		230,395,982	1
Administrator Class		3,024,206		37,677,071			14,798,228			194,245,607
Institutional Class		12,038,089		149,785,600			72,162,712			950,735,926
Investor Class		362,863		4,521,197			4,169,858			54,916,836
				334,408,782						1,607,227,131
Reinvestment of distributions
Class A		190,248		2,428,555			1,657,453			22,011,750
Class B		2,067		26,304			34,642			457,980
Class C		15,407		194,774			239,546			3,144,568
Class R		3,054		38,077			27,364			354,744
Class R4		7		88			38	1		489	1
Class R6		171,354		2,135,702			848,515	1		10,936,430	1
Administrator Class		300,469		3,746,287			2,727,656			35,410,074
Institutional Class		846,841		10,540,094			6,569,569			85,243,105
Investor Class		48,687		606,908			410,442			5,320,152
				19,716,789						162,879,292

Please see footnotes on page 15.

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

Statements of changes in net assets Wells Fargo Advantage Income Funds 15

	Core Bond Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
	Shares						Shares
Capital share transactions (continued)
Payment for shares redeemed
Class A		(7,783,767	)	$	(99,310,659	)		(13,032,444	)	$	(174,162,410	)
Class B		(175,966	)		(2,236,348	)		(389,254	)		(5,214,504	)
Class C		(2,341,045	)		(29,561,372	)		(3,614,009	)		(47,852,260	)
Class R		(452,102	)		(5,623,947	)		(907,535	)		(11,920,035	)
Class R6		(465,001	)		(5,791,881	)		(1,807,816	)1		(23,202,983	)1
Administrator Class		(8,637,302	)		(107,796,876	)		(37,145,520	)		(489,132,724	)
Institutional Class		(30,610,455	)		(382,140,916	)		(109,689,751	)		(1,447,992,972	)
Investor Class		(1,902,009	)		(23,709,690	)		(2,745,218	)		(35,674,872	)
					(656,171,689	)					(2,235,152,760	)
Net decrease in net assets resulting from capital share transactions					(302,046,118	)					(465,046,337	)
Total decrease in net assets					(346,474,116	)					(567,226,914	)
Net assets
Beginning of period					2,885,835,103						3,453,062,017
End of period				$	2,539,360,987					$	2,885,835,103
Undistributed net investment income				$	2,159,331					$	2,534,340

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

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

16 Wells Fargo Advantage Income Funds Statements of changes in net assets

	Inflation-Protected Bond Fund
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment income				$	136,506					$	574,019
Net realized gains on investments					333,734						2,809,999
Net change in unrealized gains (losses) on investments					(2,522,859	)					(4,537,782	)
Net decrease in net assets resulting from operations					(2,052,619	)					(1,153,764	)
Distributions to shareholders from
Net investment income
Class A					(34,167	)					(671,794	)
Class B					(316	)					(11,122	)
Class C					(8,183	)					(200,710	)
Administrator Class					(13,711	)					(195,781	)
Net realized gains
Class A					0						(1,099,701	)
Class B					0						(24,694	)
Class C					0						(475,474	)
Administrator Class					0						(316,958	)
Total distributions to shareholders					(56,377	)					(2,996,234	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold
Class A		135,986			1,411,580			665,668			7,690,225
Class B		5			45			24,335			279,888
Class C		24,944			254,663			190,711			2,173,369
Administrator Class		113,633			1,204,846			289,346			3,349,619
					2,871,134						13,493,101
Reinvestment of distributions
Class A		3,058			31,835			145,855			1,677,947
Class B		26			267			2,677			30,583
Class C		611			6,279			46,046			526,069
Administrator Class		1,204			12,605			41,442			478,559
					50,986						2,713,158
Payment for shares redeemed
Class A		(832,069	)		(8,716,381	)		(1,370,768	)		(15,684,877	)
Class B		(23,016	)		(238,641	)		(51,527	)		(590,723	)
Class C		(284,547	)		(2,945,647	)		(305,031	)		(3,454,772	)
Administrator Class		(208,473	)		(2,202,116	)		(411,861	)		(4,709,700	)
					(14,102,785	)					(24,440,072	)
Net decrease in net assets resulting from capital share transactions					(11,180,665	)					(8,233,813	)
Total decrease in net assets					(13,289,661	)					(12,383,811	)
Net assets
Beginning of period					50,914,633						63,298,444
End of period				$	37,624,972					$	50,914,633
Undistributed net investment income				$	107,208					$	27,079

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

This page is intentionally left blank.

18 Wells Fargo Advantage Income Funds Financial highlights

	Beginning net asset value per share		Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income
Core Bond Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	13.02		0.10			(0.20	)		(0.10	)
June 1, 2012 to May 31, 2013	$	13.46		0.18			0.12			(0.18	)
June 1, 2011 to May 31, 2012	$	13.05		0.26			0.72			(0.26	)
June 1, 2010 to May 31, 2011	$	13.25		0.31			0.52			(0.33	)
June 1, 2009 to May 31, 2010	$	12.52		0.36			0.96			(0.47	)
June 1, 2008 to May 31, 2009	$	12.37		0.56			0.17			(0.58	)
Class B
June 1, 2013 to November 30, 2013 (unaudited)	$	12.98		0.05	4		(0.20	)		(0.05	)
June 1, 2012 to May 31, 2013	$	13.43		0.08	4		0.10			(0.07	)
June 1, 2011 to May 31, 2012	$	13.01		0.16			0.73			(0.16	)
June 1, 2010 to May 31, 2011	$	13.22		0.20			0.52			(0.23	)
June 1, 2009 to May 31, 2010	$	12.53		0.34			0.84			(0.37	)
June 1, 2008 to May 31, 2009	$	12.38		0.45			0.19			(0.49	)
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	12.90		0.05			(0.20	)		(0.05	)
June 1, 2012 to May 31, 2013	$	13.34		0.07			0.12			(0.07	)
June 1, 2011 to May 31, 2012	$	12.93		0.16			0.72			(0.16	)
June 1, 2010 to May 31, 2011	$	13.14		0.22			0.50			(0.23	)
June 1, 2009 to May 31, 2010	$	12.46		0.34			0.83			(0.37	)
June 1, 2008 to May 31, 2009	$	12.31		0.46			0.18			(0.49	)
Class R
June 1, 2013 to November 30, 2013 (unaudited)	$	12.71		0.08	4		(0.19	)		(0.08	)
June 1, 2012 to May 31, 2013	$	13.16		0.14	4		0.11			(0.14	)
June 1, 2011 to May 31, 2012	$	12.76		0.22			0.71			(0.22	)
July 9, 20105 to May 31, 2011	$	12.78		0.25			0.33			(0.25	)
Class R4
June 1, 2013 to November 30, 2013 (unaudited)	$	12.70		0.11			(0.19	)		(0.11	)
November 30, 20125 to May 31, 2013	$	13.46		0.10	4		(0.21	)		(0.09	)
Class R6
June 1, 2013 to November 30, 2013 (unaudited)	$	12.70		0.12			(0.19	)		(0.12	)
November 30, 20125 to May 31, 2013	$	13.46		0.11	4		(0.21	)		(0.10	)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	12.71		0.10			(0.19	)		(0.10	)
June 1, 2012 to May 31, 2013	$	13.16		0.19			0.10			(0.18	)
June 1, 2011 to May 31, 2012	$	12.76		0.27			0.71			(0.27	)
June 1, 2010 to May 31, 2011	$	12.98		0.33			0.49			(0.34	)
June 1, 2009 to May 31, 2010	$	12.31		0.44			0.83			(0.48	)
June 1, 2008 to May 31, 2009	$	12.16		0.56			0.18			(0.59	)
Institutional Class
June 1, 2013 to November 30, 2013 (unaudited)	$	12.70		0.12			(0.20	)		(0.12	)
June 1, 2012 to May 31, 2013	$	13.14		0.22			0.12			(0.22	)
June 1, 2011 to May 31, 2012	$	12.75		0.31			0.69			(0.30	)
June 1, 2010 to May 31, 2011	$	12.96		0.36			0.50			(0.37	)
June 1, 2009 to May 31, 2010	$	12.30		0.50			0.79			(0.51	)
June 1, 2008 to May 31, 2009	$	12.15		0.59			0.18			(0.62	)
Investor Class
June 1, 2013 to November 30, 2013 (unaudited)	$	12.71		0.10			(0.20	)		(0.09	)
June 1, 2012 to May 31, 2013	$	13.16		0.16			0.12			(0.17	)
June 1, 2011 to May 31, 2012	$	12.76		0.24			0.72			(0.25	)
June 1, 2010 to May 31, 2011	$	12.98		0.30			0.50			(0.32	)
June 1, 2009 to May 31, 2010	$	12.30		0.45			0.80			(0.45	)
June 1, 2008 to May 31, 20096	$	12.15		0.55			0.17			(0.57	)

Please see footnotes on page 20.

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

Financial highlights Wells Fargo Advantage Income Funds 19

Distributions from net realized gains			Ending net asset value per share		Ratio to average net assets (annualized)												Portfolio turnover rate3			Net assets at end of period (000s omitted)
					Net investment income			Gross expenses1			Net expenses1			Total return2
	0.00		$	12.82		1.52	%		0.83	%		0.78	%		(0.77	)%		342	%	$	348,881
	(0.56	)	$	13.02		1.31	%		0.83	%		0.80	%		2.14	%		547	%	$	408,864
	(0.31	)	$	13.46		1.91	%		0.82	%		0.82	%		7.65	%		803	%	$	450,013
	(0.70	)	$	13.05		2.42	%		0.83	%		0.83	%		6.55	%		761	%	$	346,740
	(0.12	)	$	13.25		3.21	%		0.84	%		0.84	%		10.71	%		638	%	$	182,316
	0.00		$	12.52		4.30	%		0.89	%		0.85	%		6.16	%		633	%	$	237,191
	0.00		$	12.78		0.77	%		1.58	%		1.53	%		(1.14	)%		342	%	$	5,931
	(0.56	)	$	12.98		0.56	%		1.57	%		1.55	%		1.31	%		547	%	$	8,208
	(0.31	)	$	13.43		1.23	%		1.57	%		1.57	%		6.95	%		803	%	$	11,998
	(0.70	)	$	13.01		1.66	%		1.58	%		1.58	%		5.69	%		761	%	$	18,762
	(0.12	)	$	13.22		2.65	%		1.59	%		1.59	%		9.56	%		638	%	$	7,514
	0.00		$	12.53		3.77	%		1.65	%		1.60	%		5.38	%		633	%	$	10,082
	0.00		$	12.70		0.77	%		1.58	%		1.53	%		(1.15	)%		342	%	$	92,346
	(0.56	)	$	12.90		0.53	%		1.58	%		1.55	%		1.39	%		547	%	$	116,837
	(0.31	)	$	13.34		1.18	%		1.57	%		1.57	%		6.90	%		803	%	$	127,677
	(0.70	)	$	12.93		1.67	%		1.58	%		1.58	%		5.71	%		761	%	$	111,140
	(0.12	)	$	13.14		2.45	%		1.59	%		1.59	%		9.50	%		638	%	$	32,556
	0.00		$	12.46		3.67	%		1.64	%		1.60	%		5.38	%		633	%	$	12,410
	0.00		$	12.52		1.27	%		1.08	%		1.03	%		(0.85	)%		342	%	$	16,686
	(0.56	)	$	12.71		1.04	%		1.07	%		1.05	%		1.83	%		547	%	$	19,548
	(0.31	)	$	13.16		1.67	%		1.07	%		1.07	%		7.43	%		803	%	$	20,088
	(0.35	)	$	12.76		2.18	%		1.08	%		1.08	%		4.73	%		761	%	$	14,596
	0.00		$	12.51		1.78	%		0.57	%		0.52	%		(0.60	)%		342	%	$	10
	(0.56	)	$	12.70		1.56	%		0.57	%		0.52	%		(0.84	)%		547	%	$	10
	0.00		$	12.51		1.96	%		0.45	%		0.37	%		(0.52	)%		342	%	$	287,145
	(0.56	)	$	12.70		1.72	%		0.45	%		0.37	%		(0.77	)%		547	%	$	205,225
	0.00		$	12.52		1.60	%		0.77	%		0.70	%		(0.69	)%		342	%	$	451,596
	(0.56	)	$	12.71		1.43	%		0.76	%		0.70	%		2.19	%		547	%	$	526,028
	(0.31	)	$	13.16		2.08	%		0.76	%		0.70	%		7.83	%		803	%	$	802,788
	(0.70	)	$	12.76		2.54	%		0.77	%		0.70	%		6.62	%		761	%	$	1,073,115
	(0.12	)	$	12.98		3.44	%		0.76	%		0.70	%		10.48	%		638	%	$	1,003,134
	0.00		$	12.31		4.65	%		0.82	%		0.70	%		6.35	%		633	%	$	816,927
	0.00		$	12.50		1.88	%		0.50	%		0.42	%		(0.63	)%		342	%	$	1,260,945
	(0.56	)	$	12.70		1.67	%		0.50	%		0.42	%		2.56	%		547	%	$	1,505,192
	(0.31	)	$	13.14		2.32	%		0.49	%		0.42	%		8.05	%		803	%	$	1,965,338
	(0.70	)	$	12.75		2.84	%		0.50	%		0.42	%		7.00	%		761	%	$	1,325,962
	(0.12	)	$	12.96		3.68	%		0.49	%		0.42	%		10.70	%		638	%	$	1,000,253
	0.00		$	12.30		4.91	%		0.55	%		0.42	%		6.65	%		633	%	$	604,992
	0.00		$	12.52		1.49	%		0.86	%		0.81	%		(0.74	)%		342	%	$	75,820
	(0.56	)	$	12.71		1.25	%		0.86	%		0.83	%		2.05	%		547	%	$	95,924
	(0.31	)	$	13.16		1.85	%		0.85	%		0.85	%		7.67	%		803	%	$	75,160
	(0.70	)	$	12.76		2.38	%		0.87	%		0.86	%		6.45	%		761	%	$	38,573
	(0.12	)	$	12.98		3.47	%		0.89	%		0.89	%		10.36	%		638	%	$	36,375
	0.00		$	12.30		4.36	%		0.95	%		0.90	%		6.15	%		633	%	$	18,005

Please see footnotes on page 20.

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

20 Wells Fargo Advantage Income Funds Financial highlights

	Beginning net asset value per share			Net investment income1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income
Inflation-Protected Bond Fund
Class A
June 1, 2013 to November 30, 2013 (unaudited)	$	10.85			0.01			(0.46	)		(0.02	)
June 1, 2012 to May 31, 2013	$	11.66			0.11			(0.36	)		(0.21	)
June 1, 2011 to May 31, 2012	$	10.84			0.27			1.01			(0.36	)
June 1, 2010 to May 31, 2011	$	10.29			0.31			0.47			(0.23	)
June 1, 2009 to May 31, 2010	$	9.76			0.31	4		0.49			(0.27	)
June 1, 2008 to May 31, 2009	$	10.22			0.07			(0.25	)		(0.19	)
Class B
June 1, 2013 to November 30, 2013 (unaudited)	$	10.75			0.00	4,7		(0.48	)		(0.01	)
June 1, 2012 to May 31, 2013	$	11.58			0.03	4		(0.36	)		(0.15	)
June 1, 2011 to May 31, 2012	$	10.76			0.19	4		1.00			(0.27	)
June 1, 2010 to May 31, 2011	$	10.20			0.19	4		0.53			(0.16	)
June 1, 2009 to May 31, 2010	$	9.71			0.24	4		0.47			(0.22	)
June 1, 2008 to May 31, 2009	$	10.20			0.03			(0.29	)		(0.14	)
Class C
June 1, 2013 to November 30, 2013 (unaudited)	$	10.76			0.00	4,7		(0.48	)		(0.01	)
June 1, 2012 to May 31, 2013	$	11.59			0.04			(0.37	)		(0.15	)
June 1, 2011 to May 31, 2012	$	10.77			0.19			1.00			(0.27	)
June 1, 2010 to May 31, 2011	$	10.21			0.24	4		0.48			(0.16	)
June 1, 2009 to May 31, 2010	$	9.72			0.23	4		0.48			(0.22	)
June 1, 2008 to May 31, 2009	$	10.20			0.01			(0.26	)		(0.14	)
Administrator Class
June 1, 2013 to November 30, 2013 (unaudited)	$	10.90			0.06	4		(0.50	)		(0.02	)
June 1, 2012 to May 31, 2013	$	11.71			0.15	4		(0.37	)		(0.24	)
June 1, 2011 to May 31, 2012	$	10.89	��		0.39	4		0.92			(0.39	)
June 1, 2010 to May 31, 2011	$	10.30			0.33			0.51			(0.25	)
June 1, 2009 to May 31, 2010	$	9.75			0.33	4		0.49			(0.27	)
June 1, 2008 to May 31, 2009	$	10.21			0.12			(0.28	)		(0.21	)

1. Includes net expenses allocated from the affiliated Master Portfolio in which the Fund invests.

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

3. Portfolio turnover rate is calculated by aggregating the results of multiplying the Fund’s investment percentage in the respective Master Portfolio by the corresponding Master Portfolio’s portfolio turnover rate.

4. Calculated based upon average shares outstanding

5. Commencement of class operations

6. Effective June 20, 2008, Class Z was renamed Investor Class.

7. Amount is less than $0.005.

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

Financial highlights Wells Fargo Advantage Income Funds 21

Distributions from net realized gains			Distributions from tax return of capital			Ending net asset value per share		Ratio to average net assets (annualized)												Portfolio turnover rate3			Net assets at end of period (000s omitted)
								Net investment income			Gross expenses1			Net expenses1			Total return2
	0.00			0.00		$	10.38		0.80	%		1.18	%		0.85	%		(4.18	)%		4	%	$	19,886
	(0.35	)		0.00		$	10.85		1.09	%		1.08	%		0.85	%		(2.27	)%		15	%	$	28,298
	(0.10	)		0.00		$	11.66		2.42	%		1.11	%		0.85	%		12.02	%		23	%	$	36,935
	0.00			0.00		$	10.84		2.90	%		1.04	%		0.85	%		7.59	%		19	%	$	30,581
	0.00			0.00		$	10.29		3.09	%		0.98	%		0.85	%		8.23	%		31	%	$	30,086
	0.00			(0.09	)	$	9.76		0.66	%		0.95	%		0.83	%		(1.68	)%		53	%	$	31,826
	0.00			0.00		$	10.26		0.05	%		1.93	%		1.60	%		(4.49	)%		4	%	$	309
	(0.35	)		0.00		$	10.75		0.29	%		1.83	%		1.60	%		(3.02	)%		15	%	$	571
	(0.10	)		0.00		$	11.58		1.69	%		1.84	%		1.60	%		11.25	%		23	%	$	899
	0.00			0.00		$	10.76		1.83	%		1.79	%		1.60	%		7.11	%		19	%	$	1,570
	0.00			0.00		$	10.20		2.41	%		1.75	%		1.60	%		7.38	%		31	%	$	2,942
	0.00			(0.09	)	$	9.71		0.42	%		1.72	%		1.59	%		(2.51	)%		53	%	$	5,255
	0.00			0.00		$	10.27		0.07	%		1.93	%		1.60	%		(4.49	)%		4	%	$	10,484
	(0.35	)		0.00		$	10.76		0.39	%		1.83	%		1.60	%		(3.01	)%		15	%	$	13,774
	(0.10	)		0.00		$	11.59		1.68	%		1.86	%		1.60	%		11.24	%		23	%	$	15,631
	0.00			0.00		$	10.77		2.27	%		1.79	%		1.60	%		7.11	%		19	%	$	14,074
	0.00			0.00		$	10.21		2.32	%		1.75	%		1.60	%		7.36	%		31	%	$	12,412
	0.00			(0.09	)	$	9.72		0.18	%		1.69	%		1.59	%		(2.41	)%		53	%	$	10,237
	0.00			0.00		$	10.44		1.08	%		1.12	%		0.60	%		(4.04	)%		4	%	$	6,945
	(0.35	)		0.00		$	10.90		1.34	%		1.02	%		0.60	%		(2.08	)%		15	%	$	8,271
	(0.10	)		0.00		$	11.71		3.42	%		1.01	%		0.60	%		12.26	%		23	%	$	9,833
	0.00			0.00		$	10.89		3.32	%		0.98	%		0.60	%		8.22	%		19	%	$	35,427
	0.00			0.00		$	10.30		3.26	%		0.92	%		0.60	%		8.49	%		31	%	$	28,476
	0.00			(0.09	)	$	9.75		0.70	%		0.88	%		0.60	%		(1.53	)%		53	%	$	27,428

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

22 Wells Fargo Advantage Income Funds Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following funds: the Wells Fargo Advantage Core Bond Fund (“Core Bond Fund”) and the Wells Fargo Advantage Inflation-Protected Bond Fund (“Inflation-Protected Bond Fund”) (each, a “Fund”, collectively, the “Funds”). Each Fund is a diversified series of the Trust.

Each Funds seeks to achieve its investment objective by investing 100% of all its investable assets in a separate diversified portfolio (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Fund investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Fund accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements of the affiliated Master Portfolios for the six months ended November 30, 2013 are included in this report and should be read in conjunction with each Fund’s financial statements. As of November 30, 2013, Core Bond Fund owned 87% of Wells Fargo Advantage Core Bond Portfolio and Inflation-Protected Bond Fund owned 70% of Wells Fargo Advantage Inflation-Protected bond Portfolio.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each 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).

Investments in the affiliated Master Portfolios are valued daily based on each Fund’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily. Securities held in the affiliated Master Portfolios are valued as discussed in the Notes to Financial Statements of the affiliated Master Portfolios, which are included elsewhere in this report.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis in each affiliated Master Portfolio. Realized gains or losses in each affiliated Master Portfolio 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 by each affiliated Master Portfolio. 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.

Each Fund records daily its proportionate share of each affiliated Master Portfolio’s interest income and realized and unrealized gains or losses.

Distributions to shareholders

For Core Bond Fund, distributions to shareholders from net investment income are accrued daily and paid monthly. For Inflation-Protected Bond Fund, distributions to shareholders from net investment income are recorded on the ex-dividend date. 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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Income Funds 23

Each 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 each 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 May 31, 2013, Core Bond Fund had capital loss carryforwards available to offset future net realized capital gains in the amount of $70,022,729 with $5,342,829 expiring in 2014; $47,174,218 expiring in 2016; and $17,505,682 expiring in 2017.

Class allocations

The separate classes of shares offered by each Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Shareholders of each class bear certain expenses that pertain to that particular class. All shareholders bear the common expenses of a Fund, earn income from the portfolio, and are allocated unrealized gains and losses pro rata based on the average daily net assets of each class, without distinction between share classes. Dividends are determined separately for each class based on income and expenses allocable to each class. Realized gains and losses are allocated to each class pro rata based upon the net assets of each class on the date realized. Differences in per share dividend rates generally result from the relative weightings of pro rata income and realized gain allocations and from differences in separate class expenses, including distribution, shareholder servicing, and administration fees.

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

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

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

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

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

At November 30, 2013, each Fund’s investments in an affiliated Master Portfolio carried at fair value were designated as Level 2 inputs.

Further details on the investments of the affiliated Master Portfolios can be found in the Portfolio of Investments or Summary Portfolio of Investments of each affiliated Master Portfolio which is contained elsewhere in this report.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended November 30, 2013, the Funds did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“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 Funds.

Since each Fund that invests all of its assets in a single affiliated Master Portfolio, Funds Management does not currently receive an advisory fee.

Funds Management also serves as the adviser to each affiliated Master Portfolio and is entitled to receive a fee from each affiliated Master Portfolio for those services.

Administration and transfer agent fees

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from each Fund an annual

24 Wells Fargo Advantage Income Funds Notes to financial statements (unaudited)

fund level administration fee starting at 0.05% and declining to 0.03% as the average daily net assets of each Fund increase and a class level administration fee which is calculated based on the average daily net assets of each class as follows:

	Class level administration fee
Class A, Class B, Class C, Class R		0.16	%
Class R4, Institutional Class		0.08
Class R6		0.03
Administrator Class		0.10
Investor Class		0.19

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Funds. Waiver of fees and/or reimbursement of expenses by Funds Management were made first from fund level expenses on a proportionate basis and then from class specific expenses. Funds Management has committed through September 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap each Fund’s expenses as follows:

	Class A			Class B			Class C			Class R			Class R4			Class R6			Administrator Class			Institutional Class			Investor Class
Core Bond Fund		0.78	%		1.53	%		1.53	%		1.03	%		0.52	%		0.37	%		0.70	%		0.42	%		0.81	%
Inflation-Protected Bond Fund		0.85	%		1.60	%		1.60	%		N/A			N/A			N/A			0.60	%		N/A			N/A

Distribution fees

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

For the six months ended November 30, 2013, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges and contingent deferred sales charges.

	Front-end sales charges Class A		Contingent deferred sales charges
			Class B		Class C
Core Bond Fund	$	2,411	$	137	$	744
Inflation-Protected Bond Fund		785		0		135

Shareholder servicing fees

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

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2013 were as follows:

	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
Core Bond Fund	$	8,254,662,701	$	1,113,268,844	$	8,251,451,445	$	1,170,411,817
Inflation-Protected Bond Fund		1,704,804		0		8,279,222		0

* The Funds seek to achieve their investment objective by investing all of their investable assets in a single affiliated Master Portfolio. Purchases and sales have been calculated by aggregating the results of multiplying each Fund’s ownership percentage of the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales.

Notes to financial statements (unaudited) Wells Fargo Advantage Income Funds 25

6. CAPITAL SHARES

As a result of the transfer of assets from Funds Management, former program manager of the 529 college savings plans for the State of Wisconsin, to a new program manager, Core Bond Fund redeemed assets from its Institutional Class on October 26, 2012 with a value of $296,707,154, representing 8.15% of Core Bond Fund. This amount is reflected in the Statements of Changes in Net Assets for the year ended May 31, 2013.

7. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Funds are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended November 30, 2013, the Funds paid the following amounts in commitment fees:

	Commitment fee
Core Bond Fund	$	1,783
Inflation-Protected Bond Fund		30

For the six months ended November 30, 2013, there were no borrowings by the Funds under the agreement.

8. INDEMNIFICATION

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

9. SUBSEQUENT DISTRIBUTIONS

On December 9, 2013, the Funds declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 6, 2013. The per share amounts payable on December 10, 2013 were as follows:

	Core Bond Fund		Inflation- Protected Bond Fund
Short-term capital gains
Class A	$	0.07121	$	0.00013
Class B		0.07121		0.00013
Class C		0.07121		0.00013
Class R		0.07121		N/A
Class R4		0.07121		N/A
Class R6		0.07121		N/A
Administrator Class		0.07121		0.00013
Institutional Class		0.07121		N/A
Investor Class		0.07121		N/A
Long-term capital gains
Class A	$	0.07610	$	0.54269
Class B		0.07610		0.54269
Class C		0.07610		0.54269
Class R		0.07610		N/A
Class R4		0.07610		N/A
Class R6		0.07610		N/A
Administrator Class		0.07610		0.54269
Institutional Class		0.07610		N/A
Investor Class		0.07610		N/A

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the tax year-end of each Fund.

26 Wells Fargo Advantage Income Funds Summary portfolio of investments—November 30, 2013 (unaudited)

CORE BOND PORTFOLIO

The Summary Portfolio of Investments shows the 50 largest portfolio holdings in unaffiliated issuers and any holdings exceeding 1% of the total net assets as of the report date. The remaining securities held are grouped as “Other securities” in each category. You can request a complete schedule of portfolio holdings as of the report date, free of charge, by accessing the following website:

http://a584.g.akamai.net/f/584/1326/1d/www.wellsfargoadvantagefunds.com/pdf/semi/holdings/corebond.pdf or by calling

Wells Fargo Advantage Funds at 1-800-222-8222. This complete schedule, filed on Form N-CSRS, is also available on the SEC’s website at sec.gov.

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Agency Securities: 35.37%
FHLMC		0.87-7.50	%		8-1-2017 to 3-25-2044	$	173,924,636	$	181,042,032		6.19	%
FHLMC ±		2.24			7-1-2043		23,278,559		23,569,893		0.81
FHLMC		2.50			5-1-2028		12,513,622		12,531,467		0.43
FHLMC		4.00			6-1-2042		40,489,966		41,785,852		1.43
FHLMC		5.00			8-1-2039		18,018,076		19,889,238		0.68
FHLMC		5.00			8-1-2041		20,249,431		22,158,409		0.76
FNMA ±		1.98			4-1-2043		11,467,494		11,522,648		0.39
FNMA		1.99-7.50			9-1-2016 to 1-1-2044		255,764,291		263,240,752		9.00
FNMA ±		2.07			7-1-2043		13,681,802		13,704,305		0.47
FNMA		2.50			10-1-2027		11,804,385		11,825,510		0.41
FNMA		2.50			11-1-2027		15,003,607		15,067,957		0.52
FNMA %%		2.50			12-1-2028		22,400,000		22,360,625		0.77
FNMA %%		2.50			1-1-2029		15,100,000		15,038,656		0.52
FNMA		3.00			1-1-2043		16,293,677		15,525,375		0.53
FNMA		3.00			3-1-2043		17,551,721		16,724,636		0.57
FNMA %%		3.00			12-1-2043		31,500,000		30,376,581		1.04
FNMA		3.50			9-1-2042		31,802,633		31,653,947		1.08
FNMA		3.50			2-1-2043		14,478,427		14,410,778		0.49
FNMA %%		3.50			1-1-2044		29,300,000		29,456,800		1.01
FNMA		4.00			6-1-2042		13,523,103		14,000,446		0.48
FNMA		5.00			7-1-2041		13,374,316		14,796,750		0.51
FNMA		6.00			3-1-2034		24,451,502		27,287,807		0.93
FNMA Series 416 Class A350		3.50			11-25-2042		13,576,515		13,724,095		0.47
FNMA Series 2012-130 Class DC		3.00			12-25-2042		37,626,024		36,009,045		1.23
FNMA Series 2013-121 Class LB (a)		3.00			12-25-2043		13,276,000		13,707,588		0.47
GNMA		2.50-8.05			7-15-2019 to 1-1-2044		21,098,033		21,373,197		0.71
GNMA %%		3.50			12-1-2043		12,200,000		12,436,375		0.43
GNMA %%		4.00			12-1-2043		10,800,000		11,385,141		0.39
GNMA %%		4.00			1-1-2044		41,600,000		43,717,376		1.50
GNMA %%		4.50			12-1-2043		31,200,000		33,518,063		1.15
Total Agency Securities (Cost $1,043,435,825)									1,033,841,344		35.37
Asset-Backed Securities: 14.85%
Ally Auto Receivables Trust		0.74-2.23			5-15-2015 to 2-15-2018		46,207,266		46,379,568		1.58
American Express Credit Corporation		0.45-0.60			2-15-2019 to 5-17-2021		21,262,000		21,262,196		0.73
AmeriCredit Automobile Receivables Trust Series 2013-3 Class A2		0.68			10-11-2016		11,156,000		11,163,084		0.38
Bank of America Credit Card Trust Series 2007-A10 Class A10 ±		0.24			12-15-2016		8,216,000		8,215,482		0.28
Capital Auto Receivables Asset Trust		0.79-1.68			9-20-2016 to 7-20-2018		33,057,000		33,151,544		1.13
Capital One Multi-Asset Execution Trust Series 2007-A1 Class A1 ±		0.22			11-15-2019		11,267,000		11,166,127		0.38
Citibank Credit Card Issuance Trust Series 2013-A10 Class A10		0.73			2-7-2018		17,764,000		17,787,040		0.61

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Income Funds 27

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Asset-Backed Securities (continued)
Nelnet Student Loan Trust		0.25-0.97	%		11-27-2018 to 4-25-2046	$	34,927,980	$	33,944,288		1.16	%
Nelnet Student Loan Trust Series 2006-2 Class A4 ±		0.32			10-26-2026		10,721,284		10,689,795		0.37
Nelnet Student Loan Trust Series 2007-2A Class A3L ±144A		0.60			3-25-2026		17,148,000		16,939,995		0.58
Santander Drive Auto Receivables Trust Series 2013-2 Class A3		0.70			9-15-2017		10,752,000		10,761,107		0.37
SLM Student Loan Trust		0.34-3.42			9-25-2019 to 6-15-2045		99,920,959		99,775,371		3.42
SLM Student Loan Trust Series 2012-E Class A1 ±144A		0.92			10-16-2023		12,018,631		12,027,813		0.41
SLM Student Loan Trust Series 2013-B Class A2A 144A		1.85			6-17-2030		11,683,000		11,382,058		0.39
Other securities									89,478,754		3.06
Total Asset-Backed Securities (Cost $433,125,939)									434,124,222		14.85
Corporate Bonds and Notes: 18.99%
Consumer Discretionary: 2.19%
Auto Components: 0.13%
Other securities									3,865,788		0.13
Automobiles: 1.23%
Other securities									36,016,466		1.23
Media: 0.64%
Other securities									18,773,746		0.64
Specialty Retail: 0.19%
Other securities									5,453,067		0.19
Consumer Staples: 1.10%
Beverages: 0.29%
Other securities									8,516,732		0.29
Food Products: 0.72%
Other securities									20,984,102		0.72
Tobacco: 0.09%
Other securities									2,650,156		0.09
Energy: 1.70%
Energy Equipment & Services: 0.24%
Other securities									7,109,207		0.24
Oil, Gas & Consumable Fuels: 1.46%
Other securities									42,589,480		1.46

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

28 Wells Fargo Advantage Income Funds Summary portfolio of investments—November 30, 2013 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Financials: 8.11%
Capital Markets: 1.15%
Morgan Stanley		5.00-5.50	%		10-15-2015 to 11-24-2025	$	9,048,000	$	9,648,808		0.33	%
Other securities									24,025,225		0.82
									33,674,033		1.15
Commercial Banks: 0.34%
Other securities									9,878,938		0.34
Consumer Finance: 0.60%
American Express Credit Corporation		1.75			6-12-2015		7,664,000		7,798,220		0.27
Other securities									9,787,403		0.33
									17,585,623		0.60
Diversified Financial Services: 3.32%
Bank of America Corporation		1.13			11-14-2016		12,070,000		12,097,025		0.41
Bank of America Corporation		1.50			10-9-2015		12,066,000		12,186,624		0.42
Bank of America Corporation		2.60-6.00			9-1-2017 to 7-24-2023		20,880,000		21,593,445		0.74
JPMorgan Chase & Company		3.20-6.00			10-1-2017 to 5-1-2023		13,928,000		14,748,855		0.51
Other securities									36,529,117		1.24
									97,155,066		3.32
Insurance: 1.39%
Other securities									40,527,858		1.39
REITs: 1.31%
Other securities									38,198,247		1.31
Health Care: 1.31%
Biotechnology: 0.34%
Other securities									9,801,121		0.34
Health Care Equipment & Supplies: 0.13%
Other securities									3,920,985		0.13
Health Care Providers & Services: 0.36%
Other securities									10,457,193		0.36
Pharmaceuticals: 0.48%
Other securities									14,080,601		0.48
Industrials: 0.46%
Aerospace & Defense: 0.26%
Other securities									7,673,912		0.26
Machinery: 0.06%
Other securities									1,797,252		0.06
Road & Rail: 0.14%
Other securities									3,887,234		0.14

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Income Funds 29

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value			Percent of net assets
Information Technology: 0.64%
Computers & Peripherals: 0.17%
Other securities								$	4,905,887			0.17	%
Semiconductors & Semiconductor Equipment: 0.08%
Other securities									2,275,988			0.08
Software: 0.39%
Other securities									11,586,202			0.39
Materials: 0.08%
Chemicals: 0.08%
Other securities									2,435,967			0.08
Telecommunication Services: 1.34%
Diversified Telecommunication Services: 1.34%
Verizon Communications Incorporated		2.50-6.55	%		9-15-2016 to 9-15-2043	$	31,063,000		33,544,785			1.15
Other securities									5,667,726			0.19
									39,212,511			1.34
Utilities: 2.06%
Electric Utilities: 0.96%
Other securities									28,034,317			0.96
Gas Utilities: 0.25%
Other securities									7,265,579			0.25
										��
Multi-Utilities: 0.85%
Other securities									24,797,766			0.85
Total Corporate Bonds and Notes (Cost $552,322,555)									555,111,024			18.99
Municipal Obligations: 1.01%
California: 0.26%
Other securities									7,679,498			0.26
Illinois: 0.13%
Other securities									3,887,469			0.13
Nevada: 0.14%
Other securities									3,927,132			0.14
New Jersey: 0.17%
Other securities									5,006,252			0.17
New York: 0.13%
Other securities									3,625,999			0.13

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

30 Wells Fargo Advantage Income Funds Summary portfolio of investments—November 30, 2013 (unaudited)

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Ohio: 0.04%
Other securities								$	1,093,618		0.04	%
Texas: 0.14%
Other securities									4,209,590		0.14
Total Municipal Obligations (Cost $25,833,149)									29,429,558		1.01
Non-Agency Mortgage Backed Securities: 7.34%
Commercial Mortgage Trust		1.30-4.26	%		12-10-2044 to 10-10-2046	$	29,294,531		30,254,358		1.04
Impact Funding LLC Series 2010-1 Class A1 144A		5.31			8-25-2024		10,957,525		12,268,286		0.42
JPMorgan Chase & Company		1.08-5.72			11-15-2017 to 5-15-2047		58,205,792		60,994,764		2.08
Morgan Stanley		0.28-4.97			4-14-2040 to 2-25-2047		34,507,225		35,043,949		1.20
Other securities									75,906,523		2.60
Total Non-Agency Mortgage Backed Securities (Cost $213,464,578)									214,467,880		7.34
U.S. Treasury Securities: 18.95%
U.S. Treasury Bond		2.75-3.75			11-15-2041 to 11-15-2043		16,780,000		14,859,189		0.50
U.S. Treasury Bond		3.13			2-15-2043		22,362,000		19,601,679		0.67
U.S. Treasury Bond		3.63			8-15-2043		18,809,000		18,174,196		0.62
U.S. Treasury Note		0.25			9-30-2015		24,408,000		24,404,192		0.84
U.S. Treasury Note		0.25			10-31-2015		28,464,000		28,451,760		0.97
U.S. Treasury Note		0.38			8-31-2015		71,293,000		71,443,357		2.45
U.S. Treasury Note ##		0.63			8-15-2016		33,136,000		33,270,598		1.14
U.S. Treasury Note		0.63			10-15-2016		59,869,000		60,037,352		2.06
U.S. Treasury Note ##		0.63			11-15-2016		131,711,000		132,009,457		4.52
U.S. Treasury Note		1.25-2.50			11-30-2018 to 8-15-2023		21,221,000		20,946,724		0.71
U.S. Treasury Note		2.38			7-31-2017		22,264,000		23,479,815		0.80
U.S. Treasury Note		2.75			11-15-2023		23,517,000		23,524,337		0.81
U.S. Treasury Note ##		3.13			4-30-2017		77,368,000		83,551,405		2.86
Total U.S. Treasury Securities (Cost $553,760,297)									553,754,061		18.95
Yankee Corporate Bonds and Notes: 6.54%
Consumer Discretionary: 0.19%
Textiles, Apparel & Luxury Goods: 0.19%
Other securities									5,525,338		0.19
Consumer Staples: 0.37%
Beverages: 0.37%
Other securities									10,836,652		0.37
Energy: 1.45%
Energy Equipment & Services: 0.10%
Other securities									2,869,841		0.10

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

Summary portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Income Funds 31

CORE BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value		Percent of net assets
Oil, Gas & Consumable Fuels: 1.35%
Other securities								$	39,615,086		1.35	%
Financials: 2.21%
Commercial Banks: 1.64%
Norddeutsche Landesbank Pfandbriefe 144A		2.00	%		2-5-2019	$	13,100,000		13,107,860		0.45
Other securities									34,684,019		1.19
									47,791,879		1.64
Diversified Financial Services: 0.51%
Other securities									14,877,582		0.51
Insurance: 0.06%
Other securities									1,802,651		0.06
Health Care: 0.49%
Health Care Equipment & Supplies: 0.18%
Other securities									5,335,196		0.18
Pharmaceuticals: 0.31%
Other securities									8,935,823		0.31
Information Technology: 0.12%
Internet Software & Services: 0.12%
Other securities									3,405,058		0.12
Materials: 0.66%
Chemicals: 0.10%
Other securities									2,934,996		0.10
Metals & Mining: 0.56%
Other securities									16,450,232		0.56
Telecommunication Services: 0.93%
Diversified Telecommunication Services: 0.20%
Other securities									5,759,677		0.20
Wireless Telecommunication Services: 0.73%
Other securities									21,299,889		0.73
Utilities: 0.12%
Electric Utilities: 0.12%
Other securities									3,560,152		0.12
Total Yankee Corporate Bonds and Notes (Cost $193,375,955)									191,000,052		6.54
Yankee Government Bonds: 2.00%
Other securities									58,409,823		2.00
Total Yankee Government Bonds (Cost $60,183,937)									58,409,823		2.00

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

32 Wells Fargo Advantage Income Funds Summary portfolio of investments—November 30, 2013 (unaudited)

CORE BOND PORTFOLIO

Security name	Yield			Maturity date	Shares		Value			Percent of net assets
Short-Term Investments: 2.31%
Investment Companies: 2.31%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%			67,603,250	$	67,603,250			2.31	%
Total Short-Term Investments (Cost $67,603,250)								67,603,250			2.31
Total investments in securities
(Cost $3,143,105,485) *								3,137,741,214			107.36	%
Other assets and liabilities, net								(215,149,848	)		(7.36	)
Total net assets							$	2,922,591,366			100.00	%

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

%% Security issued on a when-issued basis

(a) Security is fair valued by the Management Valuation Team, and in certain instances by the Board of Trustees, in accordance with procedures approved by the Board of Trustees.

144A Security that may be resold to “qualified institutional buyers” under Rule 144A or security offered pursuant to Section 4(2) of the Securities Act of 1933, as amended.

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

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

* Cost for federal income tax purposes is $3,149,708,027 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	30,693,980
Gross unrealized depreciation		(42,660,793	)
Net unrealized depreciation	$	(11,966,813	)

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage Income Funds 33

INFLATION-PROTECTED BOND PORTFOLIO

Security name	Interest rate			Maturity date		Principal		Value
U.S. Treasury Securities: 98.98%
TIPS		0.13	%		4-15-2016	$	2,917,173	$	2,991,925
TIPS		0.13			4-15-2017		3,097,855		3,196,115
TIPS		0.13			4-15-2018		445,689		459,617
TIPS		0.13			1-15-2022		3,253,597		3,183,950
TIPS		0.13			7-15-2022		2,703,321		2,634,681
TIPS		0.13			1-15-2023		2,145,477		2,060,832
TIPS		0.38			7-15-2023		1,116,827		1,095,799
TIPS		0.50			4-15-2015		1,010,230		1,028,936
TIPS		0.63			7-15-2021		2,701,114		2,791,645
TIPS		0.63			2-15-2043		1,135,549		894,068
TIPS		0.75			2-15-2042		1,367,837		1,124,939
TIPS		1.13			1-15-2021		2,756,229		2,947,227
TIPS		1.25			7-15-2020		2,243,949		2,442,223
TIPS		1.38			7-15-2018		1,672,178		1,834,955
TIPS		1.38			1-15-2020		1,629,599		1,778,554
TIPS		1.63			1-15-2015		1,097,503		1,127,684
TIPS		1.63			1-15-2018		1,207,094		1,325,541
TIPS		1.75			1-15-2028		1,067,384		1,165,617
TIPS		1.88			7-15-2015		1,390,377		1,461,417
TIPS		1.88			7-15-2019		1,118,552		1,262,741
TIPS		2.00			1-15-2016		1,350,791		1,439,014
TIPS		2.00			1-15-2026		1,232,818		1,392,314
TIPS		2.13			1-15-2019		1,183,290		1,339,799
TIPS		2.13			2-15-2040		498,327		570,896
TIPS		2.13			2-15-2041		785,877		900,566
TIPS		2.38			1-15-2017		1,079,804		1,194,281
TIPS		2.38			1-15-2025		1,726,644		2,025,029
TIPS		2.38			1-15-2027		1,027,556		1,207,138
TIPS		2.50			7-15-2016		1,234,793		1,357,789
TIPS		2.50			1-15-2029		992,437		1,188,443
TIPS		2.63			7-15-2017		587,475		665,086
TIPS		3.38			4-15-2032		481,490		654,450
TIPS		3.63			4-15-2028		1,042,337		1,404,954
TIPS		3.88			4-15-2029		1,046,875		1,462,272
Total U.S. Treasury Securities (Cost $52,182,123)									53,610,497
	Yield					Shares
Short-Term Investments: 0.70%
Investment Companies: 0.70%
Wells Fargo Advantage Government Money Market Fund, Institutional Class (l)(u)		0.01					378,253		378,253
Total Short-Term Investments (Cost $378,253)									378,253

Total investments in securities
(Cost $52,560,376) *	99.68	%		53,988,750
Other assets and liabilities, net	0.32			173,717
Total net assets	100.00	%	$	54,162,467

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

* Cost for federal income tax purposes is $52,560,376 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	2,688,880
Gross unrealized depreciation		(1,260,506	)
Net unrealized appreciation	$	1,428,374

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

34 Wells Fargo Advantage Income Funds Statements of assets and liabilities—November 30, 2013 (unaudited)

	Core Bond Portfolio		Inflation-Protected Bond Portfolio
Assets
Investments
In unaffiliated securities (including securities on loan), at value (see cost below)	$	3,070,137,964	$	53,610,497
In affiliated securities, at value (see cost below)		67,603,250		378,253
Total investments, at value (see cost below)		3,137,741,214		53,988,750
Cash		165,867		0
Segregated cash		0		0
Receivable for investments sold		534,915,288		0
Principal paydown receivable		139,908		0
Receivable for interest		12,556,704		209,205
Receivable for daily variation margin on open futures contracts		0		0
Receivable for securities lending income		284		0
Prepaid expenses and other assets		12,113		1,842
Total assets		3,685,531,378		54,199,797
Liabilities
Payable for investments purchased		762,001,229		0
Payable upon receipt of securities loaned		0		0
Advisory fee payable		837,632		14,246
Shareholder report expenses payable		6,925		2,707
Custodian and accounting fees payable		58,006		3,191
Professional fees payable		36,220		16,035
Accrued expenses and other liabilities		0		1,151
Total liabilities		762,940,012		37,330
Total net assets	$	2,922,591,366	$	54,162,467
Investments in unaffiliated securities (including securities on loan), at cost	$	3,075,502,235	$	52,182,123
Investments in affiliated securities, at cost	$	67,603,250	$	378,253
Total investments, at cost	$	3,143,105,485	$	52,560,376
Securities on loan, at value	$	0	$	0

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

Statements of operations—six months ended November 30, 2013 (unaudited) Wells Fargo Advantage Income Funds 35

	Core Bond Portfolio			Inflation-Protected Bond Portfolio
Investment income
Interest**	$	34,469,823		$	488,200
Income from affiliated securities		36,697			16
Securities lending income, net		10,228			0
Total investment income		34,516,748			488,216
Expenses
Advisory fee		5,436,799			116,720
Custody and accounting fees		98,169			4,878
Professional fees		39,272			20,475
Shareholder report expenses		5,786			921
Trustees’ fees and expenses		5,029			5,760
Other fees and expenses		31,103			4,349
Total expenses		5,616,158			153,103
Less: Fee waivers and/or expense reimbursements		(373,637	)		(25,119	)
Net expenses		5,242,521			127,984
Net investment income		29,274,227			360,232
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated securities		(41,557,005	)		471,728
Futures transactions		0			(16,061	)
TBA sale commitments		75,320			0
Net realized gain (losses) on investments		(41,481,685	)		455,667
Net change in unrealized gains (losses) on:
Unaffiliated securities		(8,824,874	)		(3,349,091	)
Futures transactions		0			0
TBA sale commitments		46,020			0
Net change in unrealized gains (losses) on investments		(8,778,854	)		(3,349,091	)
Net realized and unrealized gains (losses) on investments		(50,260,539	)		(2,893,424	)
Net increase (decrease) in net assets resulting from operations	$	(20,986,312	)	$	(2,533,192	)
** Net of foreign interest withholding taxes in the amount of		$10,617			$0

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

36 Wells Fargo Advantage Income Funds Statements of changes in net assets

	Core Bond Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	29,274,227		$	65,763,655
Net realized gains (losses) on investments		(41,481,685	)		129,092,808
Net change in unrealized gains (losses) on investments		(8,778,854	)		(90,545,176	)
Net increase (decrease) in net assets resulting from operations		(20,986,312	)		104,311,287
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		92,659,414			720,766,231
Withdrawals		(497,518,530	)		(1,290,176,868	)
Net decrease in net assets resulting from capital share transactions		(404,859,116	)		(569,410,637	)
Total decrease in net assets		(425,845,428	)		(465,099,350	)
Net assets
Beginning of period		3,348,436,794			3,813,536,144
End of period	$	2,922,591,366		$	3,348,436,794

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

Statements of changes in net assets Wells Fargo Advantage Income Funds 37

	Inflation-Protected Bond Portfolio
	Six months ended November 30, 2013 (unaudited)			Year ended May 31, 2013
Operations
Net investment income	$	360,232		$	1,198,434
Net realized gains on investments		455,667			3,992,715
Net change in unrealized gains (losses) on investments		(3,349,091	)		(6,233,421	)
Net decrease in net assets resulting from operations		(2,533,192	)		(1,042,272	)
Capital share transactions
Transactions in investors’ beneficial interests
Contributions		3,860,948			14,419,386
Withdrawals		(13,797,507	)		(30,194,206	)
Net decrease in net assets resulting from capital share transactions		(9,936,559	)		(15,774,820	)
Total decrease in net assets		(12,469,751	)		(16,817,092	)
Net assets
Beginning of period		66,632,218			83,449,310
End of period	$	54,162,467		$	66,632,218

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

38 Wells Fargo Advantage Income Funds Financial highlights

	Ratio to average net assets (annualized)									Total Return1			Portfolio turnover rate
	Net investment income			Gross expenses			Net expenses
Core Bond Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.95	%		0.37	%		0.35	%		(0.56	)%		342	%
June 1, 2012 to May 31, 2013		1.75	%		0.37	%		0.35	%		2.61	%		547	%
June 1, 2011 to May 31, 2012		2.33	%		0.37	%		0.35	%		8.20	%		803	%
June 1, 2010 to May 31, 2011		2.99	%		0.37	%		0.35	%		7.02	%		789	%
June 1, 2009 to May 31, 2010		3.78	%		0.38	%		0.34	%		10.87	%		638	%
June 1, 2008 to May 31, 2009		4.92	%		0.40	%		0.39	%		6.58	%		633	%
Inflation-Protected Bond Portfolio
June 1, 2013 to November 30, 2013 (unaudited)		1.23	%		0.52	%		0.44	%		(3.91	)%		4	%
June 1, 2012 to May 31, 2013		1.52	%		0.50	%		0.44	%		(1.86	)%		15	%
June 1, 2011 to May 31, 2012		3.00	%		0.48	%		0.44	%		12.62	%		23	%
June 1, 2010 to May 31, 2011		3.25	%		0.44	%		0.43	%		8.19	%		19	%
June 1, 2009 to May 31, 2010		3.53	%		0.45	%		0.44	%		8.28	%		31	%
June 1, 2008 to May 31, 2009		1.70	%		0.45	%		0.37	%		(1.33	)%		53	%

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

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

Notes to financial statements (unaudited) Wells Fargo Advantage Income Funds 39

1. ORGANIZATION

Wells Fargo Master 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”). These financial statements report on the following portfolios: the Wells Fargo Advantage Core Bond Portfolio (“Core Bond Portfolio”), and the Wells Fargo Advantage Inflation-Protected Bond Portfolio (“Inflation-Protected Bond Portfolio”) (each, a “Portfolio”, collectively, the “Portfolios”). Each portfolio is a diversified series of the Trust.

The Portfolios, which are master portfolios in a master/feeder structure, offer their shares to multiple feeder funds and other master portfolios rather than directly to the public.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Portfolio, 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).

Fixed income securities acquired with maturities exceeding 60 days are valued based on evaluated bid prices provided by an independent pricing service which may utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If prices are not available from the independent pricing service or prices received are deemed not representative of market value, prices will be obtained from an independent broker-dealer or otherwise determined based on the Portfolios’ Valuation Procedures.

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price.

Investments in registered open-end investment companies are valued at net asset value. Non-registered investment vehicles are fair 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 Portfolios. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Management Valuation Team of Wells Fargo Funds Management, LLC (“Funds Management”). The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Management Valuation Team which may include items for ratification.

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

Security loans

The Portfolios may lend their securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. The Portfolios continue to receive interest or dividends on the securities loaned. The Portfolios receive collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of

40 Wells Fargo Advantage Income Funds Notes to financial statements (unaudited)

each business day and any additional required collateral is delivered to the Portfolios on the next business day. In a securities lending transaction, the net asset value of the Portfolios will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Portfolios fluctuate from time to time, In the event of default or bankruptcy by the borrower, the Portfolios may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In addition, the investment of any cash collateral received may lose all or part of its value. The Portfolios have the right under the lending agreement to recover the securities from the borrower on demand.

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

When-issued transactions

Each Portfolio may purchase securities on a forward commitment or when-issued basis. A Portfolio records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Portfolio’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Portfolio 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

Each Portfolio may be subject to interest rate risk in the normal course of pursuing its investment objectives. The Portfolio 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 Portfolio and the prices of futures contracts, and the possibility of an illiquid market.

Futures contracts are valued based upon their quoted daily settlement prices when available. 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 Statements of Assets and Liabilities as an asset or liability and in the Statements 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 Portfolio since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

TBA sale commitments

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

Inflation-indexed bonds and TIPS

Each Portfolio may invest in inflation-indexed bonds, including Treasury inflation-protected securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the

Notes to financial statements (unaudited) Wells Fargo Advantage Income Funds 41

original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations.

Credit default swaps

Each Portfolio may be subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swap contracts for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or for investment gains. Credit default swaps involve an exchange of a stream of payments for protection against the loss in value of an underlying security or index. Under the terms of the swap, one party acts as a guarantor (referred to as the seller of protection) and receives a periodic stream of payments, provided that there is no credit event, from another party (referred to as the buyer of protection) that is a fixed percentage applied to a notional principal amount over the term of the swap. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. A credit event includes bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium, and restructuring. The Portfolio may enter into credit default swaps as either the seller of protection or the buyer of protection. As the seller of protection, the Portfolio is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Portfolio could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates. The maximum potential amount of future payments (undiscounted) that the Portfolio as the seller of protection could be required to make under the credit default swap contract would be an amount equal to the notional amount of the swap contract. The Portfolio’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Portfolio and the counterparty and by having the counterparty post collateral to cover the Portfolio’s exposure to the counterparty.

If the Portfolio is the seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will pay to the buyer of protection the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is the buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will receive from the seller of protection the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index.

Any premiums paid or received on the transactions are recorded as an asset or liability on the Statements of Assets and Liabilities and amortized. The value of the swap contract is marked-to-market daily based on quotations from an independent pricing service or market makers and any change in value is recorded as an unrealized gain or loss. Periodic payments made or received are recorded as realized gains or losses. In addition, payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses.

Certain credit default swap contracts entered into by the Portfolio provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements. Any election by the counterparty to terminate early may impact the amounts reported on the financial statements.

Mortgage dollar roll transactions

Each Portfolio may engage in mortgage dollar roll transactions through TBA mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, a Portfolio sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, a Portfolio foregoes principal and interest paid on the securities. A Portfolio is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolios account for TBA dollar roll transactions as purchases and sales.

42 Wells Fargo Advantage Income Funds Notes to financial statements (unaudited)

Security transactions and income recognition

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

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

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

Federal and other taxes

Each Portfolio is treated as a separate entity for federal income tax purposes. The Portfolios are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal income tax purposes. All interest, dividends, gains and losses of a Portfolio are deemed to have been “passed through” to the interestholders in proportion to their holdings of the Portfolio regardless of whether such interest, dividends and gains have been distributed by the Portfolio.

Each Portfolio’s income tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal revenue authority. Management has analyzed each Portfolio’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.

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 each Portfolio’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). Each Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

n Level 3 – significant unobservable inputs (including the Portfolio’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.

As of November 30, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Core Bond Portfolio
Agency securities	$	0	$	1,033,841,344	$	0	$	1,033,841,344
Asset-backed securities		0		434,124,222		0		434,124,222
Corporate bonds and notes		0		555,111,024		0		555,111,024
Municipal obligations		0		29,429,558		0		29,429,558
Non-agency mortgage backed securities		0		214,467,880		0		214,467,880
U.S. Treasury securities		553,754,061		0		0		553,754,061
Yankee corporate bonds and notes		0		191,000,052		0		191,000,052
Yankee government bonds		0		58,409,823		0		58,409,823
Short-term investments
Investment companies		67,603,250		0		0		67,603,250
Total	$	621,357,311	$	2,516,383,903	$	0	$	3,137,741,214

Notes to financial statements (unaudited) Wells Fargo Advantage Income Funds 43

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Inflation-Protected Bond Portfolio
U.S. Treasury securities	$	53,610,497	$	0	$	0	$	53,610,497
Short-term investments
Investment companies		378,253		0		0		378,253
Total	$	53,988,750	$	0	$	0	$	53,988,750

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended November 30, 2013, the Portfolios did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

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 subadvisers, who are responsible for day-to-day portfolio management of the Portfolios.

Funds Management is entitled to receive an annual advisory fee starting at 0.40% and declining to 0.30% as the average daily net assets of each Portfolio increase. For the six months ended November 30, 2013, the advisory fee for Core Bond Portfolio and Inflation-Protected Bond Portfolio was equivalent to an annual rate of 0.36% and 0.40%, respectively, of each Portfolio’s average daily net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Portfolios. The fees for subadvisory services are borne by Funds Management. WellsCap, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is the subadviser to each Portfolio and is entitled to receive a fee from Funds Management at an annual rate starting at 0.20% and declining to 0.10% as the average daily net assets of each Portfolio increase.

Funds Management has voluntarily waived its advisory fee and/or reimbursed expenses to the extent necessary to maintain certain net operating expense ratios for the Portfolios.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2013 were as follows:

	Purchases at cost			Sales proceeds
	U.S. government	Non-U.S. government		U.S. government	Non-U.S. government
Core Bond Portfolio	$9,502,705,522	$	1,281,586,707	$9,499,008,748	$	1,347,369,267
Inflation-Protected Bond Portfolio	2,452,437		0	11,910,032		0

6. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2013, Inflation-Protected Bond Portfolio entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio.

As of November 30, 2013, Inflation-Protected Bond Portfolio did not have any open futures contracts. Inflation-Protected Bond Portfolio had an average notional amount of $21,268 in long futures contracts during the six months ended November 30, 2013.

The realized losses and change in unrealized gains or losses on derivative instruments are reflected in the Statements of Operations.

7. INDEMNIFICATION

Under the Trust’s organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter

into contracts with service providers that contain a variety of indemnification clauses. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolios and, therefore, cannot be estimated.

44 Wells Fargo Advantage Income Funds Other information (unaudited)

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available without charge on the website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information is publicly available on the website on a monthly, seven-day or more delayed basis. Each Fund and Portfolio 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 without charge by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Advantage Income Funds 45

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ 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. All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other directorships during past five years
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. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe 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
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO 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

46 Wells Fargo Advantage Income Funds Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
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 (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
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. Owned and operated a consulting business providing services to various hedge funds including acting as Chief Operating Officer and Chief Compliance Officer for a hedge fund from 2007 to 2008. Chief Operating Officer and Chief Compliance Officer of GMN Capital LLC from 2006 to 2007.
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. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.
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. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

1. Nancy Wiser acts as Treasurer of 73 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 58 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 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com.

List of abbreviations Wells Fargo Advantage Income Funds 47

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 —  Certificate of participation

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 —  Industrial development revenue

IEP —  Irish pound

JPY —  Japanese yen

KRW —  Republic of Korea won

LIBOR —  London Interbank Offered Rate

LIQ —  Liquidity agreement

LLC —  Limited liability company

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

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

This page is intentionally left blank.

For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

221301 01-14 SILD/SAR103 11-13

Wells Fargo Advantage WealthBuilder 
Portfolios^SM

Semi-Annual Report

November 30, 2013

n Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio^SM

n Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio^SM

n Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio^SM

n Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio^SM

n Wells Fargo Advantage WealthBuilder Equity Portfolio^SM

n Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio^SM

Reduce clutter. Save trees.

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

Contents

Letter to shareholders	2
Performance highlights
Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio	4
Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio	6
Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio	8
Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio	10
Wells Fargo Advantage WealthBuilder Equity Portfolio	12
Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio	14
Fund expenses	16
Portfolios of investments
Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio	17
Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio	19
Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio	21
Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio	23
Wells Fargo Advantage WealthBuilder Equity Portfolio	25
Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio	26
Financial statements
Statements of assets and liabilities	28
Statements of operations	30
Statements of changes in net assets	32
Financial highlights	38
Notes to financial statements	40
Other information	50
List of abbreviations	53

The views expressed and any forward-looking statements are as of November 30, 2013, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Funds Management, LLC. Discussions of individual securities, or the markets generally, or any Wells Fargo Advantage Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements; the views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Funds Management, LLC and the Funds disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

2 Wells Fargo Advantage WealthBuilder Portfolios Letter to shareholders (unaudited)

Karla M. Rabusch

President

Wells Fargo Advantage Funds

Equity returns were bolstered by positive economic growth and accommodative monetary policies in many countries. Many fixed-income returns were modestly positive because interest rates stabilized and credit conditions were favorable, enabling lower-quality bonds to do well.

Dear Valued Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Advantage WealthBuilder Portfolios for the six-month period that ended November 30, 2013. Equity returns were bolstered by positive economic growth and accommodative monetary policies in many countries. Many fixed-income returns were modestly positive because interest rates stabilized and credit conditions were favorable, enabling lower-quality bonds to do well.

Economic growth was no longer a negative for investors.

Fears of a stalling U.S. economy, a eurozone recession, and a hard landing in China were largely erased. The U.S. economy grew modestly during the past six months. Broadly speaking, the U.S. saw gains in business investment and housing alongside some drag from government spending. Employment trended in the right direction, with the unemployment rate declining, though still higher than satisfactory levels. Meanwhile, monetary policy remained accommodative throughout the period. At the end of November 2013, the federal funds rate remained near zero and the quantitative easing program continued at the rate of $85 billion per month.

In other parts of the world, the eurozone ended its recession and began registering positive growth. While Germany was the healthiest of the eurozone economies, many of the troubled southern countries—such as Spain and Portugal—began growing again or showed significantly improved growth trends. Another sign of healing was that yields on government debt in Europe’s peripheral countries declined. Japan, meanwhile, continued its recovery. Emerging markets growth was mixed, but China’s growth appeared to stabilize. Meanwhile, the European Central Bank kept its monetary policy accommodative, lowering its short-term interest rates from 0.50% to 0.25% in November 2013.

Investor optimism resulted in positive equity returns.

Investor confidence grew during the period as economic concerns lessened. Stock markets also benefited from easy monetary policies and resolutions of political problems, such as the end of the U.S. government shutdown. As a result, the S&P 500 Index¹ returned 11.91% for the six-month period that ended November 30, 2013. The index also managed to end higher than 1,800, a level typically considered a threshold for investor optimism. Meanwhile, the MSCI ACWI ex USA (Net)², a measure of non-U.S. developed country equities, returned 9.37% during the six-month period that ended November 30, 2013.

Bond markets struggled to return to positive territory.

During the six months ended November 30, 2013, most categories of non-U.S. Treasury bonds managed to earn positive returns. However, it was a volatile path to positive results, and U.S. Treasury bonds did not manage to claw back into positive territory. June 2013 was a difficult month for bonds because yields increased in response to Federal Reserve Chairman Bernanke’s comments about the scaling back of its bond-buying program. Interest rates then stabilized, and

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

2. The Morgan Stanley Capital International All Country World Index ex USA (Net) (MSCI ACWI ex USA (Net)) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

Letter to shareholders (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 3

investment-grade and high-yield bond markets began generating positive returns. U.S. Treasury bonds bore the brunt of the interest-rate increase, while bonds in lower-tier credit categories benefited from a yield cushion and investor appetite for equity-correlated returns.

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

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

Thank you for choosing to invest with Wells Fargo Advantage Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs. For current information about your fund investments, contact your investment professional, visit our website at wellsfargoadvantagefunds.com, or call us directly at 1-800-222-8222. We are available 24 hours a day, 7 days a week.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Advantage Funds

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

4 Wells Fargo Advantage WealthBuilder Portfolios Performance highlights (unaudited)

Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio

Investment objective

The Portfolio seeks current income with a secondary emphasis on capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2013

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

Since inception

1 year

5 year

Since inception

Gross

Net2

Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio (WBCAX)

9-30-2004

2.69

7.36

3.83

4.26

7.69

4.00

2.07

2.03

WealthBuilder Conservative Allocation Composite Index3

–

–

–

–

3.74

7.87

5.57

–

–

S&P 500 Index4,8

–

–

–

–

30.30

17.60

7.63

–

–

Barclays U.S. Aggregate Bond Index5,8

–

–

–

–

(1.61

)

5.33

4.66

–

–

Russell 3000® Index6,8

–

–

–

–

31.71

18.54

8.13

–

–

MSCI ACWI ex USA (Net)7,8

–

–

–

–

18.24

13.87

7.63

–

–

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

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

For WealthBuilder Portfolio shares, the maximum front-end sales charge is 1.50%. Performance including sales charge assumes the sales charge for the corresponding time period.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The Portfolio will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. 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 Portfolio is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 5.

Performance highlights (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 5

Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio (continued)

Ten largest holdings9 (%) as of November 30, 2013
Wells Fargo Advantage Short Duration Government Bond Fund	28.10
Wells Fargo Advantage Government Securities Fund	18.71
Wells Fargo Advantage Core Bond Portfolio	18.70
PIMCO High Yield Fund	4.71
Oppenheimer International Bond Fund	4.69
MFS Value Fund	3.15
PIMCO CommodityRealReturn Strategy Fund	2.70
Thornburg International Value Fund	1.76
ING Global Real Estate Fund	1.76
Eaton Vance Large Cap Value Fund	1.58

Current target allocation¹⁰ as of November 30, 2013

1. Reflects the expense ratios as stated in the most recent prospectuses.

2. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After FeeWaiver, excluding certain expenses, at 1.50%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

3. Source: Wells Fargo Funds Management, LLC. The WealthBuilder Conservative Allocation Composite Index is weighted 14% in the Russell 3000 Index, 6% in the MSCI ACWI ex USA (Net), and 80% in the Barclays U.S. Aggregate Bond Index. Prior to October 1, 2013, the composition of the index was 20% in the S&P 500 Index and 80% in the Barclays U.S. Aggregate Bond Index. You cannot invest directly in an index.

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

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

6. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

7. The Morgan Stanley Capital International All Country World Index ex USA (Net) (MSCI ACWI ex USA (Net)) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

8. At the close of business on September 30, 2013, the Portfolio changed its benchmarks from the S&P 500 Index and the Barclays U.S. Aggregate Bond Index to the Russell 3000 Index, the MSCI ACWI ex USA (Net) and the Barclays U.S. Aggregate Bond Index. We believe these benchmarks are more similar to the characteristics of the Portfolio in light of the recent changes to the Portfolio’s investment strategies.

9. The ten largest holdings are calculated based on the value of the holdings divided by total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

10. Current target allocation is subject to change and is calculated based on the total long-term investments of the Portfolio. The Portfolio’s use of futures contracts to implement a Tactical Asset Allocation (TAA) shift toward stocks or bonds is reflected in the allocation shown.

6 Wells Fargo Advantage WealthBuilder Portfolios Performance highlights (unaudited)

Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio

Investment objective

The Portfolio seeks a combination of current income and capital appreciation.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2013

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

Since inception

1 year

5 year

Since inception

Gross

Net2

Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio (WBBBX)

9-30-2004

9.29

10.44

4.61

10.95

10.78

4.79

2.14

2.10

WealthBuilder Moderate Balanced Composite Index3

–

–

–

–

9.33

10.33

6.37

–

–

S&P 500 Index4,8

–

–

–

–

30.30

17.60

7.63

–

–

Barclays U.S. Aggregate Bond Index5,8

–

–

–

–

(1.61

)

5.33

4.66

–

–

Russell 3000® Index6,8

–

–

–

–

31.71

18.54

8.13

–

–

MSCI ACWI ex USA (Net)7,8

–

–

–

–

18.24

13.87

7.63

–

–

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

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

For WealthBuilder Portfolio shares, the maximum front-end sales charge is 1.50%. Performance including sales charge assumes the sales charge for the corresponding time period.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The Portfolio will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. 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 Portfolio is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 7

Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio (continued)

Ten largest holdings9 (%) as of November 30, 2013
Wells Fargo Advantage Short Duration Government Bond Fund	18.33
Wells Fargo Advantage Core Bond Portfolio	13.72
Wells Fargo Advantage Government Securities Fund	13.71
MFS Value Fund	6.41
PIMCO High Yield Fund	4.61
Oppenheimer International Bond Fund	4.59
Thornburg International Value Fund	3.49
Eaton Vance Large Cap Value Fund	3.20
Invesco Growth and Income Fund	3.19
T. Rowe Price Blue Chip Growth Fund	3.14

Current target allocation¹⁰ as of November 30, 2013

1. Reflects the expense ratios as stated in the most recent prospectuses.

2. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.50%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

3. Source: Wells Fargo Funds Management, LLC. The WealthBuilder Moderate Balanced Composite Index is weighted 28% in the Russell 3000 Index, 12% in the MSCI ACWI ex USA (Net), and 60% in the Barclays U.S. Aggregate Bond Index. Prior to October 1, 2013, the composition of the index was 40% in the S&P 500 Index and 60% in the Barclays U.S. Aggregate Bond Index. You cannot invest directly in an index.

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

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

6. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

7. The Morgan Stanley Capital International All Country World Index ex USA (Net) (MSCI ACWI ex USA (Net)) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

8. At the close of business on September 30, 2013, the Portfolio changed its benchmarks from the S&P 500 Index and the Barclays U.S. Aggregate Bond Index to the Russell 3000 Index, the MSCI ACWI ex USA (Net) and the Barclays U.S. Aggregate Bond Index. We believe these benchmarks are more similar to the characteristics of the Portfolio in light of the recent changes to the Portfolio’s investment strategies.

9. The ten largest holdings are calculated based on the value of the holdings divided by total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

10. Current target allocation is subject to change and is calculated based on the total long-term investments of the Portfolio. The Portfolio’s use of futures contracts to implement a Tactical Asset Allocation (TAA) shift toward stocks or bonds is reflected in the allocation shown.

8 Wells Fargo Advantage WealthBuilder Portfolios Performance highlights (unaudited)

Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio

Investment objective

The Portfolio seeks a combination of capital appreciation and current income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2013

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net2

Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio (WBGBX)

10-1-1997

17.02

14.11

5.30

18.80

14.45

5.46

2.22

2.18

WealthBuilder Growth Balanced Composite Index3

–

–

–

–

15.16

12.71

7.15

–

–

S&P 500 Index4,8

–

–

–

–

30.30

17.60

7.69

–

–

Barclays U.S. Aggregate Bond Index5,8

–

–

–

–

(1.61

)

5.33

4.71

–

–

Russell 3000® Index6,8

–

–

–

–

31.71

18.54

8.09

–

–

MSCI ACWI ex USA (Net)7,8

–

–

–

–

18.24

13.87

8.26

–

–

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

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

For WealthBuilder Portfolio shares, the maximum front-end sales charge is 1.50%. Performance including sales charge assumes the sales charge for the corresponding time period.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The Portfolio will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. 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 Portfolio is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 9.

Performance highlights (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 9

Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio (continued)

Ten largest holdings9 (%) as of November 30, 2013
Wells Fargo Advantage Government Securities Fund	12.36
Wells Fargo Advantage Core Bond Portfolio	11.42
MFS Value Fund	9.94
Thornburg International Value Fund	5.42
Eaton Vance Large Cap Value Fund	4.95
Invesco Growth and Income Fund	4.93
T. Rowe Price Blue Chip Growth Fund	4.86
PIMCO High Yield Fund	4.80
Oppenheimer International Bond Fund	4.77
Wells Fargo Advantage International Growth Portfolio	3.62

Current target allocation¹⁰ as of November 30, 2013

1. Reflects the expense ratios as stated in the most recent prospectuses.

2. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After FeeWaiver, excluding certain expenses, at 1.50%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

3. Source: Wells Fargo Funds Management, LLC. The WealthBuilder Growth Balanced Composite Index is weighted 42% in the Russell 3000 Index, 18% in the MSCI ACWI ex USA (Net), and 40% in the Barclays U.S. Aggregate Bond Index. Prior to October 1, 2013, the composition of the index was 65% in the S&P 500 Index and 35% in the Barclays U.S. Aggregate Bond Index. You cannot invest directly in an index.

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

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

6. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

7. The Morgan Stanley Capital International All Country World Index ex USA (Net) (MSCI ACWI ex USA (Net)) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

8. At the close of business on September 30, 2013, the Portfolio changed its benchmarks from the S&P 500 Index and the Barclays U.S. Aggregate Bond Index to the Russell 3000 Index, the MSCI ACWI ex USA (Net) and the Barclays U.S. Aggregate Bond Index. We believe these benchmarks are more similar to the characteristics of the Portfolio in light of the recent changes to the Portfolio’s investment strategies.

9. The ten largest holdings are calculated based on the value of the holdings divided by total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

10. Current target allocation is subject to change and is calculated based on the total long-term investments of the Portfolio. The Portfolio’s use of futures contracts to implement a Tactical Asset Allocation (TAA) shift toward stocks or bonds is reflected in the allocation shown.

10 Wells Fargo Advantage WealthBuilder Portfolios Performance highlights (unaudited)

Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio

Investment objective

The Portfolio seeks capital appreciation with a secondary emphasis on current income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2013

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

Since inception

1 year

5 year

Since inception

Gross

Net2

Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio (WBGGX)

9-30-2004

21.07

15.51

5.40

22.92

15.86

5.58

2.28

2.21

WealthBuilder Growth Allocation Composite Index3

–

–

–

–

21.26

15.01

7.63

–

–

S&P 500 Index4,8

–

–

–

–

30.30

17.60

7.63

–

–

Barclays U.S. Aggregate Bond Index5,8

–

–

–

–

(1.61

)

5.33

4.66

–

–

Russell 3000® Index6,8

–

–

–

–

31.71

18.54

8.13

–

–

MSCI ACWI ex USA (Net)7,8

–

–

–

–

18.24

13.87

7.63

–

–

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

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

For WealthBuilder Portfolio shares, the maximum front-end sales charge is 1.50%. Performance including sales charge assumes the sales charge for the corresponding time period.

Balanced funds may invest in stocks and bonds. Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond values fall and investors may lose principal value. The Portfolio will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. 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 Portfolio is exposed to alternative investment risk, foreign investment risk, high-yield securities risk, mortgage- and asset-backed securities risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 11.

Performance highlights (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 11

Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio (continued)

Ten largest holdings9 (%) as of November 30, 2013
MFS Value Fund	12.58
Thornburg International Value Fund	6.94
Eaton Vance Large Cap Value Fund	6.28
Invesco Growth and Income Fund	6.25
T. Rowe Price Blue Chip Growth Fund	6.18
Wells Fargo Advantage Core Bond Portfolio	5.78
Wells Fargo Advantage Government Securities Fund	5.78
Wells Fargo Advantage Small Company Value Portfolio	4.63
American Century Growth Fund	4.34
Wells Fargo Advantage Endeavor Select Fund	3.52

Current target allocation¹⁰ as of November 30, 2013

1. Reflects the expense ratios as stated in the most recent prospectuses.

2. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After FeeWaiver, excluding certain expenses, at 1.50%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

3. Source: Wells Fargo Funds Management, LLC. The WealthBuilder Growth Allocation Composite Index is weighted 56% in the Russell 3000 Index, 24% in the MSCI ACWI ex USA (Net), and 20% in the Barclays U.S. Aggregate Bond Index. Prior to October 1, 2013, the composition of the index was 80% in the S&P 500 Index and 20% in the Barclays U.S. Aggregate Bond Index. You cannot invest directly in an index.

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

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

6. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

7. The Morgan Stanley Capital International All Country World Index ex USA (Net) (MSCI ACWI ex USA (Net)) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

8. At the close of business on September 30, 2013, the Portfolio changed its benchmarks from the S&P 500 Index and the Barclays U.S. Aggregate Bond Index to the Russell 3000 Index, the MSCI ACWI ex USA (Net) and the Barclays U.S. Aggregate Bond Index. We believe these benchmarks are more similar to the characteristics of the Portfolio in light of the recent changes to the Portfolio’s investment strategies.

9. The ten largest holdings are calculated based on the value of the holdings divided by total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

10. Current target allocation is subject to change and is calculated based on the total long-term investments of the Portfolio. The Portfolio’s use of futures contracts to implement a Tactical Asset Allocation (TAA) shift toward stocks or bonds is reflected in the allocation shown.

12 Wells Fargo Advantage WealthBuilder Portfolios Performance highlights (unaudited)

Wells Fargo Advantage WealthBuilder Equity Portfolio

Investment objective

The Portfolio seeks long-term capital appreciation with no emphasis on income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2013

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net2

Wells Fargo Advantage WealthBuilder Equity Portfolio (WBGIX)

10-1-1997

25.96

15.81

5.57

27.88

16.16

5.73

2.44

2.31

WealthBuilder Equity Portfolio Composite Index3,7

–

–

–

–

27.63

17.21

8.23

–

–

S&P 500 Index4,7

–

–

–

–

30.30

17.60

7.69

–

–

Russell 3000® Index5,7

–

–

–

–

31.71

18.54

8.09

–

–

MSCI ACWI ex USA (Net)6,7

–

–

–

–

18.24

13.87

8.26

–

–

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

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

For WealthBuilder Portfolio shares, the maximum front-end sales charge is 1.50%. Performance including sales charge assumes the sales charge for the corresponding time period.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A Fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.

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

Please see footnotes on page 13.

Performance highlights (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 13

Wells Fargo Advantage WealthBuilder Equity Portfolio (continued)

Ten largest holdings8 (%) as of November 30, 2013
MFS Value Fund	14.93
T. Rowe Price Blue Chip Growth Fund	10.50
Thornburg International Value Fund	9.02
Eaton Vance Large Cap Value Fund	7.48
Invesco Growth and Income Fund	7.48
American Century Growth Fund	7.44
Wells Fargo Advantage International Growth Portfolio	6.03
Wells Fargo Advantage Endeavor Select Fund	6.00
Wells Fargo Advantage Large Cap Growth Fund	5.96
Dodge & Cox International Stock Fund	3.02

Portfolio allocation⁹ as of November 30, 2013

1. Reflects the expense ratios as stated in the most recent prospectuses.

2. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After FeeWaiver, excluding certain expenses, at 1.50%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

3. Source: Wells Fargo Funds Management, LLC. The WealthBuilder Equity Portfolio Composite Index is weighted 70% in the Russell 3000 Index, and 30% in the MSCI ACWI ex USA (Net). You cannot invest directly in an index.

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

5. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

6. The Morgan Stanley Capital International All Country World Index ex USA (Net) (MSCI ACWI ex USA (Net)) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

7. At the close of business on September 30, 2013, the Portfolio changed its benchmark from the S&P 500 Index to the Russell 3000 Index and the MSCI ACWI ex USA (Net). We believe the new benchmarks are more similar to the characteristics of the Portfolio in light of the recent changes to the Portfolio’s investment strategies.

8. The ten largest holdings are calculated based on the value of the holdings divided by total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

9. Portfolio allocation is subject to change and is calculated based on the total long-term investments of the Portfolio.

14 Wells Fargo Advantage WealthBuilder Portfolios Performance highlights (unaudited)

Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio

Investment objective

The Portfolio seeks long-term capital appreciation with no emphasis on income.

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Kandarp Acharya, CFA, FRM

Christian L. Chan, CFA

Average annual total returns (%) as of November 30, 2013

Including sales charge

Excluding sales charge

Expense ratios1 (%)

Inception date

1 year

5 year

10 year

1 year

5 year

10 year

Gross

Net2

Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio (WBGAX)

10-1-1997

22.72

16.49

6.77

24.59

16.84

6.93

2.32

2.26

WealthBuilder Tactical Equity Composite Index3,7

–

–

–

–

27.63

17.21

8.23

–

–

S&P 500 Index4,7

–

–

–

–

30.30

17.60

7.69

–

–

Russell 3000® Index5,7

–

–

–

–

31.71

18.54

8.09

–

–

MSCI ACWI ex USA (Net)6,7

–

–

–

–

18.24

13.87

8.26

–

–

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

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

For WealthBuilder Portfolio shares, the maximum front-end sales charge is 1.50%. Performance including sales charge assumes the sales charge for the corresponding time period.

Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. The Portfolio will indirectly be exposed to all of the risks of an investment in the underlying funds and will indirectly bear expenses of the underlying funds. 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 Portfolio is exposed to alternative investment risk, foreign investment risk, and smaller-company investment risk. Consult the Portfolio’s prospectus for additional information on these and other risks.

Please see footnotes on page 15.

Performance highlights (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 15

Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio (continued)

Ten largest holdings8 (%) as of November 30, 2013
MFS Value Fund	16.19
Thornburg International Value Fund	8.97
Eaton Vance Large Cap Value Fund	8.10
Invesco Growth and Income Fund	8.09
T. Rowe Price Blue Chip Growth Fund	7.93
Wells Fargo Advantage International Growth Portfolio	5.98
Wells Fargo Advantage Endeavor Select Fund	4.53
Wells Fargo Advantage Large Cap Growth Fund	4.47
Wells Fargo Advantage Small Company Value Portfolio	3.79
Wells Fargo Advantage Small Cap Value Fund	3.78

Portfolio allocation⁹ as of November 30, 2013

1. Reflects the expense ratios as stated in the most recent prospectuses.

2. The Adviser has committed through September 30, 2014, to waive fees and/or reimburse expenses to the extent necessary to cap the Portfolio’s Total Annual Fund Operating Expenses After Fee Waiver, excluding certain expenses, at 1.50%. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the cap. Without this cap, the Portfolio’s returns would have been lower.

3. Source: Wells Fargo Funds Management, LLC. The WealthBuilder Tactical Equity Composite Index is weighted 70% in the Russell 3000 Index, and 30% in the MSCI ACWI ex USA (Net). You cannot invest directly in an index.

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

5. The Russell 3000^® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

6. The Morgan Stanley Capital International All Country World Index ex USA (Net) (MSCI ACWI ex USA (Net)) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed or produced by MSCI.

7. At the close of business on September 30, 2013, the Portfolio changed its benchmark from the S&P 500 Index to the Russell 3000 Index and the MSCI ACWI ex USA (Net). We believe the new benchmarks are more similar to the characteristics of the Portfolio in light of the recent changes to the Portfolio’s investment strategies.

8. The ten largest holdings are calculated based on the value of the holdings divided by total net assets of the Portfolio. Holdings are subject to change and may have changed since the date specified.

9. Portfolio allocation is subject to change and is calculated based on the total long-term investments of the Portfolio.

16 Wells Fargo Advantage WealthBuilder Portfolios Fund expenses (unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period from June 1, 2013 to November 30, 2013.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

	Beginning account value 6-1-2013		Ending account value 11-30-2013		Expenses paid during the period1		Net annual expense ratio
Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio
Actual	$	1,000.00	$	1,019.13	$	7.59		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio
Actual	$	1,000.00	$	1,050.89	$	7.71		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio
Actual	$	1,000.00	$	1,085.27	$	7.84		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio
Actual	$	1,000.00	$	1,105.50	$	7.92		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Wells Fargo Advantage WealthBuilder Equity Portfolio
Actual	$	1,000.00	$	1,127.14	$	8.00		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Wells Fargo Advantage ealthBuilder Tactical Equity Portfolio
Actual	$	1,000.00	$	1,123.64	$	7.99		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 17

WEALTHBUILDER CONSERVATIVE ALLOCATION PORTFOLIO

Security name	Shares		Value
Investment Companies: 99.86%
Affiliated Master Portfolios: 21.35%
Wells Fargo Advantage Core Bond Portfolio			$	114,758,211
Wells Fargo Advantage Emerging Growth Portfolio				4,492,813
Wells Fargo Advantage International Growth Portfolio				7,223,948
Wells Fargo Advantage Small Company Value Portfolio				4,525,633
				131,000,605
Alternative Investment Funds: 5.46%
AQR Managed Futures Strategy Fund		298,075		3,105,941
ING Global Real Estate Fund		591,508		10,800,936
PIMCO CommodityRealReturn Strategy Fund		2,968,047		16,561,703
The Arbitrage Fund		237,342		3,054,590
				33,523,170
International Equity Funds: 4.69%
DFA International Small Cap Value Portfolio		118,508		2,393,865
Dodge & Cox International Stock Fund		83,787		3,604,502
Oppenheimer Developing Markets Fund		79,196		2,976,199
T. Rowe Price International Discovery Fund		42,947		2,408,049
Templeton Institutional Foreign Equity Fund		155,574		3,603,095
Thornburg International Value Fund		340,902		10,813,398
Wells Fargo Advantage Emerging Markets Equity Fund (l)		132,316		2,962,545
				28,761,653
International Fixed Income Funds: 4.69%
Oppenheimer International Bond Fund		4,729,974		28,758,240
U.S. Equity Funds: 12.17%
American Century Growth Fund		197,335		6,725,178
Eaton Vance Large Cap Value Fund		394,159		9,676,610
Invesco Growth and Income Fund		355,319		9,661,132
MFS Value Fund		582,088		19,348,615
Royce Pennsylvania Mutual Fund		296,571		4,507,886
T. Rowe Price Blue Chip Growth Fund		151,282		9,456,652
Wells Fargo Advantage Endeavor Select Fund (l)†		367,810		5,414,161
Wells Fargo Advantage Large Cap Growth Fund (l)		119,891		5,389,102
Wells Fargo Advantage Small Cap Value Fund (l)		115,485		4,500,467
				74,679,803
U.S. Fixed Income Funds: 51.50%
PIMCO High Yield Fund		3,001,500		28,874,434
Wells Fargo Advantage Government Securities Fund (l)		10,558,851		114,774,708
Wells Fargo Advantage Short Duration Government Bond Fund (l)		17,017,911		172,391,442
				316,040,584
Total Investment Companies (Cost $576,279,571)				612,764,055

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

18 Wells Fargo Advantage WealthBuilder Portfolios Portfolio of investments—November 30, 2013 (unaudited)

WEALTHBUILDER CONSERVATIVE ALLOCATION PORTFOLIO

Security name	Yield					Shares		Value
Short-Term Investments: 0.37%
Investment Companies: 0.18%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				1,100,000	$	1,100,000
				Maturity date		Principal
U.S. Treasury Securities: 0.19%
Treasury Bill #(z)		0.01			12-26-2013	$	1,164,000		1,163,956
Total Short-Term Investments (Cost $2,263,956)									2,263,956

Total investments in securities
(Cost $578,543,527) *	100.23	%		615,028,011
Other assets and liabilities, net	(0.23	)		(1,436,148	)
Total net assets	100.00	%	$	613,591,863

(l) Investment in an affiliate

† Non-income-earning security

(u) Rate shown is the 7-day annualized yield at period end.

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

(z) Zero coupon security. Rate represents yield to maturity at time of purchase.

* Cost for federal income tax purposes is $585,060,217 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	42,403,325
Gross unrealized depreciation		(12,435,531	)
Net unrealized appreciation	$	29,967,794

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 19

WEALTHBUILDER MODERATE BALANCED PORTFOLIO

Security name	Shares		Value
Investment Companies: 99.46%
Affiliated Master Portfolios: 19.02%
Wells Fargo Advantage Core Bond Portfolio			$	115,089,312
Wells Fargo Advantage Emerging Growth Portfolio				12,329,268
Wells Fargo Advantage International Growth Portfolio				12,498,430
Wells Fargo Advantage Small Company Value Portfolio				19,718,916
				159,635,926
Alternative Investment Funds: 5.28%
AQR Managed Futures Strategy Fund		406,601		4,236,782
ING Global Real Estate Fund		788,284		14,394,062
PIMCO CommodityRealReturn Strategy Fund		3,870,693		21,598,464
The Arbitrage Fund		318,054		4,093,358
				44,322,666
International Equity Funds: 9.26%
DFA International Small Cap Value Portfolio		319,698		6,457,895
Dodge & Cox International Stock Fund		228,172		9,815,978
Oppenheimer Developing Markets Fund		212,131		7,971,900
T. Rowe Price International Discovery Fund		116,247		6,517,943
Templeton Institutional Foreign Equity Fund		421,547		9,763,020
Thornburg International Value Fund		924,068		29,311,425
Wells Fargo Advantage Emerging Markets Equity Fund (l)		351,333		7,866,346
				77,704,507
International Fixed Income Funds: 4.59%
Oppenheimer International Bond Fund		6,328,474		38,477,123
U.S. Equity Funds: 24.66%
American Century Growth Fund		541,258		18,446,071
Eaton Vance Large Cap Value Fund		1,092,823		26,828,816
Invesco Growth and Income Fund		983,678		26,746,204
MFS Value Fund		1,617,250		53,757,385
Royce Pennsylvania Mutual Fund		821,668		12,489,351
T. Rowe Price Blue Chip Growth Fund		421,580		26,352,961
Wells Fargo Advantage Endeavor Select Fund †(l)		1,020,563		15,022,680
Wells Fargo Advantage Large Cap Growth Fund (l)		328,964		14,786,938
Wells Fargo Advantage Small Cap Value Fund (l)		320,769		12,500,368
				206,930,774
U.S. Fixed Income Funds: 36.65%
PIMCO High Yield Fund		4,018,224		38,655,312
Wells Fargo Advantage Government Securities Fund (l)		10,586,464		115,074,859
Wells Fargo Advantage Short Duration Government Bond Fund (l)		15,179,336		153,766,678
				307,496,849
Total Investment Companies (Cost $751,482,016)				834,567,845

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

20 Wells Fargo Advantage WealthBuilder Portfolios Portfolio of investments—November 30, 2013 (unaudited)

WEALTHBUILDER MODERATE BALANCED PORTFOLIO

Security name	Yield					Shares		Value
Short-Term Investments: 0.51%
Investment Companies: 0.14%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.08	%				1,159,929	$	1,159,929
				Maturity date		Principal
U.S. Treasury Securities: 0.37%
U.S.Treasury Bill #(z)		0.01			12-26-2013	$	3,111,000		3,110,883
Total Short-Term Investments (Cost $4,270,812)									4,270,812

Total investments in securities (Cost $755,752,828) *	99.97	%		838,838,657
Other assets and liabilities, net	0.03			268,042
Total net assets	100.00	%	$	839,106,699

(l) Investment in an affiliate

† Non-income-earning security

(u) Rate shown is the 7-day annualized yield at period end.

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

(z) Zero coupon security. Rate represents yield to maturity at time of purchase.

* Cost for federal income tax purposes is $765,943,391 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	91,993,039
Gross unrealized depreciation		(19,097,773	)
Net unrealized appreciation	$	72,895,266

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 21

WEALTHBUILDER GROWTH BALANCED PORTFOLIO

Security name	Shares		Value
Investment Companies: 99.32%
Affiliated Master Portfolios: 19.64%
Wells Fargo Advantage Core Bond Portfolio			$	99,680,822
Wells Fargo Advantage Emerging Growth Portfolio				19,927,501
Wells Fargo Advantage International Growth Portfolio				31,585,293
Wells Fargo Advantage Small Company Value Portfolio				20,195,279
				171,388,895
Alternative Investment Funds: 5.27%
AQR Managed Futures Strategy Fund		421,501		4,392,042
ING Global Real Estate Fund		811,259		14,813,584
PIMCO CommodityRealReturn Strategy Fund		4,042,035		22,554,553
The Arbitrage Fund		331,243		4,263,093
				46,023,272
International Equity Funds: 14.31%
DFA International Small Cap Value Portfolio		513,911		10,381,000
Dodge & Cox International Stock Fund		365,866		15,739,574
Oppenheimer Developing Markets Fund		340,205		12,784,917
T. Rowe Price International Discovery Fund		186,648		10,465,356
Templeton Institutional Foreign Equity Fund		675,334		15,640,743
Thornburg International Value Fund		1,491,672		47,315,821
Wells Fargo Advantage Emerging Markets Equity Fund (l)		563,777		12,622,973
				124,950,384
International Fixed Income Funds: 4.78%
Oppenheimer International Bond Fund		6,854,737		41,676,801
U.S. Equity Funds: 38.17%
American Century Growth Fund		866,987		29,546,902
Eaton Vance Large Cap Value Fund		1,761,560		43,246,301
Invesco Growth and Income Fund		1,582,717		43,034,074
MFS Value Fund		2,610,571		86,775,385
Royce Pennsylvania Mutual Fund		1,327,750		20,181,804
T. Rowe Price Blue Chip Growth Fund		678,185		42,393,355
Wells Fargo Advantage Endeavor Select Fund (l)†		1,634,859		24,065,122
Wells Fargo Advantage Large Cap Growth Fund (l)		527,808		23,724,988
Wells Fargo Advantage Small Cap Value Fund (l)		518,427		20,203,094
				333,171,025
U.S. Fixed Income Funds: 17.15%
PIMCO High Yield Fund		4,351,226		41,858,798
Wells Fargo Advantage Government Securities Fund (l)		9,921,557		107,847,327
				149,706,125
Total Investment Companies (Cost $725,912,782)				866,916,502

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

22 Wells Fargo Advantage WealthBuilder Portfolios Portfolio of investments—November 30, 2013 (unaudited)

WEALTHBUILDER GROWTH BALANCED PORTFOLIO

Security name	Yield					Shares		Value
Short-Term Investments: 0.67%
Investment Companies: 0.30%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (l)(u)		0.08	%				2,652,130	$	2,652,130
				Maturity date		Principal
U.S. Treasury Securities: 0.37%
Treasury Bill #(z)		0.01			12-26-2013	$	3,214,000		3,213,879
Total Short-Term Investments (Cost $5,866,009)									5,866,009

Total investments in securities (Cost $731,778,791) *	99.99	%		872,782,511
Other assets and liabilities, net	0.01			115,550
Total net assets	100.00	%	$	872,898,061

(l) Investment in an affiliate

† Non-income-earning security

(u) Rate shown is the 7-day annualized yield at period end.

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

(z) Zero coupon security. Rate represents yield to maturity at time of purchase.

* Cost for federal income tax purposes is $754,141,733 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	146,509,230
Gross unrealized depreciation		(27,868,452	)
Net unrealized appreciation	$	118,640,778

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 23

WEALTHBUILDER GROWTH ALLOCATION PORTFOLIO

Security name	Shares		Value
Investment Companies: 99.33%
Affiliated Master Portfolios: 16.27%
Wells Fargo Advantage Core Bond Portfolio			$	21,259,841
Wells Fargo Advantage Emerging Growth Portfolio				10,726,622
Wells Fargo Advantage International Growth Portfolio				10,784,677
Wells Fargo Advantage Small Company Value Portfolio				17,013,778
				59,784,918
Alternative Investment Funds: 5.37%
AQR Managed Futures Strategy Fund		175,981		1,833,718
ING Global Real Estate Fund		348,928		6,371,421
PIMCO CommodityRealReturn Strategy Fund		1,746,824		9,747,280
The Arbitrage Fund		139,156		1,790,939
				19,743,358
International Equity Funds: 18.44%
DFA International Small Cap Value Portfolio		279,114		5,638,105
Dodge & Cox International Stock Fund		197,636		8,502,279
Oppenheimer Developing Markets Fund		186,772		7,018,904
T. Rowe Price International Discovery Fund		101,119		5,669,732
Templeton Institutional Foreign Equity Fund		366,260		8,482,571
Thornburg International Value Fund		803,684		25,492,842
Wells Fargo Advantage Emerging Markets Equity Fund (l)		310,668		6,955,849
				67,760,282
International Fixed Income Funds: 2.49%
Oppenheimer International Bond Fund		1,502,968		9,138,043
				9,138,043
U.S. Equity Funds: 48.48%
American Century Growth Fund		467,675		15,938,365
Eaton Vance Large Cap Value Fund		939,563		23,066,271
Invesco Growth and Income Fund		845,196		22,980,879
MFS Value Fund		1,391,181		46,242,868
Royce Pennsylvania Mutual Fund		707,091		10,747,782
T. Rowe Price Blue Chip Growth Fund		363,426		22,717,785
Wells Fargo Advantage Endeavor Select Fund †(l)		878,480		12,931,228
Wells Fargo Advantage Large Cap Growth Fund (l)		284,296		12,779,087
Wells Fargo Advantage Small Cap Value Fund (l)		276,658		10,781,357
				178,185,622
U.S. Fixed Income Funds: 8.28%
PIMCO High Yield Fund		953,630		9,173,917
Wells Fargo Advantage Government Securities Fund (l)		1,955,753		21,259,036
				30,432,953
Total Investment Companies (Cost $295,442,052)				365,045,176

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

24 Wells Fargo Advantage WealthBuilder Portfolios Portfolio of investments—November 30, 2013 (unaudited)

WEALTHBUILDER GROWTH ALLOCATION PORTFOLIO

Security name	Yield					Shares		Value
Short-Term Investments: 0.58%
Investment Companies: 0.22%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.08	%				796,059	$	796,059
				Maturity date		Principal
U.S. Treasury Securities: 0.36%
U.S.Treasury Bill #(z)		0.01			12-26-2013	$	1,340,000		1,339,950
Total Short-Term Investments (Cost $2,136,009)									2,136,009

Total investments in securities (Cost $297,578,061) *	99.91	%		367,181,185
Other assets and liabilities, net	0.09			321,832
Total net assets	100.00	%	$	367,503,017

(l) Investment in an affiliate

(u) Rate shown is the 7-day annualized yield at period end.

† Non-income-earning security

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

(z) Zero coupon security. Rate represents yield to maturity at time of purchase.

* Cost for federal income tax purposes is $306,688,199 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	72,242,263
Gross unrealized depreciation		(11,749,277	)
Net unrealized appreciation	$	60,492,986

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

Portfolio of investments—November 30, 2013 (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 25

WEALTHBUILDER EQUITY PORTFOLIO

Security name	Shares		Value
Investment Companies: 99.85%
Affiliated Master Portfolios: 11.00%
Wells Fargo Advantage Emerging Growth Portfolio			$	3,321,965
Wells Fargo Advantage International Growth Portfolio				8,140,037
Wells Fargo Advantage Small Company Value Portfolio				3,376,023
				14,838,025
International Equity Funds: 24.05%
DFA International Small Cap Value Portfolio		133,333		2,693,334
Dodge & Cox International Stock Fund		94,642		4,071,492
Oppenheimer Developing Markets Fund		89,922		3,379,255
T. Rowe Price International Discovery Fund		48,339		2,710,340
Templeton Institutional Foreign Equity Fund		175,143		4,056,315
Thornburg International Value Fund		383,567		12,166,746
Wells Fargo Advantage Emerging Markets Equity Fund (l)		149,952		3,357,435
				32,434,917
U.S. Equity Funds: 64.80%
American Century Growth Fund		294,623		10,040,743
Eaton Vance Large Cap Value Fund		410,975		10,089,434
Invesco Growth and Income Fund		370,877		10,084,139
MFS Value Fund		605,794		20,136,587
Royce Pennsylvania Mutual Fund		221,858		3,372,249
T. Rowe Price Blue Chip Growth Fund		226,611		14,165,438
Wells Fargo Advantage Endeavor Select Fund †(l)		550,212		8,099,124
Wells Fargo Advantage Large Cap Growth Fund (l)		178,897		8,041,421
Wells Fargo Advantage Small Cap Value Fund (l)		86,583		3,374,135
				87,403,270
Total Investment Companies (Cost $96,295,846)				134,676,212

Total investments in securities (Cost $96,295,846) *	99.85	%		134,676,212
Other assets and liabilities, net	0.15			206,878
Total net assets	100.00	%	$	134,883,090

(l) Investment in an affiliate

† Non-income-earning security

* Cost for federal income tax purposes is $96,526,481 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	38,877,854
Gross unrealized depreciation		(728,123	)
Net unrealized appreciation	$	38,149,731

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

26 Wells Fargo Advantage WealthBuilder Portfolios Portfolio of investments—November 30, 2013 (unaudited)

WEALTHBUILDER TACTICAL EQUITY PORTFOLIO

Security name				Shares		Value
Investment Companies: 99.72%
Affiliated Master Portfolios: 13.50%
Wells Fargo Advantage Emerging Growth Portfolio						$	15,377,997
Wells Fargo Advantage International Growth Portfolio							24,656,478
Wells Fargo Advantage Small Company Value Portfolio							15,613,689
							55,648,164
International Equity Funds: 23.76%
DFA International Small Cap Value Portfolio					401,708		8,114,498
Dodge & Cox International Stock Fund					285,938		12,301,066
Oppenheimer Developing Markets Fund					268,730		10,098,867
T. Rowe Price International Discovery Fund					145,884		8,179,708
Templeton Institutional Foreign Equity Fund					528,935		12,250,131
Thornburg International Value Fund					1,165,486		36,969,216
Wells Fargo Advantage Emerging Markets Equity Fund (l)					447,363		10,016,450
							97,929,936
U.S. Equity Funds: 62.46%
American Century Growth Fund					675,061		23,006,073
Eaton Vance Large Cap Value Fund					1,360,738		33,406,119
Invesco Growth and Income Fund					1,226,250		33,341,725
MFS Value Fund					2,008,250		66,754,234
Royce Pennsylvania Mutual Fund					1,024,176		15,567,482
T. Rowe Price Blue Chip Growth Fund					523,219		32,706,449
Wells Fargo Advantage Endeavor Select Fund †(l)					1,268,313		18,669,562
Wells Fargo Advantage Large Cap Growth Fund (l)					409,850		18,422,736
Wells Fargo Advantage Small Cap Value Fund (l)					400,221		15,596,600
							257,470,980
Total Investment Companies (Cost $310,557,102)							411,049,080
	Yield
Short-Term Investments: 0.49%
Investment Companies: 0.49%
Wells Fargo Advantage Cash Investment Money Market Fund, Select Class (u)(l)		0.08	%		2,000,000		2,000,000
Total Short-Term Investments (Cost $2,000,000)							2,000,000

Total investments in securities (Cost $312,557,102) *	100.21	%		413,049,080
Other assets and liabilities, net	(0.21	)		(857,432	)
Total net assets	100.00	%	$	412,191,648

(l) Investment in an affiliate

† Non-income-earning security

(u) Rate shown is the 7-day annualized yield at period end.

* Cost for federal income tax purposes is $320,342,450 and unrealized appreciation (depreciation) consists of:

Gross unrealized appreciation	$	100,491,978
Gross unrealized depreciation		(7,785,348	)
Net unrealized appreciation	$	92,706,630

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

This page is intentionally left blank.

28 Wells Fargo Advantage WealthBuilder Portfolios Statements of assets and liabilities—November 30, 2013 (unaudited)

	WealthBuilder Conservative Allocation Portfolio			WealthBuilder Moderate Balanced Portfolio
Assets
Investments
In unaffiliated Underlying Funds and securities, at value (see cost below)	$	177,494,981		$	359,024,933
In affiliated Underlying Funds, at value (see cost below)		306,532,425			320,177,798
In affiliated Master Portfolios, at value (see cost below)		131,000,605			159,635,926
Total investments, at value (see cost below)		615,028,011			838,838,657
Cash		65,837			222,883
Receivable for investments sold		1,123,000			3,008,771
Receivable for Portfolio shares sold		524,108			1,989,625
Receivable for dividends		605,112			652,787
Prepaid expenses and other assets		27,585			29,182
Total assets		617,373,653			844,741,905
Liabilities
Payable for investments purchased		1,795,225			3,764,351
Payable for Portfolio shares redeemed		1,221,191			827,184
Payable for daily variation margin on open futures contracts		1,750			4,650
Advisory fee payable		78,592			113,978
Distribution fee payable		392,242			529,835
Due to other related parties		162,127			218,998
Shareholder servicing fee payable		129,925			176,133
Accrued expenses and other liabilities		738			77
Total liabilities		3,781,790			5,635,206
Total net assets	$	613,591,863		$	839,106,699
NET ASSETS CONSIST OF
Paid-in capital	$	559,786,973		$	716,846,429
Overdistributed/accumulated net investment income (loss)		(9,391	)		(13,583	)
Accumulated net realized gains (losses) on investments		16,290,631			36,428,338
Net unrealized gains on investments		37,523,650			85,845,515
Total net assets	$	613,591,863		$	839,106,699
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE1
Net assets	$	613,591,863		$	839,106,699
Shares outstanding		55,067,723			66,421,089
Net asset value per share		$11.14			$12.63
Maximum offering price per share2		$11.31			$12.82
Investments in unaffiliated Underlying Funds and securities, at cost	$	148,085,051		$	293,296,898
Investments in affiliated Underlying Funds, at cost	$	300,746,852		$	305,226,313
Investments in affiliated Master Portfolios, at cost	$	129,711,624		$	157,229,617
Total investments, at cost	$	578,543,527		$	755,752,828

1. Each Portfolio has an unlimited number of authorized shares.

2. Maximum offering price is computed as 100/98.50 of net asset value. On investments of $50,000 or more, the offering price is reduced.

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

Statements of assets and liabilities—November 30, 2013 (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 29

WealthBuilder Growth Balanced Portfolio			WealthBuilder Growth Allocation Portfolio			WealthBuilder Equity Portfolio			WealthBuilder Tactical Equity Portfolio
$	510,277,982		$	241,893,651		$	96,966,072		$	292,695,568
	191,115,634			65,502,616			22,872,115			64,705,348
	171,388,895			59,784,918			14,838,025			55,648,164
	872,782,511			367,181,185			134,676,212			413,049,080
	432,440			104,950			400,000			330,897
	3,043,000			1,405,891			0			0
	2,288,918			877,764			125,525			354,003
	444,349			94,392			0			134
	38,981			26,107			17,487			23,284
	879,030,199			369,690,289			135,219,224			413,757,398
	3,918,601			1,434,089			0			330,897
	1,125,859			288,527			163,425			714,740
	4,800			2,000			0			0
	118,208			40,123			10,412			49,576
	549,171			230,044			84,943			258,854
	226,990			95,085			35,110			106,993
	183,057			76,681			28,314			86,285
	5,452			20,723			13,930			18,405
	6,132,138			2,187,272			336,134			1,565,750
$	872,898,061		$	367,503,017		$	134,883,090		$	412,191,648
$	761,692,901		$	302,675,693		$	121,276,023		$	420,743,339
	(69,563	)		(605,978	)		(536,208	)		(2,685,994	)
	(32,577,483	)		(5,356,592	)		(24,237,091	)		(106,357,675	)
	143,852,206			70,789,894			38,380,366			100,491,978
$	872,898,061		$	367,503,017		$	134,883,090		$	412,191,648
$	872,898,061		$	367,503,017		$	134,883,090		$	412,191,648
	62,368,538			25,411,221			9,332,636			23,495,808
	$14.00			$14.46			$14.45			$17.54
	$14.21			$14.68			$14.67			$17.81
$	399,459,138		$	187,212,459		$	67,651,341		$	214,807,220
$	164,450,978		$	52,196,665		$	15,916,951		$	45,285,723
$	167,868,675		$	58,168,937		$	12,727,554		$	52,464,159
$	731,778,791		$	297,578,061		$	96,295,846		$	312,557,102

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

30 Wells Fargo Advantage WealthBuilder Portfolios Statements of operations—six months ended November 30, 2013 (unaudited)

	WealthBuilder Conservative Allocation Portfolio			WealthBuilder Moderate Balanced Portfolio
Investment income
Dividends from unaffiliated Underlying Funds	$	2,188,906		$	3,345,933
Dividends from affiliated Underlying Funds		2,434,343			2,121,000
Dividends allocated from affiliated Master Portfolios*		102,883			266,445
Interest		869			2,063
Interest allocated from affiliated Master Portfolios**		1,351,455			1,278,897
Securities lending income allocated from affiliated Master Portfolios		5,761			14,320
Expenses allocated from affiliated Master Portfolios		(302,154	)		(421,736	)
Waivers allocated from affiliated Master Portfolios		14,631			13,925
Total investment income		5,796,694			6,620,847
Expenses
Advisory fee		629,189			809,549
Administration fee		975,244			1,254,801
Shareholder servicing fee		783,861			1,010,409
Distribution fee		2,359,461			3,035,808
Custody and accounting fees		39,705			33,499
Professional fees		14,948			14,487
Registration fees		34,715			31,781
Shareholder report expenses		20,435			26,823
Trustees’ fees and expenses		5,038			5,030
Other fees and expenses		12,248			9,680
Total expenses		4,874,844			6,231,867
Less: Fee waivers and/or expense reimbursements		(155,923	)		(160,251	)
Net expenses		4,718,921			6,071,616
Net investment income (loss)		1,077,773			549,231
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains (losses) on:
Unaffiliated Underlying Funds		2,445,144			3,141,460
Affiliated Underlying Funds		250,677			727,988
Futures transactions		6,248,533			15,141,164
Capital gain distributions from unaffiliated Underlying Funds		430			1,091
Securities transactions allocated from affiliated Master Portfolios		(592,756	)		1,165,082
Net realized gains on investments		8,352,028			20,176,785
Net change in unrealized gains (losses) on:
Unaffiliated Underlying Funds		4,055,644			17,900,142
Affiliated Underlying Funds		(1,417,861	)		1,750,958
Futures transactions		(1,970,553	)		(4,618,636	)
Securities transactions allocated from affiliated Master Portfolios		1,711,957			4,920,148
Net change in unrealized gains (losses) on investments		2,379,187			19,952,612
Net realized and unrealized gains (losses) on investments		10,731,215			40,129,397
Net increase in net assets resulting from operations	$	11,808,988		$	40,678,628
* Net of foreign dividend withholding taxes allocated from affiliated Master Portfolios in the amount of		$2,938			$7,571
** Net of foreign interest withholding taxes allocated from affiliated Master Portfolios in the amount of		$408			$355

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

Statements of operations—six months ended November 30, 2013 (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 31

WealthBuilder Growth Balanced Portfolio			WealthBuilder Growth Allocation Portfolio			WealthBuilder Equity Portfolio			WealthBuilder Tactical Equity Portfolio
$	4,099,060		$	1,557,273		$	395,546		$	1,452,861
	563,509			121,068			156			935
	427,256			221,243			103,062			324,429
	2,952			1,424			0			1,571
	1,051,331			243,882			0			0
	22,490			11,482			5,617			16,752
	(509,836	)		(214,068	)		(86,409	)		(256,320	)
	11,373			2,636			0			0
	5,668,135			1,944,940			417,972			1,540,228
	819,717			341,570			126,719			383,115
	1,270,562			529,434			196,414			593,828
	1,024,183			426,963			158,399			478,601
	3,073,939			1,280,889			475,196			1,436,681
	38,431			34,845			17,882			28,661
	16,873			14,473			14,795			14,507
	20,018			17,880			13,293			16,335
	30,458			22,348			10,480			23,655
	5,879			6,217			5,036			5,080
	10,380			5,199			3,602			5,285
	6,310,440			2,679,818			1,021,816			2,985,748
	(162,562	)		(118,042	)		(71,425	)		(112,385	)
	6,147,878			2,561,776			950,391			2,873,363
	(479,743	)		(616,836	)		(532,419	)		(1,333,135	)
	2,913,509			631,323			1,626,422			2,611,831
	1,998,988			359,644			1,710,455			1,862,753
	22,429,773			9,831,597			0			4,873,600
	1,770			906			461			1,321
	3,043,011			1,862,953			1,075,207			3,167,298
	30,387,051			12,686,423			4,412,545			12,516,803
	32,798,028			18,710,439			8,512,453			27,173,705
	5,225,605			3,720,936			1,042,257			4,361,350
	(8,390,470	)		(3,882,756	)		0			(3,441,320	)
	7,994,732			4,118,967			1,987,104			6,013,407
	37,627,895			22,667,586			11,541,814			34,107,142
	68,014,946			35,354,009			15,954,359			46,623,945
$	67,535,203		$	34,737,173		$	15,421,940		$	45,290,810
	$12,170			$6,321			$3,154			$9,310
	$258			$69			$0			$0

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

32 Wells Fargo Advantage WealthBuilder Portfolios Statements of changes in net assets

	WealthBuilder Conservative Allocation Portfolio
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment income				$	1,077,773					$	3,599,448
Net realized gains on investments					8,352,028						23,483,697
Net change in unrealized gains (losses) on investments					2,379,187						13,833,222
Net increase in net assets resulting from operations					11,808,988						40,916,367
Distributions to shareholders from
Net investment income					(1,109,252	)					(5,273,400	)
Net realized gains					0						(11,760,322	)
Total distributions to shareholders					(1,109,252	)					(17,033,722	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold		4,195,264			45,951,127			14,509,459			157,653,896
Reinvestment of distributions		100,584			1,100,306			1,571,955			16,942,167
Payment for shares redeemed		(9,507,118	)		(104,136,605	)		(18,427,000	)		(200,593,341	)
Net decrease in net assets resulting from capital share transactions					(57,085,172	)					(25,997,278	)
Total decrease in net assets					(46,385,436	)					(2,114,633	)
Net assets
Beginning of period					659,977,299						662,091,932
End of period				$	613,591,863					$	659,977,299
Undistributed (overdistributed) net investment income				$	(9,391	)				$	22,088

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

Statements of changes in net assets Wells Fargo Advantage WealthBuilder Portfolios 33

	WealthBuilder Moderate Balanced Portfolio
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment income				$	549,231					$	2,613,522
Net realized gains on investments					20,176,785						34,702,999
Net change in unrealized gains on investments					19,952,612						44,251,871
Net increase in net assets resulting from operations					40,678,628						81,568,392
Distributions to shareholders from
Net investment income					(765,806	)					(3,853,193	)
Net realized gains					0						(7,491,035	)
Total distributions to shareholders					(765,806	)					(11,344,228	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold		6,970,666			85,471,060			14,833,493			172,153,400
Reinvestment of distributions		63,739			762,929			977,941			11,284,104
Payment for shares redeemed		(7,044,544	)		(86,290,845	)		(14,140,801	)		(164,212,360	)
Net increase (decrease) in net assets resulting from capital share transactions					(56,856	)					19,225,144
Total increase in net assets					39,855,966						89,449,308
Net assets
Beginning of period					799,250,733						709,801,425
End of period				$	839,106,699					$	799,250,733
Undistributed (overdistributed) net investment income				$	(13,583	)				$	202,992

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

34 Wells Fargo Advantage WealthBuilder Portfolios Statements of changes in net assets

	WealthBuilder Growth Balanced Portfolio
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment income (loss)				$	(479,743	)				$	432,359
Net realized gains on investments					30,387,051						51,806,143
Net change in unrealized gains (losses) on investments					37,627,895						67,464,241
Net increase in net assets resulting from operations					67,535,203						119,702,743
Distributions to shareholders from
Net investment income					0						(1,540,541	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold		6,173,043			82,626,327			10,081,790			122,237,806
Reinvestment of distributions		0			0			131,179			1,533,484
Payment for shares redeemed		(4,909,121	)		(65,548,595	)		(11,984,547	)		(143,463,975	)
Net increase (decrease) in net assets resulting from capital share transactions					17,077,732						(19,692,685	)
Total increase in net assets					84,612,935						98,469,517
Net assets
Beginning of period					788,285,126						689,815,609
End of period				$	872,898,061					$	788,285,126
Undistributed (accumulated) net investment income (loss)				$	(69,563	)				$	410,180

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

Statements of changes in net assets Wells Fargo Advantage WealthBuilder Portfolios 35

	WealthBuilder Growth Allocation Portfolio
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment loss				$	(616,836	)				$	(394,894	)
Net realized gains on investments					12,686,423						21,985,330
Net change in unrealized gains (losses) on investments					22,667,586						33,335,171
Net increase in net assets resulting from operations					34,737,173						54,925,607
Distributions to shareholders from
Net investment income					0						(140,024	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold		2,418,726			33,136,877			4,096,670			49,761,855
Reinvestment of distributions		0			0			11,967			139,421
Payment for shares redeemed		(1,837,598	)		(25,093,762	)		(4,726,195	)		(56,620,766	)
Net increase (decrease) in net assets resulting from capital share transactions					8,043,115						(6,719,490	)
Total increase in net assets					42,780,288						48,066,093
Net assets
Beginning of period					324,722,729						276,656,636
End of period				$	367,503,017					$	324,722,729
Undistributed (accumulated) net investment income (loss)				$	(605,978	)				$	10,858

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

36 Wells Fargo Advantage WealthBuilder Portfolios Statements of changes in net assets

	WealthBuilder Equity Portfolio
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment loss				$	(532,419	)				$	(434,750	)
Net realized gains on investments					4,412,545						6,665,168
Net change in unrealized gains (losses) on investments					11,541,814						18,092,225
Net increase in net assets resulting from operations					15,421,940						24,322,643
		Shares						Shares
Capital share transactions
Proceeds from shares sold		562,222			7,536,485			909,431			10,940,547
Payment for shares redeemed		(737,970	)		(9,963,549	)		(2,010,573	)		(23,101,672	)
Net decrease in net assets resulting from capital share transactions					(2,427,064	)					(12,161,125	)
Total increase in net assets					12,994,876						12,161,518
Net assets
Beginning of period					121,888,214						109,726,696
End of period				$	134,883,090					$	121,888,214
Accumulated net investment loss				$	(536,208	)				$	(3,789	)

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

Statements of changes in net assets Wells Fargo Advantage WealthBuilder Portfolios 37

	WealthBuilder Tactical Equity Portfolio
	Six months ended November 30, 2013 (unaudited)						Year ended May 31, 2013
Operations
Net investment loss				$	(1,333,135	)				$	(1,758,873	)
Net realized gains on investments					12,516,803						27,583,315
Net change in unrealized gains (losses) on investments					34,107,142						36,561,320
Net increase in net assets resulting from operations					45,290,810						62,385,762
Distributions to shareholders from
Net investment income					0						(526,732	)
		Shares						Shares
Capital share transactions
Proceeds from shares sold		1,925,844			31,818,830			3,156,455			45,431,489
Reinvestment of distributions		0			0			37,714			524,598
Payment for shares redeemed		(2,223,461	)		(36,251,714	)		(5,828,180	)		(83,313,807	)
Net decrease in net assets resulting from capital share transactions					(4,432,884	)					(37,357,720	)
Total increase in net assets					40,857,926						24,501,310
Net assets
Beginning of period					371,333,722						346,832,412
End of period				$	412,191,648					$	371,333,722
Accumulated net investment loss				$	(2,685,994	)				$	(1,352,859	)

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

38 Wells Fargo Advantage WealthBuilder Portfolios Financial highlights

	Beginning net asset value per share		Net investment income (loss)1			Net realized and unrealized gains (losses) on investments			Distributions from net investment income
WealthBuilder Conservative Allocation Portfolio
June 1, 2013 to November 30, 2013 (unaudited)	$	10.95		0.02			0.19			(0.02	)
June 1, 2012 to May 31, 2013	$	10.57		0.06			0.59			(0.08	)
June 1, 2011 to May 31, 2012	$	11.02		0.16			(0.20	)		(0.21	)
June 1, 2010 to May 31, 2011	$	10.08		0.18			0.96			(0.20	)
June 1, 2009 to May 31, 2010	$	9.38		0.21			0.71			(0.22	)
June 1, 2008 to May 31, 2009	$	10.64		0.31			(1.23	)		(0.32	)
WealthBuilder Moderate Balanced Portfolio
June 1, 2013 to November 30, 2013 (unaudited)	$	12.03		0.01			0.60			(0.01	)
June 1, 2012 to May 31, 2013	$	10.96		0.04	3		1.21			(0.06	)
June 1, 2011 to May 31, 2012	$	11.50		0.13	3		(0.48	)		(0.19	)
June 1, 2010 to May 31, 2011	$	10.01		0.14			1.54			(0.19	)
June 1, 2009 to May 31, 2010	$	9.01		0.15			1.00			(0.15	)
June 1, 2008 to May 31, 2009	$	11.35		0.24			(2.32	)		(0.26	)
WealthBuilder Growth Balanced Portfolio
June 1, 2013 to November 30, 2013 (unaudited)	$	12.90		(0.01	)		1.11			0.00
June 1, 2012 to May 31, 2013	$	10.97		0.01			1.95			(0.03	)
June 1, 2011 to May 31, 2012	$	11.82		0.09			(0.82	)		(0.12	)
June 1, 2010 to May 31, 2011	$	9.60		0.06			2.26			(0.10	)
June 1, 2009 to May 31, 2010	$	8.30		0.10			1.29			(0.09	)
June 1, 2008 to May 31, 2009	$	12.27		0.17			(3.86	)		(0.20	)
WealthBuilder Growth Allocation Portfolio
June 1, 2013 to November 30, 2013 (unaudited)	$	13.08		(0.02	)		1.40			0.00
June 1, 2012 to May 31, 2013	$	10.87		(0.01	)		2.23			(0.01	)
June 1, 2011 to May 31, 2012	$	11.83		0.05	3		(0.94	)		(0.07	)
June 1, 2010 to May 31, 2011	$	9.34		0.02			2.53			(0.06	)
June 1, 2009 to May 31, 2010	$	7.98		0.04			1.36			(0.04	)
June 1, 2008 to May 31, 2009	$	12.47		0.12			(4.41	)		(0.12	)
WealthBuilder Equity Portfolio
June 1, 2013 to November 30, 2013 (unaudited)	$	12.82		(0.06	)		1.69			0.00
June 1, 2012 to May 31, 2013	$	10.34		(0.05	)		2.53			0.00
June 1, 2011 to May 31, 2012	$	11.45		(0.04	)		(1.07	)		0.00
June 1, 2010 to May 31, 2011	$	9.10		(0.07	)		2.42			0.00
June 1, 2009 to May 31, 2010	$	7.72		(0.06	)		1.44			0.00
June 1, 2008 to May 31, 2009	$	12.55		(0.01	)		(4.39	)		(0.01	)
WealthBuilder Tactical Equity Portfolio
June 1, 2013 to November 30, 2013 (unaudited)	$	15.61		(0.06	)		1.99			0.00
June 1, 2012 to May 31, 2013	$	13.12		(0.07	)		2.58			(0.02	)
June 1, 2011 to May 31, 2012	$	13.89		(0.08	)3		(0.69	)		0.00
June 1, 2010 to May 31, 2011	$	11.05		(0.10	)		2.94			0.00
June 1, 2009 to May 31, 2010	$	9.13		(0.06	)		1.98			0.00
June 1, 2008 to May 31, 2009	$	15.79		(0.01	)		(5.98	)		(0.01	)

1. Includes net expenses allocated from affiliated Master Portfolios in which the Portfolio invests.

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

3. Calculated based upon average shares outstanding

4. Amount is less than $0.005.

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

Financial highlights Wells Fargo Advantage WealthBuilder Portfolios 39

Distributions from net realized gains			Ending net asset value per share		Ratio to average net assets									Total return2			Portfolio turnover rate			Net assets at end of period (000s omitted)
					Net investment income (loss)1			Gross expenses1			Net expenses1
	0.00		$	11.14		0.34	%		1.55	%		1.50	%		1.91	%		73	%	$	613,592
	(0.19	)	$	10.95		0.53	%		1.54	%		1.50	%		6.19	%		128	%	$	659,977
	(0.20	)	$	10.57		1.51	%		1.54	%		1.50	%		(0.32	)%		176	%	$	662,092
	0.00		$	11.02		1.75	%		1.58	%		1.50	%		11.42	%		168	%	$	630,085
	0.00		$	10.08		2.18	%		1.56	%		1.50	%		9.87	%		157	%	$	442,245
	(0.02	)	$	9.38		3.43	%		1.56	%		1.50	%		(8.47	)%		153	%	$	206,683
	0.00		$	12.63		0.13	%		1.54	%		1.50	%		5.09	%		59	%	$	839,107
	(0.12	)	$	12.03		0.34	%		1.54	%		1.50	%		11.42	%		115	%	$	799,251
	(0.00	)4	$	10.96		1.20	%		1.54	%		1.50	%		(2.96	)%		145	%	$	709,801
	0.00		$	11.50		1.24	%		1.55	%		1.50	%		16.96	%		142	%	$	691,145
	0.00		$	10.01		1.62	%		1.57	%		1.50	%		12.81	%		130	%	$	472,947
	(0.00	)4	$	9.01		2.76	%		1.57	%		1.50	%		(18.25	)%		134	%	$	249,607
	0.00		$	14.00		(0.12	)%		1.54	%		1.50	%		8.53	%		52	%	$	872,898
	0.00		$	12.90		0.06	%		1.54	%		1.50	%		17.85	%		117	%	$	788,285
	0.00		$	10.97		0.84	%		1.54	%		1.50	%		(6.17	)%		131	%	$	689,816
	0.00		$	11.82		0.59	%		1.54	%		1.50	%		24.27	%		140	%	$	785,283
	0.00		$	9.60		1.12	%		1.56	%		1.50	%		16.75	%		120	%	$	590,907
	(0.08	)	$	8.30		1.95	%		1.56	%		1.50	%		(29.76	)%		142	%	$	447,000
	0.00		$	14.46		(0.20	)%		1.57	%		1.50	%		10.55	%		36	%	$	367,503
	0.00		$	13.08		(0.13	)%		1.57	%		1.50	%		20.39	%		98	%	$	324,723
	0.00		$	10.87		0.49	%		1.57	%		1.50	%		(7.47	)%		96	%	$	276,657
	0.00		$	11.83		0.16	%		1.57	%		1.50	%		27.33	%		110	%	$	313,206
	0.00		$	9.34		0.47	%		1.60	%		1.50	%		17.51	%		97	%	$	219,357
	(0.08	)	$	7.98		1.42	%		1.59	%		1.50	%		(34.13	)%		119	%	$	147,691
	0.00		$	14.45		(0.84	)%		1.61	%		1.50	%		12.71	%		14	%	$	134,883
	0.00		$	12.82		(0.38	)%		1.63	%		1.50	%		23.98	%		44	%	$	121,888
	0.00		$	10.34		(0.39	)%		1.60	%		1.50	%		(9.69	)%		24	%	$	109,727
	0.00		$	11.45		(0.68	)%		1.60	%		1.50	%		25.82	%		52	%	$	141,425
	0.00		$	9.10		(0.68	)%		1.61	%		1.50	%		17.88	%		46	%	$	119,993
	(0.42	)	$	7.72		(0.08	)%		1.61	%		1.50	%		(34.63	)%		62	%	$	104,334
	0.00		$	17.54		(0.70	)%		1.56	%		1.50	%		12.36	%		15	%	$	412,192
	0.00		$	15.61		(0.49	)%		1.56	%		1.50	%		19.16	%		67	%	$	371,334
	0.00		$	13.12		(0.58	)%		1.56	%		1.50	%		(5.54	)%		31	%	$	346,832
	0.00		$	13.89		(0.81	)%		1.55	%		1.50	%		25.70	%		73	%	$	416,863
	0.00		$	11.05		(0.54	)%		1.57	%		1.50	%		21.03	%		89	%	$	356,382
	(0.66	)	$	9.13		(0.01	)%		1.57	%		1.50	%		(37.36	)%		123	%	$	304,770

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

40 Wells Fargo Advantage WealthBuilder Portfolios Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). These financial statements report on the following portfolios: the Wells Fargo Advantage WealthBuilder Conservative Allocation Portfolio (“WealthBuilder Conservative Allocation Portfolio”), the Wells Fargo Advantage WealthBuilder Moderate Balanced Portfolio (“WealthBuilder Moderate Balanced Portfolio”), the Wells Fargo Advantage WealthBuilder Growth Balanced Portfolio (“WealthBuilder Growth Balanced Portfolio”), the Wells Fargo Advantage WealthBuilder Growth Allocation Portfolio (“WealthBuilder Growth Allocation Portfolio” ), the Wells Fargo Advantage WealthBuilder Equity Portfolio (“WealthBuilder Equity Portfolio” ), and the Wells Fargo Advantage WealthBuilder Tactical Equity Portfolio (“WealthBuilder Tactical Equity Portfolio) (each, a “Portfolio”, collectively, the “Portfolios”). Each Portfolio is a diversified series of the Trust.

The Portfolios each seek to achieve their investment objectives by allocating their assets across asset classes of stocks, bonds and money market instruments by investing in a number of affiliated and unaffiliated funds (collectively, the “Underlying Funds”). The Underlying Funds incur separate expenses in seeking to achieve their investment objectives. The investment in affiliated funds may also include investments in one or more separate diversified portfolios (each, an “affiliated Master Portfolio”, collectively, the “affiliated Master Portfolios”) of Wells Fargo Master Trust, a registered open-end management investment company. Each affiliated Master Portfolio directly acquires portfolio securities, and a Portfolio investing in an affiliated Master Portfolio acquires an indirect interest in those securities. Each Portfolio accounts for its investment in the affiliated Master Portfolios as partnership investments and records on a daily basis its share of the affiliated Master Portfolio’s income, expense and realized and unrealized gains and losses. The financial statements and financial highlights for the Underlying Funds are presented in separate financial statements and may be obtained from Wells Fargo Investor Services or from the servicing agent of the unaffiliated funds.

As of November 30, 2013, the Portfolios own the following percentages of the affiliated Master Portfolios:

	Wells Fargo Advantage Core Bond Portfolio		Wells Fargo Advantage Emerging Growth Portfolio			Wells Fargo Advantage International Growth Portfolio			Wells Fargo Advantage Small Company Value Portfolio
WealthBuilder Conservative Allocation Portfolio		4%		0	%*		5	%		2	%
WealthBuilder Moderate Balanced Portfolio		4%		1	%		8	%		9	%
WealthBuilder Growth Balanced Portfolio		3%		2	%		20	%		10	%
WealthBuilder Growth Allocation Portfolio		1%		1	%		7	%		8	%
WealthBuilder Equity Portfolio		N/A		0	%*		5	%		2	%
WealthBuilder Tactical Equity Portfolio		N/A		1	%		16	%		8	%

* The amount invested is less than 1%.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Portfolio, 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).

Investments in underlying open-end investment companies are valued at net asset per share as reported by the Underlying Funds as of the close of the regular trading on the New York Stock Exchange on each day the exchange is open for trading. Investments in affiliated Master Portfolios are valued daily based on each Portfolio’s proportionate share of each affiliated Master Portfolio’s net assets, which are also valued daily.

Futures that are listed on a foreign or domestic exchange or market are valued at the official closing price.

Short-term securities, with maturities of 60 days or less at time of purchase, generally are valued at amortized cost which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity.

Notes to financial statements (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 41

Futures contracts

Each Portfolio may be subject to interest rate risk, equity price risk or foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Portfolio 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 Portfolio and the prices of futures contracts, and the possibility of an illiquid market.

Futures contracts are valued based upon their quoted daily settlement prices when available. 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 Statements of Assets and Liabilities as an asset or liability and in the Statements 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 Portfolio 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.

Income dividends and capital gain distributions from Underlying Funds are recorded on the ex-dividend date. Capital gain distributions from Underlying Funds are treated as realized gains.

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.

Each Portfolio records on a daily basis its proportionate share of each affiliated Master Portfolio’s interest and dividend income, in addition to expenses and realized and unrealized gains and losses.

Distributions to shareholders

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

Federal and other taxes

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

Each Portfolio’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 each Portfolio’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.

At May 31, 2013, capital loss carryforwards available to offset future net realized capital gains expiring in 2018 were as follows:

WealthBuilder Growth Balanced Portfolio	$	28,455,196
WealthBuilder Growth Allocation Portfolio		4,295,469
WealthBuilder Equity Portfolio		28,029,164
WealthBuilder Tactical Equity Portfolio		109,659,447

As of May 31, 2013, WealthBuilder Tactical Equity Portfolio had a qualified late-year ordinary loss of $1,436,239 which was recognized on the first day of the current fiscal year.

42 Wells Fargo Advantage WealthBuilder Portfolios Notes to financial statements (unaudited)

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 each Portfolio’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). Each Portfolio’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

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

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

n Level 3 – significant unobservable inputs (including the Portfolio’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.

As of November 30, 2013, the inputs used in valuing investments in securities were as follows:

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
WealthBuilder Conservative Allocation Portfolio
Equity securities
Investment companies	$	481,763,450	$	131,000,605	$	0	$	612,764,055
Short-term investments
Investment companies		1,100,000		0		0		1,100,000
U.S. Treasury securities		0		1,163,956		0		1,163,956
	$	482,863,450	$	132,164,561	$	0	$	615,028,011
WealthBuilder Moderate Balanced Portfolio
Equity securities
Investment companies	$	674,931,919	$	159,635,926	$	0	$	834,567,845
Short-term investments
Investment companies		1,159,929		0		0		1,159,929
U.S. Treasury securities		0		3,110,883		0		3,110,883
	$	676,091,848	$	162,746,809	$	0	$	838,838,657
WealthBuilder Growth Balanced Portfolio
Equity securities
Investment companies	$	695,527,607	$	171,388,895	$	0	$	866,916,502
Short-term investments
Investment companies		2,652,130		0		0		2,652,130
U.S. Treasury securities		0		3,213,879		0		3,213,879
	$	698,179,737	$	174,602,774	$	0	$	872,782,511
WealthBuilder Growth Allocation Portfolio
Equity securities
Investment companies	$	305,260,258	$	59,784,918	$	0	$	365,045,176
Short-term investments
Investment companies		796,059		0		0		796,059
U.S. Treasury securities		0		1,339,950		0		1,339,950
	$	306,056,317	$	61,124,868	$	0	$	367,181,185

Notes to financial statements (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 43

Investments in securities	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
WealthBuilder Equity Portfolio
Equity securities
Investment companies	$	119,838,187	$	14,838,025	$	0	$	134,676,212
WealthBuilder Tactical Equity Portfolio
Equity securities
Investment companies	$	355,400,916	$	55,648,164	$	0	$	411,049,080
Short-term investments
Investment companies		2,000,000		0		0		2,000,000
	$	357,400,916	$	55,648,164	$	0	$	413,049,080

As of November 30, 2013, the inputs used in valuing each Portfolio’s other financial instruments were as follows:

Futures contracts	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
WealthBuilder Conservative Allocation Portfolio	$	1,039,166+	$	0	$	0	$	1,039,166
WealthBuilder Moderate Balanced Portfolio		2,759,686+		0		0		2,759,686
WealthBuilder Growth Balanced Portfolio		2,848,486+		0		0		2,848,486
WealthBuilder Growth Allocation Portfolio		1,186,770+		0		0		1,186,770

+ Amount represents the net unrealized gains.

Transfers in and transfers out are recognized at the end of the reporting period. For the six months ended November 30, 2013, the Portfolios did not have any transfers into/out of Level 1, Level 2, or Level 3.

4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES

Advisory fee

The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC (“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 Portfolios.

Pursuant to the contract, Funds Management is entitled to receive an annual advisory fee starting at 0.20% and declining to 0.15% as the average daily net assets of each Portfolio increase. For the six months ended November 30, 2013, the advisory fee was equivalent to an annual rate of 0.20% of each Portfolio’s average daily net assets.

Funds Management also serves as the adviser to and is entitled to receive a fee from each affiliated Master Portfolio and affiliated Underlying Fund for those services.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Portfolios. The fee for subadvisory services is borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to each Portfolio and is paid an annual subadvisory fee of 0.15% of the average daily net assets of each Portfolio.

Administration and transfer agent fee

The Trust has entered into an administration agreement with Funds Management. Under this agreement, for providing administrative services, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers, Funds Management is entitled to receive from each Portfolio an annual fee starting at 0.31% and declining to 0.29% as the average daily net assets of each Portfolio increase. For the six months ended November 30, 2013, the administration fee for each Portfolio was equivalent to an annual rate of 0.31% of each Portfolio’s average daily net assets.

Funds Management has contractually waived and/or reimbursed advisory and administration fees to the extent necessary to maintain certain net operating expense ratios for the Portfolios. Funds Management has committed through September 30, 2014 to waive fees and/or reimburse expenses to the extent necessary to cap each Portfolio’s expenses at 1.50%.

44 Wells Fargo Advantage WealthBuilder Portfolios Notes to financial statements (unaudited)

Distribution fee

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

For the six months ended November 30, 2013, Wells Fargo Funds Distributor, LLC received the following amounts in front-end sales charges:

	Front-end sales charges
WealthBuilder Conservative Allocation Portfolio	$	5,758
WealthBuilder Moderate Balanced Portfolio		10,292
WealthBuilder Growth Balanced Portfolio		9,322
WealthBuilder Growth Allocation Portfolio		3,897
WealthBuilder Equity Portfolio		951
WealthBuilder Tactical Equity Portfolio		2,787

Shareholder servicing fee

The Trust has entered into contracts with one or more shareholder servicing agents, whereby each Portfolio is charged a fee at an annual rate of 0.25% of its average daily net assets.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the six months ended November 30, 2013 were as follows:

	Purchases at cost*				Sales proceeds*
	U.S. government		Non-U.S. government		U.S. government		Non-U.S. government
WealthBuilder Conservative Allocation Portfolio	$	373,132,467	$	85,832,209	$	372,987,310	$	122,026,081
WealthBuilder Moderate Balanced Portfolio		374,209,030		121,634,944		374,063,454		99,866,556
WealthBuilder Growth Balanced Portfolio		324,108,843		135,430,870		323,982,757		90,635,516
WealthBuilder Growth Allocation Portfolio		69,125,660		75,136,048		69,098,768		50,618,237
WealthBuilder Equity Portfolio		0		21,447,465		0		17,350,153
WealthBuilder Tactical Equity Portfolio		0		71,206,557		0		55,171,507

* The Portfolios seek to achieve their investment objective by investing some of their investable assets in one or more affiliated Master Portfolios. Purchases and sales related to these investments have been calculated by aggregating the results of multiplying such Portfolio’s ownership percentage of the respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. Purchases and sales of the affiliated and unaffiliated Underlying Funds in which the Portfolios invest are actual aggregate purchases and sales of those funds.

6. INVESTMENTS IN AFFILIATES

A summary of each Portfolio’s transactions in shares of affiliated Underlying Funds (excluding short-term investments and affiliated Master Portfolios) during the six months ended November 30, 2013 were as follows:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		Dividends from affiliated Underlying Funds
WealthBuilder Conservative Allocation Portfolio
Wells Fargo Advantage Emerging Markets Equity Fund		136,827		15,236		19,747		132,316	$	2,962,545	$	0
Wells Fargo Advantage Endeavor Select Fund		292,123		148,341		72,654		367,810		5,414,161		0
Wells Fargo Advantage Government Securities Fund		11,264,243		304,924		1,010,316		10,558,851		114,774,708		671,854
Wells Fargo Advantage Large Cap Growth Fund		97,134		47,966		25,209		119,891		5,389,102		0
Wells Fargo Advantage Short Duration Government Bond Fund		18,196,348		555,586		1,734,023		17,017,911		172,391,442		1,762,310
Wells Fargo Advantage Small Cap Value Fund		175,119		6,133		65,767		115,485		4,500,467		0
									$	305,432,425	$	2,434,164

Notes to financial statements (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 45

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Value, end of period		Dividends from affiliated Underlying Funds
WealthBuilder Moderate Balanced Portfolio
Wells Fargo Advanatge Emerging Markets Equity Fund		325,432		42,161		16,260		351,333	$	7,866,346	$	0
Wells Fargo Advantage Endeavor Select Fund		710,464		375,404		65,305		1,020,563		15,022,680		0
Wells Fargo Advantage Government Securities Fund		10,103,361		1,077,978		594,875		10,586,464		115,074,859		638,202
Wells Fargo Advantage Large Cap Growth Fund		235,988		121,379		28,403		328,964		14,786,938		0
Wells Fargo Advantage Short Duration Government Bond Fund		14,534,560		1,696,926		1,052,150		15,179,336		153,766,678		1,482,330
Wells Fargo Advantage Small Cap Value Fund		424,834		8,509		112,574		320,769		12,500,368		0
									$	319,017,869	$	2,120,532
WealthBuilder Growth Balanced Portfolio
Wells Fargo Advantage Emerging Markets Equity Fund		521,516		77,776		35,515		563,777	$	12,622,973	$	0
Wells Fargo Advantage Endeavor Select Fund		1,105,911		556,970		28,022		1,634,859		24,065,122		0
Wells Fargo Advantage Government Securities Fund		8,613,562		2,170,556		862,561		9,921,557		107,847,327		562,409
Wells Fargo Advantage Large Cap Growth Fund		367,912		177,305		17,409		527,808		23,724,988		0
Wells Fargo Advantage Small Cap Value Fund		666,693		36,813		185,079		518,427		20,203,094		0
									$	188,463,504	$	562,409
WealthBuilder Growth Allocation Portfolio
Wells Fargo Advanatge Emerging Markets Equity Fund		266,167		65,454		20,953		310,668	$	6,955,849	$	0
Wells Fargo Advantage Endeavor Select Fund		560,264		342,942		24,726		878,480		12,931,228		0
Wells Fargo Advantage Government Securities Fund		1,906,485		594,728		545,460		1,955,753		21,259,036		120,675
Wells Fargo Advantage Large Cap Growth Fund		185,859		109,026		10,589		284,296		12,779,087		0
Wells Fargo Advantage Small Cap Value Fund		339,505		31,580		94,427		276,658		10,781,357		0
									$	64,706,557	$	120,675
WealthBuilder Equity Portfolio
Wells Fargo Advanatge Emerging Markets Equity Fund		134,054		22,027		6,129		149,952	$	3,357,435	$	0
Wells Fargo Advantage Endeavor Select Fund		479,079		99,455		28,322		550,212		8,099,124		0
Wells Fargo Advantage Large Cap Growth Fund		159,368		30,370		10,841		178,897		8,041,421		0
Wells Fargo Advantage Small Cap Value Fund		172,775		7,077		93,269		86,583		3,374,135		0
									$	22,872,115	$	0
WealthBuilder Tactical Equity Portfolio
Wells Fargo Advantage Emerging Markets Equity Fund		400,441		82,644		35,722		447,363	$	10,016,450	$	0
Wells Fargo Advantage Endeavor Select Fund		846,684		476,193		54,564		1,268,313		18,669,562		0
Wells Fargo Advantage Large Cap Growth Fund		281,090		150,935		22,175		409,850		18,422,736		0
Wells Fargo Advantage Small Cap Value Fund		510,204		49,634		159,617		400,221		15,596,600		0
									$	62,705,348	$	0

7. DERIVATIVE TRANSACTIONS

During the six months ended November 30, 2013, the Portfolios entered into futures contracts to gain market exposure to certain asset classes consistent with an active asset allocation strategy.

At November 30, 2013, the Portfolios had long and short futures contracts outstanding as follows:

	Expiration date	Contracts	Type	Contract value at November 30, 2013		Unrealized gains (losses)
WealthBuilder Conservative Allcation Portfolio	12-19-2013	35 Long	S&P 500 Index	$	15,785,875	$	1,066,467
	3-20-2014	115 Short	U.S. Treasury Bonds		15,036,250		(27,301	)
WealthBuilder Moderate Balanced Portfolio	12-19-2013	93 Long	S&P 500 Index		41,945,325		2,833,755
	3-20-2014	312 Short	U.S. Treasury Bonds		40,794,000		(74,069	)

46 Wells Fargo Advantage WealthBuilder Portfolios Notes to financial statements (unaudited)

	Expiration date	Contracts	Type	Contract value at November 30, 2013		Unrealized gains (losses)
WealthBuilder Growth Balanced Portfolio	12-19-2013	96 Long	S&P 500 Index	$	43,298,400	$	2,925,166
	3-20-2014	323 Short	U.S. Treasury Bonds		42,232,250		(76,680	)
WealthBuilder Growth Allocation Portfolio	12-19-2013	40 Long	S&P 500 Index		18,041,000		1,218,819
	3-20-2014	135 Short	U.S. Treasury Bonds		17,651,250		(32,049	)

As of November 30, 2013, WealthBuilder Tactical Equity Portfolio did not have any open futures contracts.

The Portfolios had average notional amounts in futures contracts outstanding during the six months ended November 30, 2013 as follows:

	Long contracts		Short contracts
WealthBuilder Conservative Allocation Portfolio	$	45,880,358	$	42,388,781
WealthBuilder Growth Allocation Portfolio		75,684,001		71,381,700
WealthBuilder Growth Balanced Portfolio		166,693,028		157,741,024
WealthBuilder Moderate Balanced Portfolio		113,998,170		107,138,564
WealthBuilder Tactical Equity Portfolio		55,291,545		47,767,521

A summary of derivative instruments by primary risk exposure is outlined in the following tables unless the only primary risk exposure category is already reflected in the appropriate financial statements.

The fair value of derivative instruments as of November 30, 2013 was as follows for WealthBuilder Conservative Allocation Portfolio:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Interest rate contracts	Net assets – Net unrealized gains on investments	$	0		Net assets – Net unrealized gains on investments	$	27,301	*
Equity contracts	Net assets – Net unrealized gains on investments		1,066,467	*	Net assets – Net unrealized gains on investments		0
		$	1,066,467			$	27,301

* Amount represents cumulative unrealized gains/losses on futures contracts. Only the payable for variation margin as of November 30, 2013, which represents the current day’s variation margin, is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2013 was as follows for WealthBuilder Conservative Allocation Portfolio:

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	1,424,290	$	(81,259	)
Equity contracts		4,824,243		(1,889,294	)
	$	6,248,533	$	(1,970,553	)

Notes to financial statements (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 47

The fair value of derivative instruments as of November 30, 2013 was as follows for WealthBuilder Moderate Balanced Portfolio:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Interest rate contracts	Net assets – Net unrealized gains on investments	$	0		Net assets – Net unrealized gains on investments	$	74,069	*
Equity contracts	Net assets – Net unrealized gains on investments		2,833,755	*	Net assets – Net unrealized gains on investments		0
		$	2,833,755			$	74,069

* Amount represents cumulative unrealized gains/losses on futures contracts. Only the payable for variation margin as of November 30, 2013, which represents the current day’s variation margin, is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2013 was as follows for WealthBuilder Moderate Balanced Portfolio:

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	11,650,950	$	(210,713	)
Equity contracts		3,490,214		(4,407,923	)
	$	15,141,164	$	(4,618,636	)

The fair value of derivative instruments as of November 30, 2013 was as follows for WealthBuilder Growth Balanced Portfolio:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Interest rate contracts	Net assets – Net unrealized gains on investments	$	0		Net assets – Net unrealized gains on investments	$	76,680	*
Equity contracts	Net assets – Net unrealized gains on investments		2,925,166	*	Net assets – Net unrealized gains on investments		0
		$	2,925,166			$	76,680

* Amount represents cumulative unrealized gains/losses on futures contracts. Only the payable for variation margin as of November 30, 2013, which represents the current day’s variation margin, is reported separately on the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2013 was as follows for WealthBuilder Growth Balanced Portfolio:

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	4,929,917	$	(284,669	)
Equity contracts		17,499,856		(8,105,801	)
	$	22,429,773	$	(8,390,470	)

The fair value of derivative instruments as of November 30, 2013 was as follows for WealthBuilder Growth Allocation Portfolio:

	Asset derivatives				Liability derivatives
	Statements of Assets and Liabilities location	Fair value			Statements of Assets and Liabilities location	Fair value
Interest rate contracts	Net assets – Net unrealized gains on investments	$	0		Net assets – Net unrealized gains on investments	$	32,049	*
Equity contracts	Net assets – Net unrealized gains on investments		1,218,819	*	Net assets – Net unrealized gains on investments		0
		$	1,218,819			$	32,049

* Amount represents cumulative unrealized gains/losses on futures contracts. Only the payable for variation margin as of November 30, 2013, which represents the current day’s variation margin, is reported separately on the Statements of Assets and Liabilities.

48 Wells Fargo Advantage WealthBuilder Portfolios Notes to financial statements (unaudited)

The effect of derivative instruments on the Statements of Operations for the six months ended November 30, 2013 was as follows for WealthBuilder Growth Allocation Portfolio:

	Amount of realized gains on derivatives		Change in unrealized gains (losses) on derivatives
Interest rate contracts	$	2,039,831	$	(119,075	)
Equity contracts		7,791,766		(3,763,681	)
	$	9,831,597	$	(3,882,756	)

For WealthBuilder Tactical Equity Portfolio, the realized gains and change in unrealized gains (losses) on futures contracts for the six months ended November 30, 2013 are reflected in the Statements of Operations.

For certain types of derivative transactions, the Portfolios have entered into International Swaps and Derivatives Association, Inc. master agreements (“ISDA Master Agreements”) with approved counterparties. The ISDA Master Agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Portfolio 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. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Portfolio of Investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities are not offset across transactions between the Portfolio and the applicable counterparty. As of November 30, 2013, the Portfolios have transactions subject to an enforceable master netting agreements. A reconciliation of the gross amounts on the Statements of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is as follows:

		Gross amounts of liabilities in the Statement of Assets and Liabilities		Amounts subject to netting arrangements		Collateral		Net amount (not less than $0)
WealthBuilder Conservative Allocation Portfolio	Futures – variation margin	$	1,750	$	0	$	1,163,956	$	0
WealthBuilder Moderate Balanced Portfolio	Futures – variation margin		4,650		0		3,110,883		0
WealthBuilder Growth Balanced Portfolio	Futures – variation margin		4,800		0		3,213,879		0
WealthBuilder Growth Allocation Portfolio	Futures – variation margin		2,000		0		1,339,950		0

8. BANK BORROWINGS

The Trust (excluding the money market funds and certain other funds in the Trust) and Wells Fargo Variable Trust are parties to a $150,000,000 revolving credit agreement with State Street Bank and Trust Company, whereby the Portfolios are permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to each Fund based on a borrowing rate equal to the higher of the Federal Funds rate in effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In addition, an annual commitment fee equal to 0.10% of the unused balance is allocated to each participating fund. For the six months ended November 30, 2013, the Portfolios paid the following amounts in commitment fees:

	Commitment fee
WealthBuilder Conservative Allocation Portfolio	$	408
WealthBuilder Moderate Balanced Portfolio		498
WealthBuilder Growth Balanced Portfolio		655
WealthBuilder Growth Allocation Portfolio		270
WealthBuilder Equity Portfolio		101
WealthBuilder Tactical Equity Portfolio		307

For the six months ended November 30, 2013, there were no borrowings by the Portfolios under the agreement.

Notes to financial statements (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 49

9. INDEMNIFICATION

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

10. SUBSEQUENT DISTRIBUTIONS

On December 11, 2013, the Portfolios declared distributions from short-term capital gains and long-term capital gains to shareholders of record on December 10, 2013. The per share amounts payable on December 12, 2013 were as follows:

	Short-term capital gains		Long-term capital gains
WealthBuilder Conservative Allocation Portfolio	$	0.08238	$	0.34729
WealthBuilder Moderate Balanced Portfolio		0.18984		0.51797
WealthBuilder Growth Allocation Portfolio		0.00000		0.15763

On December 30, 2013, the Portfolios declared distributions from net investment income to shareholders of record on December 27, 2013. The per share amounts payable on December 31, 2013 were as follows:

	Net investment income
WealthBuilder Conservative Allocation Portfolio	$	0.02064
WealthBuilder Moderate Balanced Portfolio		0.00253
WealthBuilder Growth Balanced Portfolio		0.03601
WealthBuilder Growth Allocation Portfolio		0.00167

These distributions are not reflected in the accompanying financial statements. The final determination of the source of all distributions is subject to change and made after the tax year-end of each Portfolio.

50 Wells Fargo Advantage WealthBuilder Portfolios Other information (unaudited)

TAX INFORMATION

For the fiscal year ended May 31, 2013, WealthBuilder Conservative Allocation Portfolio distributed $300,000 of long-term capital gains in connection with share redemptions.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-800-222-8222, visiting our website at wellsfargoadvantagefunds.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available without charge on the website at wellsfargoadvantagefunds.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings are publicly available on the website (wellsfargoadvantagefunds.com) on a monthly, 30-day or more delayed basis. In addition, top ten holdings information is publicly available on the website on a monthly, seven-day or more delayed basis. Each Portfolio 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 without charge by visiting the SEC website at sec.gov. In addition, each Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Other information (unaudited) Wells Fargo Advantage WealthBuilder Portfolios 51

BOARD OF TRUSTEES AND OFFICERS

Each of the Trustees and Officers listed in the table below acts in identical capacities for each fund in the Wells Fargo Advantage family of funds, which consists of 131 mutual funds¹ 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. All of the Trustees are also Members of the Audit and Governance Committees of each Trust in the Fund Complex. 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	Other directorships during past five years
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. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Mr. Harris is a certified public accountant.	CIGNA Corporation; Deluxe 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
Leroy Keith, Jr. (Born 1939)	Trustee, since 2010	Chairman, Bloc Global Services (development and construction). Trustee of the Evergreen Funds from 1983 to 2010. Former Managing Director, Almanac Capital Management (commodities firm), former Partner, Stonington Partners, Inc. (private equity fund), former Director, Obagi Medical Products Co. and former Director, Lincoln Educational Services.	Trustee, Virtus Fund Complex (consisting of 48 portfolios as of 1/31/2013); Asset Allocation Trust
David F. Larcker (Born 1950)	Trustee, since 2009	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Morgan Stanley Director of the Center for Leadership Development and Research and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	Asset Allocation Trust
Olivia S. Mitchell (Born 1953)	Trustee, since 2006	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	Asset Allocation Trust
Timothy J. Penny (Born 1951)	Trustee, since 1996	President and CEO 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

52 Wells Fargo Advantage WealthBuilder Portfolios Other information (unaudited)

Name and year of birth	Position held and length of service*	Principal occupations during past five years	Other directorships during past five years
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 (and its predecessors) from 1984 to 2010. Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael S. Scofield.	Asset Allocation Trust
Donald C. Willeke (Born 1940)	Trustee, since 1996	Principal of the law firm of Willeke & Daniels. General Counsel of the Minneapolis Employees Retirement Fund from 1984 until its consolidation into the Minnesota Public Employees Retirement Association on June 30, 2010. Director and Vice Chair of The Tree Trust (non-profit corporation). Director of the American Chestnut Foundation (non-profit corporation).	Asset Allocation Trust

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

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years
Karla M. Rabusch (Born 1959)	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. and President of Wells Fargo Funds Management, LLC since 2003.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Vice President, Evergreen Investment Services, Inc. from 2004 to 2007. Head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
C. David Messman (Born 1960)	Secretary, since 2000; Chief Legal Officer, since 2003	Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Vice President and Managing Counsel of Wells Fargo Bank, N.A. since 1996.
Debra Ann Early (Born 1964)	Chief Compliance Officer, since 2007	Chief Compliance Officer of Wells Fargo Funds Management, LLC since 2007. Chief Compliance Officer of Parnassus Investments from 2005 to 2007. Chief Financial Officer of Parnassus Investments from 2004 to 2007.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Assistant Vice President of Evergreen Investment Services, Inc. from 2004 to 2008. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

1. Jeremy DePalma acts as Treasurer of 58 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 1-800-222-8222 or by visiting the website at wellsfargoadvantagefunds.com.

List of abbreviations Wells Fargo Advantage WealthBuilder Portfolios 53

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

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

LIQ —  Liquidity agreement

LLC —  Limited liability company

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

SEK —  Swedish krona

SFHR —  Single-family housing revenue

SFMR —  Single-family mortgage revenue

SGD —  Singapore dollar

SKK —  Slovakian koruna

SPA —  Standby purchase agreement

SPDR —  Standard & Poor’s Depositary Receipts

STRIPS —  Separate trading of registered interest and       principal securities

TAN —  Tax anticipation notes

TBA —  To be announced

THB —  Thai baht

TIPS —  Treasury inflation-protected securities

TRAN —  Tax revenue anticipation notes

TRY —  Turkish lira

TTFA —  Transportation Trust Fund Authority

TVA —  Tennessee Valley Authority

ZAR —  South African rand

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For more information

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

Wells Fargo Advantage Funds

P.O. Box 8266

Boston, MA 02266-8266

Email: wfaf@wellsfargo.com

Website: wellsfargoadvantagefunds.com

Individual investors: 1-800-222-8222

Retail investment professionals: 1-888-877-9275

Institutional investment professionals: 1-866-765-0778

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

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

NOT FDIC INSURED  ¡  NO BANK GUARANTEE  ¡   MAY LOSE VALUE

© 2013 Wells Fargo Funds Management, LLC. All rights reserved.

221302 01-14 SWBP/SAR102 11-13

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

The 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 MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES

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

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

ITEM 12. EXHIBITS

(a)(1) 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: January 28, 2014

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: January 28, 2014
By:	/s/ Nancy Wiser
	Nancy Wiser
	Treasurer
Date: January 28, 2014
By:	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date: January 28, 2014